PLUS Q1 profit: P4.2-B (up 110%)

DigiPlus [PLUS 41.95 ?0.6%; 168% avgVol] [link] teased P4.2 billion in Q1 net income (+110% y/y, +8.5% q/q), which the company attributes to the “strong performance of its flagship platforms and the contribution of new game offerings...” PLUS Q1 revenues were P3 billion (+69% y/y). BingoPlus, the company’s top-earning game, now has 40+ million registered users. PLUS said it is “on track” to launch commercial operations in Brazil in Q4 of this year.

  MB BOTTOM-LINE:  Huge uptick over Q1/24, but it’s almost an unfair comparison considering how quickly the PLUS gaming platform has grown. One thing that I’m interested in is getting a real “apples to apples” comparison to PLUS, which is what I think we’ll get later this quarter when Bloomberry [BLOOM 4.00 ?4.5%; 154% avgVol] launches Solaire Online. Once that’s up and running, we’ll get approximately one quarter of side-by-side domestic performance before PLUS changes that game in Q4 by incorporating income from its Brazil operations. I’m not sure that BLOOM’s success has to come at PLUS’s expense, considering the early stage of our digital gambling industry, and PLUS’s strategic move to diversify its operations to include jurisdictions other than those regulated by PAGCOR.

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