Zengame Technology Holding Ltd (2660) fair value: what the stock is really worth
As of Sep 25, 2026: fair value of Zengame Technology Holding Ltd HK$6.67, price HK$2.35, upside +183.8%, quality 62 out of 100. Calculated from audited financials with 26 valuation models and 37 quality factors, updated daily.
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Price vs Fair Value
White line = price, green steps = our fair value per fiscal year, dashed = 300-day average. As of Sep 28, 2026.
How to read this chart
60‑month range HK$0.6411 – HK$4.25 · fair‑value band HK$3.96 – HK$8.34 · the HK$2.35 price screens below the HK$6.67 fair value. Dashed = 300-day average. As of Sep 28, 2026.
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Zengame Technology Holding Limited, an investment holding company, develops and operates mobile games primarily in the People's Republic of China. It offers board games and other casual mobile games, as well as a leisure entertainment platform and community. The company was founded in 2010 and is headquartered in Shenzhen, the People's Republic of China.
Stock analysis
Zengame Technology Holding Ltd (2660) currently trades at HK$2.35, while our model-based Fair Value estimate is HK$6.67, implying the stock looks roughly 64.8% undervalued today.
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Valuation
Bull case: the Growth Earnings group reads highest at a median of HK$7.32 per share, and 25 of the 26 models we run sit above the HK$2.35 price.
Bear case: the Asset-Based group reads lowest at HK$1.67, and 1 of the 26 models stay below the price. Evidence for this calculation is low.
Scenario range: HK$3.96 (bear) to HK$8.34 (bull), the price of HK$2.35 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 62/100 (solid quality), in the Communication Services sector.
Weak Growth: Revenue growth is inconsistent: the periods point in different directions, so there is no trend to rely on.
Zengame Technology Holding Ltd reported revenue of 1.5B CNY in FY2025 versus 1.5B CNY in FY2021, a compound +1.2%/yr. Reported net income was 348M CNY in FY2025, compounding −8.7%/yr from FY2021.
Key figures
Market cap HK$2.4B (≈ $310M) · P/E ratio 5.5 · P/S ratio 1.25 · EPS (TTM) HK$0.1800 · Net margin 22.5% · Return on equity 13.5% · Return on assets (EBIT) 27.5% · Operating margin 26.0%.
Competitive moat
Our AI-assisted moat analysis scores the competitive advantage at 52 out of 100 (low confidence).
What moves the price
The share trades about 10% below its 52-week high and 15% above its 52-week low, currently above its 200-day average.
For context, the median of 10 Communication Services peers we cover trades at 44% fair-value upside, at 184%, 2660 screens cheaper than that median.
Fair Value models
Bear HK$3.96Fair Value HK$6.67Bull HK$8.34
Model ⓘEach model values the company its own way (discounted cash flow, earnings, assets, dividends). The fair value above is their evidence-weighted blend, not the output of a single model.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.Evidence ⓘEvidence = 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.40/100
Revenue growth is inconsistent: the periods point in different directions, so there is no trend to rely on.
Revenue growth 1 year
−6.8%
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.
−4.4%
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.
+15.8%
Start year 2020 (pandemic)
Revenue growth 9 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.
+18.4%
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What shareholders gained per year (last 5 years) ⓘWhat the business itself delivers per year: earnings growth per share plus the dividend yield. This is what you get IF the market keeps valuing the stock the same way: it contains no assumption about the market changing its mind. Computed per share, so buybacks count and a merger does not pass as growth. For a company that pays no dividend it is pure earnings growth per share. Period: earnings growth per share as CAGR over the last 5 reported fiscal years (annual statements), plus the current dividend yield. The start value is the median of the three years around the start, so a single crisis year (a pandemic or a write-down) does not distort the rate.
+9.1%
Earnings growth per share plus dividend.
Earnings per share, growth per year+9.1%
Dividend (yield on the price)0.0%
Pace: 5 vs 10 years ⓘTwo data points, not a trend model: earnings growth per share over the last 5 fiscal years against the last 10. Labelled "steady" when both rates are within 3 percentage points of each other, otherwise picking up or flattening. Shown only when ten years of history exist.9.1% vs 23.6%, slowing
Profit margin 2020 to 2025 ⓘ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.29% → 25%
Start year 2020 (pandemic)
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 %
Yearly growth needed for the next five years to justify today's price.
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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.Electronic Gaming & Multimedia · 143 stocks
For bloggers, editors and developers: paste this into your site or blog (a “Custom HTML” block in WordPress), it shows the current fair value and links back here. Free, plain HTML, and welcome. Full data streams (CSV/JSON) at /developers.
Is Zengame Technology Holding Ltd (2660) overvalued or undervalued?
As of Sep 28, 2026, our model estimates a fair value of HK$6.67 versus a price of HK$2.35, about +184% upside (undervalued).
What is the fair value of 2660?
Our model-based fair value for Zengame Technology Holding Ltd is HK$6.67 (as of Sep 28, 2026), built from audited fundamentals. The current price: HK$2.35.
What is the quality score of 2660?
Zengame Technology Holding Ltd has a Quality Score of 62/100. 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 Zengame Technology Holding Ltd (2660)?
Our model-based price target is the fair value of HK$6.67 (as of Sep 28, 2026) from 26 valuation models. Cautious scenario HK$3.96, optimistic scenario HK$8.34. It is a calculation from audited fundamentals, not an analyst target.
What is the Zengame Technology Holding Ltd stock forecast for 2026?
Our models put fair value at HK$6.67, about +184% upside versus a price of HK$2.35 (undervalued). Cautious scenario HK$3.96, optimistic scenario HK$8.34. The calculation is refreshed regularly with new filings.
What is the revenue of Zengame Technology Holding Ltd (2660)?
Zengame Technology Holding Ltd reported trailing-twelve-month revenue of about 1.5B CNY (latest available figure, as of Sep 28, 2026).
What growth is priced into Zengame Technology Holding Ltd (2660)?
For today's price to be fair in a discounted-cash-flow model, Zengame Technology Holding Ltd would have to grow free cash flow by less than minus 40 % per year for five years (discount rate 11.8 %, then slowing evenly to 2 % perpetual growth by year ten). Over the last 5 years revenue grew +15.8 % per year. As of Sep 28, 2026.
What discount rate (WACC) does the fair value of 2660 use?
Our models discount Zengame Technology Holding Ltd at 11.8 %: a base by market capitalisation (micro), damped by beta 0.49, 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 Zengame Technology Holding Ltd that is less than minus 40 % per year a year over ten years, using the same discount rate (11.8 %) and the same formula as our fair value.
How much growth has Zengame Technology Holding Ltd (2660) delivered so far?
Over the past 5 years revenue at Zengame Technology Holding Ltd grew +15.8 % a year. The price currently implies less than minus 40 % per year free-cash-flow growth a 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 Zengame Technology Holding Ltd (2660) growing?
The median revenue growth in the sector is +1.6 % a year. That is the yardstick for the growth priced into Zengame Technology Holding Ltd (less than minus 40 % per year a year): it shows whether the expectation is within the usual range or beyond it.
What is the free cash flow yield of Zengame Technology Holding Ltd (2660)?
The free-cash-flow yield on the price is 10.89 %: that much free cash flow Zengame Technology Holding Ltd produces per unit of market value. When it exceeds the discount rate of our models (11.8 %), the business already earns more than its cost of capital demands, and the price needs little additional growth.
What is the intrinsic value of Zengame Technology Holding Ltd (2660)?
Intrinsic value and fair value mean the same thing: what the business is worth on its numbers, independent of the share price. For Zengame Technology Holding Ltd it is HK$6.67 per share (as of Sep 28, 2026), against a price of HK$2.35. It is the blended result of 26 valuation models (cash flow, earnings, asset, dividend).
Is Zengame Technology Holding Ltd stock overvalued or undervalued in 2026?
As of Sep 28, 2026, 2660 trades below its calculated fair value: price HK$2.35, fair value HK$6.67, a gap of about +184% (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 2660?
No. The price is what the market pays today (HK$2.35); the fair value is what the company's own numbers justify (HK$6.67). For Zengame Technology Holding Ltd the two are HK$4.32 per share apart. That gap is exactly why we show both numbers side by side.
How much is Zengame Technology Holding Ltd worth?
The market values Zengame Technology Holding Ltd at about HK$2.4B (market capitalisation, as of Sep 28, 2026). Per share that is HK$2.35; our models calculate a fair value of HK$6.67 per share.
What do the bullish and bearish scenarios say about 2660?
Our models span a range for Zengame Technology Holding Ltd: cautious scenario HK$3.96, base HK$6.67, optimistic HK$8.34 per share (as of Sep 28, 2026, price HK$2.35). The range comes from different growth and margin assumptions, not from analyst opinions.
What is the P/E ratio of 2660?
Zengame Technology Holding Ltd trades at a price-to-earnings ratio of 5.5 (as of Sep 28, 2026). A P/E on its own says little: it compares the price with ONE year of profit, while our fair value of HK$6.67 is built from several models across several years. Other multiples: P/B 0.8, P/S 1.3, EV/EBITDA 3.8.
How solid is the balance sheet of Zengame Technology Holding Ltd (2660)?
Balance-sheet figures for Zengame Technology Holding Ltd (as of Sep 28, 2026): return on equity 13.5%. They feed the Quality Score of 62/100, which measures business quality independently of the share price.
How far is 2660 from its 52-week high?
Zengame Technology Holding Ltd trades at HK$2.35, about 10% below its 52-week high of HK$2.60 and 15% above the low of HK$2.05 (as of Sep 25, 2026). Distance from the high says nothing about value: that is what the fair value of HK$6.67 is for.
Which stocks are comparable to Zengame Technology Holding Ltd?
From the same area (Communication Services) we also value Konami Group, NetEase, Inc, Take-Two Interactive Software, Inc, Roblox Corporation, 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 Zengame Technology Holding Ltd stock attractive at the current price?
The data as of Sep 28, 2026: price HK$2.35, calculated fair value HK$6.67 (+184%), Quality Score 62/100, from 26 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 2660 calculated?
We run Zengame Technology Holding Ltd through 26 models from four families: discounted cash flow, earnings models, asset and balance-sheet models, and dividend models. Every model gets the same audited fundamentals; the result is the weighted average of HK$6.67, 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 16.1 % above its aggregate fair value. Zengame Technology Holding Ltd currently trades 184 % 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 Zengame Technology Holding Ltd (2660)?
The closing price on Sep 25, 2026 was HK$2.35. Our model-based fair value is HK$6.67, about +184% upside (undervalued). We carry closing prices from our data provider, not a live tick.
What should I pay attention to with Zengame Technology Holding Ltd right now?
The price is below even our cautious bear case (HK$3.96). 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 (62/100) at a price below fair value, the discount is the argument here, not the business quality. A fairly wide model range (HK$3.96 to HK$8.34) leaves room in how you read the outcome.
Key figures of Zengame Technology Holding Ltd
How large is the market capitalisation of Zengame Technology Holding Ltd (2660)?
The market capitalisation of Zengame Technology Holding Ltd is HK$2.4B (≈ $310M). 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 Zengame Technology Holding Ltd (2660)?
The price-to-sales ratio of Zengame Technology Holding Ltd is 1.25 (P/E × margin). Price to sales: market value relative to yearly revenue. Useful when profit is thin or distorted.
What are the earnings per share of Zengame Technology Holding Ltd (2660)?
Earnings per share at Zengame Technology Holding Ltd are HK$0.1800 (price ÷ EPS = P/E 5.5). Earnings per share over the last twelve months: total profit spread across every single share.
What is the net margin of Zengame Technology Holding Ltd (2660)?
The net margin of Zengame Technology Holding Ltd is 22.5% (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 Zengame Technology Holding Ltd (2660)?
The return on equity (ROE) of Zengame Technology Holding Ltd is 13.5% (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 Zengame Technology Holding Ltd (2660)?
On an EBIT basis the return on assets of Zengame Technology Holding Ltd is 27.5% (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 Zengame Technology Holding Ltd (2660)?
The operating margin of Zengame Technology Holding Ltd is 26.0% (last twelve months). Profit from the core business (before interest and taxes) relative to revenue.
How fast is revenue growing at Zengame Technology Holding Ltd (2660)?
Revenue at Zengame Technology Holding Ltd is growing +15.6% versus a year earlier (3y avg −4.4%). 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 Zengame Technology Holding Ltd (2660)?
Earnings per share at Zengame Technology Holding Ltd are growing +34.3% versus a year earlier. How much earnings per share grew versus a year earlier.
How much net cash does Zengame Technology Holding Ltd (2660) hold?
Zengame Technology Holding Ltd holds more cash than debt, 600M CNY net (fiscal year 2025). The company holds more cash than debt, a safety cushion.
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