21-02-2014, 07:10 PM
Quite a shocker of a quarter - prob the worst quarter i've seen since 2010?
Below from Lim&Tan
**************************
HI-P (57 cents, up 3 cents)
As guided by management in late Jan’14, the company
swung into a loss of $14.5mln in 4Q’13, dragging
full year 2013 profit down 64% to $6.4mln.
However, if we exclude inventory provisions of
$4.7mln and one time impairment costs of
$13.5mln, operating profit would have been about
$4mln for 4Q’13, still significantly below their usual
quarterly profit range of between $15-20mln,
reflecting weakness from their key customers
Research In Motion and Apple. Final dividend
was halved to 0.6 cents, giving a yield of only 1%.
Looking ahead into 1Q’14, management expects the
difficult operating environment to continue and
expects to report a loss. Without signs of a
recovery in sight, we maintain our SELL
recommendation.
Below from Lim&Tan
**************************
HI-P (57 cents, up 3 cents)
As guided by management in late Jan’14, the company
swung into a loss of $14.5mln in 4Q’13, dragging
full year 2013 profit down 64% to $6.4mln.
However, if we exclude inventory provisions of
$4.7mln and one time impairment costs of
$13.5mln, operating profit would have been about
$4mln for 4Q’13, still significantly below their usual
quarterly profit range of between $15-20mln,
reflecting weakness from their key customers
Research In Motion and Apple. Final dividend
was halved to 0.6 cents, giving a yield of only 1%.
Looking ahead into 1Q’14, management expects the
difficult operating environment to continue and
expects to report a loss. Without signs of a
recovery in sight, we maintain our SELL
recommendation.