Maybank cuts forecasts: DigiPlus recovery depends on player spend

On 5 October 2026, Maybank Securities Inc. cut profit forecasts for DigiPlus Interactive Corp, lowering its core net profit for 2026 and 2027 by 43% and 48% respectively, to approximately PHP7.8 billion (US$124.3 million) and PHP8.6 billion. The broker's report describes a “difficult second half” of 2026 for the Philippines-listed company, driven by pressure on household spending that hits its domestic business.

Cuts and key forecast figures from Maybank

Maybank revised DigiPlus's numbers down after a weaker-than-expected first half. The firm lowered its revenue forecasts for 2026–2028 by 18% to 32%, after reducing assumptions on monthly active users and average revenue per user.

The new projections imply revenues of about PHP65.4 billion for 2026 and PHP64.9 billion for 2027. Maybank also expects core net profit to fall by roughly 39% in 2026, with an estimated recovery of ~10% in 2027 from that reduced level.

Operational performance and user metrics

DigiPlus stated in the Philippine market that it operates the platforms [BingoPlus](/casino) (online bingo), [ArenaPlus](/sports) (sports betting) and [GameZone](/b2b) (casual and arcade games). Maybank said the monthly active user base had “stabilised” at around 5.75 million in the second quarter, broken down as:

• BingoPlus: ≈3.35 million users

• GameZone: ≈1.83 million users

• ArenaPlus: ≈570,000 users

Although the total exceeded Maybank's prior forecast of 4.75 million, the broker estimated average monthly spend per user at ≈PHP805, below its previous assumption of PHP1,250.

First-half results and margins

Maybank reported that DigiPlus's first-half revenues fell about 31% year-on-year, to PHP32.9 billion. EBITDA dropped roughly 40%, to PHP5.5 billion. First-half EBITDA margin narrowed to 16.7% from 19.0% a year earlier.

The broker projects an EBITDA margin of ≈18.5% for both 2026 and 2027.

Upside catalysts and sources of uncertainty

Maybank identifies several potential upside catalysts: higher revenues from DigiPlus's physical casino business and greater clarity on its overseas operations. In June, DigiPlus completed subscriptions for HKD1.6 billion (US$204.1 million) in convertible notes from International Entertainment Corp. Full conversion would give DigiPlus a 53.89% stake in the Hong Kong-listed company, which controls the Manila property now marketed as LaVie Resort & Casino Manila.

The broker remains cautious about international operations. It notes Brazil's recent online-betting ban and that DigiPlus relaunched there in July; the company said the measure should not materially affect its global position. Maybank has not yet included initiatives in Brazil and South Africa in its models, pending additional disclosure from management.

Downside risks and operational priorities for DigiPlus

Maybank points to downside risks from tighter regulation and competitive intensity. On operations, the firm says recovery will hinge on three concrete vectors: higher spend per player (ARPU), improved customer retention and returns from expansion investments. The report emphasises that the current squeeze on household spending and high inflation are pressuring disposable income for online-gaming customers.

“DigiPlus's fundamentals remain intact,” the brokerage says, despite the difficult backdrop.

What this means for investors and operators

For analysts and investors the message is clear: recovery is possible but conditional on the group lifting average spend per user and on its physical and international investments delivering visible returns. Maybank leaves open the prospect of upward revisions if activity, spend and margins improve.

Product managers and operators tracking the case should watch coming quarters for: changes in reported ARPU, the user-base evolution at BingoPlus, ArenaPlus and GameZone, and any updates on conversion of International Entertainment Corp's notes and the regulatory situation in Brazil.