Playmates Holdings Ltd (0635) fair value: what the stock is really worth
As of Nov 11, 2026: fair value (intrinsic value) of Playmates Holdings Ltd stock HK$0.87, price HK$0.49, upside +79.4%, quality 60 out of 100. Rating: strongly undervalued. Calculated from audited financials with 7 of our 26 valuation models and 37 quality factors, updated daily.
69 individual criteria per stock, every one traceableSee the method →
Price vs Fair Value
White line = price, green steps = our fair value per fiscal year. As of Nov 14, 2026.
How to read this chart
60‑month range HK$0.4600 – HK$0.8217 · fair‑value band HK$0.7800 – HK$0.9800 · the HK$0.4850 price screens below the HK$0.8700 fair value. Green steps = our fair value per fiscal year (point-in-time, no hindsight). 1 fiscal year is left out: there the valuation rested on only a fraction of the usual models. As of Nov 14, 2026.
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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.
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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.
Stock analysis
Playmates Holdings Ltd (0635) currently trades at HK$0.4850, while our model-based Fair Value estimate is HK$0.8700, implying the stock looks roughly 44% undervalued today.
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Valuation
Bull case: the Growth DCF group reads highest at a median of HK$0.8800 per share, and 6 of the 7 models we run sit above the HK$0.4850 price.
Bear case: the Asset-Based group reads lowest at HK$0.1900, and 1 of the 7 models stay below the price. Data coverage for this calculation is low.
Scenario range: HK$0.7800 (bear) to HK$0.9800 (bull), the price of HK$0.4850 sits below 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 60/100 (solid quality), in the Consumer Cyclical sector.
Weak Growth: Revenue growth is inconsistent: the periods point in different directions, so there is no trend to rely on.
Playmates Holdings Ltd 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.
Key figures
Market cap HK$1.0B (≈ $128M) Micro · P/S ratio 1.49 · Dividend yield 6.2% · Net margin −54.4% · Return on equity −4.9% · Return on assets (EBIT) −2.4% (5-year average) · Operating margin 11.6% · Revenue (TTM) HK$671M.
Competitive moat
Our AI-assisted moat analysis scores the competitive advantage at 17 out of 100 (low confidence).
What moves the price
The share trades about 12% below its 52-week high and 5% above its 52-week low, currently below its 200-day average.
For context, the median of 10 Consumer Cyclical peers we cover trades at 40% fair-value upside, at 79%, 0635 screens cheaper than that median.
Fair Value models
BearHK$0.7800Fair Value HK$0.8700BullHK$0.9800
Price HK$0.4850 · Upside +79.4%
Model ⓘEach model values the company its own way (discounted cash flow, earnings, assets, dividends). The fair value above starts from their evidence-weighted blend, not from a single model. In cyclical trough or peak years, after dilution or a stock split it is adjusted afterwards, so it can sit above or below the models.Bear ⓘBear = the cautious scenario: the same model computed with conservative anchors (lower growth, margins and valuation multiples). Together with Bull it frames a plausible valuation range, not a price target.BaseBull ⓘBull = the optimistic scenario: the same model computed with favourable anchors (higher growth, margins and valuation multiples). Together with Bear it frames a plausible valuation range, not a price target. If a model's bull case is above four times its base value, the table shows that limit with a > sign (like the overall Bull above): beyond it no assumption holds.Coverage ⓘCoverage = how well-backed THIS model's estimate is for this stock (0–100): how complete and reliable its input data are, and how well the model fits the company. The final Fair Value is an evidence-weighted blend, so better-evidenced models count more. Green ≥70, amber 50–69, grey below 50.
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.38/100
Revenue growth is inconsistent: the periods point in different directions, so there is no trend to rely on.
Revenue growth 1 year
−39.1%
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.
−2.6%
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.
+4.4%
Start year 2020 (pandemic). Over 10 years: −9.4% a year
Revenue growth 27 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.
−1.0%
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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.
−90.0% (2020) → −57.5% (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
Growth Forecast
Little optimism in the price
What the price assumes ⓘThis turns our valuation around: instead of asking what the share is worth, it asks what growth the current price requires. It uses the cash the company keeps after all spending (free cash flow), the same discount rate as our models, five years of growth, then slowing evenly to 2 % a year by year ten. Compared with the analysts' sales forecasts extended to the same five years (at least three analysts, for context only, it does not enter the Fair Value): within 3 percentage points counts as "in line" (amber), below that little optimism (green), above that a lot of optimism (red).
less than -40 %
The company could shrink this much every year for the next five years and today's price would still be justified.
Price, fair value, quality and upside side by side.
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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.Leisure · 183 stocks
Beats the industry median on 6/10 measures
Overall it ranks above its industry peers.
Valuation
Quality Score60 · Above median
Fair Value upside+79.4% · Top 25%
Profitability
Return on assets−6.6% · Bottom 25%
Net margin (12 months)−36.9% · Bottom 25%
Operating margin (12 months)11.6% · Above median
Growth and dividend
Revenue growth (quarter YoY)2.4% · Below median
Dividend yield (12 months)6.2% · Top 25%
Valuation Multiplesvs Leisure median · lower = cheaper
P/B0.22× · Cheapest 25%
P/S (12 months)1.49× · Pricier than median
Price / free cash flow (fiscal year)11.3× · Cheaper than median
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Is Playmates Holdings Ltd (0635) overvalued or undervalued?
As of Nov 14, 2026, our model estimates a fair value of HK$0.8700 versus a price of HK$0.4850, about +79% upside (undervalued).
What is the fair value of 0635?
Our model-based fair value for Playmates Holdings Ltd is HK$0.8700 (as of Nov 14, 2026), built from audited fundamentals. The current price: HK$0.4850.
What is the quality score of 0635?
Playmates Holdings Ltd has a Quality Score of 60/100. 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 Playmates Holdings Ltd (0635)?
Our model-based price target is the fair value of HK$0.8700 (as of Nov 14, 2026) from 7 valuation models. Cautious scenario HK$0.7800, optimistic scenario HK$0.9800. It is a calculation from audited fundamentals, not an analyst target.
What is the Playmates Holdings Ltd stock forecast for 2026?
Our models put fair value at HK$0.8700, about +79% upside versus a price of HK$0.4850 (undervalued). Cautious scenario HK$0.7800, optimistic scenario HK$0.9800. The calculation is refreshed regularly with new filings.
What is the revenue of Playmates Holdings Ltd (0635)?
Playmates Holdings Ltd reported trailing-twelve-month revenue of about HK$671M (latest available figure, as of Nov 14, 2026).
Does Playmates Holdings Ltd pay a dividend?
Playmates Holdings Ltd currently shows a dividend yield of 6.19% relative to its recent price (as of Nov 14, 2026).
How much is the dividend of Playmates Holdings Ltd (0635) and when is the ex-dividend date?
Playmates Holdings Ltd pays a dividend of HK$0.03 per share a year, a dividend yield of 6.2%. The last ex-dividend date was Sep 4, 2026. Free cash flow covers the dividend 1.43 times. Our assessment: Cash covered. The dividend is fully funded by free cash flow. The payout ratio on earnings is not available for this company.
What growth is priced into Playmates Holdings Ltd (0635)?
For today's price to be fair in a discounted-cash-flow model, Playmates Holdings Ltd would have to grow free cash flow by less than minus 40 % per year for five years (discount rate 13.3 %, then slowing evenly to 2 % perpetual growth by year ten). Over the last 5 years revenue grew +4.4 % per year. As of Nov 14, 2026.
What discount rate (WACC) does the fair value of 0635 use?
Our models discount Playmates Holdings Ltd at 13.3 %: a base by market capitalisation (micro), country premium for Hong Kong. The same rate applies in all 26 models.
What is a reverse DCF?
A reverse DCF turns the usual calculation around. Instead of deriving a value from assumptions, it takes today's price as given and asks: what free-cash-flow growth would a company have to deliver for exactly this price to be fair? The result is not a forecast but the expectation already priced in. For Playmates Holdings Ltd that is less than minus 40 % per year for five years, then slowing evenly to 2 % by year ten, using the same discount rate (13.3 %) and the same formula as our fair value.
How much growth has Playmates Holdings Ltd (0635) delivered so far?
Over the past 5 years revenue at Playmates Holdings Ltd grew +4.4 % a year. The price currently implies free-cash-flow growth of less than minus 40 % per year. Comparing the two shows how much confidence is in the price: if it demands more than has been delivered, the business has to accelerate for the maths to work.
How fast is the sector of Playmates Holdings Ltd (0635) growing?
The median revenue growth in the sector is +4.4 % a year. That is the yardstick for the growth priced into Playmates Holdings Ltd (less than minus 40 % per year): it shows whether the expectation is within the usual range or beyond it.
What is the free cash flow yield of Playmates Holdings Ltd (0635)?
The free-cash-flow yield on the price is 8.85 %: that much free cash flow Playmates Holdings Ltd produces per unit of market value. When it exceeds the discount rate of our models (13.3 %), the business already earns more than its cost of capital demands, and the price needs little additional growth.
What is the intrinsic value of Playmates Holdings Ltd (0635)?
Intrinsic value and fair value mean the same thing: what the business is worth on its numbers, independent of the share price. For Playmates Holdings Ltd it is HK$0.8700 per share (as of Nov 14, 2026), against a price of HK$0.4850. It is the blended result of 7 valuation models in 4 families (DCF Models, Multiples, Asset-Based, Growth DCF).
Is Playmates Holdings Ltd stock overvalued or undervalued in 2026?
As of Nov 14, 2026, 0635 trades below its calculated fair value: price HK$0.4850, fair value HK$0.8700, a gap of about +79% (undervalued). 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 0635?
No. The price is what the market pays today (HK$0.4850); the fair value is what the company's own numbers justify (HK$0.8700). For Playmates Holdings Ltd the two are HK$0.3850 per share apart. That gap is exactly why we show both numbers side by side.
How much is Playmates Holdings Ltd worth?
The market values Playmates Holdings Ltd at about HK$1.0B (market capitalisation, as of Nov 14, 2026). Per share that is HK$0.4850; our models calculate a fair value of HK$0.8700 per share.
What do the bullish and bearish scenarios say about 0635?
Our models span a range for Playmates Holdings Ltd: cautious scenario HK$0.7800, base HK$0.8700, optimistic HK$0.9800 per share (as of Nov 14, 2026, price HK$0.4850). The range comes from different growth and margin assumptions, not from analyst opinions.
How solid is the balance sheet of Playmates Holdings Ltd (0635)?
Balance-sheet figures for Playmates Holdings Ltd (as of Nov 14, 2026): return on equity −4.9%. They feed the Quality Score of 60/100, which measures business quality independently of the share price.
How far is 0635 from its 52-week high?
Playmates Holdings Ltd trades at HK$0.4850, about 12% below its 52-week high of HK$0.5500 and 5% above the low of HK$0.4600 (as of Nov 11, 2026). Distance from the high says nothing about value: that is what the fair value of HK$0.8700 is for.
Which stocks are comparable to Playmates Holdings Ltd?
From the same area (Consumer Cyclical) we also value Pop Mart International Group, Amer Sports, Inc, Hasbro, Inc, Life Time Group, 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 Playmates Holdings Ltd stock attractive at the current price?
The data as of Nov 14, 2026: price HK$0.4850, calculated fair value HK$0.8700 (+79%), Quality Score 60/100, from 7 models. Whether that fits your horizon and risk tolerance is your call. We provide the calculation, not investment advice.
How is the fair value of 0635 calculated?
We run Playmates Holdings Ltd through 7 models from 4 families: DCF Models, Multiples, Asset-Based, Growth DCF. Every model gets the same audited fundamentals; the fair value of HK$0.8700 builds on their evidence-weighted average, with the spread shown as a cautious and an optimistic scenario.
Is it still worth investing in stocks now?
The global stock market currently sits 13.9% above its aggregate fair value. Playmates Holdings Ltd currently trades 44% 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 Playmates Holdings Ltd (0635)?
The closing price on Nov 11, 2026 was HK$0.4850. Our model-based fair value is HK$0.8700, about +79% upside (undervalued). We carry closing prices from our data provider, not a live tick.
What should I pay attention to with Playmates Holdings Ltd right now?
The price is below even our cautious bear case (HK$0.7800). The market is more pessimistic than our downside scenario. The large gap to fair value rests on thin data (low evidence): fewer applicable models and a shorter history. Read it with extra caution. Solid quality (60/100) at a price below fair value, the discount is the argument here, not the business quality.
Key figures of Playmates Holdings Ltd
How large is the market capitalisation of Playmates Holdings Ltd (0635)?
The market capitalisation of Playmates Holdings Ltd is HK$1.0B (≈ $128M). 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 Playmates Holdings Ltd (0635)?
The price-to-sales ratio of Playmates Holdings Ltd is 1.49 (last twelve months). Price to sales: market value relative to yearly revenue. Useful when profit is thin or distorted.
What is the dividend yield of Playmates Holdings Ltd (0635)?
The dividend yield of Playmates Holdings Ltd is 6.2%. Yearly dividend relative to the share price. 3% pays 3 per 100 invested. Below: how much of profit is used for it.
What is the net margin of Playmates Holdings Ltd (0635)?
The net margin of Playmates Holdings Ltd is −54.4% (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 Playmates Holdings Ltd (0635)?
The return on equity (ROE) of Playmates Holdings Ltd is −4.9% (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 Playmates Holdings Ltd (0635)?
On an EBIT basis the return on assets of Playmates Holdings Ltd is −2.4% (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 Playmates Holdings Ltd (0635)?
The operating margin of Playmates Holdings Ltd is 11.6% (last twelve months). Profit from the core business (before interest and taxes) relative to revenue.
How fast is revenue growing at Playmates Holdings Ltd (0635)?
Revenue at Playmates Holdings Ltd is growing +2.4% versus a year earlier (3y avg −2.6%). 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 Playmates Holdings Ltd (0635)?
Earnings per share at Playmates Holdings Ltd are growing −20.9% versus a year earlier. How much earnings per share grew versus a year earlier.
How much net cash does Playmates Holdings Ltd (0635) hold?
Playmates Holdings Ltd holds more cash than debt, HK$890M net (fiscal year 2025). The company holds more cash than debt, a safety cushion.
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Thin data
Nov 14, 2026