not vested
NEWS SINGAPORE-DMG says Hi-P is top pick for tech sector
DMG & Partners Securities said it continues to favour Hi-P International Ltd , which supplies parts to companies such as Apple Inc , as the top pick in the Singapore technology sector.
On Tuesday, Hi-P shares were up 0.5 percent at S$1.065. The stock has surged 76 percent so far this year versus the 23 percent gain in the FT ST Small Cap Index <.FTFSTS>.
Apple booked orders for over two million iPhone 5 models in the first 24 hours, reflecting a higher-than-expected demand for the consumer device giant's new smartphone and setting it up for a strong holiday quarter.
"Despite some criticism over the lack of the 'wow' factors, we remain bullish over the demand for iPhone 5 as we have consistently argued that, rather than competing purely on hardware specifications,
Apple focuses on providing a better and holistic user experience," DMG said.
The broker has a 'buy' rating and S$1.28 target price on Hi-P.
Source: Reuters