Sunny Optical 2382

Re: Sunny Optical 2382

Postby winston » Fri Jul 20, 2018 12:00 pm

<Research Report>UBS Trims SUNNY OPTICAL (02382.HK) TP to $150 on Expected Weak Camera Module GM

UBS reiterated Neutral on SUNNY OPTICAL (02382.HK) at the target price HKD150, trimmed from HKD165.5, in its report.

The broker also lowered 2018-20 EPS projections on the company by 19.6%, 13.1% and 9.1% to RMB3.37, RMB5.1 and RMB6.54, mainly to reflect weaker camera module gross margin.

Source: AAStocks Financial News
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Re: Sunny Optical 2382

Postby winston » Thu Aug 02, 2018 9:23 am

Buy on weakness ahead of margin recovery

Sunny’s 1H18F core net profit likely rose 32% yoy, c.12% below Bloomberg consensus but in line with our expectation. Our earnings forecasts are intact.

We think blended GPM declined by c.2% pts to c.18.5% in 1H18F, mainly driven by HCM segment, due to high low-spec dual-cam demand, competition and weak Rmb.

HLS should continue to lead Sunny’s earnings growth on the back of robust volume growth (+54% yoy in 1H18) and improving product mix.

We reiterate Add as Sunny benefits from continuous smartphone camera upgrades.

Source: CIMB

4VNOP4KUbzQJH7sP5wcW6MT54X20FC17iqhTZxp_PSy9ecTfmn_Z1wlww2
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Re: Sunny Optical 2382

Postby winston » Mon Aug 13, 2018 11:51 am

not vested

<Research Report>Nomura: SUNNY OPTICAL (02382.HK) Jul Handset Lens Modules Shipment Misses; Kept Buy

SUNNY OPTICAL (02382.HK)'s July handset lens modules shipment declined 25% MoM, worse than the 10% MoM drop as expected by Nomura.

The research house said it was due to some sale delay confirmation of XIAOMI-W (01810.HK) until August, which represented a relatively large proportion of SUNNY OPTICAL's handset lends modules shipment.

SUNNY OPTICAL's rating was maintained at Buy with target price of $160 as the research house remained sanguine on the handset lens business of the company.

Source: AAStocks Financial News
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Re: Sunny Optical 2382

Postby winston » Tue Aug 14, 2018 9:28 am

RESULT HIGHLIGHTS

The Group’s unaudited consolidated revenue for the six months ended 30 June 2018 was
approximately RMB11,976.4 million, representing an increase of approximately 19.4% as
compared with the corresponding period of last year.

The increase in revenue was mainly benefited from the Group’s further development in smartphone related businesses and rapid development in the vehicle imaging field.

The gross profit for the six months ended 30 June 2018 was approximately RMB2,320.1 million,
representing an increase of approximately 12.1% as compared with the corresponding period of
last year.

The gross profit margin was approximately 19.4%.

The net profit for the six months ended 30 June 2018 increased by approximately 2.5% to
approximately RMB1,189.8 million as compared with the corresponding period of last year.

The increase in net profit was mainly attributable to the increase in gross profit and the effective control in operating expenses.

The net profit margin was approximately 9.9%.

The net profit margin decreased from approximately 11.6% for the six months ended 30 June
2017 to approximately 9.9% for the corresponding period of this year.

It was mainly due to:
(i) the year-on-year decrease of gross profit margin of handset camera modules; and
(ii) net foreign exchange loss amounting to approximately RMB201.0 million resulting from the depreciation of RMB against USD, mainly caused by the USD600.0 million bonds issued on 23 January 2018.

http://www.hkexnews.hk/listedco/listcon ... 813786.pdf
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Re: Sunny Optical 2382

Postby winston » Tue Aug 14, 2018 9:32 am

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<Result Ann>SUNNY OPTICAL (02382.HK) Interim Net Profit Adds 1.8% to RMB1.18B; Nil Div

SUNNY OPTICAL (02382.HK) announced the interim results ended June 2018.

It reported a net profit of RMB1.18 billion, up 1.8% yearly.

EPS equaled 108.03 fen. No dividend was declared.

During the period, gross profit amounted to RMB2.32 billion, up 12.1% yearly.

Gross margin was 19.4%, down about 1.2 ppts yearly, mainly due to lower gross margin on handset lens modules.

Source: AAStocks Financial News
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Re: Sunny Optical 2382

Postby winston » Tue Aug 14, 2018 9:34 am

Aug 13, 2018

Vested

<Research Report>Investment Ratings & TPs on SUNNY OPTICAL (02382.HK) (Table)

SUNNY OPTICAL (02382.HK) will announce 1H18 results today (13 August).

According to brokers, net profit estimates range RMB1.324-1.743 billion, up 14.2%-50.4% yearly.

Broker?Investment Rating?Target Price (HK$)
Morgan Stanley?Overweight?220
Macquarie?Outperform?220
Bank of America Merrill Lynch?Buy?200
JPMorgan?Overweight?200
Haitong International?Buy?200
Citigroup?Buy?195
Daiwa?Buy?195
BOC International ?Buy?192
CICC?Recommend?190
Goldman Sachs?Buy(?CL Buy?)?188
Credit Suisse?Outperform?188
CCB International?Outperform?186.2
Jefferies?Buy?169
Nomura?Buy?160
Deutsche Bank?Buy?170->158
UOB Kay Hian?Hold?157.25
UBS?Neutral?150
HSBC Global Research?Hold?140


Source: AAStocks Financial News
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Re: Sunny Optical 2382

Postby winston » Tue Aug 14, 2018 9:47 am

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Short-term margin strain a drag on earnings growth

Sunny’s 1H18 core net profit grew 29% yoy, 3%/14% below our/Bloomberg consensus estimates. It formed 34% of our previous full-year forecast.

GPM of both optoelectronics and optical component segments declined in 1H18, by 3.3% and 1.7% pts respectively, mainly due to keen competition.

We expect stronger GPM in 2H18F amid higher triple-cam output and 3DS launches.

We cut FY18-20F EPS by 2-10% to reflect lower revenue growth and GPM.

Maintain Add as Sunny will continue to benefit from significant smartphone camera upgrades.

TP declines to HK$152, now based on 30x CY19F P/E.

Source: CIMB

https://brokingrfs.cimb.com/WQyFg_VI4wa ... 8PLkg2.pdf
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Re: Sunny Optical 2382

Postby winston » Tue Aug 14, 2018 11:21 am

<Research Report>JPM Expects SUNNY OPTICAL to Retain Full-yr Shipment Guidance; 2H Gross Profit in Rapid Recovery

SUNNY OPTICAL (02382.HK) laid out meager interim data, after trimming GM forecast on its camera modules with share price lagging behind market, JP Morgan said in its report.

The 1H results were still way too weak against consensus although the management had talked about pressure on camera modules.

Revenue was also 7% lower than JP Morgan's forecast.

The rating was maintained at Overweight with target price of $200. JP Morgan expected the company to maintain the full-year shipment guidance and 2H GM to see rapid recovery.

Source: AAStocks Financial News
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Re: Sunny Optical 2382

Postby winston » Tue Aug 14, 2018 11:27 am

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<Research Report>UBS: SUNNY OPTICAL 1H Profit Dragged by Lower GM on Handset Lens Modules; Share Price To Be Subdued

SUNNY OPTICAL (02382.HK)'s 1H net profit rose 2% YoY or slipped 32% MoM to RMB1.18 billion, 18% and 22% trailing UBS and market expectation, mainly dented by lower gross margin of handset lends modules and forex loss.

Owing to feeble 1H profit, UBS forecast the share price of SUNNY OPTICAL will come under pressure.

Yet, it rated the company Neutral with target price of $150 as investors will also pay attention as to whether the company will give out clearer guidance on improving 2H gross margin.

Source: AAStocks Financial News
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Re: Sunny Optical 2382

Postby winston » Tue Aug 14, 2018 11:30 am

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<Research Report>M Stanley Anticipates SUNNY OPTICAL (02382.HK) Share Price to Fall in 30 Days

Morgan Stanley put the chance of SUNNY OPTICAL (02382.HK)'s share decline in next 30 days at 70-80%.

The company was rated Equalweight with target price of $120.

The research house pointed out that the 19% and 22% 1H profit missing Morgan Stanley and street forecast reflected intense market rivalry and RMB devaluation.

Source: AAStocks Financial News
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