FST
NasdaqGM:KBSX
NT$
1,30
NT$
NT$-0,18 (-12,16%)
1,30
NT$
NT$-0,18 (-12,16%)
End-of-day quote: 03/27/2026
FST Stock Value
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FST Company Info
EPS Growth 5Y
0,00%
Market Cap
NT$0,07 B
Long-Term Debt
NT$0,34 B
Annual earnings
N/A
Dividend
NT$0,00
Dividend Yield
0,00%
Founded
1976
Industry
Country
Website
ISIN Number
Website
Analyst Price Target
The Analyst Price Target shows the analysts’ low, high, and average target at a glance.
There are currently no price targets available for this stock.
In the last five quarters, FST’s Price Target has risen from NT$0,00 to NT$1,30 - a 100,00% increase.
Top growth stocks in the materials sector (5Y.)
What does FST do?
FST Corp., through its subsidiaries, manufactures and innovates in the golf industry with a growing portfolio of innovative golf products, including acclaimed golf club shafts and other equipment.
The company has engaged in research and development, manufacturing, and sales of golf club shafts. The company produces and sells golf club shafts under its own high-performance ‘KBS’ golf club shaft brand, and serves as an original equipment manufacturer (OEM) and original design manufacturer (ODM) f...
FST Corp., through its subsidiaries, manufactures and innovates in the golf industry with a growing portfolio of innovative golf products, including acclaimed golf club shafts and other equipment.
The company has engaged in research and development, manufacturing, and sales of golf club shafts. The company produces and sells golf club shafts under its own high-performance ‘KBS’ golf club shaft brand, and serves as an original equipment manufacturer (OEM) and original design manufacturer (ODM) for other world-renowned golf equipment brands, golf equipment OEMs, and golf equipment distributors that provide consumers with customized golf club services. The company also develops its retail presence in the U.S. and Japan markets through its KBS Golf Experience stores, which provide retail customers with new equipment build services and retro-build services for existing clubs.
Starting from 2007, the company began using the ‘KBS’ brand as part of a broader initiative to transition from an OEM for other international golf brands to an operator of an independent and competitive brand. The development of the KBS brand is led by renowned designer Kim Braly.
The company first introduced the KBS brand into the U.S. market through the PGA Tour in 2008. Since its launch, the company has continuously cultivated the KBS brand through the launch of golf shaft series that are well respected by the golf community: KBS Tour shaft series in 2008, KBS C-Taper steel shaft series in 2011, KBS Tour Hybrid series in 2017, KBS Tour-TGI graphite series in 2018, and KBS TD Driver graphite shafts series in 2020. Through the expansion of its product lines to encompass both steel club shafts and carbon fiber club shafts, it can address its customers’ preference for one-stop shopping, significantly enhancing the company’s and brands’ capabilities to accept orders and negotiate. Since 2016, the company has supplied golf shafts directly to PGA players. This initiative allows PGA players to test the shafts and participate in competitions using them, and opens up a pathway for the company to collect feedback from professional players. Close interactions with top professional players also provide the company with opportunities to market its KBS shafts. As of December 31, 2024, 67 PGA players were using KBS brand shafts in their professional competitions. Propelled by professional endorsement and high market visibility, the company has successfully evolved from being an OEM for international brands to a trusted provider of golf shafts under its proprietary brand ‘KBS.’
To further raise brand awareness and directly connect with customers, the company has established KBS Golf Experience stores in Carlsbad, California, in the U.S., and Tokyo, Japan. These stores offer golf club customization and fitting services for individual customers, and are equipped with simulation tracking technology, software tools, and data recording systems. By quantifying the performance of golf clubs used on courses and analyzing consumer preferences and swing performance on-site, the staff is able to recommend suitable golf equipment for golfers of different ages, genders, and experience levels. Customer feedback serves as a valuable reference point for future product development, which, in turn, helps sustain the competitiveness of the company’s products.
Growth Strategies
The company’s strategies are to optimize product design through data collection; acquire other golf shaft producers; expand the KBS golf experience store network; expand into the PRC and other global markets; and expand into graphite shaft production.
Products and Services Offerings
Product Offerings
The company specializes in the development and manufacturing of high-performance golf club shafts, catering to golfers of all skill levels and price sensitivities through three distinct product lines: premium shafts, standard shafts, and economy shafts.
The company exclusively markets its premium shafts under the KBS brand. The company sells KBS branded shafts to both retail customers, international golf brands, and sports retailers. The company’s premium shafts, crafted from top-quality materials, such as steel and carbon fiber (graphite), are meticulously engineered to meet the rigorous demands of PGA professionals and serious players. In addition, the premium shafts undergo a sophisticated manufacturing process to increase symmetry and reduce torque.
The company offers its standard shafts to other international brands as an OEM or ODM partner. The standard shafts are steel shafts that are designed in accordance with the brand customers’ specifications. The company manufactures, if acting as an OEM partner, or designs and manufactures, if acting as an ODM partner, the standard shafts based on the customers’ specifications. The standard shafts are typically incorporated into the pre-packaged branded clubs offered by the customers.
The company offers economy shafts to other non-branded golf club manufacturers. The non-branded golf clubs target beginners with low budgets. Therefore, the company manufactures economy shafts based on industry standard specifications with little customization, and generally in bulk orders.
The company primarily markets steel golf club shafts. Beginning in 2017, the company expanded its product offering to include carbon fiber (graphite) shafts. Graphite shafts are typically lighter than steel shafts, which allows golfers to generate greater clubhead speed and distance. They are also typically offered in ultra-lite weight series of products, which can help golfers with slower swing speeds achieve greater distance. Steel shafts are generally heavier than graphite shafts, which makes them more stable during the swing, and are generally preferred by stronger, faster-swinging golfers who value control over distance.
Premium Shafts
The company’s premium shafts are marketed under its own KBS brand. Premium shafts are distinguished from the company’s other products in that they are manufactured entirely to the company’s proprietary designs, with different tooling and manufacturing processes to ensure consistency and reduce torque, and are subject to the most rigorous quality and inspection requirements out of all of the company’s products. The premium shafts also include additional coating, which gives them a premium finish and appearance.
The company primarily supplies premium shafts to (a) major international golf club brands to be fitted in their premium clubs, (b) national golf merchandise distributors to be resold in their shops as standalone products, and (c) retail customers who desire to upgrade their equipment using a custom fitting process through the company’s online store or KBS Golf Experience store.
The company produces and designs a full product line of premium shafts, including irons, drivers, wedges, and putters.
Shafts for Irons
KBS TOUR: The KBS TOUR Series is designer Kim Braly’s signature shaft and is ideal for players desiring shot versatility with mid-flight trajectory, while maximizing energy transfer for increased shot control. The KBS TOUR Series can be fitted into 2 to 9 iron golf clubs, pitching wedge, and sand wedge, and comes in Regular, Regular+, Stiff, Stiff+, and Extra Stiff flexes ranging from 110 grams, 115 grams, 120 grams, 125 grams, and 130 grams respectively in weight, from 37.5 to 41 inches in length with tip diameter of .355 and .370 inches in Classic KBS Chrome finish.
KBS TOUR LITE: The KBS TOUR LITE Series is designed to provide tight dispersion, a higher trajectory, additional spin, and longer distance in a lightweight package. As the newest, lightest steel shaft in the KBS product line, it is 20% lighter than the comparable KBS TOUR shaft. The KBS TOUR LITE Series can be fitted into 2 to 9 iron clubs, pitching wedge, and sand wedge, and comes in Regular Stiff, Stiff, and Extra Stiff flexes ranging from 95 grams, 100 grams, and 105 grams in weight, from 37 to 40.5 inches in length, with tip diameter of .355 and .370 inches in black gloss and Classic KBS Chrome finish.
KBS TOUR-V: The KBS TOUR-V Series is a steel shaft that features larger outer diameters, resulting in a stable tip section and tight shot dispersion. It is designed for players who prefer a mid-flight trajectory with less ball spin. The KBS TOUR-V Series can be fitted into 2 to 9 iron clubs, pitching wedge, and sand wedge, and comes in Regular Stiff, Stiff, Extra Stiff, Tour Spec S+, and Tour Spec X flexes ranging from 110 grams, 115 grams, 120 grams, 125 grams, and 130 grams respectively in weight, from 37 to 40.5 inches in length with tip diameter of .355 inches in Classic KBS Chrome finish.
KBS 560 and 580: The KBS 560 and 580 Series are developed specifically for junior developing players. Both shaft weights provide the junior player one full club length longer in distance and consistency relative to shafts made for adults. This allows the junior player better control over spin and ball flight that he/she otherwise would be able to achieve with shafts made for adults. The KBS 560 and 580 Series can be fitted into 3 to 9 iron clubs, pitching wedge, and sand wedge, and comes in Regular and Stiff flexes ranging from 80 to 95 grams in weight, from 34 to 40 inches in length with tip diameter of .355 inches or .370 inches in Classic KBS Chrome finish.
KBS MAX 80: The KBS MAX 80 Series is a lightweight shaft designed for mid-high handicap players. It is a R/S/X combination parallel tip shaft that produces a high trajectory and spin rate for longer distance shots. The KBS MAX 80 Series can be fitted into 2 to 9 iron clubs, pitching wedge, and sand wedge, and comes in Regular, Stiff, and Extra Stiff flexes, 111 grams in weight, 43 inches in length with tip diameter of .370 inches in Classic KBS Chrome finish.
KBS Tour $-Taper: The KBS Tour $-Taper Series provides superior feel while maintaining shot workability and tight dispersion for players seeking the ultimate tour shaft with mid-flight trajectory and low spin performance. The KBS Tour $-Taper shares the same bend profile as the KBS TOUR with elongated step patterns that generate a more stable performance throughout the swing. The KBS Tour $-Taper Series can be fitted into 2 to 9 iron clubs, pitching wedge, and sand wedge, and comes in Regular, Regular+, Stiff, Stiff+, and Extra Stiff flexes ranging from 110 grams, 115 grams, 120 grams, 125 grams, and 130 grams respectively in weight, from 37.5 to 41 inches in length with tip diameter of .355 inches in Black Gloss and Classic KBS Chrome finishes.
KBS Tour $-Taper Light: The KBS Tour $-Taper Light Series is a lightweight tour performance golf club shaft that provides KBS signature superior feel while maintaining shot workability and tight dispersion for players seeking the ultimate tour shaft with mid/high trajectory and low/mid spin performance in a lighter weight package. The KBS Tour $-Taper Light Series can be fitted into 2 to 9 iron clubs, pitching wedge, and sand wedge, and comes in Regular, Stiff, and Extra Stiff flexes ranging from 110 grams, 115 grams, and 120 grams, respectively, in weight, 42 inches in length with tip diameter of .370 inches in Classic KBS Chrome finish.
Shafts for Wedges
KBS Wedge: The KBS Wedge Series is developed for players seeking a similar feel to the KBS TOUR. The firmer tip section on the KBS WEDGE allows for less ball spin and increased control. The KBS Wedge Series can be fitted into the pitching wedge, gap wedge, lob wedge, and sand wedge, and comes in Regular, Stiff, and Extra Stiff flexes ranging from 110 grams, 120 grams, and 130 grams respectively in weight, 37 inches in length with tip diameter of .355 inches in Classic KBS Chrome finish.
KBS Tour 610 Wedge: The KBS Tour 610 Wedge Series shaft delivers a lower, more penetrating ball flight with controlled spin. This wedge-specific shaft allows skilled players to produce knock-down and other workable shots into and around the green. The KBS Tour 610 Wedge Series can be fitted into the pitching wedge, gap wedge, lob wedge, and sand wedge, and comes in Regular, Regular+, Stiff, Stiff+ flexes ranging from 110 grams, 115 grams, 120 grams, and 125 grams respectively in weight, 37 inches in length with tip diameter of .355 inches in Black Gloss and Classic KBS Chrome finishes.
KBS TOUR-V Wedge: The KBS TOUR-V Wedge shaft is designed exclusively for wedges to produce shots with a lower-mid trajectory and mid ball spin, creating a piercing ball flight with incredibly tight shot dispersion. The KBS TOUR-V Wedge can be fitted into the pitching wedge, gap wedge, lob wedge, and sand wedge. This shaft is available in a single Stiff+ flex (125g), is 37 inches in length with tip diameter of .355 inches in Classic KBS Chrome finish.
KBS HI-REV 2.0: The KBS HI-REV 2.0 wedge shaft series features an active tip section that increases the effective loft of the club head, delivering a higher ball launch with more spin for added stopping power and accuracy. The KBS HI-REV 2.0 wedge shaft can be fitted into the pitching wedge, gap wedge, lob wedge, and sand wedge. This shaft is available in Regular, Stiff, and Extra Stiff flexes ranging from 115 grams, 125 grams, and 135 grams, respectively, in weight, 37 inches in length with tip diameter of .355 inches in Black Gloss and Classic KBS Chrome finishes.
Shafts for Putters
KBS Tour One Step Putter: The KBS Tour One Step Putter shaft is designed to create pure amplified feel, along with a reduction in vibrations at impact for putts to be stable and accurate with different putter head weights. This shaft enables the player to have more flexibility in creating pure amplified feel, along with reductions in vibrations at impact. This shaft is available in Straight Bend, is 130 grams in weight, 38 inches in length with tip diameter of .355 inches in Black Matte, Black Gloss, and Classic KBS Chrome finishes.
KBS CT Tour Putter: The KBS CT Tour Putter shaft series was designed based on the company’s ‘Constant Taper’ Technology and is available in Straight, Single, and Double Bends, is 124 grams in weight, 38 inches in length with tip diameter of .355 or .370 inches in Black Matte, Black Gloss, and Classic KBS Chrome finishes.
KBS Tour: The KBS Tour putter shaft is another of Kim Braly’s signature golf club shafts. It uses the same performance principles as the original KBS TOUR Shaft, maximizing energy transfer for increased putting control, with a stiff design structure to stabilize the head at impact. It is available in Straight Bend, is 124 grams in weight, 38 inches in length with tip diameter of .370 inches in Black Matte, Black Gloss, and Classic KBS Chrome finishes.
KBS GPS Graphite: The KBS GPS Graphite putter shaft is made from composite materials and fibers and is designed as a high balance performance shaft that results in minimizing deflection bend commonly found in traditional steel putter shafts on longer putts, along with better distance control. It is available in Straight Bend, is 124 grams in weight, 38 inches in length with tip diameter of .355 or .370 inches in Black Matte, Black Gloss, Bright Yellow Matte, Bright Yellow Gloss, Carolina Blue Matte, Carolina Blue Gloss, Georgia Green Matte, Georgia Green Gloss, Hot Pink Matte, Hot Pink Gloss, KBS Red Matte, KBS Red Gloss, Rainbow Gloss, White Matte, White Gloss, and Classic KBS Chrome finishes.
Graphite Shafts
KBS Tour Graphite Hybrid Prototype: The KBS Tour Graphite Hybrid Prototype series is inspired and designed from the KBS Tour shaft, the most popular steel shaft in the KBS Golf Shaft line. It is available in Regular, Regular+, Stiff, Stiff+, and Extra Stiff flexes ranging from 65 grams, 75 grams, 85 grams, 95 grams, and 105 grams, respectively, in weight, 42 inches in length with tip diameter of .370 inches.
KBS TGI — Tour Graphite Iron: The KBS TGI — Tour Graphite Iron series is designed for players looking for maximum steel-like playability, shot control, and performance in a graphite shaft, and is developed with optimized weight and stiffness to gain maximum playability and performance. It is designed with the same E.I. curve as the KBS Tour Steel and is in every weight class to fit players from juniors to women and tour professionals. The KBS TGI — Tour Graphite Iron series can be fitted into 2 to 9 iron clubs, pitching wedge, and sand wedge, and comes in Regular, Regular+, Stiff, Stiff+, Stiff++, Extra Stiff, and Extra Stiff+ flexes ranging from 60 grams, 70 grams, 80 grams, 90 grams, 95 grams, 100 grams, and 110 grams respectively in weight, is 36 to 39.5 inches in length with tip diameter of .355 inches in Black Matte finish.
KBS MAX Graphite: The KBS MAX Graphite Iron Shaft series is suitable for players seeking to maximize swing speed, giving players with lower swing speeds the ability to hit the ball at a higher launch and spin with accuracy. It is designed for a wide range of players seeking to maximize the performance of their iron shafts with trajectory, spin, and distance in a consistent, lighter weight package. The KBS MAX Graphite Iron Shaft series can be fitted into 2 to 9 iron clubs, pitching wedge, and sand wedge, and comes in Lite, A, and Regular flexes ranging from 45 grams, 55 grams, and 65 grams respectively in weight, is 36 to 39.5 inches in length with tip diameter of .355 inches in Black Matte finish.
KBS TD Driver/Wood: The KBS TD Driver/Wood shaft series is a lighter and stiffer Driver/Wood shaft that has the characteristics of the original KBS feel, efficiency, and optimization of spin and launch that the KBS product line is known for. It is a mid-launch/low spin performance graphite shaft that optimizes the maximum performance and efficiency of spin and launch angles at various swing speeds. The TD Driver/Wood shaft series is available in A, R, S, X, and Tour X flexes ranging from 40 grams, 50 grams, 60 grams, 70 grams, and 80 grams, respectively, in weight with tip diameter of .335 inches in Black Gloss, Black Matte, and White Gloss finish.
KBS PGI Players Graphite Iron: The KBS PGI Players Graphite Iron series was designed to provide the same tolerances, dispersion, and control as the KBS Tour Steel shaft at a lighter weight, making it easier to swing. The KBS PGI Players Graphite Iron series can be fitted into 1 to 9 iron clubs, pitching wedge, and sand wedge, and is available in Lite/A, Regular, Regular+, Stiff, Stiff+, and Extra Stiff flexes ranging from 50 grams, 60 grams, 70 grams, 80 grams, 90 grams, and 110 grams, respectively, in weight, is 41 inches in length with tip diameter of .370 inches in Black Matte finish.
KBS Players Graphite Hybrid PGH: The KBS Players Graphite Hybrid PGH series is based on the KBS Players Graphite Iron platform, offering golfers of all abilities an easier launch shaft with better spin. It is a lighter weight version of the KBS Tour Graphite Hybrid Prototype. The KBS Players Graphite Hybrid PGH series is available in Lite, A, Regular, Regular+, Stiff, Stiff+, and Extra Stiff flexes ranging from 45 grams, 55 grams, 65 grams, 75 grams, 85 grams, 95 grams, and 105 grams respectively in weight, is 41 inches in length with tip diameter of .370 inches.
Limited Edition Shafts
In addition to the above products, from time to time, the company offers limited edition series of premium shafts with alternate color schemes as part of its marketing campaigns to drive up interest in its products. Currently, the company offers the following limited-edition shafts: the C-TAPER Black Limited Edition and the C-TAPER LITE Black Limited Edition steel shafts, the TD Driver/Wood Limited Edition graphite shafts, the HI-REV 2.0 Wedge Major Green Limited Edition series wedges, and the HI-REV 2.0 Wedge Liberty Limited Edition wedges.
Standard Shafts
Standard shafts are exclusively steel shafts. The company manufactures and primarily supplies standard shafts to international golf club brands as part of their standard or economy clubs, or to other Taiwanese golf club OEMs. The standard shafts typically bear the brand of the customers. The company produces and designs a full product line of standard shafts, including drivers, wedges, and putters for its branded customers.
The company offers standard shafts as an OEM or ODM, based on the branded customers’ requirements. As an OEM, the company manufactures the shafts based on the design provided by the customer. As an ODM, the company will first design the shafts based on the specifications provided by the customers. After the customer approves the design, a prototype based on the approved design is made. After the prototype is approved by the customer, the company can start to take orders from the customer.
Because golf clubs fitted with standard shafts are typically priced at a lower price point than premium clubs, the per-unit sale price of standard shafts is typically lower than that of premium shafts. The company also uses a more cost-efficient manufacturing process for standard shafts to balance final pass yield and production costs, as compared with premium shafts.
Economy Shafts
Economy shafts are exclusively steel shafts. The company manufactures and supplies economy shafts primarily to non-branded golf club makers or their OEMs to be assembled in generic clubs. The company produces a full product line of economy shafts, including drivers, wedges, and putters for its non-branded customers.
The non-branded golf clubs are typically sold in bulk and at competitive pricing points to attract price-sensitive golfers. For the year ended December 31, 2024, economy shafts made up approximately 2.71% of the company’s revenues. The company manufactures economy shafts based on industry standard designs with little customization.
Economy shafts are made from substantially the same materials as standard shafts, but using a more streamlined production process. Moreover, the quality and inspection standards applied to economy shafts are far more lenient than those for standard shafts. Therefore, the unit sale price of economy shafts is lower than that of standard shafts.
Golf Accessories
The company sells KBS-branded golf accessories in its online store and in KBS Golf Experience Stores. Golf accessories include KBS-branded golf apparel, golf bags, vessel bags, putter covers, and duffle bags. The company sources its KBS-branded golf accessories from other third-party suppliers.
Custom Fitting Services
KBS Golf Experience Stores
The company operates KBS Golf Experience stores in Carlsbad, California, Tokyo, Japan, and in Taipei, Taiwan, which were opened in 2019, 2021, and 2024 respectively.
The company primarily provides new equipment build services and retro-build services for existing clubs through the KBS Golf Experience stores. The new equipment build service allows a customer to custom build a new golf club or set of golf clubs at the customer’s customized parameters and specifications. The retro-build service allows a customer to keep the customer’s existing club heads and customize all of the other parts of a golf club from the grip down to the label. The company offers exclusive KBS shafts, and other parts of a golf club, including club heads, grips, and the labels of other major international brands. In both new build and retrofit processes, customers work one-on-one with the company’s fitters and builders to customize golf clubs tailored to each individual customer’s preferences and needs.
The company’s fitters will evaluate a customer’s current equipment, performance data, and consult customers regarding their golf game and aspirations on the golf course, in order to determine the appropriate equipment to improve the customer’s accuracy and distance on the course. After gaining an initial understanding of the customer’s needs, fitters will test different shafts to determine the one that best suits the customer’s swing profile, focusing on distance, feel, and shot dispersion among the various shaft options.
Online Fitting Tool
Utilizing the company’s online fitting tool available on the company’s website, Find Your Fit, customers can choose among shafts for irons, wedges, putters, and woods to find the shafts best suited for the customer’s playing abilities. Customers can then purchase these shafts on the website and mail their existing clubs to a store for the company to replace the existing shafts with the newly purchased shafts.
Fittings are offered in many different packages, ranging from comprehensive full-bag fitting; fitting the entire bag from driver to putter; partial bag fitting; fitting to optimize a specific iron, driver, wedges, and/or putter; long-game fitting, focusing on the top portion of the bag to ensure consistent yardage gapping and performance; fairway or hybrid fitting, to optimizing distance gapping and consistency in the long part of the bag; and junior golfer fitting.
PGA Tour Trucks
For each of the 39 PGA Tour events held annually, the company deploys on-site customized KBS-branded PGA Tour trucks outfitted with new equipment build and retro-build services to bring its KBS custom fitting expertise to support professional players. As in KBS Golf Experience Stores, in these trucks, golfers work directly with its expert fitters to individually tailor golf clubs for players based on their needs and preferences.
Other Services
Restaurant and Bar
The company operates a restaurant in Chiayi, Taiwan, ‘Hit Cat Kitchen’, where it sells Western cuisine, and a bar in Taipei, Taiwan, ‘Hit Cat Brewing’, where it sells imported craft beer and wines. The company’s establishments are decorated with KBS merchandise and located near golf resorts, with the aim to introduce and immerse customers with the KBS brand.
Suppliers
The company engages the following types of suppliers for its business:
Steel coil suppliers: Critical for iron shaft production. The company has partnered with China Steel Corporation for a stable supply of specialized steel materials.
Material suppliers: Providing additional key materials required for iron shaft production.
Contracted processing factories: Handling production for graphite shafts and metal surface electroplating for steel shafts, a crucial step in ensuring desired appearance.
Sales and Marketing
Leveraging Taiwan’s exceptional manufacturing capabilities and cost advantages, the company’s ‘KBS’ brand has gained significant recognition in the U.S. golf industry. Consequently, the company has evolved from being an OEM for international brands to becoming a retailer of high-end shafts for private branded golf clubs and branded golf club heads.
In parallel, under its private brand, KBS, the company has engaged in OEM contracts for carbon fiber clubs, expanding its product lines to encompass both iron clubs and carbon fiber clubs. This comprehensive approach addresses customers’ preferences for one-stop shopping, significantly enhancing the company’s and brands’ capabilities to accept orders and negotiate.
The company proactively develops and promotes its private brand, ‘KBS’. In 2008, the company launched its popular KBS Tour shaft series. The KBS Tour and subsequent KBS C-Taper steel shaft series introduced in 2011 have since then been extensively adopted by professional golfers. Starting in 2017, the company also launched the KBS Tour Hybrid and TGI graphite series successively, further upgrading KBS brand awareness by expanding its product portfolio into graphite shafts for the first time, resulting in an increase in the adoption of KBS shafts by international golf club brands. The launch in 2020 of the TD Driver graphite shafts series further complemented the company’s product line and was well received by the market.
In recent years, the company has further strengthened its presence by establishing KBS brand flagship brick-and-mortar stores—the KBS Golf Experience stores—in two major golf markets, the U.S. and Japan. These stores offer golf club customization and fitting services for individual customers, and are equipped with simulation tracking technology, software tools, and data recording systems. By quantifying the performance of golf clubs used on courses and analyzing consumer preferences and swing performance on-site, the company is able to recommend suitable golf equipment for a wide variety of golfer types. This approach validates customer needs, enhances brand awareness and loyalty, and serves as a valuable reference for product development or improvement, thereby sustaining the company’s product competitiveness.
Customers serviced by the company can broadly be categorized into four general types: golf equipment companies, OEM companies that manufacture golf equipment for golf equipment brand companies, and golf equipment distributors, as well as individual golf customers serviced by the company on its website and through KBS Golf Experience Stores.
The company has its own field sales representatives in Taiwan, the United States, and Japan, primarily covering major corporate clients.
Competition
The company’s major global competitors for premium golf club shafts include established brands, such as True Temper and Nippon Shaft.
In the premium shaft sector, the company competes with other international brands that are more well-known and have more financial resources, such as Tempest, Nippon, and Project X.
Seasonality
Historically speaking, in general, driven by the large international exhibitions, such as the PGA Merchandise Show and the beginning of the new golf season, the company’s sales in the first quarter of a year are typically higher than in the other quarters (year ended December 31, 2024). The company’s second-quarter sales are primarily impacted by weather conditions, which affect the length of the golf season and the number of discretionary purchases made by golfers. Third-quarter sales are generally less than the second quarter as many retailers begin decreasing their inventory levels in anticipation of the end of the golf season. Fourth-quarter sales are generally less than the other quarters due to the end of the golf season in the company’s current key markets.
Intellectual Property
From 2008 to 2016, the operations of the KBS brand in the U.S. market were managed by a distributor controlled by the company’s chairman, which also owned the trademarks of the KBS brand. In 2016, to consolidate the business of the company, the distributor transferred all registered KBS brand trademarks to the company, and the company purchased the inventories of KBS products and working capital held by such distributor.
Government Regulation
The company is a company limited by shares, and the company has been current with its corporate filings with the Administration of Commerce, Ministry of Economic Affairs, Taiwan.
As the company’s factory is located within Chiayi County, Taiwan, the company is directly under the supervision of the Environmental Protection Bureau of Chiayi County, Taiwan for its environmental compliance. The company consistently reports to the relevant authority and has maintained effective approval status for its industrial waste disposal plan and its water use/wastewater discharge plan pursuant to the Waste Disposal Act, the Air Pollution Control Act, and the Water Pollution Control Act.
There were several instances of minor sanctions where the company had been required by the Occupational Safety and Health Administration of the Ministry of Labor to rectify certain potential working condition hazards and practices, and was subject to minor fines, although all of these issues had been quickly addressed and rectified by the company. The company has not experienced any lawsuits or disputes with its employees that became subject to administrative review of the Taiwan Labor Bureau or ended in litigation.
The company has attained ISO 9001:2015 certification for the design, manufacture, processing, and sale of golf club shaft products. The certification is valid until August 14, 2025.
Research and Development Expenses
The company’s research and development expenses decreased to $1,296,969 for the year ended December 31, 2024.
History
FST Corp. was founded in 1976. The company was incorporated in 1976.
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