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DigiPlus hopes to grow user base by 25% to 50% in FY24

DigiPlus [PLUS 12.04, up 1.4%; 155% avgVol] [link] President Andy Tsui guided that PLUS hopes to capture 50% of the P60 billion in gross gaming revenue growth that PAGCOR expects for FY24, and that it is looking to increase its active user base by 25% to 50% to achieve this goal. PLUS revealed that it ended FY23 with 20 million active users, and that it would target provincial users and especially those in the 30-to-40-year-old demographic. Mr. Tsui said that PLUS is allotting P1.5 billion to P2.0 billion for capex this year to rejuvenate some of its aging games and launch new games to appeal to that slightly older demographic. Mr. Tsui also guided investors that revenue growth in FY24 would not be as bombastic as FY23, where PLUS shareholders benefitted from a 306% increase in revenue, due to the high bar of that previous performance.

MB bottom-line: Working in the c-suite at PLUS must be the closest thing to running a money printing company in today’s market. You have to love a guy feeling sheepish about not quadrupling revenues again. Such a flex to be like, so sorry we’re only planning to double revenues this year. PLUS is a great example of the type of company whose growth is not physically constrained by infrastructure. For PLUS to jump from 20 million users to 30 million users, it’s almost entirely a marketing exercise. It doesn’t have to produce more product, ship more widgets, mine more ore, build more bandwidth, or convert more farmland to janky low-rise housing developments: the cost to PLUS of adding a new user to its system is essentially zero. It’s choosing to spend capex to make its games more alluring, but in theory, it doesn’t have to do that. Wild times.


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