FST Corp (KBSX) Fair Value & Analysis
Consumer Cyclical · US · Market cap $53.7M
FST Corp
KBSX · US
Fair value as of: Jul 17, 2026
From 2 valuation models · updated 24 days ago
Share price +3.3% over the past month.
Below-average quality, and screening another 87% overvalued on our models.
What matters now
- The price sits above even our optimistic bull case ($0.1785). The favourable scenario is already priced in.
- Weak quality (43/100) and above fair value at the same time, the margin of safety is missing on both counts.
- The large gap to fair value rests on thin data (low evidence): fewer applicable models and a shorter history. Read it with extra caution.
- A fairly wide model range ($0.0850 to $0.1785) leaves room in how you read the outcome.
Price vs Fair Value (4 years)
White line = price, green steps = our fair value per fiscal year, dashed = 300-day average. As of Jul 17, 2026.
How to read this chart
53‑month range $0.8399 – $14.08 · fair‑value band $0.0850 – $0.1785 · the $0.9400 price screens above the $0.1190 fair value. Green steps = our fair value per fiscal year (point-in-time, no hindsight). Dashed = 300-day average. As of Jul 17, 2026.
Analysis
FST Corp (KBSX) currently trades at $0.9400, while our model-based Fair Value estimate is $0.1190, implying the stock looks roughly 87.3% overvalued today. The Quality Score stands at 43/100 (below-average quality), in the Consumer Cyclical sector. Bear case: priced above our estimate, the market already discounts strong expectations. Bull case: above-average quality can justify a premium, the entry price still matters most (evidence: low).
Over the trailing twelve months, FST Corp generated revenue of $51.9M at a net margin of 6.1%. Revenue grew 36.2% year over year. It earns a return on equity of 15.9%. Net debt stands at $28.3M. Fundamentals as of Jul 17, 2026
Our scenario range runs from $0.0850 (bear case) to $0.1785 (bull case); at $0.9400, the current price sits above that range. Bear and bull are the same models run on conservative and optimistic assumptions (margins, growth, valuation multiples), so a plausible valuation range, not a price target. The share trades about 52% below its 52-week high, currently below its 200-day average. For context, the median of 10 Consumer Cyclical peers we cover trades at 2% fair-value upside, at -87%, KBSX screens richer than that median.
Fair Value models
Each model estimates fair value its own way; the Fair Value above is the evidence-weighted blend. Evidence (0–100) measures how completely this model’s inputs are available: well-fed models carry more weight in the blend. The spread across models is intentional, each one stresses a different value driver; dividend models, for instance, come out structurally low when payout is small.
All 2 models by family
Widest divergence: Multiples ($0.1400) versus Multiples ($0.1400). Highest evidence: EV/EBITDA (54).
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Key figures & financial health
More key figures
Figures from reported company fundamentals · as of Jul 17, 2026. TTM = trailing twelve months.
Quality Score breakdown
Of which business quality 38 · Market factors (momentum, volatility) 19
Non-valuation factor families (profitability, growth, cashflow, financial strength, momentum …), each academically grounded. Valuation itself sits in the Fair Value and is deliberately excluded here to avoid double-counting.
About the company
FST Corp. develops, produces, and sells golf shafts and other sports equipment under the KBS brand in Taiwan and internationally.
Full company description
FST Corp. develops, produces, and sells golf shafts and other sports equipment under the KBS brand in Taiwan and internationally. The company provides shafts for irons, such as KBS TOUR series that can be fitted into iron golf clubs, pitching wedge, and sand wedge; KBS TOUR LITE series provides tight dispersion, trajectory, additional spin, and longer distance in a lightweight package; KBS TOUR-V series, a steel shaft that features larger outer diameters; KBS 560 and 580 series developed for junior developing players; KBS MAX 80 Series, a lightweight shaft designed for mid-high handicap players; KBS Tour $-Taper series provides shot workability and tight dispersion; and KBS Tour $-Taper Light series, a lightweight tour performance golf club shaft. It offers shafts for wedges including KBS Wedge series for players seeking a similar feel to the KBS TOUR; KBS Tour 610 Wedge series shaft that delivers penetrating ball flight with controlled spin; KBS TOUR-V Wedge shaft to produce shots with a lower-mid trajectory and mid ball spin; and KBS HI-REV 2.0 wedge shaft series for higher ball launch. In addition, the company provides shafts for putters, which include KBS Tour One Step Putter shaft for amplified feel along with reduction in vibrations; KBS CT Tour Putter shaft series designed for company's constant taper technology; and KBS GPS Graphite putter shaft designed as a balance performance shafts. Further, it offers KBS Tour Graphite Hybrid Prototype, KBS Tour Graphite Iron, KBS MAX Graphite, KBS TD Driver/Wood, KBS PGI Players Graphite Iron, and KBS Players Graphite Hybrid PGH; C-TAPER Black Limited Edition, C-TAPER LITE Black Limited Edition steel shafts, TD Driver/Wood Limited Edition graphite shafts, HI-REV 2.0 Wedge Major Green Limited Edition series wedges, and HI-REV 2.0 Wedge Liberty Limited Edition wedges; golf accessories; and operates restaurant and bar. FST Corp. was incorporated in 1976 and is headquartered in Chiayi, Taiwan.
Company description, as reported by the company or data provider.
Revenue & earnings trend
FY2021 – FY2025 · reported fiscal years
FST Corp reported revenue of $48.0M in FY2025 versus $38.9M in FY2021, a compound +5.4%/yr. Reported net income was −$7.1M in FY2025.
KBSX screens 87% overvalued. Compare with ANTA Sports Products Limited →
Peer Group
Leisure · 190 stocks
How this stock ranks against its industry: the green marker is this stock, the band is the typical 25–75% peer range, and the tick is the median.
Valuation Multiples vs Leisure median · lower = cheaper
Snowflake
Five quick dimensions, each 0 to 100: VALUE (fair-value potential), FUTURE (revenue growth), PAST (return on equity), HEALTH (low debt), DIVIDEND (yield). Green = this stock, grey = typical sector peer.
VALUE 0: the price sits above our fair-value range.
Values & ESG
Does this company touch areas you may want to avoid? The classification is inferred from sector and industry.
ESG scores are not available for this stock yet. Values and ESG data are contextual and can differ between providers.
Similar stocks
10 more Leisure stocks, each showing price versus our Fair Value estimate (as of Jul 17, 2026).
| Stock | Price | Fair Value | vs Fair Value |
|---|---|---|---|
| ANTA Sports Products Limited 2020 | HK$74.15 | HK$119.29 | +61% |
| Pop Mart International Group 9992 | HK$160.20 | HK$227.30 | +42% |
| Amer Sports, Inc AS | $36.44 | $16.16 | -56% |
| Hasbro, Inc HAS | $81.55 | $83.38 | +2% |
| Life Time Group LTH | $42.15 | $16.15 | -62% |
| Acushnet Holdings GOLF | $114.78 | $37.79 | -67% |
| Li Ning Company 2331 | HK$14.80 | HK$29.26 | +98% |
| Benefit Systems S.A BFT | 5,255 PLN | 3,714 PLN | -29% |
| Ninebot Limited 689009 | ¥37.82 | ¥39.17 | +4% |
| Asmodee Group ASMDEEB | kr 145.70 | kr 41.90 | -71% |
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Frequently asked questions
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How we calculate Fair Value
Each company is valued through a stack of independent intrinsic-value models (DCF variants, residual-income, multiples and more), blended into one family-balanced consensus and weighted by how much trustworthy data backs it. A separate quality layer scores the fundamentals. Every input is real reported data, nothing guessed.
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