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ZX Inc (9890) fair value: what the stock is really worth

As of Nov 3, 2026: fair value (intrinsic value) of ZX Inc stock HK$17.48, price HK$7.41, upside +135.9%, quality 56 out of 100. Rating: strongly undervalued. Calculated from audited financials with 26 valuation models and 37 quality factors, updated daily.

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Communication Services HK · Based in China

ZI ZX Inc logo Thin data Nov 1, 2026

ZX Inc

9890 · HK
Undervalued, but in a downtrend

The stock costs 58% less than our calculation considers fair.

Fair value HK$17.48 · Strongly undervalued (58%)
Highly profitable · 26.5% net margin (TTM)
Ranks above peers (7/10)
Wide moat 68/100
Costs just 3.7 times its yearly profit.
Quality 56/100
Mixed Growth (revenue 3y −0.9 %/yr in CNY)
Negative free cash flow
Thin data
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What runs behind every stock

26 valuation models 8 families, DCF to NCAV 37 quality factors margins, balance sheet, cashflow, debt 6 AI factors moat, what no ratio measures 2,000+ data points verified, per stock, median

69 individual criteria per stock, every one traceable See the method →

Price vs Fair Value

HK$71.00 HK$5.06 Fair Value HK$17.48 Sep 2023 Nov 2026

White line = price, green steps = our fair value per fiscal year. As of Nov 1, 2026.

How to read this chart

37‑month range HK$5.06 – HK$71.00 · fair‑value band HK$14.65 – HK$21.91 · the HK$7.41 price screens below the HK$17.48 fair value. Green steps = our fair value per fiscal year (point-in-time, no hindsight). As of Nov 1, 2026.

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Company profile

Tanwan Inc. operates as a publisher of online game products in Mainland China, Hong Kong, and internationally. The company operates and markets games under the TanWan brand, as well as offers real estate and other marketing services; and game marketing and operation services.

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It also sells rice noodle and mixed noodles, products, and other fast consumer food under the Zha Zha Hui brand. The company was formerly known as ZX Inc. and changed its name Tanwan Inc. in August 2025.

The company was founded in 2015 and is headquartered in Guangzhou, the People's Republic of China.

Stock analysis

ZX Inc (9890) currently trades at HK$7.41, while our model-based Fair Value estimate is HK$17.48, implying the stock looks roughly 58% undervalued today.

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Valuation

Bull case: the Growth Earnings group reads highest at a median of HK$54.75 per share, and 10 of the 13 models we run sit above the HK$7.41 price.

Bear case: the Earnings-Based group reads lowest at HK$3.66, and 3 of the 13 models stay below the price. Data coverage for this calculation is low.

Scenario range: HK$14.65 (bear) to HK$21.91 (bull), the price of HK$7.41 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 56/100 (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.

ZX Inc reported revenue of 4.1B CNY in FY2025 versus 5.7B CNY in FY2021, a compound −8.3%/yr. Reported net income was 1.4B CNY in FY2025, compounding +23.8%/yr from FY2021.

Key figures

Market cap HK$4.0B (≈ $506M) Small · P/E ratio 3.7 · P/S ratio 1.33 · Net margin 35.7% · Return on equity 29.5% · Return on assets (EBIT) 4.9% · Operating margin 0.7% · Revenue (TTM) 4.0B CNY.

Competitive moat

Our AI-assisted moat analysis scores the competitive advantage at 68 out of 100 (medium confidence).

What moves the price

The share trades about 65% below its 52-week high and at its 52-week low, currently below its 200-day average.

For context, the median of 10 Communication Services peers we cover trades at 49% fair-value upside, at 136%, 9890 screens cheaper than that median.

Fair Value models

Bear HK$14.65 Fair Value HK$17.48 Bull HK$21.91
Price HK$7.41 · Upside +135.9%
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.
Best data coverage
Residual Income HK$13.32 HK$15.70 HK$20.72 76
Owner Earnings HK$14.60 HK$17.43 HK$21.85 75
EPV HK$3.48 HK$3.66 HK$3.80 70
All 13 models by family
DCF Models
Owner Earnings HK$14.60 HK$17.43 HK$21.85 75
Earnings-Based
Graham-Dodd HK$22.41 HK$27.38 HK$30.81 67
EPV HK$3.48 HK$3.66 HK$3.80 70
Multiples
P/E Multiple HK$54.37 HK$72.49 HK$90.61 63
P/S Multiple HK$24.19 HK$32.26 HK$40.32 58
P/B Multiple HK$24.90 HK$33.21 HK$41.51 55
EV/EBIT HK$7.86 HK$9.95 HK$12.04 63
EV/EBITDA HK$7.64 HK$9.66 HK$11.67 64
EV/Revenue HK$6.35 HK$8.38 HK$10.42 52
Asset-Based
NCAV (Graham) HK$3.01 HK$4.57 HK$5.71 52
Economic Profit
Residual Income HK$13.32 HK$15.70 HK$20.72 76
ROIC Compounder HK$3.48 HK$3.66 HK$3.80 70
Growth Earnings
Growth-Adj P/E HK$38.32 HK$54.75 HK$71.17 67

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Quality Score breakdown

Overall quality 56/100

It rates the business: profits, how they develop, real cash, balance sheet, investing and share count.

Profitability 78
How much profit the company makes from its sales and capital
Quality Growth 40
Are margins and returns getting better?
Cashflow 3
Do the profits arrive as real cash?
Financial strength 71
Debt, balance sheet and risk of trouble
Investment 60
Does it invest with discipline instead of growing at any price?
Low Volatility 10
How calm the share price moves, does not count
Price momentum 5
Price momentum of the last 3 to 12 months, does not count
Near the 52-week high 0
Distance to the 52-week high, does not count
New shares 72
Buys back shares or issues new ones?

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Revenue & earnings trend

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.
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. Basis: EBIT basis.
≈ −18.7%
Earnings growth per share plus dividend.
Earnings per share, growth per year−18.7%
Dividend (yield on the price)0.0%
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.−45% → 6%
⚠ Rate on operating basis: 2025 sits 282% above its own trend.

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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 · 160 stocks

Beats the industry median on 7/10 measures
Overall it ranks above its industry peers.
Valuation
Quality Score 56 · Below median
Fair Value upside +135.9% · Top 25%
Profitability
Return on equity (12 months) 29.5% · Top 25%
Return on assets 19.6% · Top 25%
Net margin (12 months) 26.5% · Top 25%
Operating margin (12 months) 0.7% · Below median
Growth and dividend
Revenue growth (quarter YoY) −6.0% · Below median

Valuation Multiplesvs Electronic Gaming & Multimedia median · lower = cheaper

P/E (12 months) 3.7× · Cheapest 25%
P/B 0.80× · Cheapest 25%
P/S (12 months) 0.83× · Cheapest 25%

Strength profile in five axes (Snowflake)

VALUEFUTUREPASTHEALTHDIVIDEND
This stock
VALUEFUTUREPASTHEALTHDIVIDEND
Sector peers
VALUE (fair-value potential)100 · sector 57
FUTURE (revenue growth)0 · sector 12
PAST (return on equity)100 · sector 15
HEALTH (low debt)0 · sector 100
DIVIDEND (yield)0 · sector 62

Context: sector, industry, market

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

Similar stocks

10 more Electronic Gaming & Multimedia stocks, each showing price versus our Fair Value estimate.

Stock Price Fair Value vs Fair Value Compare
37 Interactive Entertainment Network Technology Group 002555 ¥16.11 ¥38.45 +139% vs 9890
KRAFTON, Inc 259960 181,900 KRW 410,472 KRW +126% vs 9890
NetEase, Inc NTES $116.23 $256.19 +120% vs 9890
Zhejiang Century Huatong Group 002602 ¥12.85 ¥27.63 +115% vs 9890
Giant Network Group 002558 ¥21.49 ¥31.97 +49% vs 9890
International Games System Co 3293 777.00 TWD 1,094 TWD +41% vs 9890
Kingnet Network Co 002517 ¥16.68 ¥21.86 +31% vs 9890
Roblox Corporation RBLX $45.45 $44.31 −3% vs 9890
Take-Two Interactive Software, Inc TTWO $194.99 $75.06 −62% vs 9890
CD Projekt S.A CDR 256.50 PLN 67.47 PLN −74% vs 9890

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ZX Inc: fair value per Fair Value Calculator

Cite: Fair Value Calculator (2026). "ZX Inc Fair Value". https://www.fairvalue-calculator.com/stock/9890

Frequently asked questions

Is ZX Inc (9890) overvalued or undervalued?
As of Nov 1, 2026, our model estimates a fair value of HK$17.48 versus a price of HK$7.41, about +136% upside (undervalued).
What is the fair value of 9890?
Our model-based fair value for ZX Inc is HK$17.48 (as of Nov 1, 2026), built from audited fundamentals. The current price: HK$7.41.
What is the quality score of 9890?
ZX Inc has a Quality Score of 56/100. 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 ZX Inc (9890)?
Our model-based price target is the fair value of HK$17.48 (as of Nov 1, 2026) from 13 valuation models. Cautious scenario HK$14.65, optimistic scenario HK$21.91. It is a calculation from audited fundamentals, not an analyst target.
What is the ZX Inc stock forecast for 2026?
Our models put fair value at HK$17.48, about +136% upside versus a price of HK$7.41 (undervalued). Cautious scenario HK$14.65, optimistic scenario HK$21.91. The calculation is refreshed regularly with new filings.
What is the revenue of ZX Inc (9890)?
ZX Inc reported trailing-twelve-month revenue of about 4.0B CNY (latest available figure, as of Nov 1, 2026).
What is the intrinsic value of ZX Inc (9890)?
Intrinsic value and fair value mean the same thing: what the business is worth on its numbers, independent of the share price. For ZX Inc it is HK$17.48 per share (as of Nov 1, 2026), against a price of HK$7.41. It is the blended result of 13 valuation models (cash flow, earnings, asset, dividend).
Is ZX Inc stock overvalued or undervalued in 2026?
As of Nov 1, 2026, 9890 trades below its calculated fair value: price HK$7.41, fair value HK$17.48, a gap of about +136% (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 9890?
No. The price is what the market pays today (HK$7.41); the fair value is what the company's own numbers justify (HK$17.48). For ZX Inc the two are HK$10.07 per share apart. That gap is exactly why we show both numbers side by side.
How much is ZX Inc worth?
The market values ZX Inc at about HK$4.0B (market capitalisation, as of Nov 1, 2026). Per share that is HK$7.41; our models calculate a fair value of HK$17.48 per share.
What do the bullish and bearish scenarios say about 9890?
Our models span a range for ZX Inc: cautious scenario HK$14.65, base HK$17.48, optimistic HK$21.91 per share (as of Nov 1, 2026, price HK$7.41). The range comes from different growth and margin assumptions, not from analyst opinions.
What is the P/E ratio of 9890?
ZX Inc trades at a price-to-earnings ratio of 3.7 (as of Nov 1, 2026). A P/E on its own says little: it compares the price with ONE year of profit, while our fair value of HK$17.48 is built from several models across several years. Other multiples: P/B 0.8, P/S 0.8.
How solid is the balance sheet of ZX Inc (9890)?
Balance-sheet figures for ZX Inc (as of Nov 1, 2026): return on equity 29.5%. They feed the Quality Score of 56/100, which measures business quality independently of the share price.
How far is 9890 from its 52-week high?
ZX Inc trades at HK$7.41, about 65% below its 52-week high of HK$21.44 and at the low of HK$7.41 (as of Nov 3, 2026). Distance from the high says nothing about value: that is what the fair value of HK$17.48 is for.
Which stocks are comparable to ZX 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 ZX Inc stock attractive at the current price?
The data as of Nov 1, 2026: price HK$7.41, calculated fair value HK$17.48 (+136%), Quality Score 56/100, from 13 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 9890 calculated?
We run ZX Inc through 13 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$17.48, 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 14.5% above its aggregate fair value. ZX Inc currently trades 58% 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 ZX Inc (9890)?
The closing price on Nov 3, 2026 was HK$7.41. Our model-based fair value is HK$17.48, about +136% upside (undervalued). We carry closing prices from our data provider, not a live tick.
What should I pay attention to with ZX Inc right now?
The price is below even our cautious bear case (HK$14.65). 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 (56/100) at a price below fair value, the discount is the argument here, not the business quality.

Key figures of ZX Inc

How large is the market capitalisation of ZX Inc (9890)?
The market capitalisation of ZX Inc is HK$4.0B (≈ $506M). 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 ZX Inc (9890)?
The price-to-sales ratio of ZX Inc is 1.33 (P/E × margin). Price to sales: market value relative to yearly revenue. Useful when profit is thin or distorted.
What is the net margin of ZX Inc (9890)?
The net margin of ZX Inc is 35.7% (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 ZX Inc (9890)?
The return on equity (ROE) of ZX Inc is 29.5% (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 ZX Inc (9890)?
On an EBIT basis the return on assets of ZX Inc is 4.9% (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 ZX Inc (9890)?
The operating margin of ZX Inc is 0.7% (last twelve months). Profit from the core business (before interest and taxes) relative to revenue.
How fast is revenue growing at ZX Inc (9890)?
Revenue at ZX Inc is growing −6.0% versus a year earlier (3y avg −0.9%). 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 ZX Inc (9890)?
Earnings per share at ZX Inc are growing −74.5% versus a year earlier. How much earnings per share grew versus a year earlier.
How much free cash flow does ZX Inc (9890) generate?
The free cash flow of ZX Inc is −341M CNY (fiscal year 2025). The cash truly left after running and investing in the business, this is what pays dividends and buybacks.
How much net cash does ZX Inc (9890) hold?
ZX Inc holds more cash than debt, 702M CNY net (fiscal year 2025). The company holds more cash than debt, a safety cushion.
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