Posted by Sardin > 2023-05-24 12:51 | Report Abuse

Economy at Kunshan is bad. But I think that subsidiary is related to I-phone. But FPI is not involved in I-phone.

Posted by harison888 > 2023-05-24 14:05 | Report Abuse

Wistron only buy fpi share prices on 80cent, now turn business to westren digital on petaling jaya location bester run now!

Posted by Sardin > 2023-05-24 14:33 | Report Abuse

Hi Harison888, not 80 cent but around RM 1.03 but that was many years back. Anyway, revenue of 2023 Q1 will be around RM 211 mil.

Posted by Sardin > 2023-05-24 14:34 | Report Abuse

Sorry, RM 249 mil

Posted by uptrending > 2023-05-24 14:58 | Report Abuse

Since (if) revenue could have leaked, Insiders are selling ahead of QR?

Posted by Angelicious9 > 2023-05-24 15:04 | Report Abuse

Lucky I went out earlier. Can buy cheaper later.

Posted by wkchia71 > 2023-05-24 15:07 | Report Abuse

Hi Sardin, what is the reason last Q revenue drop? Is this only for temporary?

Posted by curiousq > 2023-05-24 15:48 | Report Abuse

OMG!! from 4.40 to 2.40 within 1 yr .... oug!

Posted by Sardin > 2023-05-24 15:55 | Report Abuse

Hi WkChia I think it is because demand slows down. But will pickup in Q2 or Q3. Q3 last year was extraordinary. Normalised sale is 200-250 mil every quarter.

Posted by pinnaclegrade > 2023-05-24 16:03 | Report Abuse

This is a good company with generous dividends, one to hold long term & accumulate on weakness

Posted by Sardin > 2023-05-24 17:23 | Report Abuse

Before that I suspect FPI no longer get Sonos order but I think I guessed wrongly. This is the more likely to be true: FPI is still getting Sonos order through Wistron through it has declined compare to 2021 but the order awarded could have been stable. Wistron is supporting in electronics and software while FPI is doing other hardware and assembly work I guess. Revenue contribution from Wistron in 2023 Q1 could be the same or slighly less than 2022 Q4. Expecting 7 sen EPS in Q1 as no more forex loss (forex had been stable in 2023 Q1) is expected.

Posted by Sardin > 2023-05-24 17:34 | Report Abuse

Hi WkChia, this is my understanding on 2022 Q4 revenue down: Customers found that Q3 sales slowed down and too much stock to sell. Feared of over stocking, they put less order in Q4. So this is just to prevent storing too much old model. Whereas in 2023 Q1, they should have already order new models to compete with competitors. So Q1 sales will be normalised. This year shipping cost is a lot more reasonable and stable. It will be easier to plan production and shipment so a more flat delivery traffic can be expected compares to last year and so does the revenue.

Posted by Sardin > 2023-05-24 17:37 | Report Abuse

OEM is highly competitive and thin margin business model. The factory wont just keep 2600 workers to sit there drawing salary. With 2600 workers in the factory and improved automation, the productivity should be more or less the same as the total achievement in last year. Why would the boss keep the operators if there is no order?

Posted by cwc1981 > 2023-05-24 17:38 | Report Abuse

Pay special dividend only can save the day

Posted by Sardin > 2023-05-24 17:45 | Report Abuse

Normally company like Sonos like to keep a few contracted manufacturers to compete with each other so the company is able to get a more competitive price. Hence, the diversion of some of the orders to, say Inventec. Therefore, can't blame Wistron giving less order to FPI. Early this year Sonos launch new product, so FPI and Wistron would have been busy too. This is a fast growing cake sliced half in 2022.

Posted by Sardin > 2023-05-24 17:56 | Report Abuse

Other than that we should note that contribution of sales by Wistron was only 10% in 2022. We must not neglect the substantial revenue from musical instrument where demand on musical instrument such as guitar and piano remain strong in North Americal region, Europe and Japan. Maybe music is a must or maybe because IoT economy is growing despite high inflation and mortgage expenses.

Posted by monetary > 2023-05-24 18:33 | Report Abuse

25% above nta. Drop a little more pls.

Posted by pinnaclegrade > 2023-05-24 18:33 | Report Abuse

I bought 80 lots today at RM2.35 / 2.45 .. 1st time the company bought back shares.. very bullish indicator

Posted by monetary > 2023-05-24 18:33 | Report Abuse

9% dividen :)

Posted by cwc1981 > 2023-05-24 18:35 | Report Abuse

Wah in 16 years of my holding, first time I saw share buyback

Posted by monetary > 2023-05-24 19:10 | Report Abuse

If some big shareholders selling sbb also can't stop it from further plunge.

Posted by Sardin > 2023-05-24 19:19 | Report Abuse

cwc1981 wah u hold 16 years? I thought u born in 1981?

Posted by Sardin > 2023-05-24 19:21 | Report Abuse

Hi pinnaclegrade u bought 8000 shares or 80000 shares?

Posted by pinnaclegrade > 2023-05-24 19:24 | Report Abuse

@ Sardin - 8,000 shares only... I have total 46,000 shares in FPI, I intend to buy the dip & get my cost basis down.. long term dividend growth strategy... the rest in US market haha

Posted by cwc1981 > 2023-05-24 19:30 | Report Abuse

@sardin yalo. Been buying since 2007

Posted by cwc1981 > 2023-05-24 19:31 | Report Abuse

Any comments why share buyback? Never see them doing this before

Posted by Sardin > 2023-05-24 19:51 | Report Abuse

Hi CWC1981, I can only think of 3 reasons:
1. the price drops to very attractive level, the return could be higher than its own business (likely)
2. to protect the company shares from being bought over by competitors or hostile takeover (likely)
3. the boss borrowed a lots of money to hold the shares and need company share buyback to support the price (I'm not able to judge)

Posted by Sardin > 2023-05-24 19:55 | Report Abuse

when I look at the trading process I knew someone big is holding the price at 2.35, at that time I did not know it was FPI buying back the shares.

Posted by cwc1981 > 2023-05-24 19:56 | Report Abuse

Thanks sardin. Anyhow wish for the best.....

Posted by Sardin > 2023-05-24 19:58 | Report Abuse

I guess that person must be an insider because normal people who lack of info would not dare / willing to hold a sharp knife. And that was beyond holding, setting a floor for the price drop. Now the puzzle is resolved, it was FPI who did it.

Posted by Sardin > 2023-05-24 20:02 | Report Abuse

I think I prefer FPI to do this and distribute the shares to us as share dividend. Let the company to do this for us as who else is smarter in investing FPI than FPI itself? :) Smart and right move Mr. Shih.

Posted by Sardin > 2023-05-24 22:45 | Report Abuse

3 million shares... I think it must be someone from 3rd to 30th largest shareholders who triggered the sell down.

Posted by DividendGuy67 > 2023-05-24 22:52 | Report Abuse

Technical chart is ugly, but fundamentals / value is getting more attractive as price falls. At 2.35, total market cap is only 604 million and this company has RM361 million in cash. Given today's buybacks at 2.32 to 2.35, I'm queueing to add at 2.32 to test the water. A long time ago, I queued to buy at 2.51 in a GTC order and was filled. The dividend yield alone beats EPF even at 2.51, so, I think good odds. Keep total investment small % of portfolio so that any one wrong mistakes doesn't hurt.

Posted by NatsukoMishima > 2023-05-24 23:11 | Report Abuse

U think FPI will pay u such high dividen every year ?? My advice is buy around 1.50 - 1.80

Posted by Sardin > 2023-05-24 23:23 | Report Abuse

The big Mc is appearing.

Posted by harison888 > 2023-05-25 08:02 | Report Abuse

Witron-westren digital(digital speaker product)-location petaling jaya-change from fpi to westren digital!

Posted by uptrending > 2023-05-25 08:12 | Report Abuse

Technical depicts the unknown future..

Posted by uptrending > 2023-05-25 08:13 | Report Abuse

In a economic slow down, consumers will cut spending on unnecessary items.. Unfortunately, I think digital speakers fall under this category..

Posted by uptrending > 2023-05-25 08:37 | Report Abuse

Topglov did buy back and ended up as a very bad move...

Posted by Sardin > 2023-05-25 09:41 | Report Abuse

Hi Pinnaclegrade, I also contribute some :)

Posted by Sardin > 2023-05-25 09:44 | Report Abuse

Hi NatsukoMishima, I dunno will go to 1.50 or not, but I contribute some first. If go to 1.50 I contribute some more ya. Like in a war, you need to have 3 defence lines mah.

Posted by uptrending > 2023-05-25 11:36 | Report Abuse

Jking is silent...?

Posted by Sardin > 2023-05-25 11:41 | Report Abuse

Harison888, last time: EE part from Wistron --> Hardware body assembly at FPI
This time: FPI hardware body part --> Wistron do the assembly with their EE part.

Posted by Sardin > 2023-05-25 11:42 | Report Abuse

Maybe because of tax exemption for new factory mah.

Posted by Sardin > 2023-05-25 11:47 | Report Abuse

So in that case hor, FPI do not need to buy and resell some of the part, so you will see revenue contribution by Wistron going down but FPI is still selling the FPI-made components mah.

Posted by Sardin > 2023-05-25 11:49 | Report Abuse

Why need to re-design the flow of material, one valid reason is that Sonos want to protect the confidentiality of its product mah... if final assembly simply go here and there done by sub-con then secrets leak mah.

Posted by Sardin > 2023-05-25 11:50 | Report Abuse

So when a few factors come together hence the change to cater all these requirements loh.

Posted by Sardin > 2023-05-25 11:51 | Report Abuse

Customer's concern taken care and at the same time CM carried out the work with some savings into the pocket loh.

Posted by stevenlowcb > 2023-05-25 13:39 | Report Abuse

Yesterday some big fish let go stocks, and FPI pick up the slack. Question is why big fish did that?

Posted by Sardin > 2023-05-25 14:02 | Report Abuse

Maybe that big fish kena margin call.