First Read: Bloomberry Resorts "Key takeaways from Q126 earnings call" (Sell)

Research evidence excerpt

First Read: Bloomberry Resorts "Key takeaways from Q126 earnings call" (Sell)

Global Research

15 May 2026ab

First Read

EquitiesBloomberry Resorts

Key takeaways from Q126 earnings call Philippines

Casinos

12-month rating Sell

Visa policy easing has driven a pickup in Chinese traffic recently

Bloom delivered an in-line Q1 result, thanks to online related savings and disciplined cost 12m price target P1.30

control. Management noted that the recent visa policy easing has driven a pickup in

Chinese traffic, partially offsetting the impact from the POGO ban. The company

Price (15 May 2026) P1.86

remains proactive in the VIP segment, with a new junket recently introduced at Solaire.

Management indicates that player reinvestments will be targeted. While competition in RIC: BLOOM.PS BBG: BLOOM PM

Entertainment City remains intense, management sees potential for Solaire North to Trading data and key metrics

drive deeper penetration in Northern Manila, alongside incremental demand potential

52-wk range P6.18-1.86

from the Clark region.

Market cap. P20.1b/US$0.33b

Shares o/s 10,825m (ORD)

Online offering rebranded from MegaFunalo to FunaloMax

Free float 22%

Management has rebranded its online offering from MegaFunalo to FunaloMax, with

Avg. daily volume ('000) 12,135

the full roll out timeline still on track for H226. Management sounded confident in the

product's competitiveness following the improvement in customer experience, and will Avg. daily value (m) P28.1

ramp up marketing for FunaloMax to drive customer acquisition in H226. Notably, Common s/h equity (12/26E) P56.4b

online-related spend fell to cP230m in Q126, down c68% QoQ. P/BV (12/26E) 0.4x

Net debt to EBITDA (12/26E) 6.8x

Valuation: maintain Sell rating; PT unchanged at P1.30/sh EPS (UBS, diluted) (P)