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Financial Analysis Of Hi P International

5052 words - 21 pages

Hi-P International Ltd. Singapore

Financial Analysis
Finance 101
G11 Group 9

Table of Contents

EXECUTIVE SUMMARY 3

INTRODUCTION 4

MACRO-ECONOMIC ANALYSIS 4

INDUSTRY OUTLOOK 3

INDUSTRY PLAYERS ...view middle of the document...

86 then $0.72 (Short Term)

Stop Loss $0.50 Target Profit $1.28 (Long Term)

Introduction

Hi-P International Limited (Hi-P) is an integrated contract manufacturing services provider specializing in services such as designing and fabricating of mold (MDF), precision plastic injection molding (PPIM). From its incorporation in Singapore on 26 December 1980 to its subsequent listing on the Singapore Stock Exchange on 17 December 2003, Hi-P has grown by leaps and bounds. From a small toolmaker, Hi-P has managed to transform itself to be a successful global industrial supplier of electro-mechanical modules to the telecommunications, consumer electronics and computing industries. Some of their customer base now includes leading consumer brands such as Motorola, Research in Motion, Apple, Siemens, Hitachi, NEC and Baxter.

Since 2006, Hi-P has adopted the business strategy of focusing on only two strategic business units, which are the Wireless business and the Consumer Electronics business unit. This business strategy has helped the company to eliminate geographical barrier and utilize its resources more efficiently, giving more value for its customers with its high quality products and services.

Macro-Economic Analysis

There are three main regional drivers of growth in the world economy at the moment, namely the US, Europe, and Asia. US was most severely affected by the global financial crisis and is still on the path towards recovery, although recent employment statistics suggest some cause for optimism, with the unemployment rate dropping from 9.8% to 8.3%[1].

Asia has remained steadfast throughout 2009, relatively unaffected by the financial crisis. However, a growing concern is that China’s export dependent economy would soon be slowing down amid sluggish demand in Europe and China itself may even be heading for a hard landing as experts foresee China struggling to maintain its export and capital spending-driven growth; exacerbated by its unique social and political problems as well as overheated property market.

Industry Outlook

Meanwhile in Singapore where Hi-P is based, full year Real GDP growth for 2011 amounted to 4.9%. However, Q4 Real GDP growth faltered by 2.5% quarter on quarter. The manufacturing sector alone fell by 11.01% quarter on quarter, and the electronics cluster (of which Hi-P is a part of) in particular recorded a third sequential quarter of decline. According to MAS, this has “dampened activity in the precision engineering cluster, as companies held back on machinery and equipment investments”. 

The high US and Europe unemployment rate and dubious economic outlook through 2011 has influenced global demand for manufacturing and electronics. For 2012, a MAS survey of 21 economists forecasted growth for GDP to come in at 3.0%, with CPI inflation of 3.1%. Such lukewarm sentiment reflects the uncertain economic...

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