Hi-P

Hi-P: OSKDMG maintains Neutral with TP $0.67, based on 0.95x FY13 P/BV (0.5 SD below five-year historical average). Note that Hi-P released negative profit guidance last Friday, citing a drop in orders from one of its existing customers, which may be Apple. Production orders for iPhone 5c have been cut following its disappointing debut. The house slash FY13 and FY14 estimates by 47% and 40% respectively.