Hi-P

Hi-P: gives positive profit guidance. Expects to report higher revenue in 4Q10 vs 3Q10 (previously guided for comparable performance), driven by increased demand from customers. This corroborates with HSBC’s upgrade of peer Foxconn Tech to Overweight from underweight, on expectations of higher margins on strong casing growth driven by robust iPad/ iPhone/ Macbook volumes. We note that Apple is Hi-P’s second largest customer, accounting for ~15% of sales in FY10.