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RGB set for “blockbuster year” on Philippines market dominance

Ben Blaschke by Ben Blaschke
Thu 13 Feb 2025 at 10:49
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Malaysia gaming product distributor RGB International Bhd is poised to enjoy a “blockbuster year” in 2025, primarily due to its dominance of the rapidly growing Philippine market where it will capture up to 70% of new EGM orders, according to investment firm PhillipCapital.

Initiating coverage on RGB this week, PhillipCapital analyst Eddy Do also forecast 4Q24 to go down as the strongest quarter in RGB’s history when results are published later this month, with core profit PATAMI (profit after tax and minority interests) seen reaching MYR51 million (US$11.4 million). This, he said, is primarily due to the completion of a US$81 million order for 1,968 new EGMs for Philippine gaming regulator PAGCOR’s Casino Filipino upgrade scheme.

More importantly, however, PhillipCapital believes RGB’s best days are ahead, with profit CAGR set to show 32% annual compound growth in the period from 2023 to 2026.

“RGB is in a prime position to capture 60% to 70% of new EGM orders from its largest market, the Philippines, driven by 1) a robust pipeline of new integrated resorts set to open, 2) ongoing upgrades following the privatization of PAGCOR’s casino operations, and 3) growing global replacement market,” the investment firm said in a note.

“With the recent legalization of gambling in the UAE and Japan, we estimate that the total addressable market for EGMs [in Asia] is projected to expand by around 17,000 over 2024 to 2027. This growth builds on the existing 44,000 EGMs currently in operation, reflecting the significant potential opportunities from newly opened market.

“These dynamics provide strong visibility for our RGB’s projected sales of 4,500 to 5,500 units across 2024 to 2026.”

According to PhillipCapital, RGB – whose core clients include Aristocrat, Light & Wonder and Konami – currently holds a dominant 70% to 80% market share across Asian casinos and finds itself as a “rare exception” to many sales and distribution businesses that operate with thin margins

“Benefiting from strong tailwinds in its operational markets across Asia, RGB is strategically positioned to capitalize on the growing opportunities in this region. Its robust order replenishment visibility over the next three years further strengthens our confidence in RGB’s prospects,” it said.

PhillipCapital has initiated coverage of RGB with a “BUY” rating,

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Ben Blaschke

Ben Blaschke

A former sports journalist in Sydney, Australia, Ben has been Managing Editor of Inside Asian Gaming since early 2016. He played a leading role in developing and launching IAG Breakfast Briefing in April 2017 and oversees as well as being a key contributor to all of IAG’s editorial pursuits.

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