Qingci Games Inc (6633) fair value: what the stock is really worth
As of Sep 30, 2026: fair value of Qingci Games Inc HK$1.91, price HK$3.13, upside -39.0%, quality 64 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 27, 2026.
How to read this chart
57‑month range HK$2.26 – HK$11.44 · fair‑value band HK$1.91 – HK$2.00 · the HK$3.13 price screens above the HK$1.91 fair value. Green steps = our fair value per fiscal year (point-in-time, no hindsight). Dashed = 300-day average. As of Sep 27, 2026.
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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.
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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.
Stock analysis
Qingci Games Inc (6633) currently trades at HK$3.13, while our model-based Fair Value estimate is HK$1.91, 39.0% below the price, so the stock looks overvalued today.
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Valuation
Bull case: the Growth Earnings group reads highest at a median of HK$4.41 per share, and 6 of the 18 models we run sit above the HK$3.13 price.
Bear case: the Growth DCF group reads lowest at HK$1.27, and 12 of the 18 models stay below the price. Evidence for this calculation is low.
Scenario range: HK$1.91 (bear) to HK$2.00 (bull), the price of HK$3.13 sits above 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 64/100 (solid quality), in the Communication Services sector.
Mixed Growth: Spin-off in 2025: revenue and profit before it include the divested business. Growth is measured afresh from 2025.
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.
Key figures
Market cap HK$2.2B (≈ $276M) · P/E ratio 13.1 · P/S ratio 3.51 · EPS (TTM) HK$0.1000 · Net margin 26.7% · Return on equity 6.7% · Return on assets (EBIT) 5.9% · Operating margin −18.0%.
Competitive moat
Our AI-assisted moat analysis scores the competitive advantage at 48 out of 100 (low confidence).
What moves the price
The share trades about 18% 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 44% fair-value upside, at −39%, 6633 screens richer than that median.
Fair Value models
Bear HK$1.91Fair Value HK$1.91Bull HK$2.00
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. Based on fiscal year 2025 figures (about 9 months old). Earnings retained since then (HK$0.0751 per share) are deliberately not added.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.55/100
Spin-off in 2025: revenue and profit before it include the divested business. Growth is measured afresh from 2025.
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.
−17.2%
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.
+47.9%
Revenue growth 6 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.
+36.2%
’18
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’21
’22
’23
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’25
What shareholders gained per year (last 5 years) (mathematically smoothed) ⓘ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. Smoothed = median of all growth paths between the years of the window (trend line on the logarithm of earnings per share): a single extreme year cannot distort the rate. The reported figure stays in the tooltip.
+1.9%
Earnings growth per share plus dividend.
Earnings per share, growth per year+1.9%
Dividend (yield on the price)0.0%
Profit margin 2018 to 2023 ⓘ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.27% → −3%
2025 sits 140% above its own trend. The rate follows the median trend of the last 5 years, not that single year.
Growth Forecast
A lot of optimism in the price
The price assumes more growth than the company has delivered so far.
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).
+16.7%
Yearly growth needed for the next five years to justify today's price.
What forecasts expect
n/a
No analyst forecast available.
After inflation (Hong Kong: IMF forecast 2.1% a year to 2030, 1.8% from 2016 to 2025) that is about +14.3% a year for the price.
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.Electronic Gaming & Multimedia · 142 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.
Cite: Fair Value Calculator (2026). "Qingci Games Inc Fair Value". https://www.fairvalue-calculator.com/stock/6633
Frequently asked questions
Is Qingci Games Inc (6633) overvalued or undervalued?
As of Sep 27, 2026, our model estimates a fair value of HK$1.91 versus a price of HK$3.13, about −39% upside (overvalued).
What is the fair value of 6633?
Our model-based fair value for Qingci Games Inc is HK$1.91 (as of Sep 27, 2026), built from audited fundamentals. The current price: HK$3.13.
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 price target for Qingci Games Inc (6633)?
Our model-based price target is the fair value of HK$1.91 (as of Sep 27, 2026) from 18 valuation models. Cautious scenario HK$1.91, optimistic scenario HK$2.00. It is a calculation from audited fundamentals, not an analyst target.
What is the Qingci Games Inc stock forecast for 2026?
Our models put fair value at HK$1.91, about −39% upside versus a price of HK$3.13 (overvalued). Cautious scenario HK$1.91, optimistic scenario HK$2.00. The calculation is refreshed regularly with new filings.
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 Sep 27, 2026).
What growth is priced into Qingci Games Inc (6633)?
For today's price to be fair in a discounted-cash-flow model, Qingci Games Inc would have to grow free cash flow by +16.7 % 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 -18.0 % per year. As of Sep 27, 2026.
What discount rate (WACC) does the fair value of 6633 use?
Our models discount Qingci Games Inc 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 Qingci Games Inc that is +16.7 % per year a year over ten years, using the same discount rate (13.3 %) and the same formula as our fair value.
How much growth has Qingci Games Inc (6633) delivered so far?
Over the past 5 years revenue at Qingci Games Inc grew -18.0 % a year. The price currently implies +16.7 % 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 Qingci Games Inc (6633) growing?
The median revenue growth in the sector is +2.5 % a year. That is the yardstick for the growth priced into Qingci Games Inc (+16.7 % 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 Qingci Games Inc (6633)?
The free-cash-flow yield on the price is 1.14 %: that much free cash flow Qingci Games Inc 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 Qingci Games Inc (6633)?
Intrinsic value and fair value mean the same thing: what the business is worth on its numbers, independent of the share price. For Qingci Games Inc it is HK$1.91 per share (as of Sep 27, 2026), against a price of HK$3.13. It is the blended result of 18 valuation models (cash flow, earnings, asset, dividend).
Is Qingci Games Inc stock overvalued or undervalued in 2026?
As of Sep 27, 2026, 6633 trades above its calculated fair value: price HK$3.13, fair value HK$1.91, a gap of about −39% (overvalued). 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 6633?
No. The price is what the market pays today (HK$3.13); the fair value is what the company's own numbers justify (HK$1.91). For Qingci Games Inc the two are HK$1.22 per share apart. That gap is exactly why we show both numbers side by side.
How much is Qingci Games Inc worth?
The market values Qingci Games Inc at about HK$2.2B (market capitalisation, as of Sep 27, 2026). Per share that is HK$3.13; our models calculate a fair value of HK$1.91 per share.
What do the bullish and bearish scenarios say about 6633?
Our models span a range for Qingci Games Inc: cautious scenario HK$1.91, base HK$1.91, optimistic HK$2.00 per share (as of Sep 27, 2026, price HK$3.13). The range comes from different growth and margin assumptions, not from analyst opinions.
What is the P/E ratio of 6633?
Qingci Games Inc trades at a price-to-earnings ratio of 13.1 (as of Sep 27, 2026). A P/E on its own says little: it compares the price with ONE year of profit, while our fair value of HK$1.91 is built from several models across several years. Other multiples: P/B 1.1, P/S 4.7.
How solid is the balance sheet of Qingci Games Inc (6633)?
Balance-sheet figures for Qingci Games Inc (as of Sep 27, 2026): return on equity 6.7%. They feed the Quality Score of 64/100, which measures business quality independently of the share price.
How far is 6633 from its 52-week high?
Qingci Games Inc trades at HK$3.13, about 18% below its 52-week high of HK$3.84 and 25% above the low of HK$2.50 (as of Sep 30, 2026). Distance from the high says nothing about value: that is what the fair value of HK$1.91 is for.
Which stocks are comparable to Qingci Games Inc?
From the same area (Communication Services) we also value NetEase, Inc, Take-Two Interactive Software, Inc, Roblox Corporation, Zhejiang Century Huatong 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 Qingci Games Inc stock attractive at the current price?
The data as of Sep 27, 2026: price HK$3.13, calculated fair value HK$1.91 (−39%), Quality Score 64/100, from 18 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 6633 calculated?
We run Qingci Games Inc through 18 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$1.91, 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 14.7 % above its aggregate fair value. Qingci Games Inc itself currently trades above fair value. 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 Qingci Games Inc (6633)?
The closing price on Sep 30, 2026 was HK$3.13. Our model-based fair value is HK$1.91, about −39% upside (overvalued). We carry closing prices from our data provider, not a live tick.
What should I pay attention to with Qingci Games Inc right now?
The price sits above even our optimistic bull case (HK$2.00). The favourable scenario is already priced in. 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 but not exceptional quality (64/100) and above fair value, neither a clear bargain nor a standout compounder. The models converge in a tight band (HK$1.91 to HK$2.00), unusually little disagreement for a valuation.
Key figures of Qingci Games Inc
How large is the market capitalisation of Qingci Games Inc (6633)?
The market capitalisation of Qingci Games Inc is HK$2.2B (≈ $276M). 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 Qingci Games Inc (6633)?
The price-to-sales ratio of Qingci Games Inc is 3.51 (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 Qingci Games Inc (6633)?
Earnings per share at Qingci Games Inc are HK$0.1000 (price ÷ EPS = P/E 13.1). Earnings per share over the last twelve months: total profit spread across every single share.
What is the net margin of Qingci Games Inc (6633)?
The net margin of Qingci Games Inc is 26.7% (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 Qingci Games Inc (6633)?
The return on equity (ROE) of Qingci Games Inc is 6.7% (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 Qingci Games Inc (6633)?
On an EBIT basis the return on assets of Qingci Games Inc is 5.9% (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 Qingci Games Inc (6633)?
The operating margin of Qingci Games Inc is −18.0% (last twelve months). Profit from the core business (before interest and taxes) relative to revenue.
How fast is revenue growing at Qingci Games Inc (6633)?
Revenue at Qingci Games Inc is growing −26.8% versus a year earlier (3y avg −10.2%). 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 Qingci Games Inc (6633)?
Earnings per share at Qingci Games Inc are growing +750% versus a year earlier. How much earnings per share grew versus a year earlier.
How much net cash does Qingci Games Inc (6633) hold?
Qingci Games Inc holds more cash than debt, HK$425M net (fiscal year 2025). The company holds more cash than debt, a safety cushion.
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