Professional
Added to YB: 2026-06-25
Pitch date: 2026-06-23
KBSX [bullish]
FST Corp.
Author Info
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Company Info
FST Corp. develops, produces, and sells golf shafts and other sports equipment under the KBS brand in Taiwan and internationally.
Market Cap
$49.2M
Pitch Price
N/A
Price Target
1.72 (+34%)
Dividend
N/A
EV/EBITDA
13.15
P/E
15.58
EV/Sales
1.49
Sector
Leisure Products
Category
growth
FST Corp (KBSX) - Initiation Report
KBSX: Taiwan KBS golf shaft maker (SPAC'd Jan'25), low-cost steel producer (#2 to True Temper, 40% unit share). Thesis: capacity utilization rising from 51% w/ 55% incr margins, OEM wins, graphite to 21% of rev by '28. Q1'26 rev $14.6m +36%, GM 51.6%, NI $1.9m. EPS to $0.12 by '28; 14x=$1.72 PT, ~41% upside. Risks: single steel/graphite supplier, TaylorMade concentration, $100m ATM dilution, cyclicality.
Read full article (24 min)