Hi-P shares drop 14% following Maybank Kim Eng's downgrade

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Published Tue, Apr 9, 2019 · 09:50 PM

Tumble after rally

Singapore

HI-P International slid amid heavy trading, following a downgrade of its stock to "sell" with a target price of S$1.22 by Maybank Kim Eng as the components manufacturer "appears overvalued compared to its global peers".

Maybank Kim Eng analyst Lai Gene Lih noted that Hi-P has outperformed its Singapore-listed peers, gaining 47 per cent as at April 8 since posting its full-year results on Feb 21. The brokerage has recommended that investors take profit following its recent rally.

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