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Forgame Holdings Ltd.
(0484)
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Rating:48Neutral
Price Target:
HK$0.76
▼(-11.40% Downside)
Action:Reiterated
Date:08/07/26
The score is held down primarily by weak financial performance—continued losses, sharply compressed gross margin, and negative free cash flow—despite a low-leverage balance sheet. Technicals provide partial support with price trading above key moving averages and a positive MACD, while valuation remains constrained by a negative P/E tied to ongoing losses.
Positive Factors
Conservative balance sheet
A very low debt load provides durable financial flexibility: it reduces solvency risk, lets the company fund operations or pivot product investments without immediate refinancing, and cushions losses while management pursues a turnaround or new titles.
Negative Factors
Severely compressed gross margins
Sharp margin erosion undermines the company's ability to convert revenue into sustainable profits. Persistently low gross margins indicate structural pricing pressure or rising content/hosting costs that will materially limit long-term profitability unless reversed.
Read all positive and negative factors
Positive Factors
Negative Factors
Conservative balance sheet
A very low debt load provides durable financial flexibility: it reduces solvency risk, lets the company fund operations or pivot product investments without immediate refinancing, and cushions losses while management pursues a turnaround or new titles.
Read all positive factors
Forgame Holdings Ltd. (0484) vs. iShares MSCI Hong Kong ETF (EWH)
Market Cap
HK$131.31M
Dividend YieldN/A
Average Volume (3M)90.32K
Price to Earnings (P/E)―
Beta (1Y)0.88
Revenue Growth88.41%
EPS Growth30.03%
CountryHK
Employees33
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
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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
Neutral
0.86
Price Trends
0.70
Positive
0.74
Positive
0.79
Negative
Market Momentum
0.02
Positive
50.89
Neutral
68.52
Neutral
Evaluating momentum and price trends is crucial in stock analysis to make informed investment decisions. For HK:0484, the sentiment is Neutral. The current price of 0.86 is above the 20-day moving average (MA) of 0.74, above the 50-day MA of 0.70, and above the 200-day MA of 0.79, indicating a neutral trend. The MACD of 0.02 indicates Positive momentum. The RSI at 50.89 is Neutral, neither overbought nor oversold. The STOCH value of 68.52 is Neutral, not indicating any strong overbought or oversold conditions. Overall, these indicators collectively point to a Neutral 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% | |
57 Neutral | HK$850.53M | 7.54 | 7.66% | 5.26% | 7.36% | ― | |
48 Neutral | HK$131.31M | -2.19 | -10.58% | ― | 88.41% | 30.03% | |
47 Neutral | HK$595.61M | -0.33 | -51.92% | ― | -28.02% | 34.04% | |
47 Neutral | HK$681.25M | 33.17 | 1.02% | ― | -11.59% | ― | |
43 Neutral | HK$223.14M | -5.26 | -4.59% | ― | -36.25% | -205.76% | |
41 Neutral | HK$242.30M | -2.41 | -75.88% | ― | ― | ― |
* Technology Sector Average
HK:0484
Forgame Holdings Ltd.
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Forgame Holdings Ltd. Corporate Events
Forgame fully exits Jinbei stake in discloseable share disposal
Jun 26, 2026
Forgame Holdings Limited has exited its investment in Jinbei Automotive, a China-based designer and manufacturer of automotive interiors, seating systems and plastic and rubber components, by selling its remaining stake on the open market. The dis...
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...
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.