Hi-P

Hi-P - 3rd Aug 2017

Hi-P reports 97.5% yoy surge in net profit to S$15.1 million for 2Q2017; enters into production ramp-up phase for 2H2017

Declare interim dividend of 1.9 cents.

Heading into 2H2017 where the Group expects stronger sales as compared to 1H2017, the Group’s inventories increased from S$142.9 million as at 31 December 2016 to S$155.4 million as at 30 June 2017. The Group’s robust business operations continued to generate strong positive operating cash flows amounting S$51.5 million for 2Q2017. This contributed to balance sheet strength as cash, cash equivalents and restricted bank deposits increased from S$120.7 million as at 31 December 2016 to S$255.2 million as at 30 June 2017. Correspondingly, the Group’s net cash position improved to S$156.5 million as at 30 June 2017 (31 December 2016: S$25.1 million).

Hi-P has a fantastic upward thrust bar presented today on the chart. Couple with super high volume, this is rather bullish.

The closing price of $1.16 is hovering near the all time high price of $1.23.
TA wise, looks positive. It may likely continue to trend higher to re-test 1.20 then 1.25.
( trade base on your own decision)