In a Monday report, analyst Lai Gene Lih notes that the stock has gained 47% to hit $1.68 since Feb 22, post the release of the group’s 4Q financials, to outperform its SGX-listed peers.
SINGAPORE (April 9): Maybank Kim Eng is downgrading its call on Hi-P International to “sell” from “hold” previously with an unchanged price target of $1.22, which is based on 1.5 times FY19E price-to-book value.
This is because the research house now deems Hi-P as overvalued at 14 times FY19E P/E versus its global peers’ 10.5 times, and its own 1 SD above the three-year mean of 12.3 times.
