Hi-P

Hi-P: UOBKH initaites coverage with TP $0.85. Believes that with Hi-P now including Xiao-Mi as its customer, the group serves both the high-end (Apple) and budget (Xiao-mi) smartphone makers, believe Hi-P is well positioned to benefit from the global smartphone boom. As a key supplier to Xiaomi and Apple, Hi-P is likely to benefit from the recent new product launches from the two major customers, and expect Hi-P to report stronger sales and higher utilisation, underpinning a strong 2H14 recovery. Successful production of Xiaomi’s new steel frame may open doors to new business opportunities. Believe the successful production of Mi4’s steel frame may open new business opportunities for Hi-P.