Strong market position as the world's largest electronic manufacturing services (EMS) provider by market share. Strong operating efficiency backed by an unrivalled vertically integrated production model. Heightening industry risks amid increasing competition and persistent margin pressure. High customer concentration. Well maintained, relatively high cash balance with zero adjusted debt. Sustainable and strong free operating cash flow. Exceptional liquidity. The stable outlook reflects our view that Hon Hai Precision Industry Co. Ltd. will be able to maintain its profitability and its ratio of debt to EBITDA below 1.5x over the next one to two years, given the company's strong market position and operating efficiency, as well as its relatively conservative debt use policy. There is a limited likelihood that we will
