Hi-P

Hi-P: DMG upgrades to Buy from Neutral, lifts target to $0.97 from $0.595 after increasing FY10-11 earnings forecasts by 19.5 -25.0% to assume stronger business. Says 2Q10 earnings of $12.4m, vs $14.2m loss in 1Q10, above market expectations; expects momentum to pick up steam further in 2H with Hi-P ramping up utilisation rate as more orders for the manufacturing of BlackBerry smartphones and Apple iPads flow in.