2020年7月6日 星期一

FPI什麼時候可考慮投資?

Formosa Prosonic Industries Bhd(FPI, 9172),从事扬声器系统的制造和销售,投资控股,系统开发和商务软件解决方案的提供。

其可报告部门为马来西亚和英国,其中大部分收入来自马来西亚,其产品组合包括无线扬声器产品,传统扬声器产品,乐器产品和声学产品。

它还提供服务,包括设计服务,制造服务,供应链支持和质量体系。

我們先看看它過去經營效率如何?

從其財務數據看,FPI 是2017年才業績大躍進,ROE從個位數升到兩位數。

我們再看它存貨,收賬和付賬週轉天數,都出現了進步。

FPI 基本沒有什麼長期債務

下面是 FPI 的 Revenue 和 Net Income 這幾年數據,這幾年都取得可觀成長。

Revenue
2016 340.61
2017 461.18
2018 560.52
2019 766.20

Net Income
2016 13.54
2017 41.17
2018 36.64
2019 41.75

但是,在沒有大派股息下,Equity 成長卻少的多,內生成長率慢的多。

Total Equity
2016 251.90
2017 275.89
2018 293.14
2019 309.97

根據最新季報,作為非必須消費品生產商的 FPI ,業績開始下滑,估計第二季在新冠疫情肆虐下也不會好。

根據過去10年 FPI 市盈率,最低4.74,業績大進步時期也是在10-12倍之間,目前是8.9倍。

雖然 FPI 這幾年業績大進步,但它本身產品並沒有太多值得自消費者多支付溢價之處,故利潤率低。

這意味它對抗衰退的空間不多。

所以要買這支股票,市盈率跌到6倍以下時,才可以考慮。


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1 則留言:

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