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FIH Mobile
(2038)
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Rating:49Neutral
Price Target:
HK$13.50
▼(-18.18% Downside)
Action:Reiterated
Date:10/27/26
The score is held back primarily by weak technical trend and inconsistent cash generation (notably negative free cash flow in 2025). Financially, a much cleaner balance sheet and a return to revenue growth and profitability in 2025 are positives, but very thin margins limit the strength of the recovery. Valuation is middling: a ~24 P/E looks demanding relative to profitability quality, partially offset by a ~2% dividend yield.
Positive Factors
Deleveraged balance sheet
The sharp reduction in leverage gives FIH Mobile a stronger financial foundation and greater flexibility to withstand operating volatility. Its sizable equity base reduces dependence on borrowing and can support investment or customer programs without the same debt burden seen in earlier years.
Negative Factors
Very thin profitability
Extremely narrow margins leave limited room to absorb pricing pressure, utilization changes, execution issues, or shifts in product mix. Even with revenue growth, small cost or program disruptions can materially affect earnings, making the recovery less durable than the top-line improvement alone suggests.
Read all positive and negative factors
Positive Factors
Negative Factors
Deleveraged balance sheet
The sharp reduction in leverage gives FIH Mobile a stronger financial foundation and greater flexibility to withstand operating volatility. Its sizable equity base reduces dependence on borrowing and can support investment or customer programs without the same debt burden seen in earlier years.
Read all positive factors
FIH Mobile (2038) vs. iShares MSCI Hong Kong ETF (EWH)
Market Cap
HK$9.57B
Dividend Yield2.1%
Average Volume (3M)908.93K
Price to Earnings (P/E)23.1
Beta (1Y)1.23
Revenue Growth17.28%
EPS Growth223.90%
CountryHK
Employees48,016
SectorTechnology
Sector Strength88
IndustryConsumer Electronics
Share Statistics
EPS (TTM)0.07
Shares Outstanding788,450,000
10 Day Avg. Volume1,710,186
30 Day Avg. Volume908,934
Financial Highlights & Ratios
PEG Ratio-0.10
Price to Book (P/B)1.30
Price to Sales (P/S)0.30
P/FCF Ratio-24.99
Enterprise Value/Market CapN/A
Enterprise Value/RevenueN/A
Enterprise Value/Gross ProfitN/A
Enterprise Value/EbitdaN/A
Forecast
1Y Price TargetN/A
Price Target UpsideN/A
Rating ConsensusN/A
Number of Analyst Covering0
EPS Forecast (FY)N/A
Revenue Forecast (FY)N/A
FIH Mobile Business Overview & Revenue Model
Company Description
As an investment holding company, FIH Mobile Limited delivers comprehensive manufacturing solutions to the global mobile phone industry. Its extensive operations are geographically segmented across Asia, Europe, and the Americas. The enterprise is...
How the Company Makes Money
FIH Mobile primarily makes money by providing contract manufacturing and related services to brand owners (OEM/ODM-style engagements) in which it is paid to produce devices and/or subassemblies according to customer specifications. Revenue is typi...
FIH Mobile Financial Statement Overview
Summary
Income Statement
46
Neutral
Balance Sheet
72
Positive
Cash Flow
38
Negative
| Breakdown | TTM | Dec 2025 | Dec 2024 | Dec 2023 | Dec 2022 | Dec 2021 |
|---|---|---|---|---|---|---|
Income Statement | ||||||
| Total Revenue | 6.86B | 6.66B | 5.70B | 6.45B | 9.39B | 8.58B |
| Gross Profit | 221.37M | 205.23M | 134.64M | 109.82M | 191.96M | 224.41M |
| EBITDA | 99.06M | 181.27M | 119.04M | 107.74M | 135.32M | 268.39M |
| Net Income | 55.85M | 52.73M | -20.33M | -120.68M | -72.14M | 56.33M |
Balance Sheet | ||||||
| Total Assets | 4.94B | 3.74B | 3.82B | 4.32B | 5.51B | 5.98B |
| Cash, Cash Equivalents and Short-Term Investments | 1.11B | 1.35B | 1.69B | 1.90B | 1.85B | 1.90B |
| Total Debt | 149.00M | 118.64M | 346.00M | 707.65M | 679.82M | 880.67M |
| Total Liabilities | 3.40B | 2.22B | 2.36B | 2.76B | 3.72B | 3.81B |
| Stockholders Equity | 1.53B | 1.52B | 1.46B | 1.56B | 1.78B | 2.16B |
Cash Flow | ||||||
| Free Cash Flow | 60.65M | -78.83M | 237.23M | 9.48M | 266.12M | 162.51M |
| Operating Cash Flow | 266.12M | 107.82M | 362.24M | 102.66M | 409.41M | 281.31M |
| Investing Cash Flow | -211.39M | -361.18M | -220.91M | -40.09M | -126.96M | -87.14M |
| Financing Cash Flow | -34.79M | -276.71M | -428.53M | -37.13M | -214.02M | -110.88M |
FIH Mobile Technical Analysis
Negative
16.50
Price Trends
15.09
Negative
17.46
Negative
20.00
Negative
Market Momentum
-0.64
Negative
41.74
Neutral
74.30
Neutral
Evaluating momentum and price trends is crucial in stock analysis to make informed investment decisions. For HK:2038, the sentiment is Negative. The current price of 16.5 is above the 20-day moving average (MA) of 13.41, above the 50-day MA of 15.09, and below the 200-day MA of 20.00, indicating a bearish trend. The MACD of -0.64 indicates Negative momentum. The RSI at 41.74 is Neutral, neither overbought nor oversold. The STOCH value of 74.30 is Neutral, not indicating any strong overbought or oversold conditions. Overall, these indicators collectively point to a Negative sentiment for HK:2038.
FIH Mobile Peers Comparison
UnderperformOutperform
Sector (61)
Name | Overall Rating | Market Cap | P/E Ratio | ROE | Dividend Yield | Revenue Growth | EPS Growth |
|---|---|---|---|---|---|---|---|
68 Neutral | HK$44.18B | 14.61 | 10.42% | 0.92% | 15.86% | 24.46% | |
65 Neutral | HK$13.04B | 12.37 | 21.16% | 8.06% | -6.75% | -14.48% | |
61 Neutral | $37.18B | 12.37 | -10.20% | 1.83% | 8.50% | -7.62% | |
57 Neutral | HK$2.84B | 101.11 | 0.86% | 0.29% | 4.27% | ― | |
53 Neutral | HK$635.13M | -19.68 | -2.26% | 13.33% | -16.00% | -811.76% | |
49 Neutral | HK$9.57B | 23.07 | 3.67% | 2.10% | 17.28% | 223.90% | |
46 Neutral | HK$146.64B | 30.82 | 5.67% | 2.40% | 19.98% | -20.48% |
* Technology Sector Average
HK:2038
FIH Mobile
12.79
-5.57
-30.33%
HK:2018
AAC Technologies Holdings
36.82
-2.86
-7.20%
HK:2342
Comba Telecom Systems Holdings
0.92
-2.01
-68.76%
HK:2000
SIM Technology Group
0.30
-0.07
-18.92%
HK:0303
VTech Holdings
51.65
-7.15
-12.16%
HK:0763
ZTE
19.33
-12.95
-40.11%
FIH Mobile Corporate Events
FIH Mobile Profit More Than Doubles on Higher Revenue and Lower Financing Costs
Aug 7, 2026
FIH Mobile reported unaudited interim revenue of US$2.27 billion for the six months ended 30 June 2026, up from US$2.06 billion a year earlier, with gross profit rising to US$93.95 million. Despite higher research and development spending and lowe...
Glossary
BuyA stock rated as a "Buy" is expected to perform better than the overall market or a specific benchmark over the near-to-medium term. This rating suggests the stock is likely to deliver higher returns compared to other stocks in the same sector or market index. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
HoldA stock rated as a "Hold" is expected to perform in line with the overall market or a specific benchmark. This rating indicates that the stock is neither particularly compelling nor unfavorable for investment. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
SellA stock rated as a "Sell" is expected to perform worse than the overall market or a specific benchmark over the near-to-medium term. This rating suggests the stock may deliver lower returns compared to other stocks in the same sector or market index. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
Disclaimer
This AI Analyst Stock Report is automatically generated by our AI systems using advanced algorithms and publicly available financial, technical, and market data. While the information provided aims to be accurate and insightful, it is intended for informational purposes only and should not be considered financial advice. Any content created by an AI (Artificial Intelligence) system may contain inaccuracies and/or contain errors. Investing in stocks carries inherent risks, and past performance is not indicative of future results. This report does not account for your personal financial circumstances, objectives, or risk tolerance. Always conduct your own research or consult with a qualified financial advisor before making investment decisions. The analysis and recommendations provided are based on historical and current data and may not fully reflect future market conditions or unexpected developments. Neither the creators of this report nor its affiliated entities guarantee the accuracy, completeness, or reliability of the information presented. Use this report at your own discretion and risk.