Tanwan Inc (9890) Fair Value & Analysis
Communication Services · HK · Market cap HK$5.2B
Fair value as of: Aug 6, 2026
From 13 valuation models · updated today
Fair value updated Aug 6, 2026, revised from HK$31.41 to HK$31.60 (+0.6%) since Jul 3, 2026. Share price +7.4% over the past month.
Below-average quality, screening 185% undervalued on our models.
What matters now
- The large discount to fair value meets weak quality (40/100). That raises the risk this is a value trap rather than a bargain.
- The price is below even our cautious bear case (HK$23.70). The market is more pessimistic than our downside scenario.
Price vs Fair Value (3 years)
White line = price, green steps = our fair value per fiscal year, dashed = 300-day average. As of Aug 6, 2026.
How to read this chart
34‑month range HK$5.06 – HK$71.00 · fair‑value band HK$23.70 – HK$39.50 · the HK$11.10 price screens below the HK$31.60 fair value. Dashed = 300-day average. As of Aug 6, 2026.
Analysis
Tanwan Inc (9890) currently trades at HK$11.10, while our model-based Fair Value estimate is HK$31.60, implying the stock looks roughly 184.7% undervalued today. We read business quality at 40/100 (below-average 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: medium), always confirm before acting.
Over the trailing twelve months, Tanwan Inc generated revenue of HK$4.2B at a net margin of 35.8%. Revenue declined 8.5% year over year. It earns a return on equity of 46.5%. The balance sheet holds a net cash position of HK$702M. Fundamentals as of Aug 6, 2026
Our scenario range runs from HK$23.70 (bear case) to HK$39.50 (bull case); at HK$11.10, the current price sits below that range. The share trades about 49% below its 52-week high and 15% 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 185%, 9890 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.
All 13 models by family
Widest divergence: Growth Earnings (HK$42.12) versus Earnings-Based (HK$3.86). Highest evidence: Residual Income (76).
Key figures & financial health
More key figures
Figures from reported company fundamentals · as of Aug 6, 2026. TTM = trailing twelve months.
Quality Score breakdown
Of which business quality 54 · Market factors (momentum, volatility) 7
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
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.
Full company description
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.
Company description, as reported by the company or data provider.
Revenue & earnings trend
FY2021 – FY2025 · reported fiscal years
Tanwan Inc reported revenue of HK$4.1B in FY2025 versus HK$5.7B in FY2021, a compound −8.3%/yr. Reported net income was HK$1.4B in FY2025, compounding +23.8%/yr from FY2021.
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Peer Group
Electronic Gaming & Multimedia · 154 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.
Valuation Multiples vs Electronic Gaming & Multimedia median · lower = cheaper
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.
Values & ESG
Does this company touch areas you may want to avoid? The classification is inferred from sector and industry.
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 6, 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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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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