Insider Spotlight
PhilWeb, chaired by tycoon Lance Gokongwei, is investing P4.23 billion for about 30 percent of JKS, putting a multibillion-peso price tag on a business that only started its current revenue-generating operations in February 2026.
“JKS combines an established earnings base with a scalable, asset-light B2B operating model and a highly complementary market position,” Gokongwei said in a statement on Wednesday.
PhilWeb, valued at about P24 billion on the Philippine Stock Exchange, will resume trading at 10:30 a.m. on Thursday (Sept. 10) after a two-day suspension following the release of added details on the JKS deal.
Millions in just months
JKS earned more than $10 million (P625 million) in net profit from around mid-February through June, according to an insider.
That came after JKS posted a P53-million net loss in 2025, when it was still spending to set up operations and had yet to generate revenue, corporate records showed.
If annualized, the more than $10 million earned through June would amount to at least about $26 million (P1.63 billion) a year, although the calculation assumes the same pace for a business still ramping up operations.
In a statement on Wednesday, PhilWeb said JKS “currently generates approximately $35 million (P2.19 billion) in annual net income”, which implies the business will be growing much faster.
What is JKS?
JKS provides technology, platforms and digital infrastructure to licensed gaming operators, particularly mid-sized players that need the systems to run regulated digital gaming businesses.
Its authority from the Philippine Amusement and Gaming Corp. covers electronic and traditional bingo, eCasino games, numeric and specialty games and sports betting within approved game sites.
Corporate records show a tightly held company controlled by Marc Paolo Espiritu with about 98 percent, while president Bernardo T. Escoreal Jr., lawyer Angelica Elaine Castillo and Kervin Max S. Tan make up its three-member board.
A good deal?
PhilWeb’s P4.226-billion investment for about 30 percent implies a valuation of roughly P14.1 billion for all of JKS.
Based on its early annualized profit, JKS is valued at about 8.7 times earnings, falling to 6.4 times using PhilWeb’s newer $35-million (P2.19-billion) annual estimate.
That looks relatively cheap for a fast-growing profitable business
Where PhilWeb fits
PhilWeb operates in much of the same industry, providing digital gaming platforms, content, systems integration and operating support to licensed operators, including major casino and integrated resort groups, including Okada Manila and Newport World Resorts.
JKS gives PhilWeb greater reach among mid-sized operators, while the companies see opportunities to share technology and backend functions including customer support, compliance, reporting, risk management and fraud detection.
The relationship runs both ways, with JKS separately buying P1.343 billion of PhilWeb treasury shares, giving it about 4.85 percent of the listed company as PhilWeb takes its much larger 30-percent position in JKS.
—Edited by Miguel R. Camus
