Hi-P

Hi-P: Grp has been buying back shares regularly over the last few wks. 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 the co’s net profit to rise 56% this year (2H loaded) to $70m, translating to a forward PE of 7.5x. With net cash of $197m, co. has no problems funding its capex internally as well as continuing their share buy back program. Mgt had said previously that they are likely to buy back shares around the co’s NAV of 71c.