Investors should look beyond Globe Telecom Inc.’s traditional mobile and broadband business and focus on its fast-growing digital assets and corporate technology solutions, which a market strategist said are now the company’s main growth engines.
Joel de la Peña, market strategist and chief trader of H.E. Bennett Securities Inc., said Globe’s future growth is ‘no longer tied to traditional voice and text, but to its rapidly scaling ecosystem of digital assets and corporate techno-solutions.’
‘The market is fundamentally mispricing Globe by focusing on its rearview mirror,’ he said. ‘Globe has effectively transformed into a diversified tech fund that pays investors a premium dividend to wait while its digital engines redefine the modern Philippine economy.’
De la Peña said the stock’s recent performance reflects broader market conditions more than the company’s own fundamentals.
‘Globe’s market performance continues to be weighed down by the ongoing weakness of the broader market and the overhang from the Konektadong Pinoy Law, so that its present market trend is less about its fundamentals but more about having been caught in the macro wave that has been hitting even other exchanges, the world over.’
He added that these headline risks have not touched Globe’s growth prospects, which he described as ‘continuing and increasingly robust.’
Globe’s core business remains strong. As of end-June 2026, it served about 67.7 million mobile subscribers, 39.6 million mobile data users, 2.4 million home broadband customers and more than 632,000 landline subscribers.
De la Peña said the pivot to digital assets is driven by the country’s fast-growing digital economy. He cited mobile data traffic growth at an 11 percent compound annual growth rate (CAGR) and projections that about 85 percent of Philippine businesses will move to cloud-first policies.
Public-cloud revenues are projected to nearly triple to P359.6 billion by 2030 from P124.0 billion, he said.
Fintech, data center
De la Peña called Mynt, the parent company of GCash, the ‘first crown jewel’ among Globe’s digital assets. He described GCash as more than a digital wallet, calling it ‘the essential financial fabric for millions of citizens.’
As consumers move away from cash toward digital payments, lending, micro-insurance and wealth management, he said, GCash captures high-margin transactions at near-zero marginal cost.
Because Globe is Mynt’s largest shareholder, he said investors buying Globe shares effectively get ‘fractional ownership of the nation’s premier fintech ecosystem at a deep structural discount,’ on top of the telco’s stable cash flows.
De la Peña also pointed to Globe’s data center business, which operates through ST Telemedia Global Data Centres (STT GDC) Philippines. STT GDC’s new owners are KKR and Singtel.
He described the Philippine data center market as one of the most underpenetrated in Southeast Asia. The country has only 0.8 megawatts (MW) of capacity per million people, compared with 1.4 MW in Indonesia and 1.9 MW in Thailand.
Philippine colocation demand is projected to more than triple to 155 MW by 2030, a 28 percent CAGR, he said.
STT GDC Philippines’ flagship 124-MW STT Fairview campus in Metro Manila will be the largest carrier-neutral facility in the country. According to de la Peña, the first level of data halls at STT Fairview 1 is already fully sold. Hyperscalers and artificial intelligence (AI) tenants are in active discussions for the next levels, which are still being commissioned.
‘Demand is moving faster than physical development,’ he said.
To address high power costs and an unreliable grid, STT GDC Philippines signed a 10-year partnership with MPower that secures 40.5 MW of 100-percent renewable energy through 2035. De la Peña said the arrangement protects margins from volatile fuel prices and meets the green requirements of global technology firms.
He also cited Executive Order (EO) 119, which requires government data to be hosted locally within three years. He said this helps secure recurring institutional contracts for Globe’s data centers.
‘Globe Telecom is no longer just a telecommunications provider but an investment opportunity that presents a rare combination of defensive core income with exposure to growing digital assets,’ de la Peña said.
Performance
In another development, Globe said on Monday it recorded its highest overall score and fastest average download speed so far this year in August, according to the latest Telco Report Card of the Department of Information and Communications Technology (DICT).
The telco received an overall score of 81.5, up 4.4 points from January. Its average download speed climbed 26 percent to a 2026 high of 45.9 megabits per second (Mbps) from 36.5 Mbps at the start of the year, and was 5.1 percent faster than in July.
Network quality improved to 71.2 from 69.2, while latency held at 20 milliseconds.
General Counsel Froilan Castelo attributed the results to its continued network investments and its collaboration with the government, including the National Telecommunications Commission (NTC), to improve the quality and reliability of telecommunications services
‘Customers need a network they can depend on every day, and that goes beyond speed. It means being able to stay connected consistently, including during periods of high demand, disruptions and emergencies.’