EN DE
Check 35,000+ stocks against 26 valuation models and 37 quality factors
Data-driven stock valuation

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

We calculate from audited financials what ZX Inc is really worth. The fair value tells you whether the price is too high or too low, the quality score (0 to 100) how solid the business behind it is. 26 models, 37 quality factors, updated daily.

  1. Fair value above price? Yes
  2. Good quality? Yes
  3. Add to watchlist

Communication Services · HK

ZI Some data Sep 13, 2026

ZX Inc

9890 · HK

Clearly undervaluedStrong Fair Value upside, but quality is only moderate.

✓Fair value HK$24.22 · Strongly undervalued (+160%)
!Quality 55/100
!Mixed Growth (revenue 3y −0.9 %/yr)
✓Highly profitable · 35.8% net margin (TTM)
!negative free cash flow
!Trails peers (4/11)
!Moderate moat 56/100
!Evidence only medium, so the estimate is less certain
Watch ZX Inc for free, get notified when fair value or trend changes. Plus fair value for all 35,000+ stocks, 14 days of Pro free, no card. Watch for free

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$24.22 Sep 2023 Sep 2026

White line = price, green steps = our fair value per fiscal year, dashed = 300-day average. As of Sep 13, 2026.

How to read this chart

36‑month range HK$5.06 – HK$71.00 · fair‑value band HK$17.06 – HK$35.00 · the HK$9.32 price screens below the HK$24.22 fair value. Green steps = our fair value per fiscal year (point-in-time, no hindsight). Dashed = 300-day average. As of Sep 13, 2026.

Which stocks are undervalued right now? Check free Discover now →

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.

Show more

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. 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$9.32, while our model-based Fair Value estimate is HK$24.22, implying the stock looks roughly 61.5% undervalued today.

Show more

Valuation

Bull case: the Growth Earnings group reads highest at a median of HK$46.16 per share, and 7 of the 13 models we run sit above the HK$9.32 price.

Bear case: the Earnings-Based group reads lowest at HK$3.86, and 6 of the 13 models stay below the price. Evidence for this calculation is medium.

Scenario range: HK$17.06 (bear) to HK$35.00 (bull), the price of HK$9.32 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 55/100 (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$5.0B (≈ $633M) · P/E ratio 3.1 · P/S ratio 1.12 · EPS (TTM) HK$1.12 · Net margin 35.7% · Return on equity 46.5% · Return on assets (EBIT) 4.9% · Operating margin −2.3%.

Competitive moat

Our AI-assisted moat analysis scores the competitive advantage at 50 out of 100 (low confidence).

What moves the price

The share trades about 57% below its 52-week high, currently below its 200-day average.

For context, the median of 10 Communication Services peers we cover trades at 28% fair-value upside, at 160%, 9890 screens cheaper than that median.

Fair Value models

Bear HK$17.06 Fair Value HK$24.22 Bull HK$35.00
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$0.8039 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. 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.
Highest evidence
Owner Earnings HK$24.56 HK$32.98 HK$48.08 74
EPV HK$3.54 HK$3.86 HK$4.13 70
ROIC Compounder HK$3.54 HK$3.86 HK$4.13 70
All 13 models by family
DCF Models
Owner Earnings HK$24.56 HK$32.98 HK$48.08 74
Earnings-Based
Graham-Dodd HK$18.89 HK$23.09 HK$25.98 67
EPV HK$3.54 HK$3.86 HK$4.13 70
Multiples
P/E Multiple HK$45.84 HK$61.12 HK$76.40 63
P/S Multiple HK$20.40 HK$27.20 HK$34.00 58
P/B Multiple HK$21.09 HK$28.12 HK$35.15 55
EV/EBIT HK$6.83 HK$8.59 HK$10.35 63
EV/EBITDA HK$6.64 HK$8.34 HK$10.04 64
EV/Revenue HK$5.55 HK$7.27 HK$8.98 52
Asset-Based
NCAV (Graham) HK$4.02 HK$5.38 HK$8.03 51
Economic Profit
Residual Income HK$18.86 HK$26.94 HK$226.93 64
ROIC Compounder HK$3.54 HK$3.86 HK$4.13 70
Growth Earnings
Growth-Adj P/E HK$32.31 HK$46.16 HK$60.01 67

Open the full fair value analysis →

Notify me when 9890 reaches fair value

Put 9890 on your watchlist. We get in touch as soon as price and fair value meet or the trend turns.

Set up alert →

Quality Score breakdown

Overall quality 55/100

Of which business quality 54 · Market factors (momentum, volatility) 6

Profitability 78
Margins and returns on capital today
Quality Growth 40
Are margins and returns improving?
Cashflow 3
Earnings quality: real cash, not paper profit
Fin. Strength 74
Balance sheet, leverage, solvency risk
Investment 60
Disciplined investing over empire-building
Low Volatility 10
Calm price path (market factor)
Momentum 8
Price trend over the last 3–12 months (market factor)
52W Momentum 0
Distance to the 52-week high (market factor)
Net Issuance 71
Share count: buybacks or dilution?

Open the full quality analysis →

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.

Watch 9890, get fair value alerts →

Compare ZX Inc with another stock

Price, fair value, quality and upside side by side.

Free, no sign-up

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 · 146 stocks

Beats the industry median on 4/11 measures
Overall it trails its industry peers.
Valuation
Quality Score 55 · Below median
Fair Value upside +171% · Top 25%
Profitability
Return on equity (TTM) 47% · Top 25%
Return on assets 2% · Below median
Net margin (TTM) 36% · Top 25%
Operating margin (TTM) −2% · Below median
Growth and dividend
Revenue growth −9% · Below median

Valuation Multiplesvs Electronic Gaming & Multimedia median · lower = cheaper

P/E (TTM) 3.1× · Cheapest 25%
P/B 1.25× · Pricier than median
P/S (TTM) 1.26× · Pricier than median
EV/EBITDA 20.1× · Priciest 25%

Strength profile in five axes (Snowflake)

VALUEFUTUREPASTHEALTHDIVIDEND
This stock
VALUEFUTUREPASTHEALTHDIVIDEND
Sector peers
VALUE (fair-value potential)100 · sector 40
FUTURE (revenue growth)0 · sector 13
PAST (return on equity)100 · sector 18
HEALTH (low debt)0 · sector 99
DIVIDEND (yield)0 · sector 53

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
Konami Group KNM £206.75 £65.48 −68%
NetEase, Inc 9999 HK$182.10 HK$442.65 +143%
Electronic Arts Inc EA $209.70 $76.57 −63%
Take-Two Interactive Software, Inc TTWO $211.81 $60.20 −72%
Roblox Corporation RBLX $50.24 $44.96 −11%
Zhejiang Century Huatong Group 002602 ¥14.54 ¥27.63 +90%
KRAFTON, Inc 259960 203,000 KRW 395,557 KRW +95%
Giant Network Group 002558 ¥24.97 ¥31.97 +28%
International Games System Co 3293 725.00 TWD 1,176 TWD +62%
CD Projekt S.A CDR 236.40 PLN 260.04 PLN +10%

Explore undervalued stocks

More undervalued Communication Services stocks →

All undervalued stocks TechnologyFinancial ServicesHealthcareConsumer CyclicalConsumer DefensiveCommunication ServicesIndustrialsEnergyBasic MaterialsReal EstateUtilities Deeply Undervalued StocksUndervalued High-Quality StocksUndervalued Blue-Chip StocksUndervalued Small-Cap StocksUndervalued Dividend Stocks

Try a ready-made strategy

Pick a strategy and jump into the live analysis with that exact screen applied.

🥇 Backtested Best 🏆 Big Names ⭐ Top Rated 💎 Quality on Sale 🚀 Profitable Growth 🧊 Quality Compounders 💵 Dividend Stars 📈 Strong Momentum 📉 Fallen Angels ⚖️ Deeply Undervalued 🔍 Small-Cap Gems 🏰 Moat at a Fair Price 💼 Insider Buying 🎩 Buffett-Style Quality 📚 Peter Lynch GARP 🧮 Greenblatt Magic Formula 🛡️ Graham Defensive

Discover tools

Stock screenerFilter by region, size and sector Compare toolTwo stocks side by side Extrinsic Value Calculator…Calculator with industry benchmark Peter Lynch Fair Value Formula &…Calculator with industry benchmark
Run the numbers yourself: free valuation calculators
DCF CalculatorGraham NumberPeter Lynch FormulaDDM CalculatorFama-French ModelIntrinsic Value
For bloggers & editors: embed code + live data

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.

ZX Inc · Fair Value
HK$24.22 +62%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 Sep 13, 2026, our model estimates a fair value of HK$24.22 versus a price of HK$9.32, about +160% upside (undervalued).
What is the fair value of 9890?
Our model-based fair value for ZX Inc is HK$24.22 (as of Sep 13, 2026), built from audited fundamentals. The current price: HK$9.32.
What is the quality score of 9890?
ZX Inc has a Quality Score of 55/100. 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$24.22 (as of Sep 13, 2026) from 13 valuation models. Cautious scenario HK$17.06, optimistic scenario HK$35.00. 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$24.22, about +160% upside versus a price of HK$9.32 (undervalued). Cautious scenario HK$17.06, optimistic scenario HK$35.00. 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 HK$4.2B (latest available figure, as of Sep 13, 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$24.22 per share (as of Sep 13, 2026), against a price of HK$9.32. 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 Sep 13, 2026, 9890 trades below its calculated fair value: price HK$9.32, fair value HK$24.22, a gap of about +160% (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$9.32); the fair value is what the company's own numbers justify (HK$24.22). For ZX Inc the two are HK$14.91 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$5.0B (market capitalisation, as of Sep 13, 2026). Per share that is HK$9.32; our models calculate a fair value of HK$24.22 per share.
What do the bullish and bearish scenarios say about 9890?
Our models span a range for ZX Inc: cautious scenario HK$17.06, base HK$24.22, optimistic HK$35.00 per share (as of Sep 13, 2026, price HK$9.32). 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 3.1 (as of Sep 13, 2026). A P/E on its own says little: it compares the price with ONE year of profit, while our fair value of HK$24.22 is built from several models across several years. Other multiples: P/B 1.3, P/S 1.3, EV/EBITDA 20.1.
How solid is the balance sheet of ZX Inc (9890)?
Balance-sheet figures for ZX Inc (as of Sep 13, 2026): return on equity 46.5%. They feed the Quality Score of 55/100, which measures business quality independently of the share price.
How far is 9890 from its 52-week high?
ZX Inc trades at HK$9.32, about 57% below its 52-week high of HK$21.72 (as of Sep 13, 2026). Distance from the high says nothing about value: that is what the fair value of HK$24.22 is for.
Which stocks are comparable to ZX Inc?
From the same area (Communication Services) we also value Konami Group, NetEase, Inc, Electronic Arts Inc, Take-Two Interactive Software, Inc, 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 Sep 13, 2026: price HK$9.32, calculated fair value HK$24.22 (+160%), Quality Score 55/100, 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$24.22, 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 16.0 % above its aggregate fair value. ZX Inc currently trades 160 % 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 Sep 18, 2026 was HK$9.32. Our model-based fair value is HK$24.22, about +160% 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$17.06). The market is more pessimistic than our downside scenario. Solid quality (55/100) at a price below fair value, the discount is the argument here, not the business quality. A fairly wide model range (HK$17.06 to HK$35.00) leaves room in how you read the outcome.

Key figures of ZX Inc

How large is the market capitalisation of ZX Inc (9890)?
The market capitalisation of ZX Inc is HK$5.0B (≈ $633M). 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 1.12 (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 ZX Inc (9890)?
Earnings per share at ZX Inc are HK$1.12 (price ÷ EPS = P/E 3.1). Earnings per share over the last twelve months: total profit spread across every single share.
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 46.5% (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 −2.3% (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 −8.5% versus a year earlier (3y avg −22.8%). 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 +131% 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 −HK$341M (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, HK$702M net (fiscal year 2025). The company holds more cash than debt, a safety cushion.
Free · no account needed

Watch ZX Inc in the live analysis

One click puts ZX Inc on your watchlist: fair value and trend at a glance, plus comparison, the diversification check and the 35,000+ stock screener. You can also try 14 days of Pro there, no card.

Watch for free →

Zero risk: nothing is ever charged. Your watchlist is yours, with or without an account.