Update Hitech Group Australia ASX:HIT

A little over two months ago we profiled Hitech Group Australia ASX:HIT (VIEW LINK) as a possible way to play the vibrant ICT/Tech sector from a slightly different angle. It was cheap, had a strong ungeared balance sheet and was operating in a sector of the economy that was experiencing rapid growth. Since the initial post the company has declared its first dividend in 3 years, appointed a new CEO, indicated it will use it's strong balance sheet to fund acquisitions in the sector, exited its ASX 200 investment foray and delivered a very strong operating result for FY16. The culmination of all these events has lead to the stock rerating and hitting new 52 weeks highs of 69c post result. We profiled HIT at 37c. Given its stellar run we were happy to exit our position at 68c for a 83% gain in a little under 3 months. We will continue to monitor developments from the sidelines and may establish a new position in the future. Readers beware everyone gets 1 right or lucky eventually.