Hi-P

Hi-P: Grp has restarted its share buy back program having bought 113,000 shares at 72.78c each on Mon. This is co’s first buy back under a new mandate which allows it to buy back up to 82.6m shares. Hi-P last bought back 200,000 shares on 10 Jan ’12 at 63.41c each. Hi-P’s share buy back programs in the past had helped boost or at least supported its share price, especially in 2010 when it was also accompanied by net profit growth of 27%. Consensus is expecting Co’s net profit to rise 56% this year, translating to a forward PE of 7.5x. Mgt had said previously that they are likely to buy back shares around the company’s NAV of 71c and their latest buy back at 72.78c has indeed fulfilled their guidance.