Boyaa Interactive International Limited (BOYAF)
Valor JustoFundamental
57
Preço
$3.23
Capitalização de Mercado
$2.33B
Parte 1 · Quanto vale a empresa
Visão Geral
Boyaa Interactive develops and operates mobile and PC card and board games — mainly Texas Hold'em poker, mahjong and other Chinese card games — sold mostly to Chinese-speaking players in Hong Kong, Macau and the wider region. Since 2024 the company has redirected much of its cash into a Bitcoin treasury strategy, buying and holding cryptocurrency on its balance sheet rather than reinvesting it in games, which now sizes its digital-asset holdings far larger than its game business.
Como gera receita
Game revenue comes from in-app purchases players make for virtual items and enhanced play inside otherwise free-to-download card and board games — a business earning steady but shrinking fees from a mature player base. Alongside it, the company reports a separate Web3-related segment tied to its cryptocurrency holdings; this contributes little operating revenue but drives most of the swings in reported profit, because gains and losses on Bitcoin's market price flow straight through the income statement.
Receita por segmento
In-app purchases from mobile and PC card and board games such as Texas Hold'em, Mahjong Collection and Fight the Landlord, played mostly by Chinese-speaking users; revenue fell 6.6% in 2025.
Activity tied to the company's cryptocurrency holdings; a small revenue line next to a roughly HK$2.92 billion Bitcoin treasury whose price swings drive most of reported profit.
Vantagem competitiva
Nenhuma vantagem identificada · NenhumaBoyaa competes in a mobile card-game market dominated by far larger Chinese platforms such as Tencent and NetEase, and its own game revenue has been declining for years. Its games are not tied to unique intellectual property or network effects strong enough to lock in players, so the company has instead built its balance sheet around a large speculative Bitcoin holding rather than around a durable competitive position.
O que impulsiona a procura
CíclicoGame revenue depends on a mature, shrinking base of Chinese-speaking card-game players and has fallen for multiple years running. Reported profit now depends far more on Bitcoin's price than on game sales: a rising crypto market produced large paper gains in 2024, while a falling one drove a HK$2.39 billion loss in 2025 and a further loss warning in early 2026.
Principais riscos
- Bitcoin price exposure — The company holds roughly 4,092 Bitcoin as a treasury asset and marks it to market; falling Bitcoin prices produced a HK$2.39 billion attributable loss in 2025 and the company has flagged a further, larger loss for the first quarter of 2026 on continued price declines.
- Declining core game revenue — Revenue from the online game business, the company's original and largest activity, fell 6.6% in 2025 to HK$442.8 million, continuing a multi-year decline in its card and board game portfolio.
- Capital concentrated in one speculative asset — At the end of 2025 the company's digital assets were valued at approximately HK$2.92 billion, several times its annual revenue, so the balance sheet's value depends overwhelmingly on the price of one volatile cryptocurrency.
Os argumentos a favor
Buyers argue that Boyaa's Bitcoin treasury, now worth several times its annual game revenue, gives shareholders leveraged exposure to a rising cryptocurrency market while the legacy card-game business still generates a stable stream of in-app purchase revenue and dividends.
Os argumentos contra
Sellers worry that a shrinking core game business is now overshadowed by a highly volatile Bitcoin holding that produced a HK$2.39 billion loss in 2025 alone, turning what was a game company into a leveraged crypto bet that can swing sharply with digital-asset prices.
Written by the editors, published on 18 de agosto de 2026
Direct competitors
Who this company fights with for the same customers
Generated on 18 de setembro de 2026 with claude-haiku-4-5 — shared with all users
Zengame builds the same Chinese card and board titles as Boyaa — Fight the Landlord and regional mahjong on mobile — and monetises the same free-to-play players through in-app purchases.
Ourgame runs the Lianzhong online card and board platform plus poker tournaments, going after the same Chinese-language players on PC and mobile that Boyaa serves.
Tencent's QQ Games card and board section — Happy Landlord, mahjong, Texas Hold'em — is the dominant free offering in China and takes directly from Boyaa's home-market audience.
Zynga Poker is the best-known free-to-play Texas Hold'em game worldwide and competes head-on with Boyaa Texas Poker for international casual poker players.
Playtika operates the official World Series of Poker play-for-fun app, competing for the same social-poker payers outside China that Boyaa targets with its localised versions.
Balanço & Liquidez
Receita
$497M
Últimos 12 meses até o último trimestre divulgado — estimativa a partir de métricas por ação
Resultado Líquido
$-1.22B
Últimos 12 meses até o último trimestre divulgado — estimativa a partir de métricas por ação
Fluxo de Caixa Livre
$236M
Capital Próprio Total
$2.05B
Passivo Total
$10M
Rácio de Liquidez
5.70
Cobertura de Juros
-
Dívida/EBITDA
-
Resultados Por Ação
Receita & Resultado Líquido
Fluxo de Caixa Livre
Decomposição dos Resultados
Demonstração histórica
Margens ao longo do tempo
A dívida ao longo do tempo
Quanto pesa a dívida
Grelha do crescimento
Crescimento — Receitas
Estimativa de Valor Justo
Valor Justo
$3.38
Preço Atual
$3.23
Margem de Segurança
+4.4%
Intervalo de Valor Justo
$3.21 - $3.55
Dispersão entre os métodos de avaliação utilizados, não um intervalo de confiança calibrado estatisticamente.
Métodos de Estimativa
Métricas de Avaliação
Rácio P/E
-
ROE
-49.9%
Rácio P/B
1.15
P/FCF
9.85
Margem Bruta
72.0%
ROIC
-44.4%
Radar de Rentabilidade
Criação de Valor (Vantagem Competitiva)
ROIC
-44.4%
WACC
15.4%
ROIC − WACC
-59.8 pp
O ROIC está abaixo do custo do capital — a empresa está a destruir valor a cada dólar investido.
Critérios de Análise Fundamental
Aprovado (9)
- Gross Margin 72.0%
- P/FCF 9.85
- P/B Ratio 1.15
- Debt/Equity ratio
- Positive Free Cash Flow
- Current Ratio
- DCF valuation (Undervalued)
- Revenue Growth 5Y 5.9%
- Analyst Consensus 80% Buy
Reprovado (7)
- Price CAGR -1.60%
- ROIC -44.4%
- Operating Margin -284.1%
- CapEx intensity
- ROE -43.6%
- Earnings Surprise avg -10.6%
- Piotroski F-Score 2/9
Indisponível (11)
- EPS data insufficient
- Dividend Payout NaN%
- Interest Coverage
- Debt/EBITDA
- Return on Tangible Assets
- Low reliance on intangibles
- Price below Graham Number
- PEG Ratio (need PE > 0 and growth > 0)
- Earnings Quality (OCF/Net Income)
- Share Dilution (missing shares data)
- Net Margin Trend (invalid data)
Piotroski F-Score
Preocupações financeiras graves
Qualidade dos Resultados
Baixa qualidade: investigar a contabilidade
Diluição de Ações
A recomprar ações. Favorável ao acionista
Participações institucionais
Não há declarações institucionais para esta empresa.
Governação
Equipa Executiva
| Nome | Cargo | Idade |
|---|---|---|
| Mr. Zhikang Dai | Executive Chairman | 43 |
| Ms. Chunyan Yin | Executive Director | 33 |
| Mr. Ping Yeung Poon | Joint Company Secretary | - |
Parte 2 · O preço e o momento de entrar
Esta parte não serve para saber se a empresa vale: serve para escolher quando comprá-la, depois que os fundamentos te convenceram. Dentro: análise técnica, potencial, quedas históricas, exposição gama.
Latest News
Recent headlines for BOYAF, sourced from Markets Gazette.