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Forgame Holdings Ltd (0484) fair value: what the stock is really worth

As of Nov 10, 2026: fair value (intrinsic value) of Forgame Holdings Ltd stock HK$0.65, price HK$0.61, upside +6.9%, quality 39 out of 100. Rating: fairly valued. The value is an estimate: none of our valuation models currently carries, it draws on revenue and assets compared with similar companies. Updated daily.

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Technology HK · Based in China · ISIN KYG363361083

FH Forgame Holdings Ltd logo Thin data Nov 10, 2026

Forgame Holdings Ltd

0484 · HK
Fairly valued, weak quality

The stock costs about what our calculation considers fair.

Fair value HK$0.6520 · Fairly valued
Expensive Growth (revenue 5y +23.8 %/yr in CNY)
Moderate debt
Revenue last quarter 35% below a year ago.
Quality 39/100
Loss-making · -33.3% net margin (TTM)
Negative free cash flow
Trails peers (2/10)
Narrow moat 8/100
Thin data
Estimate
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What runs behind every stock

26 valuation models 8 families, DCF to NCAV 37 quality factors margins, balance sheet, cashflow, debt 6 AI factors moat, what no ratio measures 2,000+ data points verified, per stock, median

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Price vs Fair Value

HK$2.75 HK$0.5750 Fair Value HK$0.6520 Dec 2020 Nov 2026

White line = price, green steps = our fair value per fiscal year. As of Nov 10, 2026.

How to read this chart

60‑month range HK$0.5750 – HK$2.75 · fair‑value band HK$0.4890 – HK$0.8150 · the HK$0.6100 price screens below the HK$0.6520 fair value. Green steps = our fair value per fiscal year (point-in-time, no hindsight). As of Nov 10, 2026.

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Company profile

Forgame Holdings Limited, an investment holding company, develops and publishes web and mobile games in the People's Republic of China and internationally. It operates in two segments: Game Business and Electronic Device and Semiconductor Business.

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The company also trades in electronic devices and semiconductors. It also provides information technology and software development services. The company was founded in 2009 and is headquartered in Shenzhen, the People's Republic of China.

Stock analysis

Forgame Holdings Ltd (0484) currently trades at HK$0.6100, while our estimate is HK$0.6520, so the stock looks roughly fairly valued today (gap 6.4%).

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Valuation

None of our valuation models currently carries for this company, usually because of losses or heavy investment. The estimate draws on revenue and assets compared with similar companies and is less precise than a model-based fair value.

Scenario range: HK$0.4890 (bear) to HK$0.8150 (bull), the price of HK$0.6100 sits inside it. Bear and bull are the same models on cautious and optimistic assumptions, a range, not a price target.

Quality & growth

The Quality Score stands at 39/100 (below-average quality), in the Technology sector.

Expensive Growth: The company is growing, but growth may require heavy reinvestment or weak cash conversion.

Forgame Holdings Ltd reported revenue of 156M CNY in FY2025 versus 142M CNY in FY2021, a compound +2.3%/yr. Reported net income was −47.2M CNY in FY2025.

Key figures

Market cap HK$103M (≈ $13.1M) Micro · P/S ratio 0.80 · Net margin −30.3% · Return on equity −9.8% · Return on assets (EBIT) −7.8% (5-year average) · Operating margin −51.0% · Revenue (TTM) 128M CNY · Revenue growth (YoY) −34.9%.

Competitive moat

Our AI-assisted moat analysis scores the competitive advantage at 8 out of 100 (medium confidence).

What moves the price

The share trades about 36% below its 52-week high and 6% above its 52-week low, currently below its 200-day average.

For context, the median of 10 Technology peers we cover trades at −12% fair-value upside, at 7%, 0484 screens cheaper than that median.

Fair Value

Bear HK$0.4890 Fair Value HK$0.6520 Bull HK$0.8150
Price HK$0.6100 · Upside +6.9%
Estimate. None of our valuation models currently carries for this company, usually because of losses or heavy investment. The estimate draws on revenue and assets compared with similar companies and is less precise than a model-based fair value.

Quality Score breakdown

Overall quality 39/100

It rates the business: profits, how they develop, real cash, balance sheet, investing and share count.

Profitability 4
How much profit the company makes from its sales and capital
Quality Growth 73
Are margins and returns getting better?
Cashflow 9
Do the profits arrive as real cash?
Financial strength 54
Debt, balance sheet and risk of trouble
Investment 100
Does it invest with discipline instead of growing at any price?
Low Volatility 62
How calm the share price moves, does not count
Price momentum 15
Price momentum of the last 3 to 12 months, does not count
Near the 52-week high 8
Distance to the 52-week high, does not count
New shares 28
Buys back shares or issues new ones?

Open the full quality analysis →

Revenue & earnings trend

Growth Quality ⓘGrowth is valuable only when reinvestment earns attractive returns (Aswath Damodaran): sustainable growth depends on return on capital, reinvestment and efficiency. Basis: total company revenue over the periods shown on the cards (3Y/5Y/all years), not per share, so a merger can show up as a growth jump; per-share earnings growth is in the value-creation card. 44/100
The company is growing, but growth may require heavy reinvestment or weak cash conversion.
Revenue growth 1 year
+88.4%
Revenue growth 3 years ⓘMeasures the company's TOTAL revenue from reported annual statements: compound average growth per year (CAGR) from the fiscal year 3, 5 or N years back to the most recent comparable fiscal year. Not per share: buybacks do not change this number, and a merger can appear as a growth jump. Per-share growth (which does include buybacks) is in the value-creation card.
+10.9%
Revenue growth 5 years ⓘMeasures the company's TOTAL revenue from reported annual statements: compound average growth per year (CAGR) from the fiscal year 3, 5 or N years back to the most recent comparable fiscal year. Not per share: buybacks do not change this number, and a merger can appear as a growth jump. Per-share growth (which does include buybacks) is in the value-creation card.
+23.8%
Start year 2020 (pandemic). Over 10 years: −11.2% a year
Revenue growth 15 years ⓘMeasures the company's TOTAL revenue from reported annual statements: compound average growth per year (CAGR) from the fiscal year 3, 5 or N years back to the most recent comparable fiscal year. Not per share: buybacks do not change this number, and a merger can appear as a growth jump. Per-share growth (which does include buybacks) is in the value-creation card.
+3.3%
Profit margin (trend) ⓘOperating margin then vs now, from reported annual statements. A falling margin after a boom year is the classic peak-earnings signal: the growth rate then leans on an inflated base.
−68.6% (2020) → −31.9% (2025)
What shareholders gained per year ⓘWe only publish this rate when it is defensible. Reason: fiscal 2025 is a loss year, no rate is defined from a loss
not computed

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Peer GroupⓘHow this stock ranks against its industry: the green marker is this stock, the band is the typical 25–75% peer range, and the tick is the median.Electronics & Computer Distribution · 155 stocks

Beats the industry median on 2/9 measures
Overall it trails its industry peers.
Valuation
Quality Score 39 · Bottom 25%
Fair Value upside +6.9% · Above median
Profitability
Return on assets −10.5% · Bottom 25%
Net margin (12 months) −33.3% · Bottom 25%
Operating margin (12 months) −51.0% · Bottom 25%
Growth and dividend
Revenue growth (quarter YoY) −34.9% · Bottom 25%
Balance sheet
Debt / equity 1.07× · Highest 25%

Valuation Multiplesvs Electronics & Computer Distribution median · lower = cheaper

P/B 0.21× · Cheapest 25%
P/S (12 months) 0.68× · Pricier than median

Strength profile in five axes (Snowflake)

VALUEFUTUREPASTHEALTHDIVIDEND
This stock
VALUEFUTUREPASTHEALTHDIVIDEND
Sector peers
VALUE (fair-value potential)43 · sector 35
FUTURE (revenue growth)0 · sector 67
PAST (return on equity)0 · sector 41
HEALTH (low debt)47 · sector 98
DIVIDEND (yield)0 · sector 64

Context: sector, industry, market

Values & ESG

Does this company touch areas you may want to avoid? The classification is inferred from sector and industry.

None of the checked exposures detected

Similar stocks

10 more Electronics & Computer Distribution stocks, each showing price versus our Fair Value estimate.

Stock Price Fair Value vs Fair Value Compare
WPG Holdings 3702 92.50 TWD 144.03 TWD +56% vs 0484
TD SYNNEX Corporation SNX $232.50 $290.49 +25% vs 0484
Synnex Technology International Corporation 2347 79.10 TWD 86.30 TWD +9% vs 0484
Topco Scientific Co 5434 503.00 TWD 472.85 TWD −6% vs 0484
Rexel S.A RXL €36.06 €31.78 −12% vs 0484
Insight Enterprises, Inc NSIT $168.75 $142.01 −16% vs 0484
Unisplendour Corporation 000938 ¥24.87 ¥18.06 −27% vs 0484
Avnet, Inc AVT $85.10 $55.48 −35% vs 0484
Arrow Electronics, Inc ARW $194.14 $96.88 −50% vs 0484
Shenzhen Huaqiang Industry Co 000062 ¥19.70 ¥9.23 −53% vs 0484

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Forgame Holdings Ltd: fair value per Fair Value Calculator

Cite: Fair Value Calculator (2026). "Forgame Holdings Ltd Fair Value". https://www.fairvalue-calculator.com/stock/0484

Frequently asked questions

Is Forgame Holdings Ltd (0484) overvalued or undervalued?
As of Nov 10, 2026, our estimate of fair value is HK$0.6520 versus a price of HK$0.6100, about +7% upside (fairly valued).
What is the fair value of 0484?
Our estimate for Forgame Holdings Ltd is HK$0.6520 (as of Nov 10, 2026), built from audited fundamentals. The current price: HK$0.6100.
What is the quality score of 0484?
Forgame Holdings Ltd has a Quality Score of 39/100. It measures business quality (profitability, growth, cash flow, balance-sheet strength, investment discipline, share issuance). Market factors such as price momentum and volatility do not enter the number; they are shown separately in the detail view.
What is the price target for Forgame Holdings Ltd (0484)?
Our calculated price target is the estimate of HK$0.6520 (as of Nov 10, 2026). Cautious scenario HK$0.4890, optimistic scenario HK$0.8150. It is an estimate from revenue and assets compared with similar companies, because none of our valuation models currently carries, not an analyst target.
What is the Forgame Holdings Ltd stock forecast for 2026?
Our estimate puts fair value at HK$0.6520, about +7% upside versus a price of HK$0.6100 (fairly valued). Cautious scenario HK$0.4890, optimistic scenario HK$0.8150. The calculation is refreshed regularly with new filings.
What is the revenue of Forgame Holdings Ltd (0484)?
Forgame Holdings Ltd reported trailing-twelve-month revenue of about 128M CNY (latest available figure, as of Nov 10, 2026).
What is the intrinsic value of Forgame Holdings Ltd (0484)?
Intrinsic value and fair value mean the same thing: what the business is worth on its numbers, independent of the share price. For Forgame Holdings Ltd it is HK$0.6520 per share (as of Nov 10, 2026), against a price of HK$0.6100.
Is Forgame Holdings Ltd stock overvalued or undervalued in 2026?
As of Nov 10, 2026, 0484 trades below its calculated fair value: price HK$0.6100, fair value HK$0.6520, a gap of about +7% (fairly valued). The calculation is refreshed with each new quarterly report, so the verdict can change during the year.
Is fair value the same as the market price of 0484?
No. The price is what the market pays today (HK$0.6100); the fair value is what the company's own numbers justify (HK$0.6520). For Forgame Holdings Ltd the two are HK$0.0420 per share apart. That gap is exactly why we show both numbers side by side.
How much is Forgame Holdings Ltd worth?
The market values Forgame Holdings Ltd at about HK$103M (market capitalisation, as of Nov 10, 2026). Per share that is HK$0.6100; our models calculate a fair value of HK$0.6520 per share.
What do the bullish and bearish scenarios say about 0484?
Our models span a range for Forgame Holdings Ltd: cautious scenario HK$0.4890, base HK$0.6520, optimistic HK$0.8150 per share (as of Nov 10, 2026, price HK$0.6100). The range comes from different growth and margin assumptions, not from analyst opinions.
How solid is the balance sheet of Forgame Holdings Ltd (0484)?
Balance-sheet figures for Forgame Holdings Ltd (as of Nov 10, 2026): return on equity −9.8%, debt of 1.07 per unit of equity. They feed the Quality Score of 39/100, which measures business quality independently of the share price.
How far is 0484 from its 52-week high?
Forgame Holdings Ltd trades at HK$0.6100, about 36% below its 52-week high of HK$0.9500 and 6% above the low of HK$0.5750 (as of Nov 10, 2026). Distance from the high says nothing about value: that is what the fair value of HK$0.6520 is for.
Which stocks are comparable to Forgame Holdings Ltd?
From the same area (Technology) we also value TD SYNNEX Corporation, Rexel S.A, Unisplendour Corporation, Arrow Electronics, Inc, among others. Each of them has its own fair-value calculation on this site using the same models, so the comparison is like for like.
Is Forgame Holdings Ltd stock attractive at the current price?
The data as of Nov 10, 2026: price HK$0.6100, calculated fair value HK$0.6520 (+7%), Quality Score 39/100. Whether that fits your horizon and risk tolerance is your call. We provide the calculation, not investment advice.
Is it still worth investing in stocks now?
The global stock market currently sits 15.1% above its aggregate fair value. Forgame Holdings Ltd currently trades 6% below its own fair value, and the market average says nothing about that. An expensive market is no reason to stay out and no reason to buy everything at once: keep a broad savings plan running, buy single stocks only with money you can do without, and hold part of your money liquid while the market is high. The full picture including sectors is on is it worth investing now.
What is the share price of Forgame Holdings Ltd (0484)?
The closing price on Nov 10, 2026 was HK$0.6100. Our estimate is HK$0.6520, about +7% upside (fairly valued). We carry closing prices from our data provider, not a live tick.
What should I pay attention to with Forgame Holdings Ltd right now?
The price sits close to our fair value, market and models broadly agree here, little valuation tension. Evidence is limited here (fewer models, shorter history), so the fair value is a rougher estimate than usual.

Key figures of Forgame Holdings Ltd

How large is the market capitalisation of Forgame Holdings Ltd (0484)?
The market capitalisation of Forgame Holdings Ltd is HK$103M (≈ $13.1M). The stock-market value of the whole company: share price times number of shares. It is what the market asks for the entire business today.
What is the P/S ratio of Forgame Holdings Ltd (0484)?
The price-to-sales ratio of Forgame Holdings Ltd is 0.80 (last twelve months). Price to sales: market value relative to yearly revenue. Useful when profit is thin or distorted.
What is the net margin of Forgame Holdings Ltd (0484)?
The net margin of Forgame Holdings Ltd is −30.3% (fiscal year 2025). How much of every unit of revenue ends up as profit. 10% means 10 cents of profit per dollar of sales.
What is the return on equity of Forgame Holdings Ltd (0484)?
The return on equity (ROE) of Forgame Holdings Ltd is −9.8% (last twelve months). Profit relative to shareholders' equity, how efficiently the company works with its owners' money.
What is the EBIT return on assets of Forgame Holdings Ltd (0484)?
On an EBIT basis the return on assets of Forgame Holdings Ltd is −7.8% (avg 5y). Operating profit (EBIT) relative to everything the company owns, as a multi-year average. It describes the business model rather than one good or bad year.
What is the operating margin of Forgame Holdings Ltd (0484)?
The operating margin of Forgame Holdings Ltd is −51.0% (last twelve months). Profit from the core business (before interest and taxes) relative to revenue.
How fast is revenue growing at Forgame Holdings Ltd (0484)?
Revenue at Forgame Holdings Ltd is growing −34.9% versus a year earlier (3y avg +10.9%). How much revenue grew versus a year earlier (YoY). The 3-year average next to it puts the single year in context.
How fast are earnings growing at Forgame Holdings Ltd (0484)?
Earnings per share at Forgame Holdings Ltd are growing −19.5% versus a year earlier. How much earnings per share grew versus a year earlier.
How much free cash flow does Forgame Holdings Ltd (0484) generate?
The free cash flow of Forgame Holdings Ltd is −1.8M CNY (fiscal year 2025). The cash truly left after running and investing in the business, this is what pays dividends and buybacks.
How much net cash does Forgame Holdings Ltd (0484) hold?
Forgame Holdings Ltd holds more cash than debt, 89.9M CNY net (fiscal year 2025). The company holds more cash than debt, a safety cushion.
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