Globe Aims Its Enterprise Data Engine at ASEAN Digital Trade

Highlights

• Corporate Data revenue hit a record ₱11 billion in 1H26, up 15% year on year, and it is the line Globe is now positioning for ASEAN digital trade.
• About 91% of first-half capex went to data initiatives, so network spend is already aimed at enterprise and AI demand.
• Vini Research Desk rates GLO a Buy, ~45% upside to our ₱2240.50 fair value.

The Setup

Since our September 20 note, Globe has laid out a push to expand its connectivity, cloud, cybersecurity, data and AI offerings. The offerings target Philippine firms expanding into Southeast Asia and regional firms entering the Philippines. The push follows the conclusion of ASEAN Digital Economy Framework Agreement (DEFA) negotiations in May 2026. At ₱1,550, the stock is down 7.2% over the past month and trades near its 52-week low of ₱1,445 from Oct. 27, 2025, well below the ₱1,925 high of Jun. 29, 2026, despite net foreign buying; our momentum read on GLO is Bearish.

Source: news article

Our Read

The point that matters is that Globe's enterprise line is already compounding at a mid-teens pace, and its capex budget is concentrated on data. DEFA therefore adds a demand channel without requiring a fresh spending cycle. At a ₱229.2 billion market cap, the share price reflects the mobile and competitive pressure that has weighed on it since June rather than a growing enterprise franchise.

Vini Research Desk rates GLO a Buy, seeing about 45% upside to our fair value of ₱2240.50. A larger, regionally linked enterprise data business also supports future dividend growth and capital appreciation, which benefits holders of the Passive Income Plan and Smart Momentum Quant Plan.

What We're Watching

• Third-quarter results, for whether Corporate Data holds double-digit growth
• DEFA signing and ratification by ASEAN member states
• Regulatory response to the industry push for shared underground fiber