Citi has raised Hi-P International (H17.SG) target price to 65 cents from 31 cents on roll forward of valuation year and higher assumed target PE ratio, and maintaining its “sell” rating, says Dow Jones Newswires.
The new target price based on a fair-value multiple of around 10x FY10 earnings vs previous target based on a fair-value multiple of around 4x FY09 earnings.
