Maybank cuts DigiPlus forecasts on weak household spend

Maybank Securities has cut its earnings forecasts for DigiPlus Interactive Corp, citing pressure on household spending in the Philippines as the primary drag on near-term performance. The brokerage describes the second half of 2026 as "difficult" for the company's domestic business. Despite the downgrade, Maybank maintains that DigiPlus fundamentals are "intact" and expects a gradual earnings recovery in 2027, contingent on stronger spending per player, improved customer retention, and returns from expansion investments the company has already made.

This is a formal forecast cut, not a qualitative shift in sentiment. Maybank is marking down numbers based on observable pressure on Filipino household budgets, which directly reduces discretionary spend available for online gaming. That matters for the whole Philippine iGaming sector, not just DigiPlus. If the country's largest listed online gaming operator is feeling this pressure at scale, smaller operators and B2B suppliers serving the same player base are likely facing the same headwind.