the Outsider - PSE Points to Ponder

DigiPlus did not end 2025 with a crisis of solvency. It ended the year with something more damaging in public markets: a crisis of narrative. The company still reported roughly ₱84.2bn in revenue for 2025 , up 12 percent from the prior year; it still generated about ₱14.2bn in EBITDA ; and it still delivered around ₱12.6bn in net income , essentially flat year on year rather than sharply lower. It also closed the year with approximately ₱23.4bn in cash and cash equivalents and relatively modest debt, hardly the balance sheet of a distressed enterprise. Yet markets do not merely value what a company has earned; they value how durable, scalable, and politically resilient those earnings appear to be. On that test, DigiPlus’ fourth quarter was a disappointment. In 4Q25, revenue fell about 27 percent year on year to ₱17.3bn, EBITDA dropped about 32 percent to ₱3.1bn, and net income declined roughly 36 percent to ₱2.5bn. Management attributed the weakness to the continued fallout from ...

There is a certain futility in trying to trade the Philippine market as if one were sitting on the policy committee of the Bangko Sentral ng Pilipinas or in the middle of the global oil trade. Retail investors do not control the peso-dollar exchange rate, and they certainly do not control the price of crude. The BSP’s own data show the peso averaging ₱59.16 per dollar in January 2026 and ₱58.28 in February 2026 , while bank indicative retail rates have already shown the dollar at ₱60.00 buying and ₱60.50 selling as of March 23, 2026. Oil is even more unruly: the U.S. Energy Information Administration showed Brent moving from roughly $89.84 to $103.23 per barrel and WTI from about $83.71 to $98.48 over just a few trading days in March, while the International Energy Agency described the latest Middle East shock as the largest supply disruption in the history of the global oil market . That is precisely why the small investor must focus on the part of the game he actually can play. ...

We’ve been blogging for free. If you enjoy our content, consider supporting us! Disclaimer:  This is for informational purposes and is  not  investment advice. Figures are taken from company disclosures and exchange data; valuation ratios include the author’s calculations based on cited inputs. DigiPlus Interactive Corp. has done something many companies fail to do in a tougher market: it stayed profitable, kept revenue growing, and preserved a fortress-like balance sheet. For full-year 2025, the company posted ₱12.6 billion in net income , essentially flat from the year before, while revenue rose 12% to ₱84.2 billion and EBITDA improved 2% to ₱14.2 billion . It also ended the year with ₱23.4 billion in cash and cash equivalents against just ₱745.8 million in debt .  Those are not the numbers of a company under financial stress. They are the numbers of a business that has already reached a scale where the next question is no longer merely how fast it can grow, but ...

  We’ve been blogging for free. If you enjoy our content, consider supporting us! Disclaimer:  This is for informational purposes and is  not  investment advice. Figures are taken from company disclosures and exchange data; valuation ratios include the author’s calculations based on cited inputs. In Philippine business lore, Enrique Razon Jr. is the undisputed king of the quayside. In ports, the narrative is almost too easy: global scale, big ships, big contracts, big reputation. But business has a way of humbling neat hierarchies—because in gaming, the scoreboard flips. Eusebio Tanco, best known in ports as the Asian Terminals counterweight to ICTSI’s colossus, is the one running away with the casino-and-clicks race. The punchline is stark: Razon’s Bloomberry Resorts ended 2025 in the red , while Tanco’s DigiPlus is posting surging revenues and hefty profits —with cash piling up fast enough to fund dividends and buybacks in the same breath.  Bloomberry: Bigger ...