Fabrinet J.P. Morgan TMC Conference Takeaways

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Fabrinet J.P. Morgan TMC Conference Takeaways

J P M O R G A N North America Equity Research

18 May 2026

Fabrinet Neutral

FN, FN US

J.P. Morgan TMC Conference Takeaways Price (15 May 26):$722.04

IT Hardware/ Telecom & Networking

Equipment

Samik Chatterjee, CFA AC

(1-212) 622-0798

samik.x.chatterjee@jpmorgan.com

Joseph Cardoso

(1-212) 622-9036

We hosted a fireside chat with Seamus Grady, Chief Executive Officer, & Csaba joseph.cardoso@jpmchase.com

Sverha, Chief Financial Officer, at our 54th annual J.P. Morgan Global TMC Manmohanpreet Singh

Conference. Our key takeaways include: (1-212) 622-4527

manmohanpreet.singh@jpmchase.com

• Current and planned footprint to support up to $12 bn in revenue capacity Marc Vitenzon

with more being scouted. Fabrinet operates two Thailand campuses, (1-212) 622-3342

Chonburi and Pinehurst, the latter of which is reaching capacity following the marc.vitenzon@jpmchase.com

final conversion of 150k sq ft into production footprint. The Nava site was Akanksh Chauhan

identified as an opportunity given its proximity to Pinehurst (~15 mins) and its (1-212) 622-0045

existing building footprint, with room for a second. Nava is expected to add akanksh.chauhan@jpmorgan.com

~$500 mn in revenue capacity, bringing the total to ~$6 bn. Meanwhile, J.P. Morgan Securities LLC

construction of Building 10 at Chonburi will add an additional ~$3 bn, with

management accelerating occupancy by taking two floors early ahead of year-

end completion. Buildings 11 and 12 are each expected to add a further ~$1.5

bn, bringing total cumulative capacity to ~$12 bn, after which management

will need to scout for additional capacity, a process it suggested is already

underway to some degree.

• Gross margin to gradually improve with new programs; however, op