In the News: 2003

Fu Sheng Industrial Proves Strong Performer

Asia Private Equity Review
1 December 2003

The hunt for value in Taiwan’s publicly traded stocks continues, with some investors looking beyond the island’s mainstay technology companies. This is good news for investors like Lombard/APIC, which owns a 3% stake in Fu Sheng Industrial, the strongly performing maker of golf club heads. Its share price has risen 44% on the Taiwan Stock Exchange in the nine months since Lombard entered the company in April, closing at NT$60.5 on 5th December. Analysts have a positive outlook on the company based on its strong turnover and reasonable valuation at current market prices. The stock is currently trading at 11 times this year’s earnings.