The President & COO's sale of all holdings, even below current price, could be seen negatively, implying they deemed a lower price reasonable. However, it's not a clear sign that insiders think shares are fully valued. The absence of insider purchases in the past year, along with recent selling, calls for caution.
Fabrinet's short term liquidity and net cash position suggest easy debt payoff. Its balance sheet isn't stretched, and it doesn't carry heavy debt. With 66% of its EBIT converted to free cash flow, it's well-positioned for debt reduction when needed. Thus, Fabrinet's debt usage isn't seen as risky.
Insider sales of Fabrinet shares, including a significant sale by the Lead Independent Director, and the absence of insider purchases over the past year may raise investor concerns. Despite insiders owning a part of the company, the sales history suggests caution before buying Fabrinet shares.
Fabrinet's promising ability to reinvest capital profitably and generate higher returns is reassuring. Investors anticipate more positive outcomes, as shown by a 320% total return over the past five years.
CEO Seamus Grady cites strong datacom revenue growth and diminishing impact of inventory adjustments in the telecom market as reasons for confidence in future performance. He believes newer datacom programs will significantly contribute to future results.
Fabrinet's positive outlook is already reflected in its share price. However, its promising future growth prospects suggest that other factors like balance sheet strength may offer investment opportunities.
The share price growth seems to largely reflect the EPS growth, indicating that investor sentiment towards the company has not changed significantly. The recent improvement in total shareholder return could suggest that the company is performing better recently.
Despite performing well, the firm's higher P/E ratio could indicate overvaluation and potential investor disappointment if it doesn't align with growth outlook. The high share price may not be justified unless conditions improve.
Fabrinet股票討論區
2010年上市的註冊在開曼的美國公司,主要爲原廠設備製造商提供外包製造服務,近一半市場在美國,當前價格169.76。
5年來營收持續增長,平均增速14%,營業利潤除2020年外增長了4年,平均增速22%,淨利潤類似,平均增速24%。近年來沒有利息費用。毛利率近5年從11.3%提升到12.7%,淨資產收益率從15.1%提升到18.2%。
2024上半年營收增長5.6%,營業利潤增長3.5%,淨利潤增長5%。
資產負債率5年來從31.2%下降到25.8%,24Q4降到了24.5%,總資產和淨資產都持續提升。
5年來除2022年外,現金流經營淨額有4年高於投資淨額,產生了較小比例的股東盈餘。
目前市盈率25.3,市盈率TTM24.6,和長期增速比有一定折扣,可以選擇 (⭐️⭐️)
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