Maybank cuts DigiPlus forecast as player spending falls
Analysts now expect core earnings to drop despite previously forecasting growth this year.
Key takeaways:
- Maybank has cut DigiPlus’s core net income forecasts by 43 per cent for 2026 and 48 per cent for 2027.
- The brokerage expects core earnings to fall around 39 per cent in 2026 before recovering 10 per cent in 2027.
- Monthly active users reached 5.75m in Q2 2026, above Maybank’s 4.75m estimate but monthly spending per active player was estimated at PHP805 (US$12.8) versus a forecast of PHP1,250 (US$20).
The Philippines.- Maybank Securities has cut its forecast for DigiPlus, citing weaker player spending and continued macroeconomic pressure in the Philippines. Analyst Raffy Mendoza’s report lowers DigiPlus’ projected core net income by 43 per cent for 2026 and 48 per cent for 2027, bringing the estimates down to PHP7.8bn (US124.8m) and PHP8.6bn (US137.6m), respectively.
After previously projecting a growth in core earnings, the latest report expect a drop of around 39 per cent this year before recovering by about 10 per cent in 2027. The brokerage cited a weaker-than-expected first half for 2026, driven by slow economic growth and high inflation, which have squeezed the disposable income of online gaming players.
DigiPlus operates major gaming platforms in the Philippines, including BingoPlus, ArenaPlus, and GameZone. During the second quarter of 2026, monthly active users reached 5.75m, exceeding Maybank’s estimate of 4.75m. BingoPlus led with 3.35m active users, followed by GameZone with 1.83m and ArenaPlus with 570,000.
However, average spending per active user fell short of expectations. Maybank estimated PHP805 (US12.88), well below its earlier projection of PHP1,250 (US$20). Because higher user volume didn’t offset the drop in individual spending, Maybank reduced its revenue forecasts for 2026 through 2028 by 18 per cent to 32 per cent. The firm now projects revenue of PHP65.4bn (US$1.05bn) for 2026 and PHP64.9bn (US1.04bn) for 2027.
In the first half of 2026, DigiPlus reported a 31 per cent year-on-year drop in revenue to PHP32.9bn (US526.4m). Earnings before interest, taxation, depreciation, and amortisation (EBITDA) fell around 40 per cent to PHP5.5bn (US88m). The company’s EBITDA margin narrowed to 16.7 per cent, down from 19 per cent a year earlier. Maybank expects the EBITDA margin to settle at around 18.5 per cent for 2026 and 2027.
Frequently asked questions (FAQs)
- Why did Maybank cut DigiPlus’ profit forecasts? Maybank cited weaker player spending, sluggish economic growth and high inflation, which are putting pressure on disposable income.
- When does Maybank expect DigiPlus to recover? The brokerage expects core earnings to recover in 2027, after forecasting a roughly 39 per cent decline in 2026.
- How many active users does DigiPlus have? DigiPlus reported 5.75m monthly active users in Q2 2026, led by BingoPlus with 3.35m users.
