Buy Or Sell Opportunity • Jun 12
Now 20% overvalued The stock has been flat over the last 90 days, currently trading at HK$35.86. The fair value is estimated to be HK$29.86, however this is not to be taken as a sell recommendation but rather should be used as a guide only. Revenue has grown by 13% over the last 3 years. Earnings per share has grown by 12%. Valuation Update With 7 Day Price Move • Jun 10
Investor sentiment deteriorates as stock falls 21% After last week's 21% share price decline to HK$29.80, the stock trades at a trailing P/E ratio of 17.1x. Average trailing P/E is 28x in the Communications industry in Hong Kong. 공시 • May 31
FS.COM Limited Approves Final Ordinary Dividend for the Year Ended 31 December 2025, Payable on 30 June 2026 The Board announced that the FS.COM Limited will distribute an aggregate cash dividend of RMB 200,000,000 (tax inclusive) for the year ended December 31, 2025 (the "Final Dividend") on Tuesday, June 30, 2026. Based on the total number of issued Shares of the Company of 405,675,700 Shares as at May 28, 2026, being the basis for calculating the proposed cash dividend, a cash dividend of approximately RMB 4.93 for every 10 Shares (tax inclusive) will be distributed to all Shareholders. If there is any change in the total issued share capital of the Company before the record date (i.e. June 10, 2026) for the equity distribution, the Company will keep the total distribution amount unchanged and make corresponding adjustment to the distribution ratio per Share. In order to determine the eligibility of Shareholders for the Final Dividend, the Company will suspend registration for transfer of shares from Monday, June 8, 2026 to Wednesday, June 10, 2026 (both dates inclusive), during which period no transfer of Shares will be registered. In order to determine the entitlement to the Final Dividend, all completed share transfer documents together with the relevant share certificates must be lodged with the Company's H Share Registrar, Tricor Investor Services Limited, at 17/F, Far East Finance Centre, 16 Harcourt Road, Hong Kong before 4:30 p.m. on Friday, June 5, 2026. Shareholders whose names appear on the register of members of the Company on Wednesday, June 10, 2026 (the "Record Date") shall be entitled to receive the Final Dividend. 공시 • May 27
FS Launches 400G High-Speed Interconnect Solution for Scalable Cloud Data Center Networking FS, a global provider of ICT products and solutions, announced 400G High-Speed Interconnect Solution for Cloud Data Centers, designed to help organizations build scalable, low-latency, and highly reliable network fabrics for multi-site cloud environments. Built around a 400G Spine-Leaf architecture, the solution addresses rising east-west traffic driven by cloud services, AI applications and large-scale data synchronization, while simplifying deployment and operations as data center networks grow in size and complexity. The architecture includes spine, leaf, border leaf, and DCI gateway layers to support flexible and efficient interconnection across data center environments. The spine layer delivers high-performance Layer 3 forwarding, while the leaf layer provides high-speed server access and VXLAN-based traffic transport. Border leaf and DCI gateway nodes extend connectivity to external networks and geographically distributed data centers. The solution supports EVPN-VXLAN, ECMP, BFD, and EVPN multihoming. These technologies enable active-active forwarding, multi-path load balancing, and fast fault recovery, helping reduce single points of failure and improve network resilience in high-availability environments. The solution is powered by the unified PicOS® network operating system and managed through AmpCon management software for data center networks. PicOS® enables consistent operations across multi-device and multi-tier environments, helping improve network stability and security while reducing the learning curve and simplifying version upgrades and maintenance. AmpCon provides centralized management, topology visibility, and automated lifecycle operations, helping streamline deployment, improve operational efficiency, and simplify ongoing maintenance across the fabric. With this launch, FS further expands its data center networking portfolio and provides customers with a practical path to building scalable, resilient, and easier-to-manage cloud data center networks. 공시 • May 12
FS Launches B300 AI Networking Solution FS, a provider of high-performance and easy-to-deploy networking solutions, announced the launch of its 800G AI Networking Solution for NVIDIA B300 GPU clusters. Built on a 51.2T RoCEv2 Ethernet architecture, the solution is designed to deliver the high bandwidth, ultra-low latency, and scalable lossless connectivity required for large-scale AI training environments. Large-scale AI training places increasingly stringent demands on bandwidth, latency, congestion control, and horizontal scalability, making it difficult for traditional network architectures to meet the dual requirements of performance and stability in modern AI data centers. FS has developed its B300 solution based on 800G Ethernet and a lossless Spine-Leaf fabric architecture. This solution provides a stable, high-performance, and easily scalable network foundation for GPU clusters. It is powered by the unified PicOS network operating system, enabling consistent management across multi-device and multi-tier environments, improving network stability and security while reducing the learning curve and simplifying version upgrades and maintenance. With AmpCon management software for data center networks, FS further enables automated deployment, unified real-time monitoring, and standardized architecture management for AI networks, enhancing network visibility, reducing the complexity of AI data center construction and operations, and helping customers achieve more efficient operational management. Key Highlights of the FS B300 AI Networking Solution include: 51.2T high-throughput network with multi-track optimization; Efficient scalability supports large network deployments; PFC, DCQCN, shared buffers, and intelligent load balancing enable lossless network; Accelerate AI training with a dedicated RDMA storage network. The launch of the FS B300 solution highlights FS’s continuous innovation in AI networking infrastructure and provides the industry with a new high-performance Ethernet option for large-scale AI deployments. Valuation Update With 7 Day Price Move • May 11
Investor sentiment improves as stock rises 17% After last week's 17% share price gain to HK$51.30, the stock trades at a trailing P/E ratio of 29.6x. Average trailing P/E is 25x in the Communications industry in Hong Kong. 
