Forgame Holdings Ltd. (HK:0484)
:0484
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Forgame Holdings Ltd.
(0484)
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Rating:44Neutral
Price Target:
HK$0.69
▼(-19.88% Downside)
Action:Reiterated
Date:06/12/26
The score is held back primarily by weak profitability and persistently negative operating/free cash flow, despite a low-leverage balance sheet. Technically, the stock is in a weak trend (below major moving averages) with only neutral momentum signals. Valuation offers limited support because the company remains loss-making and no dividend yield is provided.
Positive Factors
Low Leverage / Balance Sheet Strength
Very low debt-to-equity (~0.9% in 2025) materially reduces default and refinancing risk. This conservative capital structure gives the company durable financial flexibility to fund operations, weather continued losses, or pursue strategic investments without immediate external funding pressure.
Negative Factors
Weak Cash Generation
Persistent negative operating and free cash flow through 2021–2025 signals the business cannot self-fund growth or cover losses. Ongoing cash burn increases reliance on limited balance-sheet resources or external capital, elevating refinancing, dilution and execution risk over the medium term.
Read all positive and negative factors
Positive Factors
Negative Factors
Low Leverage / Balance Sheet Strength
Very low debt-to-equity (~0.9% in 2025) materially reduces default and refinancing risk. This conservative capital structure gives the company durable financial flexibility to fund operations, weather continued losses, or pursue strategic investments without immediate external funding pressure.
Read all positive factors
Forgame Holdings Ltd. (0484) vs. iShares MSCI Hong Kong ETF (EWH)
Market Cap
HK$112.79M
Dividend YieldN/A
Average Volume (3M)90.32K
Price to Earnings (P/E)―
Beta (1Y)0.92
Revenue Growth88.41%
EPS Growth30.03%
CountryHK
Employees46
SectorTechnology
Sector Strength88
IndustryElectronic Gaming & Multimedia
Share Statistics
EPS (TTM)-0.29
Shares Outstanding171,725,080
10 Day Avg. Volume71,420
30 Day Avg. Volume90,323
Financial Highlights & Ratios
PEG Ratio0.09
Price to Book (P/B)0.28
Price to Sales (P/S)0.76
P/FCF Ratio-66.59
Enterprise Value/Market CapN/A
Enterprise Value/RevenueN/A
Enterprise Value/Gross ProfitN/A
Enterprise Value/EbitdaN/A
Forecast
1Y Price TargetN/A
Price Target UpsideN/A
Rating ConsensusN/A
Number of Analyst Covering0
EPS Forecast (FY)N/A
Revenue Forecast (FY)N/A
Forgame Holdings Ltd. Business Overview & Revenue Model
Company Description
Forgame Holdings Limited functions as an investment holding company, primarily engaged in the creation, management, and distribution of online and mobile gaming titles for both the Chinese domestic market and an international audience. Its busines...
How the Company Makes Money
null...
Forgame Holdings Ltd. Financial Statement Overview
Summary
Income Statement
28
Negative
Balance Sheet
72
Positive
Cash Flow
22
Negative
| Breakdown | Dec 2025 | Dec 2024 | Dec 2023 | Dec 2022 | Dec 2021 |
|---|---|---|---|---|---|
Income Statement | |||||
| Total Revenue | 155.57M | 82.58M | 60.17M | 114.12M | 142.14M |
| Gross Profit | 7.85M | 7.60M | 24.09M | 5.77M | 13.60M |
| EBITDA | -29.25M | -31.91M | 12.91M | 1.80M | -17.48M |
| Net Income | -47.19M | -59.31M | -17.62M | -20.11M | 17.55M |
Balance Sheet | |||||
| Total Assets | 451.33M | 529.36M | 655.76M | 724.02M | 713.39M |
| Cash, Cash Equivalents and Short-Term Investments | 317.81M | 310.58M | 334.40M | 326.91M | 372.27M |
| Total Debt | 3.96M | 2.91M | 3.69M | 7.59M | 8.90M |
| Total Liabilities | 29.63M | 44.95M | 65.49M | 80.81M | 76.74M |
| Stockholders Equity | 421.70M | 483.62M | 590.27M | 643.21M | 636.66M |
Cash Flow | |||||
| Free Cash Flow | -1.78M | -25.27M | -20.87M | -29.52M | -166.80M |
| Operating Cash Flow | -762.73K | -24.71M | -20.25M | -29.40M | -129.89M |
| Investing Cash Flow | -87.88M | 1.68M | -4.13M | -130.35M | 115.96M |
| Financing Cash Flow | 11.86M | -2.80M | -6.05M | -1.71M | 2.90M |
Forgame Holdings Ltd. Technical Analysis
Negative
0.86
Price Trends
0.77
Negative
0.81
Negative
0.83
Negative
Market Momentum
-0.02
Positive
30.00
Positive
27.35
Neutral
Evaluating momentum and price trends is crucial in stock analysis to make informed investment decisions. For HK:0484, the sentiment is Negative. The current price of 0.86 is above the 20-day moving average (MA) of 0.76, above the 50-day MA of 0.77, and above the 200-day MA of 0.83, indicating a bearish trend. The MACD of -0.02 indicates Positive momentum. The RSI at 30.00 is Positive, neither overbought nor oversold. The STOCH value of 27.35 is Neutral, not indicating any strong overbought or oversold conditions. Overall, these indicators collectively point to a Negative sentiment for HK:0484.
Forgame Holdings Ltd. Peers Comparison
UnderperformOutperform
Sector (61)
Name | Overall Rating | Market Cap | P/E Ratio | ROE | Dividend Yield | Revenue Growth | EPS Growth |
|---|---|---|---|---|---|---|---|
61 Neutral | $37.18B | 12.37 | -10.20% | 1.83% | 8.50% | -7.62% | |
61 Neutral | HK$806.91M | 7.19 | 7.66% | ― | 7.36% | ― | |
47 Neutral | HK$670.93M | 23.42 | -27.26% | ― | -11.59% | ― | |
44 Neutral | HK$112.79M | -2.06 | -16.04% | ― | 88.41% | 30.03% | |
43 Neutral | HK$664.21M | -0.37 | -51.92% | ― | -28.02% | 34.04% | |
43 Neutral | HK$273.35M | -6.60 | -4.59% | ― | -36.25% | -205.76% | |
41 Neutral | HK$242.30M | -1.90 | ― | ― | ― | ― |
* Technology Sector Average
HK:0484
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Forgame Holdings Ltd. Corporate Events
Forgame Shareholders Back All AGM Resolutions, Renew Board Mandates
May 28, 2026
Forgame Holdings Limited reported that all resolutions at its 28 May 2026 annual general meeting in Hong Kong were passed by shareholders via poll with overwhelming majorities. The meeting confirmed the adoption of the 2025 audited financial state...
Forgame Sets 2026 AGM to Approve Results, Board Mandates and Share Issue Authority
Apr 28, 2026
Forgame Holdings Limited has called its annual general meeting for 28 May 2026 in Hong Kong, where shareholders will vote on adopting the audited consolidated financial statements and directors’ and auditor’s reports for the year ended...
Forgame exits Longfor stake in risk-driven portfolio shake-up
Apr 10, 2026
Forgame Holdings Limited has sold its entire holding of 736,559 shares in Longfor Group on the open market on 10 April 2026 for about HK$5.64 million, at roughly HK$7.66 per share, and no longer retains any stake in the mainland property developer...
Forgame Takes Delivery of Longfor Shares After Equity-Linked Note Triggers Disclosable Deal
Apr 9, 2026
Forgame Holdings Limited has disclosed that it entered into an equity-linked fixed coupon note in September 2025 with a principal amount of US$750,000, linked to shares of Longfor Group Holdings, Vistra Corp and NetEase Inc. The note, issued by BN...
Forgame’s 2025 Revenue Surges but Net Loss Widens Amid Global Headwinds
Mar 27, 2026
Forgame reported operating revenue of about RMB155.6 million for 2025, an 88.4% increase year on year, but still below initial expectations as the company navigated global economic slowdown, rising trade barriers, and intense technology-sector com...
Forgame Updates Board Composition and Governance Roles
Mar 25, 2026
Forgame Holdings Limited has announced an updated list of its directors and clarified their respective roles and functions across key board committees. The disclosure highlights the leadership positions of Chairman and CEO Cui Yuzhi and other exec...
Forgame names veteran investor Lu Yang as executive director and CIO
Mar 25, 2026
Forgame Holdings Limited has appointed veteran investment professional Lu Yang as an executive director and chief investment officer, effective 25 March 2026. Lu brings more than 25 years of global experience in investment management, quantitative...
Forgame Sets March 2026 Board Meeting to Review 2025 Results and Dividend
Mar 20, 2026
Forgame Holdings Limited has scheduled a board meeting for 27 March 2026 to review and approve the group’s annual results for the financial year ended 31 December 2025. The board will also consider whether to recommend a final dividend, a de...
Glossary
BuyA stock rated as a "Buy" is expected to perform better than the overall market or a specific benchmark over the near-to-medium term. This rating suggests the stock is likely to deliver higher returns compared to other stocks in the same sector or market index. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
HoldA stock rated as a "Hold" is expected to perform in line with the overall market or a specific benchmark. This rating indicates that the stock is neither particularly compelling nor unfavorable for investment. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
SellA stock rated as a "Sell" is expected to perform worse than the overall market or a specific benchmark over the near-to-medium term. This rating suggests the stock may deliver lower returns compared to other stocks in the same sector or market index. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
Disclaimer
This AI Analyst Stock Report is automatically generated by our AI systems using advanced algorithms and publicly available financial, technical, and market data. While the information provided aims to be accurate and insightful, it is intended for informational purposes only and should not be considered financial advice. Any content created by an AI (Artificial Intelligence) system may contain inaccuracies and/or contain errors. Investing in stocks carries inherent risks, and past performance is not indicative of future results. This report does not account for your personal financial circumstances, objectives, or risk tolerance. Always conduct your own research or consult with a qualified financial advisor before making investment decisions. The analysis and recommendations provided are based on historical and current data and may not fully reflect future market conditions or unexpected developments. Neither the creators of this report nor its affiliated entities guarantee the accuracy, completeness, or reliability of the information presented. Use this report at your own discretion and risk.