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Zengame Technology Holding (2660) Fair Value & Analysis

Communication Services · HK · Market cap HK$2.2B

ZT Zengame Technology Holding 2660 · HK
PriceHK$2.38
Fair ValueHK$6.64
Upside+179.0%
Quality61/100
Mixed Growth
Highly profitable · 22.5% net margin
generates free cash flow
16.62% dividend yield
Ranks above peers (12/13)
Wide moat 71/100
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Evidence: High Range HK$4.31 – HK$8.30 Share as image

Fair value as of: Aug 5, 2026

From 26 valuation models · updated today

Fair value updated Aug 5, 2026, revised from HK$6.59 to HK$6.64 (+0.8%) since Jul 2, 2026. Share price +9.2% over the past month.

A solid business, screening 179% undervalued on our models.

What matters now

  • The price is below even our cautious bear case (HK$4.31). The market is more pessimistic than our downside scenario.
  • Solid quality (61/100) at a price below fair value, the discount is the argument here, not the business quality.
  • A fairly wide model range (HK$4.31 to HK$8.30) leaves room in how you read the outcome.
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Price vs Fair Value (5 years)

HK$4.25 HK$0.6411 Fair Value HK$6.64 Mar 2021 Aug 2026

White line = price, green steps = our fair value per fiscal year, dashed = 300-day average. As of Aug 5, 2026.

How to read this chart

60‑month range HK$0.6411 – HK$4.25 · fair‑value band HK$4.31 – HK$8.30 · the HK$2.38 price screens below the HK$6.64 fair value. Dashed = 300-day average. As of Aug 5, 2026.

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Analysis

Zengame Technology Holding (2660) currently trades at HK$2.38, while our model-based Fair Value estimate is HK$6.64, implying the stock looks roughly 179.0% undervalued today. We read business quality at 61/100 (solid quality), in the Communication Services 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: high), always confirm before acting.

Over the trailing twelve months, Zengame Technology Holding generated revenue of HK$1.5B at a net margin of 22.5%. Revenue grew 15.6% year over year. It earns a return on equity of 13.5%. The balance sheet holds a net cash position of HK$600M. Fundamentals as of Aug 5, 2026

Our scenario range runs from HK$4.31 (bear case) to HK$8.30 (bull case); at HK$2.38, the current price sits below that range. The share trades about 10% below its 52-week high and 22% above its 52-week low, currently below its 200-day average. For context, the median of 10 Communication Services peers we cover trades at -19% fair-value upside, at 179%, 2660 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.

Model BearBaseBull Evidence
Highest evidence
Residual Income HK$2.37 HK$2.80 HK$4.73 76
Growth DCF HK$3.38 HK$5.61 HK$9.37 72
Gordon GGM HK$2.74 HK$5.47 HK$8.28 70
All 26 models by family
DCF Models
FCF DCF HK$3.45 HK$5.96 HK$10.58 38
Owner Earnings HK$4.93 HK$8.83 HK$15.78 31
5Y Revenue Exit HK$3.29 HK$5.55 HK$8.72 39
5Y EBITDA Exit HK$3.89 HK$6.85 HK$10.70 41
5Y P/E Exit HK$4.72 HK$8.63 HK$13.31 38
10Y Revenue Exit HK$3.23 HK$5.41 HK$8.96 36
10Y EBITDA Exit HK$3.71 HK$6.36 HK$10.65 37
10Y P/E Exit HK$4.26 HK$7.67 HK$12.88 35
Earnings-Based
Graham-Dodd HK$2.29 HK$12.31 HK$17.06 54
Lynch FV HK$3.41 HK$4.87 HK$6.33 50
PEG = 1.0 HK$3.41 HK$4.87 HK$6.33 46
EPV HK$3.11 HK$3.51 HK$3.85 59
Dividend Discount
Gordon GGM HK$2.74 HK$5.47 HK$8.28 70
DDM Multi-Stage HK$2.74 HK$4.73 HK$5.77 61
Multiples
P/E Multiple HK$5.04 HK$6.72 HK$8.40 63
P/S Multiple HK$2.80 HK$3.73 HK$4.67 58
P/B Multiple HK$4.28 HK$5.71 HK$7.14 55
EV/EBIT HK$5.62 HK$7.29 HK$8.96 53
EV/EBITDA HK$4.34 HK$5.59 HK$6.84 54
EV/Revenue HK$3.21 HK$4.33 HK$5.45 43
Asset-Based
NCAV (Graham) HK$1.25 HK$1.67 HK$2.50 50
Growth DCF
Growth DCF HK$3.38 HK$5.61 HK$9.37 72
Rev-Margin DCF HK$3.29 HK$5.47 HK$8.43 67
Economic Profit
Residual Income HK$2.37 HK$2.80 HK$4.73 76
ROIC Compounder HK$3.41 HK$4.47 HK$5.74 67
Growth Earnings
Growth-Adj P/E HK$4.88 HK$6.97 HK$9.06 68

Widest divergence: Growth Earnings (HK$6.97) versus Asset-Based (HK$1.67). Highest evidence: Residual Income (76).

Key figures & financial health

Revenue (TTM) HK$1.5B
Revenue growth (YoY) +15.6%
Net margin 22.5%
Return on equity 13.5%
Free cash flow HK$227M FY2025
P/E ratio 5.5
More key figures
Operating margin 26.0%
EPS (TTM) HK$0.1800
EPS growth (YoY) +34.3%
Net cash HK$600M FY2025

Figures from reported company fundamentals · as of Aug 5, 2026. TTM = trailing twelve months.

Quality Score breakdown

Overall quality 61/100

Of which business quality 62 · Market factors (momentum, volatility) 54

Profitability 61
Margins and returns on capital today
Quality Growth 12
Are margins and returns improving?
Cashflow 59
Earnings quality: real cash, not paper profit
Fin. Strength 95
Balance sheet, leverage, solvency risk
Investment 58
Disciplined investing over empire-building
Low Volatility 84
Calm price path (market factor)
Momentum 38
Price trend over the last 3–12 months (market factor)
52W Momentum 48
Distance to the 52-week high (market factor)
Net Issuance 73
Buybacks instead of dilution

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

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.

Company description, as reported by the company or data provider.

Revenue & earnings trend

FY2021 – FY2025 · reported fiscal years

Zengame Technology Holding reported revenue of HK$1.5B in FY2025 versus HK$1.5B in FY2021, a compound +1.2%/yr. Reported net income was HK$348M in FY2025, compounding −8.7%/yr from FY2021.

Growth Quality 94/100
Revenue is growing, but margins or cash flow do not fully confirm the trend.
Latest Revenue (FY 2025)
HK$1.5B
Latest YoY
−6.8%
Avg. growth/yr (3Y)
−4.4%
Avg. growth/yr (5Y)
+15.8%
Avg. growth/yr (9Y)
+18.4%
Revenue +1.2%/yr
FY21 HK$1.5B
FY22 HK$1.8B
FY23 HK$2.1B
FY24 HK$1.7B
FY25 HK$1.5B
Net income −8.7%/yr
FY21 HK$500M
FY22 HK$681M
FY23 HK$726M
FY24 HK$431M
FY25 HK$348M

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Zengame Technology Holding · Fair Value
HK$6.64 +179%Fair Value
Calculator →

Cite: Fair Value Calculator (2026). "Zengame Technology Holding Fair Value". https://www.fairvalue-calculator.com/stock/2660

Peer Group

Electronic Gaming & Multimedia · 157 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.

Quality Score 61 · Top 25%
Fair Value upside +174% · Top 25%
Return on equity (TTM) 14% · Above median
Return on assets 8% · Top 25%
Net margin (TTM) 23% · Top 25%
Operating margin (TTM) 26% · Top 25%
Revenue growth 16% · Above median
Dividend yield (TTM) 16.6% · Top 25%

Valuation Multiples vs Electronic Gaming & Multimedia median · lower = cheaper

P/E (TTM) 5.5× · Cheaper than 75% of peers
P/B 0.87× · Cheaper than median
P/S (TTM) 1.45× · Pricier than median
P/FCF 1.3× · Cheaper than median
EV/EBITDA 4.2× · Cheaper than median

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.

VALUE 100 · sector 7
FUTURE 78 · sector 11
PAST 54 · sector 8
HEALTH 0 · sector 99
DIVIDEND 100 · sector 41

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

ESG scores are not available for this stock yet. Values and ESG data are contextual and can differ between providers.

Similar stocks

10 more Electronic Gaming & Multimedia stocks, each showing price versus our Fair Value estimate (as of Aug 5, 2026).

Stock Price Fair Value vs Fair Value
NetEase, Inc 9999 HK$202.60 HK$192.74 -5%
Electronic Arts Inc EA $207.27 $76.57 -63%
Take-Two Interactive Software, Inc TTWO $237.04 $60.45 -74%
Roblox Corporation RBLX $57.07 $21.20 -63%
Zhejiang Century Huatong Group 002602 ¥14.04 ¥14.68 +5%
KRAFTON, Inc 259960 240,500 KRW 395,557 KRW +64%
Kunlun Tech Co 300418 ¥44.61 ¥6.87 -85%
Giant Network Group 002558 ¥29.98 ¥15.69 -48%
International Games System Co 3293 704.00 TWD 568.16 TWD -19%
37 Interactive Entertainment Network Technology Group 002555 ¥19.02 ¥22.29 +17%

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Frequently asked questions

Is Zengame Technology Holding (2660) overvalued or undervalued?
As of Aug 5, 2026, our model estimates a fair value of HK$6.64 versus a price of HK$2.38, about +179% (undervalued).
What is the fair value of 2660?
Our model-based fair value for Zengame Technology Holding is HK$6.64 (as of Aug 5, 2026), built from audited fundamentals. The current price is HK$2.38.
What is the quality score of 2660?
Zengame Technology Holding has a Quality Score of 61/100, measuring profitability, growth and balance-sheet strength from non-valuation factors.
What is the revenue of Zengame Technology Holding (2660)?
Zengame Technology Holding reported trailing-twelve-month revenue of about HK$1.5B (latest available figure, as of Aug 5, 2026).
What is the net profit margin of 2660?
The net profit margin of Zengame Technology Holding is about 22.5%, meaning it keeps roughly 22.5% of revenue as net income. Based on the latest reported figures.

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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