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FIH Mobile
(2038)
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Rating:48Neutral
Price Target:
HK$17.00
▲(3.03% Upside)
Action:Reiterated
Date:08/04/26
The score is held back primarily by uneven fundamentals (notably negative free cash flow in 2025 and very thin margins despite the return to profitability) and a clearly bearish technical trend (price below key moving averages with negative MACD). A stronger balance sheet with much lower leverage provides some support, but the high P/E and modest dividend yield make the valuation less forgiving.
Positive Factors
Stronger balance sheet
Material deleveraging provides persistent financial flexibility. A much lower debt load reduces interest burden and increases capacity to fund working capital for large OEM programs, withstand cyclical demand swings, and invest selectively without immediate reliance on external financing.
Negative Factors
Very thin margins
Extremely narrow gross and net margins leave little room to absorb commodity, labor, or logistics cost increases and compress long-term return potential. Low margin structure constrains reinvestment, weakens buffer against client price pressure, and limits sustainable cash generation.
Read all positive and negative factors
Positive Factors
Negative Factors
Stronger balance sheet
Material deleveraging provides persistent financial flexibility. A much lower debt load reduces interest burden and increases capacity to fund working capital for large OEM programs, withstand cyclical demand swings, and invest selectively without immediate reliance on external financing.
Read all positive factors
FIH Mobile (2038) vs. iShares MSCI Hong Kong ETF (EWH)
Market Cap
HK$12.20B
Dividend Yield1.59%
Average Volume (3M)982.36K
Price to Earnings (P/E)30.4
Beta (1Y)1.19
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. Volume545,196
30 Day Avg. Volume982,360
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 | 187.66M | 178.38M | 126.25M | 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 | 326.60M | -78.83M | 237.23M | 9.48M | 266.12M | 162.51M |
| Operating Cash Flow | 471.84M | 107.82M | 362.24M | 102.66M | 409.41M | 281.31M |
| Investing Cash Flow | -206.37M | -361.18M | -220.91M | -40.09M | -126.96M | -87.14M |
| Financing Cash Flow | -36.55M | -276.71M | -428.53M | -37.13M | -214.02M | -110.88M |
FIH Mobile Technical Analysis
Negative
16.50
Price Trends
17.78
Negative
21.75
Negative
20.79
Negative
Market Momentum
-0.50
Negative
46.65
Neutral
62.60
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 below the 20-day moving average (MA) of 16.97, below the 50-day MA of 17.78, and below the 200-day MA of 20.79, indicating a bearish trend. The MACD of -0.50 indicates Negative momentum. The RSI at 46.65 is Neutral, neither overbought nor oversold. The STOCH value of 62.60 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 |
|---|---|---|---|---|---|---|---|
72 Outperform | HK$12.72B | 12.13 | 21.16% | 8.23% | -6.75% | -14.48% | |
71 Outperform | HK$46.51B | 16.52 | 10.42% | 0.82% | 15.86% | 24.46% | |
61 Neutral | $37.18B | 12.37 | -10.20% | 1.83% | 8.50% | -7.62% | |
53 Neutral | HK$520.59M | -16.77 | -2.26% | 13.33% | -16.00% | -811.76% | |
48 Neutral | HK$12.20B | 30.38 | 3.67% | 1.59% | 17.28% | 223.90% | |
47 Neutral | HK$2.23B | 80.56 | 0.86% | 0.36% | 4.27% | ― | |
45 Neutral | HK$174.04B | 48.16 | 4.35% | 2.01% | 11.81% | -55.08% |
* Technology Sector Average
HK:2038
FIH Mobile
16.94
-0.18
-1.07%
HK:2018
AAC Technologies Holdings
42.48
-0.99
-2.27%
HK:2342
Comba Telecom Systems Holdings
0.73
-2.19
-75.16%
HK:2000
SIM Technology Group
0.26
-0.06
-18.75%
HK:0303
VTech Holdings
50.40
-7.66
-13.19%
HK:0763
ZTE
23.48
-10.84
-31.58%
FIH Mobile Corporate Events
FIH Mobile sets August board meeting to review interim results and possible dividend
Jul 16, 2026
FIH Mobile Limited has scheduled a board meeting for 7 August 2026 to review and approve the unaudited interim results for the six months ended 30 June 2026, along with the planned publication of those figures. The board will also consider the pot...
FIH Mobile updates final dividend details for 2025 payout in HKD
Jun 17, 2026
FIH Mobile Limited has updated its final dividend announcement for the financial year ended 31 December 2025, revising information on the exchange rate and corresponding Hong Kong dollar amount. The company will pay a final ordinary dividend of US...
FIH Mobile Grants 1.37 Million Performance-Linked Shares to Employees
May 26, 2026
FIH Mobile has granted 1,365,000 award shares, about 0.174% of its issued share capital excluding treasury shares, to employees under its share scheme at no purchase price, with the grant priced at HK$28.80 per share based on the market close on 2...
FIH Mobile Shareholders Approve All AGM Resolutions, Dividend and Mandates
May 22, 2026
FIH Mobile announced that all eight resolutions proposed at its 22 May 2026 annual general meeting were approved by shareholders via poll, including the receipt of the 2025 audited financial statements and the declaration of a final dividend of US...
FIH Mobile posts higher Q1 revenue and profit as margin-focused overhaul takes hold
May 8, 2026
FIH Mobile reported unaudited consolidated results for the three months to 31 March 2026, showing revenue and other operating revenue of US$1.12 billion, up from US$1.02 billion a year earlier, and a profit of US$3.07 million versus US$1.07 millio...
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.