Playmates Holdings (0635) Fair Value & Analysis
Consumer Cyclical · HK · Market cap HK$993M
Fair value as of: Aug 13, 2026
From 9 valuation models · updated 2 days ago
A solid business, screening 76% undervalued on our models.
What matters now
- The price is below even our cautious bear case (HK$0.7000). The market is more pessimistic than our downside scenario.
- Solid quality (60/100) at a price below fair value, the discount is the argument here, not the business quality.
Price vs Fair Value (5 years)
White line = price, green steps = our fair value per fiscal year, dashed = 300-day average. As of Aug 13, 2026.
How to read this chart
60‑month range HK$0.4600 – HK$0.8217 · fair‑value band HK$0.7000 – HK$0.9300 · the HK$0.4650 price screens below the HK$0.8200 fair value. Dashed = 300-day average. As of Aug 13, 2026.
Analysis
Playmates Holdings (0635) currently trades at HK$0.4650, while our model-based Fair Value estimate is HK$0.8200, implying the stock looks roughly 76.3% undervalued today. The Quality Score stands at 60/100 (solid quality), in the Consumer Cyclical sector. Bull case: trading below our estimate, it may offer upside if the fundamentals hold. Bear case: a low price can be a value trap when quality is weak or the data is thin (evidence: medium), always confirm before acting.
Over the trailing twelve months, Playmates Holdings generated revenue of HK$665M at a net margin of -54.5%. Revenue declined 28.5% year over year. It earns a return on equity of -6.9%. The balance sheet holds a net cash position of HK$890M. Fundamentals as of Aug 13, 2026
Our scenario range runs from HK$0.7000 (bear case) to HK$0.9300 (bull case); at HK$0.4650, the current price sits below that range. Bear and bull are the same models run on conservative and optimistic assumptions (margins, growth, valuation multiples), so a plausible valuation range, not a price target. The share trades about 18% below its 52-week high and 3% above its 52-week low, currently below its 200-day average. For context, the median of 10 Consumer Cyclical peers we cover trades at 11% fair-value upside, at 76%, 0635 screens cheaper than that median.
Fair Value models
Each model estimates fair value its own way; the Fair Value above is the evidence-weighted blend. Evidence (0–100) measures how completely this model’s inputs are available: well-fed models carry more weight in the blend. The spread across models is intentional, each one stresses a different value driver; dividend models, for instance, come out structurally low when payout is small.
All 9 models by family
Widest divergence: Asset-Based (HK$1.48) versus Dividend Discount (HK$0.3800). Highest evidence: Growth DCF (80).
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Key figures & financial health
More key figures
Figures from reported company fundamentals · as of Aug 13, 2026. TTM = trailing twelve months.
Quality Score breakdown
Of which business quality 61 · Market factors (momentum, volatility) 45
Non-valuation factor families (profitability, growth, cashflow, financial strength, momentum …), each academically grounded. Valuation itself sits in the Fair Value and is deliberately excluded here to avoid double-counting.
About the company
Playmates Holdings Limited, together with its subsidiary, engages in the creation, design, marketing, and distribution of toys in Hong Kong, the United States, rest of the Americas, Europe, the rest of the Asia Pacific, and internationally.
Full company description
Playmates Holdings Limited, together with its subsidiary, engages in the creation, design, marketing, and distribution of toys in Hong Kong, the United States, rest of the Americas, Europe, the rest of the Asia Pacific, and internationally. It operates through three segments: Property Investments and Management Businesses, Investment Business, and Toy Business. The Property Investments and Management Businesses segment invests in and leases commercial, industrial, and residential premises for rent; and provides property management services, such as repair and maintenance, building security, general cleaning for common areas, hand-over and take-over of premises, and the monitoring of reinstatement and refurbishment works. The Investment Business segment invests in financial instruments, including listed equity. The Toy Business segment designs, develops, markets, and distributes toys and family entertainment activity products. The company offers product design and development services, as well as property investment services. The company was founded in 1966 and is based in Tsim Sha Tsui, Hong Kong.
Company description, as reported by the company or data provider.
Revenue & earnings trend
FY2021 – FY2025 · reported fiscal years
Playmates Holdings reported revenue of HK$665M in FY2025 versus HK$861M in FY2021, a compound −6.2%/yr. Reported net income was −HK$362M in FY2025.
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Peer Group
Leisure · 190 stocks
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.
Valuation Multiples vs Leisure median · lower = cheaper
Snowflake
Five quick dimensions, each 0 to 100: VALUE (fair-value potential), FUTURE (revenue growth), PAST (return on equity), HEALTH (low debt), DIVIDEND (yield). Green = this stock, grey = typical sector peer.
Values & ESG
Does this company touch areas you may want to avoid? The classification is inferred from sector and industry.
ESG scores are not available for this stock yet. Values and ESG data are contextual and can differ between providers.
Similar stocks
10 more Leisure stocks, each showing price versus our Fair Value estimate (as of Aug 13, 2026).
| Stock | Price | Fair Value | vs Fair Value |
|---|---|---|---|
| ANTA Sports Products Limited 2020 | HK$72.80 | HK$119.82 | +65% |
| Pop Mart International Group 9992 | HK$151.00 | HK$227.30 | +51% |
| Amer Sports, Inc AS | $33.03 | $16.16 | -51% |
| Hasbro, Inc HAS | $94.89 | $81.97 | -14% |
| Life Time Group LTH | $43.81 | $15.61 | -64% |
| Ninebot Limited 689009 | ¥44.94 | ¥39.73 | -12% |
| Li Ning Company 2331 | HK$14.59 | HK$29.45 | +102% |
| Asmodee Group ASMDEEB | kr 158.70 | kr 96.65 | -39% |
| Smartfit Escola de Ginástica e Dança S.A SMFT3 | R$17.25 | R$22.90 | +33% |
| Songcheng Performance Development Co 300144 | ¥6.17 | ¥6.85 | +11% |
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How we calculate Fair Value
Each company is valued through a stack of independent intrinsic-value models (DCF variants, residual-income, multiples and more), blended into one family-balanced consensus and weighted by how much trustworthy data backs it. A separate quality layer scores the fundamentals. Every input is real reported data, nothing guessed.
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