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

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.

At Tuesday's close, Hi-P closed at S$1.40, down S$0.23 or 14.1 per cent, with 18 million shares changi…