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Zengame Technology Holding Ltd.
(2660)
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Rating:78Outperform
Price Target:
HK$2.50
▼(-2.72% Downside)
Action:Reiterated
Date:05/01/26
The score is driven primarily by strong valuation support (low P/E and high dividend yield) and a conservatively positioned balance sheet with minimal leverage. Offsetting these positives are weaker cash flow quality in 2025 and evidence of cooling operating profitability, while technicals are bullish but overbought, increasing near-term volatility risk.
Positive Factors
Conservative balance sheet
Very low leverage and a large equity base give the company durable financial flexibility. That buffer supports continued investment in live-ops and user acquisition, allows the firm to absorb revenue volatility, and preserves optionality for strategic investments or shareholder distributions over months.
Negative Factors
Declining revenue & compressed margins
A multi-year decline in revenue and compressed operating margins signals weaker title performance or rising costs. If this trend persists it reduces reinvestment capacity for new content and marketing, harming long-term growth and competitive positioning over the coming months.
Read all positive and negative factors
Positive Factors
Negative Factors
Conservative balance sheet
Very low leverage and a large equity base give the company durable financial flexibility. That buffer supports continued investment in live-ops and user acquisition, allows the firm to absorb revenue volatility, and preserves optionality for strategic investments or shareholder distributions over months.
Read all positive factors
Zengame Technology Holding Ltd. (2660) vs. iShares MSCI Hong Kong ETF (EWH)
Market Cap
HK$2.24B
Dividend Yield13.83%
Average Volume (3M)610.00K
Price to Earnings (P/E)5.5
Beta (1Y)0.40
Revenue Growth-6.66%
EPS Growth-19.70%
CountryHK
Employees494
SectorCommunication Services
Sector Strength97
IndustryElectronic Gaming & Multimedia
Share Statistics
EPS (TTM)0.34
Shares Outstanding1,036,181,600
10 Day Avg. Volume637,150
30 Day Avg. Volume610,000
Financial Highlights & Ratios
PEG Ratio-0.29
Price to Book (P/B)0.90
Price to Sales (P/S)1.50
P/FCF Ratio10.22
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
Zengame Technology Holding Ltd. Business Overview & Revenue Model
Company Description
Zengame Technology Holding Limited is a company dedicated to the creation and operation of mobile gaming platforms within the People's Republic of China. Their portfolio includes various casual mobile titles, with a particular emphasis on card and...
How the Company Makes Money
Zengame primarily makes money by operating its mobile games under a free-to-play model and monetizing players through in-game purchases. Revenue is generated when users buy virtual items and services (e.g., in-game currency, consumables, time-savi...
Zengame Technology Holding Ltd. Financial Statement Overview
Summary
Income Statement
72
Positive
Balance Sheet
90
Very Positive
Cash Flow
55
Neutral
| Breakdown | Dec 2025 | Dec 2024 | Dec 2023 | Dec 2022 | Dec 2021 |
|---|---|---|---|---|---|
Income Statement | |||||
| Total Revenue | 1.55B | 1.66B | 2.06B | 1.77B | 1.47B |
| Gross Profit | 785.50M | 918.63M | 1.23B | 1.14B | 905.38M |
| EBITDA | 388.11M | 545.38M | 897.26M | 773.65M | 607.22M |
| Net Income | 347.79M | 430.68M | 725.88M | 680.78M | 500.34M |
Balance Sheet | |||||
| Total Assets | 2.84B | 2.88B | 2.64B | 2.05B | 1.49B |
| Cash, Cash Equivalents and Short-Term Investments | 2.28B | 2.22B | 1.92B | 1.29B | 1.15B |
| Total Debt | 18.83M | 24.49M | 5.10M | 21.53M | 18.47M |
| Total Liabilities | 249.90M | 316.85M | 320.52M | 284.90M | 262.62M |
| Stockholders Equity | 2.58B | 2.56B | 2.32B | 1.77B | 1.23B |
Cash Flow | |||||
| Free Cash Flow | 226.51M | 473.36M | 709.00M | 726.05M | 500.28M |
| Operating Cash Flow | 242.40M | 490.03M | 720.85M | 732.35M | 507.06M |
| Investing Cash Flow | -100.41M | -781.80M | -164.37M | -246.83M | -77.01M |
| Financing Cash Flow | -345.43M | -232.65M | -210.13M | -143.85M | -68.63M |
Zengame Technology Holding Ltd. Technical Analysis
Negative
2.57
Price Trends
2.35
Negative
2.27
Negative
2.24
Negative
Market Momentum
-0.05
Positive
29.51
Positive
1.75
Positive
Evaluating momentum and price trends is crucial in stock analysis to make informed investment decisions. For HK:2660, the sentiment is Negative. The current price of 2.57 is above the 20-day moving average (MA) of 2.25, above the 50-day MA of 2.35, and above the 200-day MA of 2.24, indicating a bearish trend. The MACD of -0.05 indicates Positive momentum. The RSI at 29.51 is Positive, neither overbought nor oversold. The STOCH value of 1.75 is Positive, not indicating any strong overbought or oversold conditions. Overall, these indicators collectively point to a Negative sentiment for HK:2660.
Zengame Technology Holding Ltd. Peers Comparison
UnderperformOutperform
Sector (60)
Name | Overall Rating | Market Cap | P/E Ratio | ROE | Dividend Yield | Revenue Growth | EPS Growth |
|---|---|---|---|---|---|---|---|
82 Outperform | HK$3.73B | 6.37 | 17.91% | 3.82% | -4.19% | 0.41% | |
78 Outperform | HK$2.24B | 5.49 | 13.44% | 13.83% | -6.66% | -19.70% | |
67 Neutral | HK$937.77M | 8.37 | 7.66% | ― | 7.36% | ― | |
60 Neutral | $48.67B | 4.58 | -11.27% | 4.14% | 2.83% | -41.78% | |
49 Neutral | HK$1.36B | -3.60 | 42.91% | 3.01% | -0.01% | -211.29% | |
47 Neutral | HK$619.32M | 29.48 | -27.26% | ― | -11.59% | ― | |
41 Neutral | HK$242.30M | -1.97 | ― | ― | ― | ― |
* Communication Services Sector Average
HK:2660
Zengame Technology Holding Ltd.
2.16
0.04
1.93%
HK:0799
IGG
3.25
-0.36
-10.07%
HK:0434
Boyaa Interactive International
1.91
-3.55
-64.99%
HK:1119
iDreamSky Technology Holdings Limited
0.30
-0.48
-61.54%
HK:6899
Ourgame International Holdings Ltd
0.23
0.04
21.05%
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FriendTimes Inc.
0.43
-0.54
-55.49%
Zengame Technology Holding Ltd. Corporate Events
Zengame Ties 2024 Share Option Grants to Long-Term Profit Targets
Jun 26, 2026
Zengame Technology Holding Ltd. has proposed grants under its 2024 share scheme, issuing a total of 60,000,000 share options and 20, , , , , share awards to senior management and 87 other employees, including executive directors Ye Sheng and Yang ...
Zengame Shareholders Approve Dividend, Board Mandates at AGM
May 22, 2026
Zengame Technology Holding Ltd. reported that all resolutions at its 22 May 2026 annual general meeting were approved by shareholders, including the adoption of the 2025 audited financial statements and the declaration of a final dividend of HK$0....
Zengame Sets 2026 AGM to Approve Results, Dividend and Capital Mandates
Apr 28, 2026
Zengame Technology Holding Limited has called its annual general meeting for 22 May 2026 in Shenzhen, where shareholders will review and approve the audited financial statements for the year ended 31 December 2025 and vote on a proposed final divi...
Zengame Invests USD75.8 Million in Low-Risk JPMorgan Wealth Products
Apr 16, 2026
Zengame Technology Holding Ltd. has disclosed that, as of 16 April 2026, it invested approximately USD75.8 million in wealth management products subscribed through JPMorgan Chase, including money market funds and new certificate of deposit placeme...
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.