Singapore Stock Market News
Hi-P International - Risk-Reward Not Yet Favourable
StockFanatic
Publish date: Fri, 03 Aug 2018, 11:39 AM
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2Q18 in line; still, it all hinges on 4Q18
2Q18 PATMI was in line with our forecast, falling 19% YoY despite a surprise 8% YoY increase in sales on higher volumes. This is a concern as we may have underestimated pricing pressures; hence, we trim FY18-20E EPS 10-17%. 3Q18 product ramp-up appears intact, although 4Q18 hinges on the reception of the products of HIP's key wireless and IOT customers. ROE-g/COE-g TP is cut 12% to SGD1.27, based on 1.8x FY18E P/B (prev: 2.0x), based on FY18-20E average ROE of 14.8% and COE of 9%. HOLD. Read More
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