Sunny Optical 2382

[winston]

SUNNY OPTICAL: Aims to Grow Full-Yr Handset Lens Sets Shipment by 12%

SUNNY OPTICAL (02382.HK) posted optical components GPM of around 41.5% for the first half of 2020, down 2.6 ppts year-on-year.

SUNNY OPTICAL CEO Sun Yang aims for a full-year handset lens sets shipment growth of 12%, given higher base in the second half of 2019.

Source: AAStocks Financial News

[winston]

not vested

Brokers' Latest Views, TPs on SUNNY OPTICAL (02382.HK) Post Results (Table)

Credit Suisse│Outperform│207
Morgan Stanley│Overweight│170
JPMorgan│Overweight│165
Citigroup│Buy│160
Macquarie│Outperform (Reviewing)│152 (Reviewing)
Daiwa│Buy│142
CICC│Outperform│138
Nomura│Neutral│135
Goldman Sachs│Buy│120

Related News Macquarie: US Tech Access Curb on Huawei Tougher; Neutral to Slightly Negative Impact on SUNNY OPTICAL

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Brokers│Views

Credit Suisse│Cellphone lens module shipment grows; GPM improving
Morgan Stanley│Revises down net profit projection; vehicle lens guidance exposed to downward revision risks
JPMorgan│Results in-line; cellphone lens module GP solid
Citigroup│Interim results in-line; cellphone camera module business improves
Macquarie│Camera module GPM beats
Daiwa│Interim results in-line; kept as industry top-pick
CICC│Interim results mixed; camera module shipment growth offsets feeble lens business
Nomura│1H20 NP in-line; profit contributor transferred to camera module segment amid feeble lens business
Goldman Sachs│Camera module shipment growth beats

Source; AAStocks Financial News

[winston]

vested

Citi: SUNNY OPTICAL (02382.HK) Lowers 2020 Cellphone Lens Module, Vehicle Lens Shipment Targets

SUNNY OPTICAL (02382.HK) management trimmed the 2020E target for handset lens sets shipment growth from 15% to 10%, reported Citigroup.

The firm's 2020E target for vehicle lens sets shipment growth was also cut from 20% to 5%.

SUNNY OPTICAL was kept at Buy, with a $160 target.

Source: AAStocks Financial News

[winston]

vested


Sunny Optical (2382 HK)
1H20: Results Slightly Below Our Estimates, More Headwinds In 2H20

Sunny Optical’s 1H20 net profit grew 22% yoy, in line with consensus estimate but missed our estimate by around 5%, mainly due to the ASP decline for its handset lens set business, partly offset by the strong performance from the HCM segment.

Management further guided down its guidance for 2020 and we expect more headwinds ahead in the short-medium term.

We revise down our estimates for 2020-22 and downgrade from BUY to HOLD.

Entry price: HK$123.00. Target price: HK$149.00.

Source: UOBKH

https://research.uobkayhian.com/content ... 00c07a18a7

[winston]

vested

Sunny Optical Technology
Market share gains intact

1H20 net profit (NP) grew 22% yoy. We deem NP in-line as it formed 37% of our FY20F forecast; we expect a stronger 2H on smartphone peak season.

Sunny should see continuous gains in market share for sophisticated camera-related products due to its leading manufacturing technology.

Maintain Add and retain our earnings forecasts.

Our unchanged target price of HK$145 is based on 23x FY21F P/E, +1 s.d. of its 3-year average.

Source: CIMB

https://rfs.cgs-cimb.com/api/download?f ... D712BE91C0

[winston]

vested

Sunny Optical (2382 HK) - Grappling with headwinds from Huawei

Sunny Optical is a leading integrated supplier of optical products in China.

With its strong design and manufacturing capabilities, the company is poised to benefit from the “up spec-ing” trend in smartphones with the incorporation of triple cameras and 3D sensing.

Sunny Optical is a key supplier of handset camera lens sets and modules to major Chinese smartphone manufacturers.

In addition, the company has also branched out to vehicle lens sets and modules, a key component for autonomous vehicles. HOLD.

Source: OCBC

[winston]

vested

M Stanley Cites SUNNY OPTICAL: Expects Revenue from Top 5 Clients More Balanced

Morgan Stanley cited SUNNY OPTICAL (02382.HK)'s management projection that the revenue contribution from top five clients YTD will be more balanced.

The company also planned to raise its client Samsung's CCM shares harnessing new plant in Vietnam, apart from share gains within Chinese OEMs.

In long run, the company targeted to become one of the two biggest suppliers for Samsung's CCM.

For camera migration, the company's management envisaged the camera unit remains the key differentiating factor for OEMs to sell models and the spec upgrade trend even without Huawei.

The rating was Overweight with target price of $150.

Source: AAStocks Financial News

[winston]

vested

Daiwa Trims SUNNY OPTICAL (02382.HK) TP to $152, Restated Buy

Most of Huawei's loss in handset market share will be taken up by other brands (especially Chinese ones) but it would take time for market share to reshuffle, Daiwa reported.

Handset lens module supply accounted for 20%-30% of SUNNY OPTICAL (02382.HK) 's income.

Although the company may not be able to shun Huawei's risk, it has a diversified client portfolio and may be able to secure the market share growth and orders of other brands.

SUNNY OPTICAL was reiterated Buy with target price axed to $152 from $158.

Source: AAStocks Financial News

[winston]

vested

Sunny Optical handset sales higher

Mainland optical lens maker Sunny Optical Technology (2382) said the shipment of handset lens sets grew by 22.3 percent year-on-year, or 19.4 percent month-on-month to 162 million units in August.

The shipment of handset camera modules grew by 8.2 percent year-on-year, or 10.7 percent month-on-month to 60.74 million units last month, driven by an increased market share.

The company recorded a shipment of 5.41 million units for its vehicle lens sets last month, rising by 16.3 percent year-on-year to 14.1 percent from a month ago.

Source: The Standard

https://www.thestandard.com.hk/breaking ... les-higher

[winston]

vested

<Research Report>C Suisse: SUNNY OPTICAL (02382.HK) Aug Shipment Outruns Peers, Favours Shr Price

Credit Suisse mentioned in its report that SUNNY OPTICAL (02382.HK) had delivered 8M20 HCM/ handset lens/ vehicle lens shipments of +20%/ +19%/ -2% YoY, as compared with FY20 guidance of +10%/ +10%/ +5%.

The broker kept Outperform on SUNNY OPTICAL at the target price $168 as its August shipment had outstripped peers, which may turn out a positive share price catalyst.

Source: AAStocks Financial News