Overview Key strengths Key risks Core subsidiary of Hon Hai Precision Industry Co. Ltd. High customer concentration and outsized exposure to production of smartphone mechanical parts. Leading global electronic manufacturing service (EMS) provider Aggressive investment in new businesses such as semiconductors, electric vehicles (EV) supply chain, industrial automation, and robotics. Above-industry return on capital backed by strong engineering expertise and efficient operations. Increasing competition and margin pressure as smartphone sales and corporate information technology (IT) spending soften. Fii's revenue declined by 8.2% year-on-year in first half of 2023. Weak smartphone demand and declining enterprise server orders amid macroeconomic headwinds have been weighing on the company's business. However, revenue growth could improve in 2024 to 4.5% from 0.4% in 2023, underpinned
