PLUS: Swung to a P948m net loss in Q326
DigiPlus swung to a P948-million net loss in 3Q26, primarily driven by investment valuation losses, reversing its previous profitability.
Negative headline impact, but we would distinguish reported earnings weakness from underlying operating performance. If core gaming revenues remain resilient, the valuation losses may prove temporary and should not necessarily translate into a permanent earnings downgrade.
While the reported loss is a setback, the key question is whether this reflects a deterioration in its underlying gaming operations or is largely attributable to non-cash mark-to-market adjustments. Investors should focus on gross gaming revenue, player activity, operating margins and the sustainability of its core gaming business amid regulatory and competitive pressures.
HOLD. Monitor the breakdown of investment losses and recurring operating earnings before making meaningful changes to earnings forecasts. A sustained recovery in core gaming performance would provide a stronger basis for a more constructive view.
Disclaimer: The information, analyses, and views contained herein is based on sources which we, AB Capital Securities, believe are reliable, but is not guaranteed by us and is not to be considered all inclusive. It is not to be construed as an offer or solicitation of an offer to sell or buy the securities herein mentioned. AB Capital Securities and its Directors and Officers and/or members of their families may have a position in the securities herein mentioned and may make purchases and/or sales of the securities from time to time in the open-market and otherwise.
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