Boyaa Interactive International Limited (BOYAF)
Fair ValueFundamental
57
Price
$3.10
Market Cap
$2.33B
Part 1 · What the company is worth
Overview
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.
How it makes money
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.
Revenue by segment
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.
Competitive moat
No identified moat · NoneBoyaa 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.
What drives demand
CyclicalGame 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.
Key risks
- 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.
The case for
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.
The case against
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 August 18, 2026
Direct competitors
Who this company fights with for the same customers
Generated on September 18, 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.
Balance Sheet & Liquidity
Revenue
$497M
Trailing 12 months to the last reported quarter — estimated from per-share metrics
Net Income
$-1.22B
Trailing 12 months to the last reported quarter — estimated from per-share metrics
Free Cash Flow
$236M
Total Equity
$2.05B
Total Liabilities
$10M
Current Ratio
5.70
Interest Coverage
-
Debt/EBITDA
-
Earnings Per Share
Revenue & Net Income
Free Cash Flow
Income Breakdown
Historical statement
Margins over time
Debt over time
How heavy the debt is
Growth grid
Growth — Revenue
Fair Value Estimation
Fair Value
$3.38
Current Price
$3.10
Margin of Safety
+8.2%
Fair Value Range
$3.21 - $3.55
Spread across the valuation methods used, not a statistically calibrated confidence interval.
Estimation Methods
Valuation Metrics
P/E Ratio
-
ROE
-49.9%
P/B Ratio
1.15
P/FCF
9.85
Gross Margin
72.0%
ROIC
-44.4%
Profitability Radar
Value Creation (Economic Moat)
ROIC
-44.4%
WACC
15.4%
ROIC − WACC
-59.8 pp
ROIC is below the cost of capital — the company is destroying value for every dollar invested.
Fundamental Analysis Criteria
Passed (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
Failed (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
Unavailable (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
Serious financial concerns
Earnings Quality
Low quality: investigate accounting
Share Dilution
Buying back shares. Shareholder friendly
Institutional Holdings
No institutional filings reported for this company.
Governance
Executive Team
| Name | Title | Age |
|---|---|---|
| Mr. Zhikang Dai | Executive Chairman | 43 |
| Ms. Chunyan Yin | Executive Director | 33 |
| Mr. Ping Yeung Poon | Joint Company Secretary | - |
Part 2 · The price and when to enter
This part won't tell you whether the company is worth owning: it helps you choose when to buy it, once the fundamentals have convinced you. Inside: technical analysis, potential, historical drawdowns, gamma exposure.
Latest News
Recent headlines for BOYAF, sourced from Markets Gazette.