It might seem excessive for us to give constant updates on a single company, but numbers don’t lie, especially with the huge market activity happening.
Today, PLUS hit a value turnover of P2.33 billion, meaning nearly one in every four trades involved PLUS, and it’s not even among the blue-chip firms.
A stock broker handling institutional-level clients summed it up best: “Everyone now is just watching the online gaming saga,” he told InsiderPH on Friday.
Stock price
PLUS closed the session up 15.66 percent at P22.60 per share.
But this was not before plunging earlier to P13.68, a 29.9-percent drop from the previous day’s close.
We list some of the reasons below.
Not a Willy-nilly move
Gaming tycoon Willy Ocier, a director of DigiPlus Interactive (PLUS), is adding to his stake in the online gambling giant after its stock wiped out over P200 billion in market value over fears of a gaming ban.
Ocier told InsiderPH a total industry ban is unlikely but he supports stronger regulations with the help of the Department of Finance, Bangko Sentral ng Pilipinas, and Philippine Amusement and Gaming Corp.
“PAGCOR, DOF and BSP are doing their share to regulate online gambling and address the moral issues related to the industry,” Ocier said.
“I trust that regulation works better than a total ban, which will only serve to strengthen the illegal online gambling industry,” he added.
Ocier, who’s more associated with SM Group-backed gaming interests via Belle Corp., is raising bets on the company while waiting for policy clarity.
As PLUS plunged 70 percent from its recent high, Ocier purchased 40,000 shares at P20.20 each on July 17.
The relatively modest P808,000 transaction adds to his total holdings of 9.87 million shares, worth over P220 million.
First Metro Securities warns of curveball
The twice-yearly index review is a major event for investors and fund managers, with inclusions sparking investment inflows while those removed see investors exit.
It was almost a foregone conclusion that PLUS would join the benchmark index in August.
But new concerns raised by First Metro Securities have introduced doubts about the move.
First of all, First Metro Securities acknowledged that the review period ended in June 2025, with PLUS likely meeting the requirements for PSEi inclusion.
However, the company's steep price drop in recent weeks, along with looming regulatory uncertainties, could prompt an unprecedented PSE intervention.
“In such cases, the PSE may exercise discretion, especially when material risks affect a company’s investability or sector outlook,” FMS said.
To justify this view, it cites this section from the PSE’s own rules on the index:
“The rules for additions and removals during the semi-annual review are designed to provide stability in the selection of constituents of the PSE indices and at the same time to ensure that the indices are representative of the market by including and/or excluding those companies which have risen or fallen significantly,” according to the PSE.
Other market experts said PLUS is still heavily favored to join the PSEi, since the PSE has consistently followed its guidelines during past index reviews.
AP Securities cuts target price—but there’s upside for gamblers
Public backlash over the social costs of online gambling has reached lawmakers, fueling momentum for stricter oversight.
A draft circular from the Bangko Sentral ng Pilipinas also aims to tighten payment rules for online gambling.
“[W]e are slashing our previous [target price] for PLUS by 35 percent to reflect the slower earnings growth potential that would come from stricter regulations, as well as imposing a 15 percent regulatory risk discount to reflect the increasing hostile regulatory environment,” wrote Alfred Benjamin Garcia, research head at AP Securities, on Friday.
This reduces their target price to P36.90 each from P68 per share.
“It must be noted that a bigger regulatory risk discount would be warranted if the count of lawmakers backing outright ban increases, so we are rerating PLUS to ‘Hold’ to reflect the highly dynamic situation despite a robust upside to our [target price],” he added.
That’s a signal for investors to stay cautious.
Still, gambler demand could kick in, keeping PLUS in focus as Marcos’ State of the Nation Address approaches.
Miguel R. Camus has been a reporter covering various domestic business topics since 2009.
