Posted by Sardin > 2023-05-27 09:45 | Report Abuse

Mr. On X Hau asked about how long the current economy impact is going to last on FPI and weather or not the worst has passed. The answer given was "my answer is... it depends on market conditions that is still evolving... at the moment we still seeing headwinds from inflation and interest rate hike." After pausing for 3 sec he continues "we can see a slow recovery from the 2nd half of the year." It was a spot question, it was not projected on the screen. This happened about 36 minutes after meeting has started. I think this is one of the most important info in the AGM.

Posted by Sardin > 2023-05-27 09:55 | Report Abuse

I encourage you all to attend next time and take your note... while some answers can be standard these are still important for you to know... have a nice weekend.

Posted by harison888 > 2023-05-27 12:45 | Report Abuse

Bester run on this prices!

Posted by harison888 > 2023-05-27 12:48 | Report Abuse

Wistron widraw digital speaker manufacture from fpi to westren digital on petaling jaya

Posted by harison888 > 2023-05-27 12:50 | Report Abuse

Run before drop below 2.00 !

Posted by harison888 > 2023-05-27 13:04 | Report Abuse

Bester check back what model production line on westren digital before regret!run and forget this stock!

Posted by uptrending > 2023-05-27 17:39 | Report Abuse

Company bought back 1,039,300 shares from 2.32-2.35 on 24th, 2 days before the release of the 1Q results.

It's a significant amount of shares bought back. It is the first ever share buy back thus far. The management surely thought it was undervalued at 2.35 though they already knew the 1Q results and the future of the company as Insiders.

Posted by Sardin > 2023-05-27 17:47 | Report Abuse

Please take note of increasing large shipment to Yamaha guitar starts from Mar this year. It is 2x the normal month order. Yamaha was the 4th largest customer placing order slightly less than Wistron. It will appear as 3rd largest customer this year I think. As for Wistron project, there is a close work with Wistron to win more project as disclosed in the AGM. That's the reason why 10-20 mil capex is allocated to put focus on enhancing the plastic injection.

Posted by Sardin > 2023-05-27 17:51 | Report Abuse

To understand more about the pace of customer placing order, read Roland's, Yamaha's, and Sony's report, their explanation on inventory management, sales forecast, trade payables to suppliers etc.

Posted by Sardin > 2023-05-27 17:58 | Report Abuse

And ya, if you run out of patience you can submit your shares at 2.35. I think FPI is happy to buy back.

Posted by uptrending > 2023-05-27 17:58 | Report Abuse

The share buy back of 1,039,300 in a day really caught me by surprise, more so after 1Q results were released yesterday. They are telling the market that at current price, the stock is grossly undervalued.

Posted by pinnaclegrade > 2023-05-27 19:59 | Report Abuse

It is undervalued... only PE 6 ... historically PE 10 on average

Posted by Sardin > 2023-05-27 22:06 | Report Abuse

The price should be normal quarter EPS x historical average PE. In this case we should not take unusually low or high quarter. Being conservative you can take rolling 4 quarter ahead. Q2 revenue will be higher than Q1 because of stronger USD and weaker plastic resin price and given more time for US customers to normalise their stock level. Receivables in Q1 are in USD will be appreciated as well and appear as forex gain in Q2. Large part of short-term fund are held in the form of USD will be a gain too. The interest income will increase as well for both cash in USD and in RM because of interest hike. Beside that FPI will also receive rental income from Roland. Therefore EPS will be Q3 & Q4 greater than Q2, while Q2 EPS will be greater than Q1. This should be generally right. It is impossible to project very accurately but I think 20 sen per share for FY2023 is a reasonable estimation. And I guess that's the reason only 21 sen dividend was declared for FY2022 because this is the sustainable amount.

Posted by curiousq > 2023-05-27 22:25 | Report Abuse

One Q earns 3.79 sen ; 4Q= 15.16 sen. P/E 10 = 1.52

Will buy when below 2.00

Posted by Sardin > 2023-05-27 23:05 | Report Abuse

If can get at that price I also want to spend my other 2 bullets oh.

Posted by curiousq > 2023-05-27 23:14 | Report Abuse

How much hv you lost now?

Posted by harison888 > 2023-05-28 07:58 | Report Abuse

Run before came like ataims!2.40+0.21(dividen)=2.61 this prices so higher,other income 9.7miliin-9.7milion profit after tax=nil next qr can become loss ! Beware

Posted by uptrending > 2023-05-28 09:14 | Report Abuse

Net Cash RM300million after payment of FY22 dividend.
NTA @1.91
Net off cash Rm300m, Market Cap now at 2.40 is about RM320 million
Just need net profit of rm30+ million per annum for PE 10 @2.40 per share price... (Net off cash.)

Other Incomes are recurring
Interest income RM1. 458 million
Income from short term fund Rm1. 92 million
Forex gain Rm3. 886 milllion (2Q could be better)
Reversal of impairment on receivable RM 536K, and plus
Rental Income......

No wonder Co did share buy back @2.32-2.35

Posted by Sardin > 2023-05-28 18:18 | Report Abuse

More than half of revenue of FPI comes from Roland. Ignore the temporary set back. New release of Roland's plan here. Check it out: https://ir.roland.com/en/ir/news/news-9042757612983161037/main/0/link/2023-2025MTP%20(EN).pdf

Posted by Sardin > 2023-05-28 18:23 | Report Abuse

Turn to page 11. "Expect to return to the normal growth trajectory in 2H of 2023 onward". Due to covid new product release was impacted. New product / game changer product release will be accelerated (page 17).

Posted by Sardin > 2023-05-28 21:48 | Report Abuse

Take from Yamaha FY2023.3 report's Q&A:

"We also see that sales of guitars can grow. In North America, sales of wind instruments grew substantially in the previous fiscal year..." "In our view, we will be able to sustain strong sales, as the market inventories of entry-level digital musical instruments and guitars become more appropriate. We also expect supply of audio equipment to recover as the semiconductor procurement difficulties are being removed, and we anticipate growth in both regions (North America & Europe)."

In above statement "the market inventories become more appropriate" means dealer's stock has reduced, and therefore Yamaha could replenish order from supplier. You can see accelerated guitar catalyst order starts from Mar this year. Don't just focus on number of shipment but take note the weight of the shipment. The inventory problem that Mr. Shih mentioned in AGM refers to customers' dealer stock in case you don't undertand. It is not referring to FPI's inventory. Yamaha contribute slightly below 10% of FPI revenue and is growing.

Reference: https://www.yamaha.com/en/ir/presentations/qa_202305/

Posted by Sardin > 2023-05-28 21:50 | Report Abuse

These customers' report help you to understand what the acting chairman said in the AGM. If you pay attention you catch the info.

Posted by monetary > 2023-05-29 09:54 | Report Abuse

That's projection. Glove producers also made very beautiful projections. In the end of the day their so called structural increase in glove usage all didn't materialise. Those who bought the directors' words all went Holland!

Posted by monetary > 2023-05-29 10:03 | Report Abuse

After all the projections went wrong now is the time to buy gloves. Lol!

Posted by uptrending > 2023-05-29 10:59 | Report Abuse

Gloves! Sure or not? Lol

Posted by uptrending > 2023-05-29 11:02 | Report Abuse

Co issued 9+ millions Share Option shares @2.55, Now the Co have bullets to buy back about 10M shares at the current price..

Those sold earlier also panic buy back? Lol

Posted by NatsukoMishima > 2023-05-29 12:10 | Report Abuse

The glove tards only know glove really not suitable for stock game!

Posted by monetary > 2023-05-29 12:46 | Report Abuse

Are u sure wat u buy is stock? U r just holding others' shit. Talk boastfully but everyday cries your heart. By the way. The piece of shit tat u picked up broke 40s again. After lunch time starts it's journey to 30s.

Posted by monetary > 2023-05-29 12:52 | Report Abuse

FPI got tons of cash. Very high quality asset. Gloves also sitting on tons of cash but all prices below nta except Harta.

Posted by monetary > 2023-05-29 12:56 | Report Abuse

Time like this don't try to be WB. When market agrees with u probably u alrdy suffer 30% paper loss.

Posted by Sardin > 2023-05-29 13:52 | Report Abuse

Monetary, everything is projection. What u hold now is also based on someone's projection or your own projection, from the result in the past or information collected, to be fair.

Posted by wkchia71 > 2023-05-29 16:00 | Report Abuse

Sardin, the resignation of the Member of Audit Committee and new appointment recently, any fishy things going on?

Posted by swissvillage > 2023-05-29 19:07 | Report Abuse

Immediate Announcement on Shares Buy Back
https://malaysiastock.biz/Company-Announcement.aspx?id=1484842

Posted by pinnaclegrade > 2023-05-30 08:43 | Report Abuse

The company knows best & have the most accurate earnings projection, when there is a share buy back, it's most certainly undervalued despite challenging market outlook. It comes down to holding period & being able to ride out the downturns

Posted by Sardin > 2023-05-30 09:08 | Report Abuse

Hi wkchia71, did all members resign? But I suspect insider sold shares before announcement. And that person must go if discovered. But I don't know who's that person.

Posted by Sardin > 2023-05-30 09:16 | Report Abuse

Wkchia, that person must have less than 3.5 mil shares to sell. You think who's that person?

Posted by Sardin > 2023-05-30 09:18 | Report Abuse

And I think he did it this way is like slapping Mr. S on his face because he will definitely face lots of questions in the AGM 2 days later. Who can tolerate this?

Posted by Sardin > 2023-05-30 09:20 | Report Abuse

These are all my questions waiting for more brilliant kaki to analyse and share. I'm not smart enough.

Posted by cola > 2023-05-30 09:38 | Report Abuse

I can't understand why would the company did a massive share buy back (almost 1/3 of that day volume) knowing that they were going to release a bad QR ......

Posted by pinnaclegrade > 2023-05-30 09:51 | Report Abuse

company is long term focus.... not Q on Q... look at the big picture, this is a dividend growth play, not for traders

Posted by cola > 2023-05-30 10:09 | Report Abuse

Wouldnt it better if they did the SBB after releasing QR....

Posted by cwc1981 > 2023-05-30 15:16 | Report Abuse

I think the management really have to buckle up. Don't let things fall back to pre pandemic level performance

Posted by NatsukoMishima > 2023-05-30 23:03 | Report Abuse

This is just a rm 1.50 stock goreng until rm 6 during 2021 !

Posted by NatsukoMishima > 2023-05-30 23:03 | Report Abuse

The worst is yet to come

Posted by uptrending > 2023-05-30 23:43 | Report Abuse

Never reached rm6.. It was about rm4. 4

Posted by curiousq > 2023-05-31 00:15 | Report Abuse

1.00 only, 3 years ago

Posted by Integrity. Intelligent. Industrious. 3iii (iiinvestsmart)$€£¥ > 2023-05-31 10:35 | Report Abuse

Are the large drops in the latest quarterly revenue and earning worrying?

Posted by NatsukoMishima > 2023-05-31 12:08 | Report Abuse

It s time to back to the real value while buble burst , u wont get the special high dividen anymore ! Rm 1 - 1.30 only consider

Posted by observatory > 2023-05-31 14:49 | Report Abuse

I do not have a view on this stock. However, investors beware that people making bullish or bearish comments could be either affected by their own bias, or worse, have a financial self-interest in their hope to influence other unsuspecting forumers.

Comments usually appear in abundance when stock price is tanking or shooting over the roof. At other time it’s very quiet.

But making a price prediction without backing up with data or fact is practically useless

Also take note FPI is one of the Bursa approved stocks for short selling.
https://www.bursamalaysia.com/trade/trading_resources/equities/regulated_short_selling

Posted by Sardin > 2023-05-31 16:04 | Report Abuse

Hi Observatory, well said. Just learned something from you that some stocks in Bursa are approved for short selling. Is there any website / source that I could refer to learn short selling in Bursa? Thanks.