Technology
At 0.65x PBR with balance sheet net cash and on 12x CoE of OP +25% Y/Y after +80% last FY, this still looks good value despite its rise from 0.4x PBR at the start of 2024. Foster is the global No.1 supplier of car speakers on an OEM basis and is entering an upturn as car makers switch from prioritising investment in EV batteries to improving interiors and the numbers of speakers per car is rising whilst speakers are being incorporated for non-entertainment purposes such as proximity alerts which are becoming semi-mandatory. Foster has also fully exited and taken close down losses from its consistently loss-making i-Phone earphone business.
Edition: 191
- 26 July, 2024