Hi-P International (H17.SG) is +4.7% at $0.995 with 1.13 million shares traded.

Today’s rise marks the stock’s first strong showing since its better-than-expected 3Q earnings November 1 ($33 million net profit); downward trend since then likely as those results had been priced in after the stock’s 10% rise from September 22 on bullish FY10 guidance; but perhaps with the festive shopping season in full swing, investors are getting a reminder of Hi-P’s earnings potential, as a beneficiary of booming smartphone and tablet sales.

DBS Vickers says the company is poised for an earnings breakthrough; smartphones would be driven by higher volume from bellwethers RIM and Apple (both are key customers).

The house has a Buy rating with $1.30 target; “record earnings look within reach in view of strong global demand.” Orderbook suggests $1.03 resistance.