SINGAPORE (Feb 18): Maybank Kim Eng Research is reiterating its “sell” call on Hi-P International, and has slashed its target price to $1.00, representing a 22% downside for the stock. 

In a Tuesday report, lead analyst Lai Gene Lih notes that the group’s results for 4QFY2019 ended December had fallen short of the brokerage’s expectations. 

The group saw its earnings halved to $22.4 million from $44.8 million in the previous year, while revenue for the quarter fell 10.2% to $396.9 million on the back of pricing pressure and lower sales volumes for certain customers.

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