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Fire Rock Holdings Ltd
(1909)
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Rating:52Neutral
Price Target:
HK$2.00
▲(30.72% Upside)
Action:Reiterated
Date:08/27/26
The score is held back primarily by weak financial quality: sharply worsening profitability and negative/volatile cash flows despite strong revenue growth. Technicals are moderately supportive with the stock trading above short- and medium-term moving averages and mildly positive momentum, while valuation remains difficult to support due to losses (negative P/E) and no provided dividend yield.
Positive Factors
Revenue Growth
The 36.6% increase in 2025 revenue shows that Fire Rock generated meaningful top-line expansion despite broader earnings weakness. Sustained revenue growth can support operating scale, preserve market relevance, and provide a foundation for recovery if profitability and cash conversion improve.
Negative Factors
Severe Profitability Deterioration
The sharp worsening in net margin indicates that revenue growth is not translating into sustainable earnings. Continued losses can erode equity, restrict reinvestment capacity, and make future performance more dependent on a successful turnaround in operating profitability.
Read all positive and negative factors
Positive Factors
Negative Factors
Revenue Growth
The 36.6% increase in 2025 revenue shows that Fire Rock generated meaningful top-line expansion despite broader earnings weakness. Sustained revenue growth can support operating scale, preserve market relevance, and provide a foundation for recovery if profitability and cash conversion improve.
Read all positive factors
Fire Rock Holdings Ltd (1909) vs. iShares MSCI Hong Kong ETF (EWH)
Market Cap
HK$458.93M
Dividend Yield0.46%
Average Volume (3M)37.39K
Price to Earnings (P/E)―
Beta (1Y)0.70
Revenue Growth-2.04%
EPS Growth-46.22%
CountryHK
Employees188
SectorCommunication Services
Sector Strength97
IndustryElectronic Gaming & Multimedia
Share Statistics
EPS (TTM)-0.33
Shares Outstanding242,821,040
10 Day Avg. Volume80,800
30 Day Avg. Volume37,390
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 | 184.57M | 146.15M | 140.59M | 134.93M | 115.06M | 1.04B |
| Gross Profit | 123.55M | 95.48M | 112.77M | 107.54M | 76.59M | 867.08M |
| EBITDA | -2.32M | 6.59M | 22.24M | 592.19M | 13.74M | 712.50M |
| Net Income | -73.56M | -64.38M | -17.07M | 559.91M | 30.20M | -1.21B |
Balance Sheet | ||||||
| Total Assets | 148.81M | 157.81M | 134.68M | 160.87M | 189.71M | 397.29M |
| Cash, Cash Equivalents and Short-Term Investments | 91.30M | 112.84M | 53.64M | 85.49M | 119.54M | 347.75M |
| Total Debt | 10.64M | 3.35M | 1.99M | 1.22M | 585.92M | 620.00M |
| Total Liabilities | 30.50M | 22.84M | 20.68M | 20.55M | 610.97M | 852.93M |
| Stockholders Equity | 109.11M | 128.25M | 112.30M | 131.07M | -430.01M | -461.39M |
Cash Flow | ||||||
| Free Cash Flow | -15.75M | -3.02M | 5.70M | -38.63M | -2.70M | 523.86M |
| Operating Cash Flow | -13.86M | -1.73M | 6.16M | -23.72M | 2.59M | 550.61M |
| Investing Cash Flow | 2.65M | -778.00K | -9.24M | 4.52M | -19.61M | -741.98M |
| Financing Cash Flow | 70.36M | 61.58M | -27.61M | -16.32M | -212.01M | -178.83M |
Fire Rock Holdings Ltd Technical Analysis
Neutral
1.53
Price Trends
1.86
Positive
1.92
Negative
2.03
Negative
Market Momentum
0.02
Negative
51.61
Neutral
50.90
Neutral
Evaluating momentum and price trends is crucial in stock analysis to make informed investment decisions. For HK:1909, the sentiment is Neutral. The current price of 1.53 is below the 20-day moving average (MA) of 1.86, below the 50-day MA of 1.86, and below the 200-day MA of 2.03, indicating a neutral trend. The MACD of 0.02 indicates Negative momentum. The RSI at 51.61 is Neutral, neither overbought nor oversold. The STOCH value of 50.90 is Neutral, not indicating any strong overbought or oversold conditions. Overall, these indicators collectively point to a Neutral 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 |
|---|---|---|---|---|---|---|---|
80 Outperform | HK$806.22M | 3.77 | 37.21% | 5.33% | 16.38% | 80.73% | |
77 Outperform | HK$2.39B | 5.98 | 12.98% | 17.39% | 18.51% | 13.18% | |
61 Neutral | HK$774.20M | 5.15 | 9.81% | 5.48% | 0.50% | 101.22% | |
60 Neutral | $48.67B | 4.58 | -11.27% | 4.14% | 2.83% | -41.78% | |
52 Neutral | HK$458.93M | -5.68 | -61.95% | 0.46% | -2.04% | -46.22% | |
52 Neutral | HK$990.91M | 152.22 | 0.56% | ― | 4.87% | ― | |
39 Underperform | HK$601.84M | -0.53 | -38.88% | 2.76% | -30.74% | 64.20% |
* Communication Services Sector Average
HK:1909
Fire Rock Holdings Ltd
1.87
0.15
8.72%
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Fire Rock Holdings Ltd Corporate Events
Fire Rock Holdings Narrows Revenue Gains But Extends Interim Loss
Aug 10, 2026
Fire Rock Holdings reported a modest 1.8% rise in revenue to HKD74.2 million for the six months ended 30 June 2026, with gross profit up 2.3% to HKD56.7 million, indicating stable core operations despite higher operating expenses. However, the gro...
Fire Rock sets August board meeting to approve interim results and consider dividend
Jul 27, 2026
Fire Rock Holdings Ltd has scheduled a board meeting for 10 August 2026 to review and approve the interim results for the six months ended 30 June 2026, marking a key disclosure event for investors and market watchers. The board will also consider...
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.