Valuation Update With 7 Day Price Move • May 07
Investor sentiment improves as stock rises 16% After last week's 16% share price gain to HK$8.92, the stock trades at a forward P/E ratio of 32x. Average forward P/E is 14x in the Electronic industry in Hong Kong. Total returns to shareholders of 499% over the past three years. Announcement • Apr 30
FIT Hon Teng Limited, Annual General Meeting, May 26, 2026 FIT Hon Teng Limited, Annual General Meeting, May 26, 2026, at 10:00 Taipei Standard Time. Location: 66-1, chungshan road, tucheng district, new taipei city 23680, Taiwan New Risk • Apr 13
New major risk - Share price stability The company's share price has been highly volatile over the past 3 months. It is more volatile than 90% of Hong Kong stocks, typically moving 15% a week. This is considered a major risk. Share price volatility increases the risk of potential losses in the short-term as the stock tends to have larger drops in price more frequently than other stocks. It may also indicate the stock is highly sensitive to market conditions or economic conditions rather than being sensitive to its own business performance, which may also be inconsistent. This is currently the only risk that has been identified for the company. Valuation Update With 7 Day Price Move • Apr 09
Investor sentiment improves as stock rises 19% After last week's 19% share price gain to HK$8.05, the stock trades at a forward P/E ratio of 29x. Average forward P/E is 13x in the Electronic industry in Hong Kong. Total returns to shareholders of 321% over the past three years. Valuation Update With 7 Day Price Move • Mar 19
Investor sentiment improves as stock rises 18% After last week's 18% share price gain to HK$6.52, the stock trades at a forward P/E ratio of 24x. Average forward P/E is 13x in the Electronic industry in Hong Kong. Total returns to shareholders of 241% over the past three years. Reported Earnings • Mar 13
Full year 2025 earnings: EPS misses analyst expectations Full year 2025 results: EPS: US$0.022 (in line with FY 2024). Revenue: US$5.00b (up 12% from FY 2024). Net income: US$156.1m (up 1.5% from FY 2024). Profit margin: 3.1% (down from 3.5% in FY 2024). The decrease in margin was driven by higher expenses. Revenue was in line with analyst estimates. Earnings per share (EPS) missed analyst estimates by 8.3%. Revenue is forecast to grow 15% p.a. on average during the next 2 years, compared to a 12% growth forecast for the Electronic industry in Hong Kong. Over the last 3 years on average, earnings per share has increased by 9% per year but the company’s share price has increased by 44% per year, which means it is tracking significantly ahead of earnings growth. Announcement • Mar 02
FIT Hon Teng Limited to Report Fiscal Year 2025 Results on Mar 12, 2026 FIT Hon Teng Limited announced that they will report fiscal year 2025 results on Mar 12, 2026 Valuation Update With 7 Day Price Move • Feb 26
Investor sentiment improves as stock rises 22% After last week's 22% share price gain to HK$6.70, the stock trades at a forward P/E ratio of 31x. Average forward P/E is 15x in the Electronic industry in Hong Kong. Total returns to shareholders of 203% over the past three years. Simply Wall St's valuation model estimates the intrinsic value at HK$11.16 per share. Valuation Update With 7 Day Price Move • Feb 09
Investor sentiment improves as stock rises 15% After last week's 15% share price gain to HK$5.42, the stock trades at a forward P/E ratio of 23x. Average forward P/E is 14x in the Electronic industry in Hong Kong. Total returns to shareholders of 158% over the past three years. Simply Wall St's valuation model estimates the intrinsic value at HK$10.67 per share. Valuation Update With 7 Day Price Move • Dec 09
Investor sentiment improves as stock rises 17% After last week's 17% share price gain to HK$5.86, the stock trades at a forward P/E ratio of 25x. Average forward P/E is 13x in the Electronic industry in Hong Kong. Total returns to shareholders of 196% over the past three years. Simply Wall St's valuation model estimates the intrinsic value at HK$11.03 per share. Valuation Update With 7 Day Price Move • Oct 14
Investor sentiment deteriorates as stock falls 17% After last week's 17% share price decline to HK$5.68, the stock trades at a forward P/E ratio of 25x. Average forward P/E is 14x in the Electronic industry in Hong Kong. Total returns to shareholders of 457% over the past three years. Simply Wall St's valuation model estimates the intrinsic value at HK$6.08 per share. Reported Earnings • Oct 05
First half 2025 earnings: EPS and revenues miss analyst expectations First half 2025 results: EPS: US$0.004 (down from US$0.005 in 1H 2024). Revenue: US$2.30b (up 12% from 1H 2024). Net income: US$31.5m (down 3.1% from 1H 2024). Profit margin: 1.4% (down from 1.6% in 1H 2024). Revenue missed analyst estimates by 6.5%. Earnings per share (EPS) also missed analyst estimates by 56%. Revenue is forecast to grow 12% p.a. on average during the next 3 years, compared to a 12% growth forecast for the Electronic industry in Hong Kong. Over the last 3 years on average, earnings per share has fallen by 5% per year but the company’s share price has increased by 90% per year, which means it is well ahead of earnings. New Risk • Sep 19
New major risk - Share price stability The company's share price has been highly volatile over the past 3 months. It is more volatile than 90% of Hong Kong stocks, typically moving 16% a week. This is considered a major risk. Share price volatility increases the risk of potential losses in the short-term as the stock tends to have larger drops in price more frequently than other stocks. It may also indicate the stock is highly sensitive to market conditions or economic conditions rather than being sensitive to its own business performance, which may also be inconsistent. Currently, the following risks have been identified for the company: Major Risk Share price has been highly volatile over the past 3 months (16% average weekly change). Minor Risks Large one-off items impacting financial results. Significant insider selling over the past 3 months (HK$63m sold). Valuation Update With 7 Day Price Move • Sep 08
Investor sentiment deteriorates as stock falls 15% After last week's 15% share price decline to HK$3.98, the stock trades at a forward P/E ratio of 18x. Average forward P/E is 10x in the Electronic industry in Hong Kong. Total returns to shareholders of 269% over the past three years. Simply Wall St's valuation model estimates the intrinsic value at HK$3.12 per share. Recent Insider Transactions • Aug 26
Chairman & CEO recently sold HK$22m worth of stock On the 19th of August, Sung-Ching Lu sold around 4m shares on-market at roughly HK$5.45 per share. This transaction amounted to less than 1% of their direct individual holding at the time of the trade. This was the largest sale by an insider in the last 3 months. This was Sung-Ching's only on-market trade for the last 12 months. Major Estimate Revision • Aug 19
Consensus EPS estimates fall by 13% The consensus outlook for earnings per share (EPS) in fiscal year 2025 has deteriorated. 2025 revenue forecast decreased from US$5.12b to US$4.88b. EPS estimate also fell from US$0.029 per share to US$0.025 per share. Net income forecast to grow 47% next year vs 33% growth forecast for Electronic industry in Hong Kong. Consensus price target up from HK$3.17 to HK$4.22. Share price rose 45% to HK$5.53 over the past week. New Risk • Aug 15
New minor risk - Share price stability The company's share price has been volatile over the past 3 months. It is more volatile than 75% of Hong Kong stocks, typically moving 13% a week. This is considered a minor risk. Share price volatility indicates the stock is highly sensitive to market conditions or economic conditions rather than being sensitive to its own business performance, which may also be inconsistent. It also increases the risk of potential losses in the short term as the stock tends to have larger drops in price more frequently than other stocks. Currently, the following risks have been identified for the company: Minor Risks Share price has been volatile over the past 3 months (13% average weekly change). Large one-off items impacting financial results. Reported Earnings • Aug 14
First half 2025 earnings: EPS and revenues miss analyst expectations First half 2025 results: EPS: US$0.004 (down from US$0.005 in 1H 2024). Revenue: US$2.30b (up 12% from 1H 2024). Net income: US$31.5m (down 3.1% from 1H 2024). Profit margin: 1.4% (down from 1.6% in 1H 2024). Revenue missed analyst estimates by 6.5%. Earnings per share (EPS) also missed analyst estimates by 56%. Revenue is forecast to grow 12% p.a. on average during the next 3 years, compared to a 12% growth forecast for the Electronic industry in Hong Kong. Over the last 3 years on average, earnings per share has fallen by 5% per year but the company’s share price has increased by 56% per year, which means it is well ahead of earnings. Valuation Update With 7 Day Price Move • Aug 07
Investor sentiment improves as stock rises 22% After last week's 22% share price gain to HK$3.25, the stock trades at a forward P/E ratio of 14x. Average forward P/E is 10x in the Electronic industry in Hong Kong. Total returns to shareholders of 175% over the past three years. Announcement • Aug 02
FIT Hon Teng Limited to Report First Half, 2025 Results on Aug 12, 2025 FIT Hon Teng Limited announced that they will report first half, 2025 results on Aug 12, 2025 Announcement • Jun 20
FIT Hon Teng Limited Approves Election of Mr. Lu Pochin Christopher as Executive Director FIT Hon Teng Limited announced that at its AGM held on June 20, 2025, shareholders approved the election of Mr. LU Pochin Christopher as an executive director. Valuation Update With 7 Day Price Move • Jun 06
Investor sentiment improves as stock rises 17% After last week's 17% share price gain to HK$2.40, the stock trades at a forward P/E ratio of 11x. Average forward P/E is 9x in the Electronic industry in Hong Kong. Total returns to shareholders of 112% over the past three years. Buy Or Sell Opportunity • May 12
Now 23% overvalued Over the last 90 days, the stock has fallen 35% to HK$2.36. The fair value is estimated to be HK$1.92, however this is not to be taken as a sell recommendation but rather should be used as a guide only. Revenue has been flat over the last 3 years. Earnings per share has declined by 7.1%. For the next 3 years, revenue is forecast to grow by 12% per annum. Earnings are also forecast to grow by 24% per annum over the same time period. Reported Earnings • May 04
Full year 2024 earnings: EPS and revenues miss analyst expectations Full year 2024 results: EPS: US$0.022 (up from US$0.018 in FY 2023). Revenue: US$4.45b (up 6.1% from FY 2023). Net income: US$153.7m (up 19% from FY 2023). Profit margin: 3.5% (up from 3.1% in FY 2023). Revenue missed analyst estimates by 3.5%. Earnings per share (EPS) also missed analyst estimates by 15%. Revenue is forecast to grow 12% p.a. on average during the next 3 years, compared to a 12% growth forecast for the Electronic industry in Hong Kong. Over the last 3 years on average, earnings per share has fallen by 7% per year but the company’s share price has increased by 29% per year, which means it is well ahead of earnings. Buy Or Sell Opportunity • Apr 10
Now 30% overvalued Over the last 90 days, the stock has fallen 45% to HK$1.94. The fair value is estimated to be HK$1.49, however this is not to be taken as a sell recommendation but rather should be used as a guide only. Revenue has been flat over the last 3 years. Earnings per share has declined by 7.1%. For the next 3 years, revenue is forecast to grow by 11% per annum. Earnings are also forecast to grow by 26% per annum over the same time period. Valuation Update With 7 Day Price Move • Apr 07
Investor sentiment deteriorates as stock falls 28% After last week's 28% share price decline to HK$1.71, the stock trades at a forward P/E ratio of 7x. Average forward P/E is 8x in the Electronic industry in Hong Kong. Total returns to shareholders of 68% over the past three years. Simply Wall St's valuation model estimates the intrinsic value at HK$1.59 per share. Reported Earnings • Mar 13
Full year 2024 earnings: EPS and revenues miss analyst expectations Full year 2024 results: EPS: US$0.022 (up from US$0.018 in FY 2023). Revenue: US$4.45b (up 6.1% from FY 2023). Net income: US$153.7m (up 19% from FY 2023). Profit margin: 3.5% (up from 3.1% in FY 2023). The increase in margin was driven by higher revenue. Revenue missed analyst estimates by 3.5%. Earnings per share (EPS) also missed analyst estimates by 15%. Revenue is forecast to grow 19% p.a. on average during the next 2 years, compared to a 13% growth forecast for the Electronic industry in Hong Kong. Over the last 3 years on average, earnings per share has fallen by 7% per year but the company’s share price has increased by 39% per year, which means it is well ahead of earnings. Announcement • Mar 13
FIT Hon Teng Limited, Annual General Meeting, Jun 20, 2025 FIT Hon Teng Limited, Annual General Meeting, Jun 20, 2025. Announcement • Feb 28
FIT Hon Teng Limited to Report Fiscal Year 2024 Results on Mar 12, 2025 FIT Hon Teng Limited announced that they will report fiscal year 2024 results on Mar 12, 2025 Valuation Update With 7 Day Price Move • Feb 28
Investor sentiment deteriorates as stock falls 22% After last week's 22% share price decline to HK$3.04, the stock trades at a forward P/E ratio of 12x. Average forward P/E is 11x in the Electronic industry in Hong Kong. Total returns to shareholders of 158% over the past three years. Simply Wall St's valuation model estimates the intrinsic value at HK$4.03 per share. Buy Or Sell Opportunity • Feb 28
Now 25% undervalued after recent price drop Over the last 90 days, the stock has fallen 4.7% to HK$3.04. The fair value is estimated to be HK$4.03, however this is not to be taken as a buy recommendation but rather should be used as a guide only. Revenue has been flat over the last 3 years. Earnings per share has grown by 7.7%. Revenue is forecast to grow by 39% in 2 years. Earnings are forecast to grow by 85% in the next 2 years. Buy Or Sell Opportunity • Jan 28
Now 22% undervalued Over the last 90 days, the stock has risen 26% to HK$3.32. The fair value is estimated to be HK$4.25, however this is not to be taken as a buy recommendation but rather should be used as a guide only. Revenue has been flat over the last 3 years. Earnings per share has grown by 7.7%. Revenue is forecast to grow by 39% in 2 years. Earnings are forecast to grow by 79% in the next 2 years. Valuation Update With 7 Day Price Move • Jan 22
Investor sentiment improves as stock rises 22% After last week's 22% share price gain to HK$3.99, the stock trades at a forward P/E ratio of 16x. Average forward P/E is 11x in the Electronic industry in Hong Kong. Total returns to shareholders of 175% over the past three years. Simply Wall St's valuation model estimates the intrinsic value at HK$4.30 per share. Buy Or Sell Opportunity • Jan 03
Now 21% undervalued Over the last 90 days, the stock has risen 17% to HK$3.41. The fair value is estimated to be HK$4.30, however this is not to be taken as a buy recommendation but rather should be used as a guide only. Revenue has been flat over the last 3 years. Earnings per share has grown by 7.7%. Revenue is forecast to grow by 39% in 2 years. Earnings are forecast to grow by 85% in the next 2 years. Valuation Update With 7 Day Price Move • Dec 27
Investor sentiment improves as stock rises 20% After last week's 20% share price gain to HK$3.78, the stock trades at a forward P/E ratio of 15x. Average forward P/E is 10x in the Electronic industry in Hong Kong. Total returns to shareholders of 147% over the past three years. Simply Wall St's valuation model estimates the intrinsic value at HK$4.19 per share. Buy Or Sell Opportunity • Dec 13
Now 22% undervalued Over the last 90 days, the stock has risen 74% to HK$3.31. The fair value is estimated to be HK$4.27, however this is not to be taken as a buy recommendation but rather should be used as a guide only. Revenue has been flat over the last 3 years. Earnings per share has grown by 7.7%. Revenue is forecast to grow by 36% in 2 years. Earnings are forecast to grow by 85% in the next 2 years. Buy Or Sell Opportunity • Nov 26
Now 26% undervalued Over the last 90 days, the stock has risen 44% to HK$3.10. The fair value is estimated to be HK$4.18, however this is not to be taken as a buy recommendation but rather should be used as a guide only. Revenue has been flat over the last 3 years. Earnings per share has grown by 7.7%. Revenue is forecast to grow by 39% in 2 years. Earnings are forecast to grow by 89% in the next 2 years. Valuation Update With 7 Day Price Move • Nov 19
Investor sentiment improves as stock rises 23% After last week's 23% share price gain to HK$3.18, the stock trades at a forward P/E ratio of 12x. Average forward P/E is 9x in the Electronic industry in Hong Kong. Total returns to shareholders of 95% over the past three years. Simply Wall St's valuation model estimates the intrinsic value at HK$4.16 per share. New Risk • Nov 13
New minor risk - Share price stability The company's share price has been volatile over the past 3 months. It is more volatile than 75% of Hong Kong stocks, typically moving 13% a week. This is considered a minor risk. Share price volatility indicates the stock is highly sensitive to market conditions or economic conditions rather than being sensitive to its own business performance, which may also be inconsistent. It also increases the risk of potential losses in the short term as the stock tends to have larger drops in price more frequently than other stocks. This is currently the only risk that has been identified for the company. Announcement • Oct 17
Fit Hon Teng Showcases Ai Data Center Connectivity and Immersion-Cooled Signal Integrity Solutions At Ocp Global Summit 2024 FIT Hon Teng will unveil its latest advancements in AI data center connectivity and immersion-cooling technologies at the upcoming 2024 OCP Global Summit. Hosted by the Open Compute Project (OCP), this prestigious event brings together global leaders in hardware infrastructure design, addressing the evolving demands of modern data centers. At the summit, FIT will introduce solutions that tackle critical challenges in AI-driven data centers, including signal degradation, heat dissipation, and large-scale manufacturing scalability. FIT's AI rack connectivity innovations are designed to enhance signal integrity and optimize data transmission, all while incorporating advanced cooling technologies for high-density AI workloads. Key product highlights include: 224G+ sockets for XPU/GPU connectivity; Co-packaged copper and optical architectures; Power cables for ORV3; Active Optical Cables (AOC); OSFP1600 and QSFP-DD port configurations. These solutions underscore FIT's commitment to driving innovation in the AI data center space, building on Foxconn's extensive industrial internet expertise to offer cutting-edge AI connectivity solutions to global data center customers. In addition to its AI connectivity offerings, FIT will present its immersion-cooled IT platform solutions at the summit. Terry Little, Development Engineering Manager at FIT, will lead a session titled "Optimizing Signal Integrity in Immersion-Cooled IT Platforms." The session will delve into the effects of dielectric fluids on high-speed signal lines, the challenges of high-speed testing in such environments, and innovative connector mixture strategies. These solutions are critical for ensuring reliable performance in harsh, high-density computing environments, such as AI data centers. By addressing key issues such as performance, efficiency, and scalability, FIT continues to play a pivotal role in supporting the growth of AI infrastructure across industries, further solidifying its leadership in AI data center solutions. Reported Earnings • Sep 29
First half 2024 earnings released: EPS: US$0.005 (vs US$0.001 loss in 1H 2023) First half 2024 results: EPS: US$0.005 (up from US$0.001 loss in 1H 2023). Revenue: US$2.07b (up 16% from 1H 2023). Net income: US$32.5m (up US$41.5m from 1H 2023). Profit margin: 1.6% (up from net loss in 1H 2023). The move to profitability was driven by higher revenue. Revenue is forecast to grow 18% p.a. on average during the next 3 years, compared to a 13% growth forecast for the Electronic industry in Hong Kong. Over the last 3 years on average, earnings per share has increased by 8% per year whereas the company’s share price has increased by 13% per year. Valuation Update With 7 Day Price Move • Sep 24
Investor sentiment improves as stock rises 18% After last week's 18% share price gain to HK$2.19, the stock trades at a forward P/E ratio of 9x. Average forward P/E is 7x in the Electronic industry in Hong Kong. Total returns to shareholders of 42% over the past three years. Simply Wall St's valuation model estimates the intrinsic value at HK$2.54 per share. Reported Earnings • Aug 14
First half 2024 earnings released: EPS: US$0.005 (vs US$0.001 loss in 1H 2023) First half 2024 results: EPS: US$0.005 (up from US$0.001 loss in 1H 2023). Revenue: US$2.07b (up 16% from 1H 2023). Net income: US$32.5m (up US$41.5m from 1H 2023). Profit margin: 1.6% (up from net loss in 1H 2023). The move to profitability was driven by higher revenue. Revenue is forecast to grow 16% p.a. on average during the next 3 years, compared to a 12% growth forecast for the Electronic industry in Hong Kong. Over the last 3 years on average, earnings per share has increased by 8% per year whereas the company’s share price has increased by 9% per year. Buy Or Sell Opportunity • Aug 06
Now 20% overvalued after recent price rise Over the last 90 days, the stock has risen 4.2% to HK$2.24. The fair value is estimated to be HK$1.86, however this is not to be taken as a sell recommendation but rather should be used as a guide only. Revenue has been flat over the last 3 years. Earnings per share has grown by 22%. For the next 3 years, revenue is forecast to grow by 14% per annum. Earnings are also forecast to grow by 31% per annum over the same time period. Valuation Update With 7 Day Price Move • Aug 05
Investor sentiment deteriorates as stock falls 17% After last week's 17% share price decline to HK$2.17, the stock trades at a forward P/E ratio of 11x. Average forward P/E is 10x in the Electronic industry in Hong Kong. Total returns to shareholders of 29% over the past three years. Announcement • Jul 31
FIT Hon Teng Limited to Report First Half, 2024 Results on Aug 12, 2024 FIT Hon Teng Limited announced that they will report first half, 2024 results on Aug 12, 2024 Valuation Update With 7 Day Price Move • Jul 17
Investor sentiment deteriorates as stock falls 18% After last week's 18% share price decline to HK$3.06, the stock trades at a forward P/E ratio of 15x. Average forward P/E is 12x in the Electronic industry in Hong Kong. Total returns to shareholders of 81% over the past three years. Simply Wall St's valuation model estimates the intrinsic value at HK$4.57 per share. Recent Insider Transactions • Jul 12
COO, CFO & Executive Director recently sold HK$57m worth of stock On the 8th of July, Pochin Lu sold around 18m shares on-market at roughly HK$3.17 per share. This transaction amounted to 59% of their direct individual holding at the time of the trade. This was the largest sale by an insider in the last 3 months. This was Pochin's only on-market trade for the last 12 months. Major Estimate Revision • Jul 10
Consensus EPS estimates fall by 10%, revenue upgraded The consensus outlook for fiscal year 2024 has been updated. 2024 revenue forecast increased from US$4.68b to US$4.76b. EPS estimate fell from US$0.029 to US$0.026 per share. Net income forecast to grow 44% next year vs 44% growth forecast for Electronic industry in Hong Kong. Consensus price target up from HK$2.60 to HK$3.15. Share price rose 6.9% to HK$3.73 over the past week. New Risk • Jul 09
New major risk - Share price stability The company's share price has been highly volatile over the past 3 months. It is more volatile than 90% of Hong Kong stocks, typically moving 15% a week. This is considered a major risk. Share price volatility increases the risk of potential losses in the short-term as the stock tends to have larger drops in price more frequently than other stocks. It may also indicate the stock is highly sensitive to market conditions or economic conditions rather than being sensitive to its own business performance, which may also be inconsistent. This is currently the only risk that has been identified for the company. Announcement • Jul 08
FIT Hon Teng Limited Provides Group Earnings Guidance for the Six Months Ended June 30, 2024 FIT Hon Teng Limited provided group earnings guidance for the six months ended June 30, 2024. The group is expected to record net profit of approximately USD 28 million to USD 33 million for six months ended June 30, 2024, as compared to the net loss of approximately USD 9 million for the six months ended June 30, 2023. The turnaround from net loss for first half 2023 to net profit for first half 2024 was mainly attributable to (1) the improvement in the group's management effectiveness; and (2) the gradual recovering demand from the computing and networking end markets. Valuation Update With 7 Day Price Move • Jul 02
Investor sentiment improves as stock rises 16% After last week's 16% share price gain to HK$3.63, the stock trades at a forward P/E ratio of 16x. Average forward P/E is 12x in the Electronic industry in Hong Kong. Total returns to shareholders of 76% over the past three years. Simply Wall St's valuation model estimates the intrinsic value at HK$4.61 per share. Announcement • Jun 21
FIT Hon Teng Limited Announces Directorate and Committee Changes The Board of FIT Hon Teng Limited announced that Mr. Trainor-DeGirolamo Sheldon (Mr. Trainor- DeGirolamo) has resigned from his positions as a non-executive Director, a member of the Remuneration Committee and a member of the environmental, social and governance committee of the Company (the Environmental, Social and Governance Committee) with effect from June 21, 2024 upon the conclusion of the AGM, due to his intention to focus on other commitments outside the Company. The Board announced that Mr. CHANG Chuan-Wang (Mr. Chang) has been appointed as a non-executive Director with effect from June 21, 2024 upon the conclusion of the AGM. The biographical details of Mr. Chang are set out below: Mr. Chang, aged 55, has around 30 years of experience in the information and communication technology industry. In May 2009, Mr. Chang joined Hon Hai as a manager focusing on the business strategy, operation control and performance analysis management of Hon Hai. Mr. Chang is currently an assistant vice president of the strategic controlling division in Hon Hai. He currently also serves as the executive director of Ennoconn Corporation, a company listed on the Taiwan Stock Exchange (stock code: 6414). Since April 2023, Mr. Chang has also served as the chairman of the board of directors, a non-executive director and a member of the remuneration committee of CircuTech International Holdings Limited (CircuTech), a company listed on the GEM of the Stock Exchange (stock code: 8051). The ultimate controlling shareholder of CircuTech is Hon Hai. Since June 2023, Mr. Chang has served as a non-executive director of FIH Mobile Limited, a company listed on the Main Board of the Stock Exchange (stock code: 2038) and a subsidiary of Hon Hai. Since March 2024, he has also served as the chairman of the board of directors, an executive director, a member of the nomination committee and a member of the remuneration committee of Maxnerva Technology Services Limited, a company listed on the Main Board of the Stock Exchange (stock code: 1037). Mr. Chang obtained a bachelor ' s degree in Automatic Control Engineering from Feng Chia University in Taiwan in 1992 and a master's degree in business administration from the Graduate Institute of Management at Feng Chia University in Taiwan in 2007. In 2007, he was awarded the honorary membership of Phi Tau Phi Scholastic Honor Society for his outstanding academic achievements. The Board further announces that with effect from June 21, 2024 upon the conclusion of the AGM: Mr. Chang has been appointed as a member of the Remuneration Committee and Mr. Trainor- DeGirolamo has ceased to be a member of the Remuneration Committee; and Ms. HUANG Pi-Chun has been appointed as a member of the Environmental, Social and Governance Committee and Mr. Trainor-DeGirolamo has ceased to be a member of the Environmental, Social and Governance Committee. Valuation Update With 7 Day Price Move • Jun 14
Investor sentiment improves as stock rises 15% After last week's 15% share price gain to HK$2.84, the stock trades at a forward P/E ratio of 13x. Average forward P/E is 10x in the Electronic industry in Hong Kong. Total returns to shareholders of 33% over the past three years. Simply Wall St's valuation model estimates the intrinsic value at HK$4.51 per share. Valuation Update With 7 Day Price Move • May 28
Investor sentiment improves as stock rises 18% After last week's 18% share price gain to HK$2.46, the stock trades at a forward P/E ratio of 11x. Average forward P/E is 10x in the Electronic industry in Hong Kong. Total returns to shareholders of 9.3% over the past three years. Valuation Update With 7 Day Price Move • Apr 16
Investor sentiment deteriorates as stock falls 23% After last week's 23% share price decline to HK$1.82, the stock trades at a forward P/E ratio of 9x. Average forward P/E is 9x in the Electronic industry in Hong Kong. Total loss to shareholders of 29% over the past three years. New Risk • Mar 31
New minor risk - Share price stability The company's share price has been volatile over the past 3 months. It is more volatile than 75% of Hong Kong stocks, typically moving 10% a week. This is considered a minor risk. Share price volatility indicates the stock is highly sensitive to market conditions or economic conditions rather than being sensitive to its own business performance, which may also be inconsistent. It also increases the risk of potential losses in the short term as the stock tends to have larger drops in price more frequently than other stocks. This is currently the only risk that has been identified for the company. Major Estimate Revision • Mar 30
Consensus EPS estimates increase by 51% The consensus outlook for earnings per share (EPS) in fiscal year 2024 has improved. 2024 revenue forecast increased from US$4.61b to US$4.66b. EPS estimate increased from US$0.027 to US$0.041 per share. Net income forecast to grow 41% next year vs 41% growth forecast for Electronic industry in Hong Kong. Consensus price target up from HK$1.78 to HK$2.21. Share price fell 2.4% to HK$2.00 over the past week. Valuation Update With 7 Day Price Move • Mar 19
Investor sentiment improves as stock rises 42% After last week's 42% share price gain to HK$1.76, the stock trades at a forward P/E ratio of 8x. Average forward P/E is 8x in the Electronic industry in Hong Kong. Total loss to shareholders of 31% over the past three years. Major Estimate Revision • Mar 19
Consensus EPS estimates increase by 12% The consensus outlook for fiscal year 2024 has been updated. 2024 EPS estimate increased from US$0.024 to US$0.027. Revenue forecast steady at US$4.61b. Net income forecast to grow 46% next year vs 25% growth forecast for Electronic industry in Hong Kong. Consensus price target broadly unchanged at HK$1.78. Share price rose 42% to HK$1.76 over the past week. Announcement • Mar 13
FIT Hon Teng Limited, Annual General Meeting, Jun 21, 2024 FIT Hon Teng Limited, Annual General Meeting, Jun 21, 2024. Reported Earnings • Mar 13
Full year 2023 earnings: EPS misses analyst expectations Full year 2023 results: EPS: US$0.018 (down from US$0.024 in FY 2022). Revenue: US$4.20b (down 7.4% from FY 2022). Net income: US$129.0m (down 24% from FY 2022). Profit margin: 3.1% (down from 3.7% in FY 2022). The decrease in margin was driven by lower revenue. Revenue was in line with analyst estimates. Earnings per share (EPS) missed analyst estimates by 11%. Revenue is forecast to grow 11% p.a. on average during the next 2 years, compared to a 13% growth forecast for the Electronic industry in Hong Kong. Over the last 3 years on average, earnings per share has increased by 22% per year but the company’s share price has fallen by 21% per year, which means it is significantly lagging earnings. Announcement • Mar 01
FIT Hon Teng Limited to Report Fiscal Year 2023 Results on Mar 12, 2024 FIT Hon Teng Limited announced that they will report fiscal year 2023 results on Mar 12, 2024 Announcement • Jan 31
Foxconn Interconnect Technology Unveils 224G Tech At DesignCon 2024 Foxconn Interconnect Technology announced the launch of its 224G data rates for high-speed I/O and near-chip connectivity at this year's DesignCon. This development in 224G signifies a strategic step forward, preparing FIT and its key customers for the burgeoning data rates propelled by advancements in AI and machine learning. The 224G standard demands exceptional levels of signal integrity, mechanical robustness, and manufacturing precision. Terry Little, Development Engineering Manager and System Architect at FIT, states, ‘Connectors with 224G interfaces require innovative design approaches, extending beyond conventional development norms. This necessitates creative thinking in electrical contact design, tighter mechanical and manufacturing tolerances, and more stringent assembly processes.’ FIT is dedicated to offering these specialized capabilities to the industry, providing crucial thermal and mechanical design guidance for QSFP-DD1600 and OSFP MSAs. FIT is swiftly progressing in the development of near- or on-chip connectivity. With the expansion of the back-end network, there's a pressing need to move beyond traditional board layers. Valuation Update With 7 Day Price Move • Nov 09
Investor sentiment improves as stock rises 20% After last week's 20% share price gain to HK$1.25, the stock trades at a forward P/E ratio of 7x. Average forward P/E is 8x in the Electronic industry in Hong Kong. Total loss to shareholders of 60% over the past three years. Valuation Update With 7 Day Price Move • Oct 18
Investor sentiment improves as stock rises 15% After last week's 15% share price gain to HK$1.29, the stock trades at a forward P/E ratio of 7x. Average forward P/E is 6x in the Electronic industry in Hong Kong. Total loss to shareholders of 70% over the past three years. Reported Earnings • Oct 03
First half 2023 earnings released: US$0.001 loss per share (vs US$0.012 profit in 1H 2022) First half 2023 results: US$0.001 loss per share (down from US$0.012 profit in 1H 2022). Revenue: US$1.78b (down 15% from 1H 2022). Net loss: US$8.95m (down 111% from profit in 1H 2022). Revenue is forecast to grow 8.9% p.a. on average during the next 3 years, compared to a 15% growth forecast for the Electronic industry in Hong Kong. Over the last 3 years on average, earnings per share has increased by 18% per year but the company’s share price has fallen by 32% per year, which means it is significantly lagging earnings. New Risk • Aug 08
New minor risk - Profit margin trend The company's profit margins are lower than last year and have reduced by more than 30%. Net profit margin: 1.8% Last year net profit margin: 4.6% This is considered a minor risk. A large drop in profit margin could indicate the company does not have strong competitive advantages or it is yet to establish itself and its core business. Even if it is a well established business, this may make it a much riskier investment than one that has a combination of proven competitive advantages and a stable or growing profit margin. This is currently the only risk that has been identified for the company.