Tanwan (SEHK:9890) Valuation After HK$468 Million Zero Coupon Convertible Bond Issue

Simply Wall St.

Jan 11

AdvertisementConvertible bond issue puts Tanwan in focus Tanwan (SEHK:9890) has drawn investor attention after completing a HK$468 million zero-coupon convertible bond issue due 2027, a financing move...

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This has contributed to a very large 1...","collect":0,"end_time":0,"defaultTopTitle":"simplywall.st","property":[],"viewcount":null,"language":"en","relate_stocks":{"BK1109":"应用软件","TLTW":"iShares 20+ Year Treasury Bond Buywrite Strategy ETF","TMF":"3倍做多20年期以上国债ETF-Direxion","09890":"贪玩","BK1104":"互动家庭娱乐"},"translate_title":"贪玩(SEHK：9890)4.68亿港元零息可换股债券发行后估值","themeId":null,"isJumpTheme":false,"ttsUrl":null,"symbols_score_info":{"US5Y.BOND":1.5,"09890":0.9,"TMF":0.6,"US30Y.BOND":1.5,"US7Y.BOND":1.5,"US12M.BOND":1.5,"US3Y.BOND":1.5,"US10Y.BOND":1.5,"TLTW":0.6,"US6M.BOND":1.5,"US2Y.BOND":1.5},"content_text":"AdvertisementConvertible bond issue puts Tanwan in focus Tanwan (SEHK:9890) has drawn investor attention after completing a HK$468 million zero-coupon convertible bond issue due 2027, a financing move that introduces potential dilution while also adding funding flexibility. See our latest analysis for Tanwan. Tanwan's recent financing comes after a sharp shift in market sentiment, with a 30 day share price return of 29.66% and a 90 day share price return of 50.91%. This has contributed to a very large 1 year total shareholder return of 204.71% at a latest share price of HK$20.72. These moves suggest that momentum has been building as investors reassess both growth prospects and risk around the business. If Tanwan's move has caught your eye, this could be a good moment to broaden your search and check out fast growing stocks with high insider ownership. With the share price up sharply and fresh capital coming in from the convertible bonds, the key question now is whether Tanwan is still trading below what it is worth, or if the market is already pricing in future growth. Price-to-Earnings of 9.9x: Is it justified? Tanwan trades on a P/E of 9.9x at a last close of HK$20.72, which screens as cheaper than both the Hong Kong market and its Entertainment peers. The P/E ratio compares the current share price with earnings per share. For a publisher of online games and related consumer products, it provides a quick sense of how much investors are currently paying for each unit of profit. In Tanwan's case, the current P/E of 9.9x is below the Hong Kong market average of 12.2x and below the Hong Kong Entertainment industry average of 13.6x. It also comes in under the peer group average of 10.5x. That combination suggests the market is pricing Tanwan's earnings at a discount compared with both the wider market and closer competitors, even though the company reports a 33% return on equity and has recently moved into profitability. Relative to its immediate industry and peer set, the discount is clear, and the valuation gap against those P/E benchmarks is material rather than marginal. See what the numbers say about this price — find out in our valuation breakdown. Result: Price-to-Earnings of 9.9x (UNDERVALUED) However, you also need to weigh risks such as potential dilution from the HK$468 million convertible bonds and Tanwan's exposure to hit driven online game performance. Find out about the key risks to this Tanwan narrative.  Build Your Own Tanwan Narrative If you see the numbers differently, or prefer to test the assumptions yourself, you can build a personalised view in just a few minutes with Do it your way. A great starting point for your Tanwan research is our analysis highlighting 2 key rewards and 1 important warning sign that could impact your investment decision. Looking for more investment ideas? If Tanwan has sharpened your interest, do not stop here. Use the tools that can help you spot clear opportunities before they become crowded.  Target steady income potential by scanning these 12 dividend stocks with yields > 3% that may offer more consistent cash returns than many growth names. Hunt for misunderstood value with these 879 undervalued stocks based on cash flows that screen for companies priced below their estimated cash flow potential. Get ahead of the next tech wave by zeroing in on these 28 AI penny stocks positioned at the intersection of computing power and real world applications.   This article by Simply Wall St is general in nature. We provide commentary based on historical data\n    and analyst forecasts only using an unbiased methodology and our articles are not intended to be financial advice. It does not constitute a recommendation to buy or sell any stock, and does not take account of your objectives, or your\n    financial situation. We aim to bring you long-term focused analysis driven by fundamental data.\n    Note that our analysis may not factor in the latest price-sensitive company announcements or qualitative material.\n    Simply Wall St has no position in any stocks mentioned.Valuation is complex, but we're here to simplify it.Discover if Tanwan might be undervalued or overvalued with our detailed analysis, featuring fair value estimates, potential risks, dividends, insider trades, and its financial condition.Access Free AnalysisHave feedback on this article? Concerned about the content? Get in touch with us directly. Alternatively, email editorial-team@simplywallst.com","kind":"highlight","is_publish_news":true,"is_publish_highlight":false,"is_publish_live":false,"is_publish_wemedia":null,"editions":null,"column":"","sentiment":"0","news_tag":"shareholding","news_rank":0,"symbols":[],"gpt_button":0,"need_auth":false,"code":"91000000","status":"200"}}}