Fire Rock Holdings Ltd (HK:1909)
:1909
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Fire Rock Holdings Ltd
(1909)
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Rating:48Neutral
Price Target:
HK$2.00
▲(30.72% Upside)
Action:Reiterated
Date:05/27/26
The score is mainly constrained by weak financial performance: sharply worsening profitability and negative/volatile cash flow outweigh strong revenue growth, even with a conservatively levered balance sheet. Technical signals are mixed and not decisively bullish, while valuation is difficult to support due to losses (negative P/E) and no provided dividend yield.
Positive Factors
Revenue Growth
Sustained top-line expansion (+36.6% in 2025) indicates strong underlying demand or distribution gains. Over 2–6 months this growth provides a runway for scale effects and potential margin recovery if management controls operating costs and converts revenue into sustainable profits.
Negative Factors
Worsening Profitability
Sharp margin deterioration and large net losses erode shareholder equity and limit reinvestment capacity. Persistent negative profitability over multiple reporting periods makes organic funding of growth unlikely and raises questions about the sustainability of the core business model.
Read all positive and negative factors
Positive Factors
Negative Factors
Revenue Growth
Sustained top-line expansion (+36.6% in 2025) indicates strong underlying demand or distribution gains. Over 2–6 months this growth provides a runway for scale effects and potential margin recovery if management controls operating costs and converts revenue into sustainable profits.
Read all positive factors
Fire Rock Holdings Ltd (1909) vs. iShares MSCI Hong Kong ETF (EWH)
Market Cap
HK$461.36M
Dividend YieldN/A
Average Volume (3M)233.64K
Price to Earnings (P/E)―
Beta (1Y)0.71
Revenue Growth3.99%
EPS Growth-278.69%
CountryHK
Employees151
SectorCommunication Services
Sector Strength97
IndustryElectronic Gaming & Multimedia
Share Statistics
EPS (TTM)-0.27
Shares Outstanding242,821,040
10 Day Avg. Volume231,630
30 Day Avg. Volume233,640
Financial Highlights & Ratios
PEG Ratio-0.02
Price to Book (P/B)2.45
Price to Sales (P/S)2.15
P/FCF Ratio-104.19
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
Fire Rock Holdings Ltd Business Overview & Revenue Model
Company Description
Fire Rock Holdings Limited functions as an investment holding enterprise, primarily specializing in the development of games for web browsers and mobile devices. Its market reach encompasses the People's Republic of China, North America, Europe, a...
Fire Rock Holdings Ltd Financial Statement Overview
Summary
Income Statement
34
Negative
Balance Sheet
76
Positive
Cash Flow
28
Negative
| Breakdown | TTM | Dec 2025 | Dec 2024 | Dec 2023 | Jun 2023 | Dec 2021 |
|---|---|---|---|---|---|---|
Income Statement | ||||||
| Total Revenue | 189.05M | 146.15M | 140.59M | 134.93M | 115.06M | 1.04B |
| Gross Profit | 143.94M | 95.48M | 109.66M | 107.54M | 74.63M | 867.08M |
| EBITDA | 21.03M | 6.59M | 22.24M | 592.19M | 64.66M | -1.02B |
| Net Income | -53.92M | -64.38M | -17.07M | 559.91M | 30.20M | -1.21B |
Balance Sheet | ||||||
| Total Assets | 120.10M | 157.81M | 134.68M | 160.87M | 189.71M | 397.29M |
| Cash, Cash Equivalents and Short-Term Investments | 49.92M | 112.84M | 53.64M | 85.49M | 119.54M | 347.75M |
| Total Debt | 2.56M | 3.35M | 1.99M | 1.22M | 585.92M | 620.00M |
| Total Liabilities | 17.52M | 22.84M | 20.68M | 20.55M | 610.97M | 852.93M |
| Stockholders Equity | 96.93M | 128.25M | 112.30M | 131.07M | -430.01M | -461.39M |
Cash Flow | ||||||
| Free Cash Flow | 15.47M | -3.02M | 5.70M | -38.63M | -2.70M | 523.86M |
| Operating Cash Flow | 15.92M | -1.73M | 6.16M | -23.72M | 2.59M | 550.61M |
| Investing Cash Flow | -1.60M | -778.00K | -9.24M | 4.52M | -19.61M | -741.98M |
| Financing Cash Flow | -28.43M | 61.58M | -27.61M | -16.32M | -212.01M | -178.83M |
Fire Rock Holdings Ltd Technical Analysis
Negative
1.53
Price Trends
2.11
Negative
2.29
Negative
2.02
Negative
Market Momentum
-0.06
Positive
41.12
Neutral
4.17
Positive
Evaluating momentum and price trends is crucial in stock analysis to make informed investment decisions. For HK:1909, the sentiment is Negative. The current price of 1.53 is below the 20-day moving average (MA) of 2.02, below the 50-day MA of 2.11, and below the 200-day MA of 2.02, indicating a bearish trend. The MACD of -0.06 indicates Positive momentum. The RSI at 41.12 is Neutral, neither overbought nor oversold. The STOCH value of 4.17 is Positive, not indicating any strong overbought or oversold conditions. Overall, these indicators collectively point to a Negative sentiment for HK:1909.
Fire Rock Holdings Ltd Peers Comparison
UnderperformOutperform
Sector (60)
Name | Overall Rating | Market Cap | P/E Ratio | ROE | Dividend Yield | Revenue Growth | EPS Growth |
|---|---|---|---|---|---|---|---|
78 Outperform | HK$2.36B | 5.92 | 13.33% | 13.83% | -6.66% | -19.70% | |
73 Outperform | HK$685.01M | 5.89 | 22.27% | 3.30% | 18.86% | 13.01% | |
61 Neutral | HK$861.44M | 7.68 | 7.66% | ― | 7.36% | ― | |
60 Neutral | $48.67B | 4.58 | -11.27% | 4.14% | 2.83% | -41.78% | |
48 Neutral | HK$461.36M | -5.95 | -59.61% | ― | 3.99% | -278.69% | |
47 Neutral | HK$732.86M | 25.58 | -27.26% | ― | -11.59% | ― | |
43 Neutral | HK$714.11M | -0.40 | -51.92% | ― | -28.02% | 34.04% |
* Communication Services Sector Average
HK:1909
Fire Rock Holdings Ltd
1.90
0.05
2.70%
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Fire Rock Holdings Ltd Corporate Events
Fire Rock Sets 2026 AGM to Approve Accounts, Board and Share Issuance Mandate
May 14, 2026
Fire Rock Holdings Ltd has called its annual general meeting for 5 June 2026 in Singapore, where shareholders will review and approve the audited consolidated financial statements for the year ended 31 December 2025 alongside the directors’ ...
Fire Rock Moves Singapore Headquarters to New Anson Road Location
Apr 2, 2026
Fire Rock Holdings Ltd has relocated its Singapore headquarters and principal place of business to 70 Anson Road, Hub Synergy Point, effective 1 April 2026, while keeping its telephone, fax numbers and website unchanged. The move signals an operat...
Fire Rock swings to loss on higher costs and asset impairments, skips dividend
Mar 23, 2026
Fire Rock Holdings reported a 4% year-on-year increase in revenue to HKD146.2 million for 2025, but gross profit fell 15.3% to HKD95.5 million as direct costs almost doubled. The group swung to a net loss of HKD43.5 million from a HKD1.9 million p...
Fire Rock Warns of Sharply Wider Loss on Game Impairments and Rising Costs
Mar 16, 2026
Fire Rock Holdings has warned shareholders that it expects to post a significantly wider loss of about HK$65 million for the year ended 31 December 2025, compared with a loss of roughly HK$17.1 million a year earlier. The deterioration is mainly a...
Fire Rock Sets March Board Meeting to Approve 2025 Results and Mull Dividend
Mar 10, 2026
Fire Rock Holdings Limited has scheduled a board meeting for 23 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 dividend, a decisi...
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.