- Company has disposed loss making subsidiaries / associates and consolidated its operations in Malaysia over the years.
- Ventured into musical instruments industry through acquisition of a subsidiary
- Strong balance sheet, net cash, debt free over the past 5 years
- Consistent dividend payout with ~11% CAGR over the past 5 years
- Unclear business model due to vast changes in corporate structure
- Company brand itself as audio equipment / system manufacturer, however, we found out that its subsidiary that manufactures audio product has became inactive.
- Large amount of other incomes portion presented in the report left unexplained.
- With exclusion of other incomes, company does not show good profitability.
- Inconsistent cash flow from operations
- Valuation by DDM has ~28% margin of safety (Undervalued) – not a strong reason to buy
FPI Key Fundamental Metrics
FPI main revenue contributors (Highlighted)
FPI subsidiaries contributions