FORMOSA PROSONIC INDUSTRIES

KLSE (MYR): FPI (9172)

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Last Price

2.72

Today's Change

+0.01 (0.37%)

Day's Change

2.71 - 2.72

Trading Volume

88,300

Financial

Show?
Last 10 FY Result
AQR T4Q 31/12/23 31/12/22 31/12/21 31/12/20 31/12/19 31/12/18 31/12/17 31/12/16 31/12/15 31/12/14 CAGR
Revenue 713,121 688,785 673,884 984,018 938,875 765,988 766,198 560,520 462,621 343,822 310,008 463,168 4.25%
PBT 58,900 81,462 144,455 141,169 124,734 69,474 54,322 45,077 48,009 16,094 21,644 8,756 36.51%
Tax -14,093 -15,470 -27,177 -35,217 -27,888 -17,559 -12,536 -8,445 -5,772 -324 435 -1,061 43.35%
NP 44,806 65,992 117,278 105,952 96,846 51,915 41,786 36,632 42,237 15,770 22,079 7,695 35.32%
-
NP to SH 44,806 65,992 117,323 105,983 96,898 51,923 41,750 36,644 42,313 13,543 19,365 7,589 35.53%
-
Tax Rate 23.93% 18.99% 18.81% 24.95% 22.36% 25.27% 23.08% 18.73% 12.02% 2.01% -2.01% 12.12% -
Total Cost 668,314 622,793 556,606 878,066 842,029 714,073 724,412 523,888 420,384 328,052 287,929 455,473 2.25%
-
Net Worth 517,588 517,588 540,917 478,420 414,125 333,933 309,197 294,637 277,040 252,305 267,146 250,437 8.92%
Dividend
AQR T4Q 31/12/23 31/12/22 31/12/21 31/12/20 31/12/19 31/12/18 31/12/17 31/12/16 31/12/15 31/12/14 CAGR
Div - 58,684 58,684 53,726 50,197 34,630 27,209 24,759 19,788 14,841 17,315 7,588 25.50%
Div Payout % - 88.93% 50.02% 50.69% 51.80% 66.70% 65.17% 67.57% 46.77% 109.59% 89.41% 100.00% -
Equity
AQR T4Q 31/12/23 31/12/22 31/12/21 31/12/20 31/12/19 31/12/18 31/12/17 31/12/16 31/12/15 31/12/14 CAGR
Net Worth 517,588 517,588 540,917 478,420 414,125 333,933 309,197 294,637 277,040 252,305 267,146 250,437 8.92%
NOSH 258,097 258,097 257,066 256,266 252,883 247,358 247,358 247,594 247,358 247,358 247,358 247,358 0.42%
Ratio Analysis
AQR T4Q 31/12/23 31/12/22 31/12/21 31/12/20 31/12/19 31/12/18 31/12/17 31/12/16 31/12/15 31/12/14 CAGR
NP Margin 6.28% 9.58% 17.40% 10.77% 10.32% 6.78% 5.45% 6.54% 9.13% 4.59% 7.12% 1.66% -
ROE 8.66% 12.75% 21.69% 22.15% 23.40% 15.55% 13.50% 12.44% 15.27% 5.37% 7.25% 3.03% -
Per Share
AQR T4Q 31/12/23 31/12/22 31/12/21 31/12/20 31/12/19 31/12/18 31/12/17 31/12/16 31/12/15 31/12/14 CAGR
RPS 278.31 268.81 264.11 384.62 374.08 309.67 309.75 226.39 187.02 139.00 125.33 183.09 4.15%
EPS 17.51 25.75 45.87 41.56 39.00 21.00 16.90 14.80 17.10 5.50 7.80 3.00 35.36%
DPS 0.00 23.00 23.00 21.00 20.00 14.00 11.00 10.00 8.00 6.00 7.00 3.00 25.38%
NAPS 2.02 2.02 2.12 1.87 1.65 1.35 1.25 1.19 1.12 1.02 1.08 0.99 8.82%
Adjusted Per Share Value based on latest NOSH - 258,097
AQR T4Q 31/12/23 31/12/22 31/12/21 31/12/20 31/12/19 31/12/18 31/12/17 31/12/16 31/12/15 31/12/14 CAGR
RPS 276.27 266.85 261.07 381.22 363.73 296.76 296.84 217.15 179.23 133.20 120.10 179.44 4.25%
EPS 17.36 25.57 45.45 41.06 37.54 20.12 16.17 14.20 16.39 5.25 7.50 2.94 35.53%
DPS 0.00 22.74 22.74 20.81 19.45 13.42 10.54 9.59 7.67 5.75 6.71 2.94 25.50%
NAPS 2.0052 2.0052 2.0956 1.8535 1.6044 1.2937 1.1979 1.1415 1.0733 0.9775 1.035 0.9702 8.92%
Price Multiplier on Financial Quarter End Date
AQR T4Q 31/12/23 31/12/22 31/12/21 31/12/20 31/12/19 31/12/18 31/12/17 31/12/16 31/12/15 31/12/14 CAGR
Date 30/09/24 30/09/24 29/12/23 30/12/22 31/12/21 31/12/20 31/12/19 31/12/18 29/12/17 30/12/16 31/12/15 31/12/14 -
Price 2.84 2.84 2.87 3.23 3.75 2.27 1.61 1.68 1.72 0.865 0.89 0.76 -
P/RPS 1.02 1.06 1.09 0.84 1.00 0.73 0.52 0.74 0.92 0.62 0.71 0.76 4.08%
P/EPS 16.24 11.03 6.24 7.80 9.71 10.81 9.54 11.35 10.05 15.80 11.37 25.33 -14.40%
EY 6.16 9.07 16.02 12.83 10.30 9.25 10.48 8.81 9.95 6.33 8.80 3.95 16.82%
DY 0.00 8.10 8.01 6.50 5.33 6.17 6.83 5.95 4.65 6.94 7.87 3.95 8.16%
P/NAPS 1.41 1.41 1.35 1.73 2.27 1.68 1.29 1.41 1.54 0.85 0.82 0.77 6.43%
Price Multiplier on Announcement Date
AQR T4Q 31/12/23 31/12/22 31/12/21 31/12/20 31/12/19 31/12/18 31/12/17 31/12/16 31/12/15 31/12/14 CAGR
Date 20/11/24 20/11/24 22/02/24 23/02/23 24/02/22 25/02/21 20/02/20 21/02/19 28/02/18 23/02/17 26/02/16 09/02/15 -
Price 2.90 2.90 3.02 3.45 3.78 2.93 1.76 2.00 1.82 1.01 0.91 0.84 -
P/RPS 1.04 1.08 1.14 0.90 1.01 0.95 0.57 0.88 0.97 0.73 0.73 0.84 3.44%
P/EPS 16.58 11.26 6.57 8.33 9.79 13.96 10.43 13.51 10.64 18.45 11.62 28.00 -14.86%
EY 6.03 8.88 15.23 12.01 10.21 7.16 9.59 7.40 9.40 5.42 8.60 3.57 17.47%
DY 0.00 7.93 7.62 6.09 5.29 4.78 6.25 5.00 4.40 5.94 7.69 3.57 8.78%
P/NAPS 1.44 1.44 1.42 1.84 2.29 2.17 1.41 1.68 1.63 0.99 0.84 0.85 5.86%

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 3,141 comments

pantor

Worth at least RM4

2024-05-24 21:29

observatory

FPI boss is cautious when answering certain types of question, no matter how the questions are crafted. This can be seen from past AGM minutes. For example, ask anything about its clients he would tell you sorry they’re bounded by NDA with the clients. Probably he believes that even telling you product features would have given away too much and jeopardize the NDAs!

Based on my own experience, FPI is among the average. No worse than many companies I’ve come across.

Very few company management/ board go all their ways to make sure shareholders understand how the company works. One of the exceptions is Allianz. It gives me very good impression.

2024-05-24 22:38

EngineeringProfit

In the first quarter of 2024, FPI reported a revenue of RM153.9 million and a net profit of RM32.4 million, resulting in an EPS of 12.69 sen. And the EPS stays above 10 Sen after another QR

2024-05-24 23:45

jeffrey1166

ya

2024-05-25 20:19

pantor

It is Ok if the management does not disclose much of the info of its clients to the shareholders, as long as it can make good profit, give good dividend, maintain good cashflow and remain cash rich, as is the case now.

2024-05-26 14:46

jeffrey1166

ya div 9% tp can t set 4 above

2024-05-26 18:33

EngineeringProfit

PEG ratio about 0.7 ? Over the past decade, Formosa Prosonic Industries (FPI) has shown notable growth. Analyzing the available data, FPI's earnings per share (EPS) have increased significantly, highlighting a robust performance trend.

In recent years, the EPS growth has been quite strong. For instance, the EPS for 2022 was RM0.42 compared to RM0.39 in 2021, and earlier, it was RM0.21 in 2020 versus RM0.17 in 2019. Over the last five years, the company has achieved an annual EPS growth rate of about 25%, indicating a consistent upward trajectory in its financial performance.

Additionally, the company's dividend payments have also increased, reflecting its growing profitability. From 2014 to 2024, the dividend grew from MYR0.06 to MYR0.23 per share, demonstrating an annual growth rate of approximately 14%.

Overall, FPI has maintained a strong growth rate over the past decade, making it an attractive investment option within the materials sector.

2024-05-26 19:40

DividendGuy67

I just posted an update on FPI here.
https://klse.i3investor.com/web/blog/detail/DividendGuy67/2024-06-13-story-h-159639979-FPI_Update

I like to think there's a majority chance a breakout will soon happen to the upside, but that's not my primary objective - my main goal is to own this stock for its high dividend yield, and if there's a price gain, that's a bonus.

Never be greedy. My position size here is around 3% capital. Not expecting to be wrong, but if it turns out that I'm wrong, then, no major drama - just collect the dividends, and wait for the next high probability setup.

2024-06-13 20:21

jeffrey1166

coming can fly

2024-06-13 23:54

Thirai Thiraviam

EngineeringProfit:
> PEG ratio about 0.7 ? Over the past decade, Formosa Prosonic Industries (FPI) has shown notable growth. Analyzing the available data, FPI's earnings per share (EPS) have increased significantly, highlighting a robust performance trend.

May I know how you calculated the PEG Ratio? I got 0.24, based on the following:

PEG Ratio = PE / 5-Year EBITDA Growth Rate
= 5.73 / 24.3
= 0.24

Are you using a much lower growth rate? If so, may I know why?

> Overall, FPI has maintained a strong growth rate over the past decade, making it an attractive investment option within the materials sector.

I consider FPI as a hardware manufacturer. Not sure why you place it in the materials sector.

2024-06-15 20:47

Thirai Thiraviam

Hi all -- While the FPI's share price has improved considerably in recently months, I remain concerned about its not so impressive top line number. As a result, FPI's PS Ratio now stands at 1.1, well above its historical norm of around 0.7. Is this a course for concern?

I added more when the price dipped recently after the x date. But, the above concern keeps me from adding more, despite FPI trading at such depressed PE Ratio, improving operating margin, and impressive ROIC.

2024-06-15 21:17

jeffrey1166

th use roe and nta to

2024-06-16 13:16

jeffrey1166

price in rm4

2024-06-16 13:16

DividendGuy67

I try not to over-analyze any one stock, because I have too many experiences over the past 3 decades, where I analyzed in great detail (like at least 100 times more detail), thinking I knew the most, but one day, the market threw me a curve that I could never have predicted, notwitstanding numerous detailed analysis everywhere.

In short, as retail investors, we will never ever know everything no matter how much we analyze, research, access to management and board, etc.

Because of these occasional bad past experiences, I have given up owning say 10 stocks or less - it is too few because if I lose 10% capital, it's a lot harder to make it back than losing just 2% or 3% capital.

So, my minimum number of holdings is at least 40 stocks. My experience is I only need to spend 2% of the time to analyze the big picture, and it explains 98% of the results over the long term. In short, I play the statistics. Every stock idea should be capable of being explained in 1 minute. If you can't explain the idea in 1 minutes, I pass.

So, what is FPI's one minute idea?
1. Long term chart - rising
2. Small cap with room to grow.
3. Past 10 years business growth is proven, whether RPS, EPS, DPS and/or NAPS growth - it has proven itself.
4. Speakers business is niche - FPI didn't grow like this over past 10 years if it wasn't doing something right - true next 10 years is unclear, nobody really knows, but the edge is better than 50/50.
5. Excellent financials and balance sheet today and in the past - that's good enough to earn my trust.

In short, it's good enough for me to own up to 2%-3% of capital on this stock. I have no intention to own 10% or 20% capital into this one stock - if you want to own this much, you need much greater assurance than I need, but I doubt the extra 10-100 times more analysis is going to beat the 1 minute statement above in the long run.

Just my 2 sen.

2024-06-16 14:00

DividendGuy67

I forgot to mention what I always look for before triggering which is good valuation, attractive entry price, buy during accumulation zone, can visualize higher earnings and DPS in 5, 10, 20 years time too.

2024-06-16 14:02

DividendGuy67

My reference is the typical institutional investors like unit trust fund managers, insurance companies, banks. All of them are highly diversified, owning anywhere from 50 to 500 different stocks. In theory, they are supposed to be the true experts on analysis of stocks, with the huge professional resources they have, access to management, etc - much more than I have. Yet, they don't invest in 5 or 10 stocks. It's good to ponder why. Because if you read their IB reports, they are always surprised after next quarter or next few quarters. Noone can eliminate surprise by analysis.

2024-06-16 14:08

DividendGuy67

Since I started investing in Bursa, my win rate is pretty good including paper gains/loss. 82% of my stocks investing/trading results in win, only 18% is a loss, and all 18 are paper losses so far which a majority I expect to be temporary.

I suspect my win rate is higher than many professional fund managers. Notwitstanding, I know enough to know that my analysis have limitations, that no matter how good an analysis I do, I will still be proven wrong from time to time.

2024-06-16 14:13

DividendGuy67

Interesting ... out of 54 open stock positions, 13 are losses, 41 winners and the $ winner far offset the losers. I have another 18 mostly trading stocks that I have closed and 18 / 18 are winners with no losers. Total winner 59 / 72 ~ 82%.

The small paper losses are mostly investing positions which include AMFIRST, BAT (trading), CARLSBG, CHINWEL, HEIM, HEKTAR, MAGNUM (trading), MAXIS, PBBANK, RAPID (trading), these 10 are extremely small % loss - I am very confident, with time, they will turn profitable, mostly by doing nothing, but some may require trading (e.g. BAT - cannot keep for too long). The 3 bigger % loss are ARREIT, ASTRO and BESHOM, all 3 are hopeless - don't enter them (I'm not), don't average down (I'm not) - my plan is to just leave them there to die a natural death as they are small. These 3 has VERY successfully reminded me for a long time - a constant reminder - not to buy a stock that is going down - that reminder has successfully enabled my portfolio to keep making new all time highs as a result.

2024-06-16 14:51

jeffrey1166

u total capital is how much @dividend guy

2024-06-16 20:39

jeffrey1166

good fa

2024-06-16 20:39

Thirai Thiraviam

DividendGuy67:
> My minimum number of holdings is at least 40 stocks. My experience is I only need to spend 2% of the time to analyze the big picture, and it explains 98% of the results over the long term. In short, I play the statistics.

I find owning too many stocks tiresome. In my younger days, I was a lot more gung-ho and held numerous positions. However, over the years, I have come to realize that I prefer owning stocks for the long term—at least 5 years—and favour those that are more predictable.

I aim to own around 20 stocks at a time, though there is often some overlap as I trim and gradually exit richly valued stocks while buying those I perceive to be undervalued. Generally, I try not to allocate more than 10% to any one particular stock.

2024-06-17 10:04

DividendGuy67

@Thirai, it's gung ho indeed if you can't cope, but if you can, do note institutional investors prefer to own much more than 50-100 stocks, due to their fund mandate and benchmarks.

Here's 3 examples:

1. PB Dividend Builder Equity Fund. Benchmark = 90% FTSE Bursa Malaysia Top 100 (FBM100) & 10% 3 month KLIBOR. Their benchmark is 100 stocks. Their overseas exposures are USA (10.0%), Taiwan (4.2%), China (2.1%), Korea (1.5%) across many different sectors i.e. their portfolio contains 3 digit stocks.
2. PB Growth Fund. Benchmark = KLCI = 30 stocks; They have exposures in US (7.0%), China (6.0%), Taiwan (1.9%), UK (1.2%) i.e. 3 digit stocks.
3. PB Islamic Equity Fund. Benchmark = FTSE Bursa Malaysia EMAS Shariah Index comprising of 220 stocks. They also invests 8.1% in the US, 4.7% in China, 3.1% Netherlands.
etc.

More important is to avoid large losses, which ever the style.

2024-06-17 15:59

DividendGuy67

@jeffrey, I explained how many stocks here:
https://klse.i3investor.com/web/blog/detail/DividendGuy67/2024-06-11-story-h-159701327-Portfolio_All_Time_High_Profit_Watermark_June_Update

2024-06-17 16:01

jeffrey1166

tq guys 67

2024-06-17 16:03

Thirai Thiraviam

DividendGuy67:
> It's gung ho indeed if you can't cope, but if you can, do note institutional investors prefer to own much more than 50-100 stocks, due to their fund mandate and benchmarks.

Good for them. I fear I do not have that level of capability or bandwidth, let alone inclination.

2024-06-17 17:07

zzprozaz

Post removed.Why?

2024-07-10 08:51

jeffrey1166

keep buying

2024-07-10 21:19

geary

FPI Monthly Pivot Points Momentum!
S2: 2.72.(My Cost of Capital Employed)
S1: 2.82.
PIVOT: 2.99.
R1: 3.16.
Dis: Buy/Hold at your own Risk.
DY/BY...stock...Not much trading volume!🤞🤓

2024-08-02 22:36

jeffrey1166

can fly

2024-08-04 13:59

Dakewlest

Anyone buying at this price?

2024-09-04 11:47

jeffrey1166

i keep buying

2024-09-04 18:53

jeffrey1166

cheap

2024-09-04 18:53

ryoyagod

Buying for dividend 😋

2024-09-06 20:23

curiousq

The Group recorded lower sales of RM200.6 million, a drop of 14.4% from the previous year’s corresponding quarter of RM234.5 million mainly due to lower sales volume. Consequently and coupled with loss on foreign exchange, earnings before interest, tax, depreciation and amortization (“EBITDA”) decreased 137.5% to a loss of RM22.6 million for the current quarter compared to a profit RM60.3 million in the previous year’s corresponding quarter.

1 month ago

NatsukoMishima

Better starts shift to other stocks that will skyrocket later such as vstecs , ranhill , swift haulage ! FPI share price will further drop atleast 40% in 2025 !

1 month ago

cwc1981

Dividend maybe around 10 cents

1 month ago

cwc1981

Unless take from cash reserve

1 month ago

NatsukoMishima

Eat old rice !

1 month ago

icst1975

At end June 24 , 1 USD = MYR4.71; at end Sept 24, 1 USD = MYR 4.12. Against Malaysian MYR, USD had depreciated by 12.5% from end June to end Sept 2024.
FPI is very cash rich with a CASH balance of about MYR180 mln as at end of June 2024. If the said CASH had all been deposited in USD instrument in Q2 2024, there would be a foreign currency exchange loss of about RM22.5 million due to Malaysian ringgit appreciation against USD over quater 3, 2024.
Suggestion: FPI should return the excessive cash it has to shareholders.

1 month ago

yongyong88

Next year dividend looks likely to be much lower than the price depreciation now. If price continues to drop, shareholders may suffer higher loss even if it can still give 23 sen dividend. Better wait n watch.

1 month ago

carilembu

Gradual selling till end of year?

3 weeks ago

ryoyagod

Eyeing for RM2.50 to goreng

1 week ago

yongyong88

2.50 good price to go in

1 week ago

jeffrey1166

coming can fly

1 week ago

sense maker

Taiwanese internally control cost and thus profits of this company. Beware.

1 week ago

icst1975

The Group recorded higher sales of RM200.6 million in Q3 or a rise of 8.5% when compared to RM185.0 million in the immediate preceding quarter mainly due to higher sales volume.
Nevertheless, EBITDA for Q3 2024 dropped to a loss of RM22.6 million from a profit of RM27.0 million in the immediate previous quarter mainly due to a large loss on foreign exchange.
FPI's Cash, bank balances and deposits as at end 2023 was 202 mil and short term funds was 249 mil. My guess is that the bulk of this cash (about 300mln ?) were probably kept in USD instruments .
This would led to a 10% exchange loss from end quarter 2 to end quarter 3 due to ringgit appreciation against USD from RM4.717 (30 June 2024) to RM4.126 (30 Sept 2024). The FOREX loss could be some 30 mln in Q3.
That is to say FPI profit from core business is actually improving in Q3.
Fortunately, the USD exchange rate to MYR has already risen in Q4 by 8% todate. Currently the exchange rate stands at RM4.45. This is only 3% lower than RM4.59 as at 31 Dec 2023.
The foreign currency exchange loss for the full year of 2024 would therefore be quite small. The Core buisness sales and earnings are improving compare to year 2023.

1 week ago

icst1975

FPI improvement in core business performance in 2024 can be seen from a higher annualised year 2024 revenue of MYR 713 million which is about 6% higher than in year 2023 (MYR 674 mln).

1 week ago

icst1975

FPI shareholders can therefore expect similar level of share dividend for 2024 as in 2023..

1 week ago

jeffrey1166

dic on 0.25

1 week ago

ryoyagod

Buy on weakness now 😘

5 days ago

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