Maybank Cuts DigiPlus Profit Forecasts On Weak Player Spend
Maybank has cut its core profit forecasts for Philippine gaming operator DigiPlus by 43% for 2026 and 48% for 2027, pointing to weaker-than-expected player spending as the reason for the revision, Inside Asian Gaming reported on October 5, 2026.
The brokerage now expects DigiPlus to post core earnings of Php7.8 billion (US$124 million) in 2026 and Php8.6 billion (US$137 million) in 2027, down sharply from its previous estimates.
Maybank's note flagged that the revision implies core earnings per share falling by 38% this year, a reversal from the bank's earlier forecast of 8% growth.
Persistent Short-Term Headwinds
The cut follows a pattern of downward revisions to DigiPlus's outlook over the course of 2026, as the company has prioritised shifting toward higher-value player engagement over simply growing its monthly active user base, a strategic choice that has weighed on near-term revenue even as it is intended to support margins over time.
Maybank had already trimmed its revenue projections for the operator earlier in the year, citing a recalibration of growth assumptions after weaker-than-expected performance.
The latest downgrade suggests those pressures on player spending have persisted longer than the brokerage initially expected, rather than easing as the year has progressed.
Longer-Term Outlook Still Framed As Strong
Despite the scale of the near-term cut, Maybank's own note framed DigiPlus's outlook as strong over the longer run, with the brokerage still anticipating an improving EBITDA margin as the player mix shift matures.
That combination, a sharply reduced near-term profit number alongside a maintained longer-term thesis, is typical of how analysts have been treating several Philippine gaming operators this year as the sector works through a slower spending environment among its core player base.
DigiPlus is one of the largest listed gaming operators in the Philippines, with a business spanning online casino and land-based gaming products in the domestic market.
What To Watch
DigiPlus's own quarterly results, when they are published, will show whether the softer player spending Maybank is flagging shows up in the company's reported numbers on the scale the brokerage now expects, or whether the shift toward higher-value players starts to offset it sooner than the revised forecasts assume.
The Philippine gaming sector as a whole has faced similar scrutiny from analysts this year, with brokerages weighing softer domestic consumer spending against operators' efforts to diversify revenue away from high-volume, lower-value players toward a smaller base of bigger spenders.
Maybank's note treated DigiPlus as a useful bellwether for that broader shift, given the size of its domestic player base relative to regional peers.
