FST (KBSX) Investor presentation summary

Company overview and business model

• Manufactures and sells a full range of golf club shafts and related products, serving global OEMs, distributors, and consumers through retail outlets.

• Vertically integrated model covers design, R&D, manufacturing, and sales, providing competitive advantages in technology and production efficiency.

• Premium KBS-branded shafts account for over half of shaft revenue and are used by professionals worldwide.

• Global presence with headquarters in California and retail locations in the US, Japan, and Taiwan.

• Led by a management team with decades of industry experience.

Product portfolio and innovation

• Offers premium, standard, and economy shafts, with premium products representing 52.5% of shaft revenue.

• Proprietary shaft design technology and advanced materials drive product differentiation.

• In-house manufacturing in Taiwan leverages automated processes for quality and cost efficiency.

• Continuous product development informed by feedback from professional and amateur golfers.

• Custom fitting services and online tools enhance customer engagement.

Market position and competitive advantages

• One of three companies controlling 96% of the steel shaft market, benefiting from high barriers to entry and pricing power.

• Proximity to component suppliers and manufacturing in Taiwan yields cost and shipping advantages.

• Recognized as a top 100 business in the golf industry and trusted by major international brands.

• Products used in over 127 professional tournament wins from 2021–2026.

• Direct engagement with golfers accelerates product development and brand loyalty.