HI-P

HI-P: Counter is at +3% today, touching the $0.80 mark to continue its recent ascension after the recent spate of broker upgrades on the counter, which we highlighted in our previous posts, on back of a stronger then expected 1Q13 results and a rosier outlook from the group's key clients, BlackBerry and Apple. Seperately we note that share price could take another boost after SGX fillings revealed that the group’s CEO, Mr Yao Hiao Tung purchased 1.8m shares (0.22% of outstanding shares) between $0.75 - $0.78 via open market transactions on 13th May13, which could possibly send a stronger signal to shareholders on the group’s confidence on Hi-P’s prospects. We note that street consensus has 4 Buy Calls, 1 Hold and 1 Sell with a mean TP of $0.90.