Hi-P (H17 SP)

A good friend of mine asked me to look at this firm, which I did and heres my thoughts.
I wont write full on this firm - read on for details.

• Firm manufactures plastic moulds for electronic products
• Firm has been uphill due to consistent share buybacks 
• About 863 million shares out at $0.835 each = mkt cap S$720 million
• Debt levels are low with S$200 m+ in cash (thats why buybacks)
• Firm did not recover contrary to what they wrote. "recovery was 1Q to 2Q 2010, -ve to +ve
• but look at 1Q 2010 vs 09 and 2Q 2010 vs 09, both down.
• overall YTD is a loss vs a gain in 09
• Firm seems to be bleeding sales while fixed costs (almost all cost) remains similar 
• This is amidst dipping pricing (note the margins)
• Conclusion?
• Not something I want to go into - Don't understand the rally in it.

Hi-P, HIP, SGX, moulds