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Qingci Games Inc (6633) Fair Value & Analysis

Communication Services · HK · Market cap HK$1.9B

QG Qingci Games Inc 6633 · HK
PriceHK$3.00
Fair ValueHK$2.99
Upside-0.3%
Quality64/100
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Expensive Growth
Highly profitable · 26.7% net margin
Low debt · generates free cash flow
Mixed vs. peers (7/13)
Narrow moat 41/100
Evidence: High Range HK$2.05 – HK$3.74 Share as image

Fair value as of: Aug 17, 2026

From 26 valuation models · updated today

Share price +4.5% over the past month.

A solid business, currently priced close to our fair value.

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What matters now

  • The price sits close to our fair value, market and models broadly agree here, little valuation tension.
  • A fairly wide model range (HK$2.05 to HK$3.74) leaves room in how you read the outcome.
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Price vs Fair Value (5 years)

HK$11.44 HK$2.26 Fair Value HK$2.99 Dec 2021 Aug 2026

White line = price, green steps = our fair value per fiscal year, dashed = 300-day average. As of Aug 17, 2026.

How to read this chart

56‑month range HK$2.26 – HK$11.44 · fair‑value band HK$2.05 – HK$3.74 · the HK$3.00 price screens above the HK$2.99 fair value. Dashed = 300-day average. As of Aug 17, 2026.

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Analysis

Qingci Games Inc (6633) currently trades at HK$3.00, while our model-based Fair Value estimate is HK$2.99, implying the stock looks roughly 0.3% fairly valued today. The Quality Score stands at 64/100 (solid quality), in the Communication Services sector. Bear case: priced above our estimate, the market already discounts strong expectations. Bull case: above-average quality can justify a premium, the entry price still matters most (evidence: high).

Over the trailing twelve months, Qingci Games Inc generated revenue of HK$456M at a net margin of 26.7%. Revenue declined 26.8% year over year. It earns a return on equity of 6.7%. The balance sheet holds a net cash position of HK$425M. Fundamentals as of Aug 17, 2026

Our scenario range runs from HK$2.05 (bear case) to HK$3.74 (bull case); at HK$3.00, the current price sits within 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 25% below its 52-week high and 25% above its 52-week low, currently above its 200-day average. For context, the median of 10 Communication Services peers we cover trades at -25% fair-value upside, at 0%, 6633 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 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. Evidence
Highest evidence
Growth DCF HK$1.05 HK$1.39 HK$1.87 80
Residual Income HK$2.09 HK$2.15 HK$2.10 76
Rev-Margin DCF HK$1.70 HK$2.82 HK$4.39 74
All 26 models by family
DCF Models
FCF DCF HK$1.07 HK$1.35 HK$2.02 38
Owner Earnings HK$2.93 HK$5.02 HK$8.64 31
5Y Revenue Exit HK$1.70 HK$2.89 HK$4.63 39
5Y EBITDA Exit HK$1.92 HK$3.36 HK$5.34 41
5Y P/E Exit HK$2.58 HK$4.86 HK$7.71 38
10Y Revenue Exit HK$1.42 HK$2.42 HK$4.14 36
10Y EBITDA Exit HK$1.59 HK$2.75 HK$4.80 37
10Y P/E Exit HK$2.01 HK$3.81 HK$6.78 35
Earnings-Based
Graham-Dodd HK$1.20 HK$7.32 HK$10.21 54
Lynch FV HK$2.10 HK$2.99 HK$3.89 50
PEG = 1.0 HK$2.10 HK$2.99 HK$3.89 46
EPV HK$1.95 HK$2.13 HK$2.28 59
Dividend Discount
Gordon GGM HK$1.00 HK$1.81 HK$2.49 70
DDM Multi-Stage HK$1.00 HK$1.65 HK$1.93 61
Multiples
P/E Multiple HK$2.91 HK$3.87 HK$4.84 63
P/S Multiple HK$1.73 HK$2.31 HK$2.89 58
P/B Multiple HK$2.25 HK$2.99 HK$3.74 55
EV/EBIT HK$2.83 HK$3.56 HK$4.28 53
EV/EBITDA HK$2.47 HK$3.08 HK$3.69 54
EV/Revenue HK$2.03 HK$2.62 HK$3.22 43
Asset-Based
NCAV (Graham) HK$1.38 HK$1.85 HK$2.76 50
Growth DCF
Growth DCF HK$1.05 HK$1.39 HK$1.87 80
Rev-Margin DCF HK$1.70 HK$2.82 HK$4.39 74
Economic Profit
Residual Income HK$2.09 HK$2.15 HK$2.10 76
ROIC Compounder HK$1.95 HK$2.13 HK$2.28 72
Growth Earnings
Growth-Adj P/E HK$3.09 HK$4.41 HK$5.74 68

Widest divergence: Growth Earnings (HK$4.41) versus Growth DCF (HK$1.39). Highest evidence: Growth DCF (80).

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Key figures & financial health

Revenue (TTM) HK$456M
Revenue growth (YoY) -26.8%
Net margin 26.7%
Return on equity 6.7%
Free cash flow HK$24.6M FY2025
P/E ratio 13.1 as of Jul 2, 2026
More key figures
Operating margin -18.0%
EPS (TTM) HK$0.1000
EPS growth (YoY) +750%
Net cash HK$425M FY2025

Figures from reported company fundamentals · as of Aug 17, 2026. TTM = trailing twelve months.

Quality Score breakdown

Overall quality 64/100

Of which business quality 63 · Market factors (momentum, volatility) 42

Profitability 42
Margins and returns on capital today
Quality Growth 40
Are margins and returns improving?
Cashflow 39
Earnings quality: real cash, not paper profit
Fin. Strength 94
Balance sheet, leverage, solvency risk
Investment 92
Disciplined investing over empire-building
Low Volatility 54
Calm price path (market factor)
Momentum 44
Price trend over the last 3–12 months (market factor)
52W Momentum 28
Distance to the 52-week high (market factor)
Net Issuance 82
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

Qingci Games Inc., an investment holding company, develops, publishes, and operates mobile games in Mainland China, Japan, the United States, Canada, Australia, New Zealand, Hong Kong, Macau, Taiwan, and internationally.

Full company description

Qingci Games Inc., an investment holding company, develops, publishes, and operates mobile games in Mainland China, Japan, the United States, Canada, Australia, New Zealand, Hong Kong, Macau, Taiwan, and internationally. The company engages in the sale of in-game virtual items and game peripheral products; and licensing of self-developed games to third-party publishers. It also provides in-game advertising, marketing, and promotion services; and technical, product design, information, and management consultation services. The company serves game players through various distribution channels, including online application stores, web-based and mobile game portals, and websites. Qingci Games Inc. was founded in 2012 and is headquartered in Xiamen, China.

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

Revenue & earnings trend

FY2021 – FY2025 · reported fiscal years

Qingci Games Inc reported revenue of HK$456M in FY2025 versus HK$1.1B in FY2021, a compound −19.9%/yr. Reported net income was HK$122M in FY2025.

Growth Quality 62/100
The company is growing, but growth may require heavy reinvestment or weak cash conversion.
Latest Revenue (FY 2025)
HK$456M
Avg. growth/yr (3Y) ⓘ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.
−17.2%
Avg. growth/yr (5Y) ⓘ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.
+47.9%
Avg. growth/yr (6Y) ⓘ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.
+36.2%
Revenue −19.9%/yr
FY21 HK$1.1B
FY22 HK$630M
FY23 HK$906M
FY24 HK$628M
FY25 HK$456M
Net income
FY21 −HK$369M
FY22 HK$50.3M
FY23 −HK$37.4M
FY24 HK$51.1M
FY25 HK$122M

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Cite: Fair Value Calculator (2026). "Qingci Games Inc Fair Value". https://www.fairvalue-calculator.com/stock/6633

Peer Group

Electronic Gaming & Multimedia · 155 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 64 · Above median
Fair Value upside −0% · Above median
Return on equity (TTM) 7% · Above median
Return on assets -0% · Below median
Net margin (TTM) 27% · Top 25%
Operating margin (TTM) -18% · Bottom 25%
Revenue growth -27% · Bottom 25%
Dividend yield (TTM) 4.7% · Above median

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

P/E (TTM) 13.1× · Cheaper than median
P/B 1.00× · Pricier than median
P/S (TTM) 4.18× · Pricier than 75% of peers
P/FCF 9.9× · Pricier than 75% of peers

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 33 · sector 21
FUTURE 0 · sector 7
PAST 27 · sector 9
HEALTH 100 · sector 99
DIVIDEND 94 · sector 54

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 17, 2026).

Stock Price Fair Value vs Fair Value
NetEase, Inc 9999 HK$192.50 HK$262.75 +36%
Electronic Arts Inc EA $209.70 $76.57 -63%
Take-Two Interactive Software, Inc TTWO $243.00 $60.20 -75%
Roblox Corporation RBLX $36.22 $21.20 -41%
Zhejiang Century Huatong Group 002602 ¥14.29 ¥14.68 +3%
KRAFTON, Inc 259960 234,500 KRW 356,218 KRW +52%
Giant Network Group 002558 ¥28.57 ¥15.50 -46%
International Games System Co 3293 762.00 TWD 568.16 TWD -25%
37 Interactive Entertainment Network Technology Group 002555 ¥19.21 ¥22.29 +16%
Kingnet Network Co 002517 ¥17.36 ¥12.86 -26%

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Frequently asked questions

Is Qingci Games Inc (6633) overvalued or undervalued?
As of Aug 17, 2026, our model estimates a fair value of HK$2.99 versus a price of HK$3.00, about −0% (fairly valued).
What is the fair value of 6633?
Our model-based fair value for Qingci Games Inc is HK$2.99 (as of Aug 17, 2026), built from audited fundamentals. The current price is HK$3.00.
What is the quality score of 6633?
Qingci Games Inc has a Quality Score of 64/100. 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 revenue of Qingci Games Inc (6633)?
Qingci Games Inc reported trailing-twelve-month revenue of about HK$456M (latest available figure, as of Aug 17, 2026).
What is the net profit margin of 6633?
The net profit margin of Qingci Games Inc is about 26.7%, meaning it keeps roughly 26.7% 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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