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Xd Inc (2400) Fair Value & Analysis

Communication Services · HK · Market cap HK$21.9B (≈ $2.8B) · ISIN KYG9830N1097

What is Xd Inc really worth?

XI Xd Inc 2400 · HK
PriceHK$39.98
Fair ValueHK$58.55
Upside+46.5%
Quality82/100

A strong business, trading 32% below our fair value of HK$58.55.

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Strengths

✓Healthy Growth (revenue 5y +15.1 %/yr)
✓Highly profitable · 26.6% net margin
✓Low debt · generates free cash flow
✓Ranks above peers (9/15)
✓Wide moat 99/100

Risks

!The models disagree: range HK$45.77 to HK$128.15
!Weak on dividend: 16 out of 100
Evidence: High Range HK$45.77 – HK$128.15

Fair value as of: Aug 13, 2026

From 26 valuation models · updated 22 days ago

Fair value updated Aug 13, 2026, revised from HK$58.50 to HK$58.55 (+0.1%) since Aug 5, 2026. Share price −15.4% over the past month.

What runs behind every stock

26 valuation models 8 families, DCF to NCAV 37 quality factors margins, balance sheet, cashflow, debt 6 AI factors moat, what no ratio measures 2,000+ data points verified, per stock, median

69 individual criteria per stock, every one traceable See the method →

What matters now

  • The rarer combination: high quality (82/100) AND below fair value. That earns a closer look rather than a quick verdict.
  • The price is below even our cautious bear case (HK$45.77). The market is more pessimistic than our downside scenario.
  • The model range is unusually wide (HK$45.77 to HK$128.15). The outcome hinges heavily on assumptions, so read the point estimate with caution.

Price vs Fair Value (5 years)

HK$91.80 HK$7.52 Fair Value HK$58.55 Apr 2021 Sep 2026

White line = price, green steps = our fair value per fiscal year, dashed = 300-day average. As of Aug 13, 2026.

How to read this chart

60‑month range HK$7.52 – HK$91.80 · fair‑value band HK$45.77 – HK$128.15 · the HK$39.98 price screens below the HK$58.55 fair value. Green steps = our fair value per fiscal year (point-in-time, no hindsight). Dashed = 300-day average. As of Aug 13, 2026.

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Analysis

Xd Inc (2400) currently trades at HK$39.98, while our model-based Fair Value estimate is HK$58.55, implying the stock looks roughly 31.7% undervalued today. The Quality Score stands at 82/100 (high quality), in the Communication Services sector. Bull case: the Growth Earnings group reads highest at a median of HK$84.76 per share, and 22 of the 26 models we run sit above the HK$39.98 price. Bear case: the Dividend Discount group reads lowest at HK$6.02, and 4 of the 26 models stay below the price. Evidence for this calculation is high.

Over the trailing twelve months, Xd Inc generated revenue of HK$5.8B at a net margin of 26.6%. Revenue declined 3.9% year over year. It earns a return on equity of 49.0%. The balance sheet holds a net cash position of HK$3.6B. Fundamentals as of Aug 13, 2026

Our scenario range runs from HK$45.77 (bear case) to HK$128.15 (bull case); at HK$39.98, the current price sits below that range. Bear and bull are the same models run on conservative and optimistic assumptions (margins, growth, valuation multiples), so a plausible valuation range, not a price target. The last reported earnings sit well below what analysts expect (earnings in transition, for example after write-downs or an earnings dip); whether the stock is cheap or expensive hinges on the expected recovery actually arriving. Read the fair value with that caveat. The share trades about 57% below its 52-week high, currently below its 200-day average. For context, the median of 10 Communication Services peers we cover trades at −46% fair-value upside, at 46%, 2400 screens cheaper than that median.

Fair Value models

This estimate rests on fiscal year 2025 figures, and about 8 months have passed since. In that time the company retained roughly HK$1.04 per share, which is 1.8 % of the fair value. The fair value deliberately does not add this in: the models value reported figures, not a projection.

Each model estimates fair value its own way; the Fair Value above is the evidence-weighted, family-balanced blend. Evidence (0–100) measures how completely this model’s inputs are available: well-fed models carry more weight in the blend. The spread across models is intentional, each one stresses a different value driver; dividend models, for instance, come out structurally low when payout is small. Every input is real reported data, nothing guessed.

Model Bear ⓘBear = the cautious scenario: the same model computed with conservative anchors (lower growth, margins and valuation multiples). Together with Bull it frames a plausible valuation range, not a price target.BaseBull ⓘBull = the optimistic scenario: the same model computed with favourable anchors (higher growth, margins and valuation multiples). Together with Bear it frames a plausible valuation range, not a price target. Evidence
Highest evidence
FCF DCF HK$51.55 HK$84.43 HK$173.49 76
Growth DCF HK$49.86 HK$93.01 HK$172.75 75
EPV HK$37.69 HK$42.69 HK$47.07 74
All 26 models by family
DCF Models
FCF DCF HK$51.55 HK$84.43 HK$173.49 76
Owner Earnings HK$48.42 HK$96.59 HK$194.40 72
5Y Revenue Exit HK$38.97 HK$64.69 HK$107.25 71
5Y EBITDA Exit HK$43.06 HK$73.76 HK$121.39 73
5Y P/E Exit HK$56.73 HK$107.95 HK$172.55 69
10Y Revenue Exit HK$41.63 HK$71.29 HK$112.27 65
10Y EBITDA Exit HK$45.48 HK$78.72 HK$136.15 66
10Y P/E Exit HK$54.99 HK$103.48 HK$184.16 61
Earnings-Based
Graham-Dodd HK$21.75 HK$142.38 HK$199.26 63
Lynch FV HK$41.45 HK$59.21 HK$76.98 61
PEG = 1.0 HK$41.45 HK$59.21 HK$76.98 57
EPV HK$37.69 HK$42.69 HK$47.07 74
Dividend Discount
Gordon GGM HK$3.43 HK$7.13 HK$11.32 66
DDM Multi-Stage HK$3.43 HK$6.02 HK$7.49 66
Multiples
P/E Multiple HK$52.78 HK$70.38 HK$87.97 63
P/S Multiple HK$31.53 HK$42.03 HK$52.54 58
P/B Multiple HK$20.85 HK$27.81 HK$34.76 55
EV/EBIT HK$49.69 HK$63.70 HK$77.70 66
EV/EBITDA HK$40.65 HK$51.64 HK$62.63 67
EV/Revenue HK$32.91 HK$43.72 HK$54.53 54
Asset-Based
NCAV (Graham) HK$3.97 HK$5.32 HK$7.94 54
Growth DCF
Growth DCF HK$49.86 HK$93.01 HK$172.75 75
Rev-Margin DCF HK$38.97 HK$65.72 HK$104.59 71
Economic Profit
Residual Income HK$28.35 HK$47.31 HK$854.66 64
ROIC Compounder HK$37.93 HK$43.25 HK$48.11 72
Growth Earnings
Growth-Adj P/E HK$59.33 HK$84.76 HK$110.19 67

Widest divergence: Growth Earnings (HK$84.76) versus Asset-Based (HK$5.32). Highest evidence: FCF DCF (76).

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Key figures & financial health

P/E ratio 12.9 as of Jul 2, 2026
P/S ratio 3.43 P/E × margin
EPS (TTM) HK$1.54 price ÷ EPS = P/E 12.9
Dividend yield 0.8% payout 21.3%
Net margin 26.6% FY2025
Return on equity 49.0% TTM
More key figures
Profitability
Return on assets (EBIT) 4.9% avg 5y
Operating margin 30.4% TTM
Growth
Revenue (TTM) HK$5.8B TTM
Revenue growth (YoY) −3.9% 3y avg +18.9%
EPS growth (YoY) +23.2%
Balance sheet & cash flow
Free cash flow HK$1.4B FY2025
Net cash HK$3.6B FY2025

Figures from reported company fundamentals · as of Aug 13, 2026. TTM = trailing twelve months.

Quality Score breakdown

Overall quality 82/100

Of which business quality 80 · Market factors (momentum, volatility) 9

Profitability 97
Margins and returns on capital today
Quality Growth 72
Are margins and returns improving?
Cashflow 79
Earnings quality: real cash, not paper profit
Fin. Strength 100
Balance sheet, leverage, solvency risk
Investment 55
Disciplined investing over empire-building
Low Volatility 19
Calm price path (market factor)
Momentum 8
Price trend over the last 3–12 months (market factor)
52W Momentum 0
Distance to the 52-week high (market factor)
Net Issuance 52
Buybacks instead of dilution

Non-valuation factor families (profitability, growth, cashflow, financial strength, momentum …), each academically grounded. Valuation itself sits in the Fair Value and is deliberately excluded here to avoid double-counting.

All values are scores from 0 to 100 (100 = best against fixed, research-based bands), not percentages. The three market factors (momentum, 52-week proximity, low volatility) are displayed but carry zero weight in the headline number: market sentiment is not a business property.

About the company

XD Inc., an investment holding company, develops, publishes, operates, and distributes mobile and web games in Mainland China and internationally. It operates through Games and TapTap platform segments.

Full company description

XD Inc., an investment holding company, develops, publishes, operates, and distributes mobile and web games in Mainland China and internationally. It operates through Games and TapTap platform segments. The company operates TapTap, a game community and platform that provides online marketing services to game developers, and game publishers or their agents, as well as provides information services. Its game portfolio comprises online games and premium games. In addition, the company is involved in the catering business and invests in game development entities. XD Inc. was founded in 2011 and is headquartered in Shanghai, the People's Republic of China.

Company description, as reported by the company or data provider.

Revenue & earnings trend

FY2021 – FY2025 · reported fiscal years

Xd Inc reported revenue of 5.8B CNY in FY2025 versus 2.7B CNY in FY2021, a compound +20.8%/yr. Reported net income was 1.5B CNY in FY2025.

Growth Quality 100/100
Revenue growth appears healthy and is supported by profitability and cash-flow quality.
Latest Revenue (FY 2025)
HK$5.8B
Latest YoY
+15.0%
Avg. revenue growth/yr (3Y) ⓘMeasures the company's TOTAL revenue from reported annual statements: compound average growth per year (CAGR) from the fiscal year 3, 5 or N years back to the most recent comparable fiscal year. Not per share: buybacks do not change this number, and a merger can appear as a growth jump.
+18.9%
Avg. revenue growth/yr (5Y) ⓘMeasures the company's TOTAL revenue from reported annual statements: compound average growth per year (CAGR) from the fiscal year 3, 5 or N years back to the most recent comparable fiscal year. Not per share: buybacks do not change this number, and a merger can appear as a growth jump.
+15.1%
Avg. revenue growth/yr (9Y) ⓘMeasures the company's TOTAL revenue from reported annual statements: compound average growth per year (CAGR) from the fiscal year 3, 5 or N years back to the most recent comparable fiscal year. Not per share: buybacks do not change this number, and a merger can appear as a growth jump.
+25.1%
Value creation/yr (5Y) ⓘEarnings growth per share (CAGR 5 years) plus dividend yield: value created per share and year.
+38.2% (37.4 + 0.8)
Revenue +20.8%/yr
FY21 2.7B CNY
FY22 3.4B CNY
FY23 3.4B CNY
FY24 5.0B CNY
FY25 5.8B CNY
Net income
FY21 −864M CNY
FY22 −553M CNY
FY23 −83.0M CNY
FY24 812M CNY
FY25 1.5B CNY

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Xd Inc · Fair Value
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Cite: Fair Value Calculator (2026). "Xd Inc Fair Value". https://www.fairvalue-calculator.com/stock/2400

Peer Group

Electronic Gaming & Multimedia · 150 stocks

How this stock ranks against its industry: the green marker is this stock, the band is the typical 25–75% peer range, and the tick is the median.

Quality Score 82 · Top 25%
Fair Value upside +46% · Above median
Return on equity (TTM) 49% · Top 25%
Return on assets 23% · Top 25%
Net margin (TTM) 27% · Top 25%
Operating margin (TTM) 30% · Top 25%
Revenue growth −4% · Below median
Dividend yield (TTM) 0.8% · Bottom 25%

Valuation Multiples vs Electronic Gaming & Multimedia median · lower = cheaper

P/E (TTM) 12.9× · Cheaper than median
P/B 5.73× · Pricier than 75% of peers
P/S (TTM) 3.79× · Pricier than 75% of peers
P/FCF 2.0× · Pricier than median
EV/EBITDA 10.8× · Pricier than median
PEG 1.13× · Cheaper than median

Strength profile in five axes (Snowflake)

Five quick dimensions, each 0 to 100: VALUE (fair-value potential), FUTURE (revenue growth), PAST (return on equity), HEALTH (low debt), DIVIDEND (yield). Green = this stock, grey = typical sector peer.

VALUEFUTUREPASTHEALTHDIVIDEND
This stock
VALUEFUTUREPASTHEALTHDIVIDEND
Sector peers
VALUE95 · sector 16
FUTURE0 · sector 6
PAST100 · sector 18
HEALTH100 · sector 100
DIVIDEND16 · sector 55

Values & ESG

Does this company touch areas you may want to avoid? The classification is inferred from sector and industry.

None of the checked exposures detected

Similar stocks

10 more Electronic Gaming & Multimedia stocks, each showing price versus our Fair Value estimate (as of Aug 13, 2026).

Stock Price Fair Value vs Fair Value
Konami Group KNM £221.05 £71.97 −67%
NetEase, Inc 9999 HK$188.80 HK$263.39 +40%
Electronic Arts Inc EA $209.70 $76.57 −63%
Take-Two Interactive Software, Inc TTWO $233.00 $60.20 −74%
Roblox Corporation RBLX $41.29 $21.20 −49%
Zhejiang Century Huatong Group 002602 ¥13.90 ¥14.68 +6%
KRAFTON, Inc 259960 234,500 KRW 356,218 KRW +52%
Giant Network Group 002558 ¥28.57 ¥15.50 −46%
International Games System Co 3293 762.00 TWD 568.16 TWD −25%
CD Projekt S.A CDR 234.40 PLN 64.48 PLN −72%

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Frequently asked questions

Is Xd Inc (2400) overvalued or undervalued?
As of Aug 13, 2026, our model estimates a fair value of HK$58.55 versus a price of HK$39.98, about +46% upside (undervalued).
What is the fair value of 2400?
Our model-based fair value for Xd Inc is HK$58.55 (as of Aug 13, 2026), built from audited fundamentals. The current price: HK$39.98.
What is the quality score of 2400?
Xd Inc has a Quality Score of 82/100. It measures business quality (profitability, growth, cash flow, balance-sheet strength, investment discipline, share issuance). Market factors such as price momentum and volatility do not enter the number; they are shown separately in the detail view.
What is the revenue of Xd Inc (2400)?
Xd Inc reported trailing-twelve-month revenue of about HK$5.8B (latest available figure, as of Aug 13, 2026).
What is the net profit margin of 2400?
The net profit margin of Xd Inc is about 26.6%, meaning it keeps roughly 26.6% of revenue as net income. Based on the latest reported figures.
Does Xd Inc pay a dividend?
Xd Inc currently shows a dividend yield of about 0.82% relative to its recent price (as of Aug 13, 2026).
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