FORMOSA PROSONIC INDUSTRIES

KLSE (MYR): FPI (9172)

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Last Price

3.14

Today's Change

-0.02 (0.63%)

Day's Change

3.12 - 3.16

Trading Volume

183,300

Financial

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Last 10 FY Result
AQR T4Q 31/12/21 31/12/20 31/12/19 31/12/18 31/12/17 31/12/16 31/12/15 31/12/14 31/12/13 31/12/12 CAGR
Revenue 1,008,244 982,698 938,875 765,988 766,198 560,520 462,621 343,822 310,008 463,168 543,015 734,473 2.76%
PBT 109,484 125,513 124,734 69,474 54,322 45,077 48,009 16,094 21,644 8,756 24,034 36,559 14.60%
Tax -25,312 -28,131 -27,888 -17,559 -12,536 -8,445 -5,772 -324 435 -1,061 -169 -7,176 16.26%
NP 84,172 97,382 96,846 51,915 41,786 36,632 42,237 15,770 22,079 7,695 23,865 29,383 14.16%
-
NP to SH 84,224 97,437 96,898 51,923 41,750 36,644 42,313 13,543 19,365 7,589 21,824 27,100 15.19%
-
Tax Rate 23.12% 22.41% 22.36% 25.27% 23.08% 18.73% 12.02% 2.01% -2.01% 12.12% 0.70% 19.63% -
Total Cost 924,072 885,316 842,029 714,073 724,412 523,888 420,384 328,052 287,929 455,473 519,150 705,090 1.99%
-
Net Worth 440,978 440,978 414,125 333,933 309,197 294,637 277,040 252,305 267,146 250,437 250,560 238,972 6.29%
Dividend
AQR T4Q 31/12/21 31/12/20 31/12/19 31/12/18 31/12/17 31/12/16 31/12/15 31/12/14 31/12/13 31/12/12 CAGR
Div - 50,197 50,197 34,630 27,209 24,759 19,788 14,841 17,315 7,588 14,884 14,781 14.54%
Div Payout % - 51.52% 51.80% 66.70% 65.17% 67.57% 46.77% 109.59% 89.41% 100.00% 68.20% 54.55% -
Equity
AQR T4Q 31/12/21 31/12/20 31/12/19 31/12/18 31/12/17 31/12/16 31/12/15 31/12/14 31/12/13 31/12/12 CAGR
Net Worth 440,978 440,978 414,125 333,933 309,197 294,637 277,040 252,305 267,146 250,437 250,560 238,972 6.29%
NOSH 255,276 255,276 252,883 247,358 247,358 247,594 247,358 247,358 247,358 247,358 248,079 246,363 0.29%
Ratio Analysis
AQR T4Q 31/12/21 31/12/20 31/12/19 31/12/18 31/12/17 31/12/16 31/12/15 31/12/14 31/12/13 31/12/12 CAGR
NP Margin 8.35% 9.91% 10.32% 6.78% 5.45% 6.54% 9.13% 4.59% 7.12% 1.66% 4.39% 4.00% -
ROE 19.10% 22.10% 23.40% 15.55% 13.50% 12.44% 15.27% 5.37% 7.25% 3.03% 8.71% 11.34% -
Per Share
AQR T4Q 31/12/21 31/12/20 31/12/19 31/12/18 31/12/17 31/12/16 31/12/15 31/12/14 31/12/13 31/12/12 CAGR
RPS 397.83 387.75 374.08 309.67 309.75 226.39 187.02 139.00 125.33 183.09 218.89 298.13 2.55%
EPS 33.24 38.45 39.00 21.00 16.90 14.80 17.10 5.50 7.80 3.00 8.80 11.00 15.08%
DPS 0.00 19.81 20.00 14.00 11.00 10.00 8.00 6.00 7.00 3.00 6.00 6.00 14.30%
NAPS 1.74 1.74 1.65 1.35 1.25 1.19 1.12 1.02 1.08 0.99 1.01 0.97 6.07%
Adjusted Per Share Value based on latest NOSH - 255,276
AQR T4Q 31/12/21 31/12/20 31/12/19 31/12/18 31/12/17 31/12/16 31/12/15 31/12/14 31/12/13 31/12/12 CAGR
RPS 394.73 384.73 367.57 299.89 299.97 219.45 181.12 134.61 121.37 181.33 212.59 287.55 2.76%
EPS 32.97 38.15 37.94 20.33 16.35 14.35 16.57 5.30 7.58 2.97 8.54 10.61 15.19%
DPS 0.00 19.65 19.65 13.56 10.65 9.69 7.75 5.81 6.78 2.97 5.83 5.79 14.53%
NAPS 1.7264 1.7264 1.6213 1.3074 1.2105 1.1535 1.0846 0.9878 1.0459 0.9805 0.981 0.9356 6.29%
Price Multiplier on Financial Quarter End Date
AQR T4Q 31/12/21 31/12/20 31/12/19 31/12/18 31/12/17 31/12/16 31/12/15 31/12/14 31/12/13 31/12/12 CAGR
Date 31/03/22 31/03/22 31/12/21 31/12/20 31/12/19 31/12/18 29/12/17 30/12/16 31/12/15 31/12/14 31/12/13 31/12/12 -
Price 3.75 3.75 3.75 2.27 1.61 1.68 1.72 0.865 0.89 0.76 0.755 0.71 -
P/RPS 0.94 0.97 1.00 0.73 0.52 0.74 0.92 0.62 0.71 0.76 0.34 0.24 17.17%
P/EPS 11.28 9.75 9.71 10.81 9.54 11.35 10.05 15.80 11.37 25.33 8.58 6.45 4.64%
EY 8.86 10.25 10.30 9.25 10.48 8.81 9.95 6.33 8.80 3.95 11.65 15.49 -4.43%
DY 0.00 5.28 5.33 6.17 6.83 5.95 4.65 6.94 7.87 3.95 7.95 8.45 -4.98%
P/NAPS 2.16 2.16 2.27 1.68 1.29 1.41 1.54 0.85 0.82 0.77 0.75 0.73 13.42%
Price Multiplier on Announcement Date
AQR T4Q 31/12/21 31/12/20 31/12/19 31/12/18 31/12/17 31/12/16 31/12/15 31/12/14 31/12/13 31/12/12 CAGR
Date 27/05/22 27/05/22 24/02/22 25/02/21 20/02/20 21/02/19 28/02/18 23/02/17 26/02/16 09/02/15 21/02/14 22/02/13 -
Price 3.24 3.24 3.78 2.93 1.76 2.00 1.82 1.01 0.91 0.84 0.915 0.79 -
P/RPS 0.81 0.84 1.01 0.95 0.57 0.88 0.97 0.73 0.73 0.84 0.42 0.26 16.26%
P/EPS 9.75 8.43 9.79 13.96 10.43 13.51 10.64 18.45 11.62 28.00 10.40 7.18 3.50%
EY 10.26 11.87 10.21 7.16 9.59 7.40 9.40 5.42 8.60 3.57 9.61 13.92 -3.38%
DY 0.00 6.11 5.29 4.78 6.25 5.00 4.40 5.94 7.69 3.57 6.56 7.59 -3.92%
P/NAPS 1.86 1.86 2.29 2.17 1.41 1.68 1.63 0.99 0.84 0.85 0.91 0.81 12.23%

PBT = Profit before Tax, NP = Net Profit, NP to SH = Net Profit Attributable to Shareholder, Div = Dividend, NP Margin = Net Profit Margin, ROE = Return on Equity, NOSH = Number of Shares, RPS = Revenue per Share, EPS = Earning Per Share, DPS = Dividend Per Share, NAPS = Net Asset Per Share, EOQ = End of Quarter, ANN = Announcement, P/RPS = Price/Revenue per Share, P/EPS = Price/Earning per Share, P/NAPS = Price/Net Asset per Share, EY = Earning Yield, DY = Dividend Yield.

NOSH is estimated based on the NP to SH and EPS. Div is an estimated figure based on the DPS and NOSH. Net Worth is an estimated figure based on the NAPS and NOSH.

Div Payout %, NP Margin, ROE, DY, QoQ & YoY figures in Percentage; RPS, EPS & DPS's figures in Cent; and NAPS's figures in Dollar.

All figures in '000 unless specified.

Discussions
8 people like this. Showing 50 of 2,647 comments

stockraider

Very high div yield mah!

2022-05-11 09:11

Sardin

@JKing, so you expect EPS 2022 Q1 to be about the same qoq.

2022-05-11 19:27

cwc1981

Last year Q1 was 8.3 cents. If able to match will be great

2022-05-11 19:55

JKing

Should be better than Q1 last year

2022-05-13 23:54

cwc1981

Great

2022-05-14 06:26

JKing

Fpi has another new customer. Denon

2022-05-17 16:23

EeRickLee0714

seems legit

2022-05-17 18:26

EeRickLee0714

DY is good

2022-05-17 18:26

cwc1981

see 1st Quarter result earning good or not

2022-05-18 17:17

Sardin

@JKing, may I know how did you get the magic number RM 25-30 million net profit for 2022 Q1?

2022-05-19 11:12

goldeneye

Expecting good result coming soon.

2 months ago

Sardin

Hope there is EPS 11 sen per share

2 months ago

YoongGer

QR coming !

2 months ago

Sardin

Crossing my fingers

2 months ago

Sardin

Let's guess the EPS for 2022 Q1. Starts from me. 9.9 sen or better.

2 months ago

cwc1981

10.5 cents. Hahhaha

2 months ago

YoongGer

Margin of Safety

“Confronted with a like challenge to distill the secret of sound investment into three words, we venture the motto, MARGIN OF SAFETY.”

The most critical element in calculating the intrinsic value of a company is the future growth. We will look at it from 2 different angles:

2 months ago

YoongGer

As shown earlier the CAGR for revenue, EPS, and dividend payout ranges from 16% to 61%.
Future CAGR projection for smart speakers from analyst varies from 16%-19%. "The global blue-tooth speaker market reached a value of US$ 10.1 Billion in 2021. Looking forward, the publisher expects the market to reach US$ 30.4 Billion by 2027, exhibiting a CAGR of 19.1% during 2022-2027."

https://klse.i3investor.com/web/blog/detail/Stockwinners/2021-07-27-st...

Based on the above, we will be conservative and project FPI EPS CAGR to be 16%. Our minimum expected rate of return per year is 10% and future PE is assumed to be 12. Current EPS is RM0.39. We are not excluding any exceptional gain or expense from the earning. Also, we will not deduct the net cash from market capitalization. These items approximately cancel out each other.

Using projected EPS CAGR of 16%, the earning in 10 years will be RM1.72. Multiplying this with the future PE ratio, the future stock price is expected to be RM20.65. We discount this price by 10% per year and bring it back to today. The intrinsic value of FPI based on conservative valuation is RM7.96.

This gives us a very significant margin of safety today (April,’22)

2 months ago

Sardin

Hi YoongGer, that's built on one assumption where FPI is able to retain good customers and high margin works.

2 months ago

Sardin

Looks like the report will only come out by tomorrow.

2 months ago

Thirai Thiraviam

Ah, I missed the first part of the AGM.

2 months ago

Sardin

Not much "useful" information in the first part of AGM. The screen also turns blurr sometime. The video quality is not so good.

2 months ago

JKing

Key take away from AGM
1) vertical integration is working well and continue discuss with Wistron on potential new vertical integration since Wistron is expanding in Malaysia.
2) 20 acres of land next to wistron, discussion is ongoing with customer
3) some impact on labour cost but employee headcount reduce by 200 as compare to Dec 2021 so I assume some offset
4) there is mechanism on adjusting pricing with customer for inflation cost on material

2 months ago

Moolala

Thanks for the info JKing

2 months ago

cwc1981

8.31 cents slighy higher than previous year Q1

2 months ago

ghochu

Jking : Numbers look very disappointing at 21 mn versus your expectation of 25-30 mn. Clearly GPM got affected - did they comment on GPM and ASP in AGM? Can they raise prices?

2 months ago

investortrader88

I bought this counter at RM2.72 last year.will continue to hold.good luck guys

2 months ago

JKing

Business still growing as revenue improve. Margin is affected on high raw material and labour. In AGM they do mention they have the mechanism to adjust price in the contract but I think there is some time gap before new ASP take effective against material price increase.

2 months ago

cwc1981

Nett cash position very good. Paid almost 50 million for last FY dividend. Cash still at 263 million.

2 months ago

Sardin

To be conservative, assume EPS and dividend in 2022 to be the same as 2021.

2 months ago

cwc1981

Trade receivable also increase by 50 million

2 months ago

ghochu

Usually they publish notes of their AGM. I have not seen any this time. Has anybody seen or written notes of AGM

2 months ago

goldeneye

Still undervalued stock. Should stay above RM5

2 months ago

investortrader88

Msnaged to top up at RM2.85.good luck guys

2 months ago

HF Isaac

This counter is just getting worse day by day. Stretching our patience to the limit. Is the business doing well? Hopefully some kind souls can update us? Tqvm

1 month ago

amateurJR

Ok buy little to play play

1 month ago

Sardin

There's more small shareholders in this stock. So price is more volatile. According to TA downside risk is high so it encourages TA investors to sell. Fundamental wise I guess in coming one year profit will stay stagnant because of interest rate hike and inflation which will erode the purchasing power of consumers. This will somewhat cancel off the bullish outlook of smart audio and musical instrument demand. To be Conservative, expecting annual EPS 35 sen and dividend 20 sen.

1 month ago

HF Isaac

Thanks sardin. Even with dividend yield of 7 per cent upside can't attract enough fundamental investor.

1 month ago

Sardin

I anticipate the attraction will turn strong when the price touches RM 2.50 (dividend yield 8%). I believe Q2 result will remain strong and so it gives very strong support at RM 2.50 from now to end of August. By end of August the price movement will be again driven by Q2 result and US economic outlook. So I think reward is higher than risk at prices below RM 2.50.

1 month ago

Sardin

Some fund managers might be looking at these opportunities to buy a stake in FPI anytime from now.

1 month ago

Jokers2020

at time of recession sound system,speaker tak laku

1 month ago

Sardin

At time of recession, middle class will reduce their expenditure for entertainment. But I think sound speaker is quite basic because the cheapest entertainment one can have in a modern day is to watch movie at home (especially for a family of 4 or 5) instead of going to cenema, or listening to radio instead of going to concert. For teenagers, it may be playing computer games instead of going out for vocation. None of this can be done in a decent way without a proper speaker or sound system. First they did it because they have the money but not the freedom to travel due to covid, now they are going to do it again because they don't have enough money for more expensive activities. Same thing for different reasons.

1 month ago

Sardin

And you know how much pop corn money you can save by watching movie at home throghout the year?

1 month ago

EeRickLee0714

during pandemic endemic period, all sector will kena affect lahh thats for sure including sound system, public shows , concert, event lesser, needs of sound system sure kena impact

1 month ago

EeRickLee0714

but overall FPI is good lahh steady business

1 month ago

sasword

Post removed.Why?

2 weeks ago

RTF3MIL

china sanction taiwan run before too late

2 weeks ago

JKing

FPI top 3 customer is Japan brand. Nothing to do with Taiwan .

2 days ago

Kobayashi73

Good news, soon

8 hours ago

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