Hi-P down 7% on uncertain outlook; DBS lowers target price to S$1.80

Singapore

HI-P International's stock fell by 7.1 per cent as at Thursday's close, on slower growth in the smartphone industry and growing fears of a trade war.

The contract electronics manufacturer - which provides services from product development, component manufacturing to complete product assembly - posted a 20 per cent rise in first quarter earnings to S$10.1 million on Wednesday, and a 15 per cent rise in revenue to S$281.1 million, which broker DBS Group Research classified "decent".