Sunny Optical 2382

Re: Sunny Optical 2382

Postby winston » Fri Nov 11, 2016 11:00 am

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Oct 24, 2016

SUNNY OPTICAL Oct Mobile Phone Lens Shipments Up 36.7% YoY

SUNNY OPTICAL (02382.HK) announced the shipments of major products in October.

Shipments of mobile phone lens rose 36.7% yearly to 42.493 million units.

Source: AAStocks Financial News
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Re: Sunny Optical 2382

Postby winston » Fri Nov 11, 2016 11:02 am

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<Research Report>C Suisse: SUNNY OPTICAL (02382.HK) Aug Delivery Respectable; Target Lifted to $43.8

Credit Suisse, in its report, said the August monthly shipment numbers of SUNNY OPTICAL (02382.HK) was encouraging, with handset camera module (HCM) being very strong, up 40% yearly and up 10% year-to-date (close to full-year target of 15-25%).

The handset lens only grew 4% yearly, possibly due to the high base a year ago.

Both vehicle lens and spherical lens growth were strong.

The broker raised its 2016-18 EPS forecast by 2% on higher HCM shipments, with target price lifted from $43 to $43.8 and rating Overweight.

Source: AAStocks Financial News
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Re: Sunny Optical 2382

Postby winston » Fri Dec 02, 2016 1:15 pm

Nov 18, 2016

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<Research Report>JPM: SUNNY OPTICAL Share Price to See Rise if Lens Delivery Reaches Target This Yr

JPMorgan said in its research report that the product portfolio of SUNNY OPTICAL (02382.HK) has clearly improved; coupled with solid growth in earnings, the research house believed that the stock price will show an upward trend if the delivery of lens this year reaches target.

JPMorgan maintained the stock at Overweight with target price of $44.

Source: AAStocks Financial News
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Re: Sunny Optical 2382

Postby winston » Fri Dec 02, 2016 1:17 pm

Nov 11, 2016

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<Research Report>JPM: SUNNY OPTICAL (02382.HK) Lens Shipments Accelerate; Target Raised to $44

JPMorgan highlighted in its report that the share price of SUNNY OPTICAL (02382.HK) has been surging 106% year-to-date.

Shipments of mobile camera lens saw widened increase in October.

The research house reiterated the expectation of mild growth in penetration rate of dual camera but said the group's shipments growth is outperforming its peers Largan Precision.

The research house raised the 2017 and 2018 forecast EPS by 2%, which were 8% and 10% above street consensus.

Target price was raised from $43 to $44 with rating maintained Outperform.

Source: AAStocks Financial News
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Re: Sunny Optical 2382

Postby winston » Tue Dec 13, 2016 1:18 pm

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Dec 12, 2016

SUNNY OPTICAL Nov Handset Lens Sets Shipment Up 44% YoY

SUNNY OPTICAL (02382.HK) announced the shipments of main products.

In November, shipment of handset lens sets rose 44% yearly to 40.087 million units; shipment of handset camera modules rose 46.7% yearly to 28.209 million units, mainly due to the increasing market share in domestic smartphone market.

During the period, vehicle lens sets rose 42.7% yearly to 2.128 million units, mainly due to the rapid growth of vehicle imaging industry and the company's increasing global market share.

Source: AAStocks Financial News
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Re: Sunny Optical 2382

Postby winston » Fri Dec 30, 2016 1:39 pm

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Dec 13, 2016

<Research Report>M Stanley: SUNNY OPTICAL Nov Shipments In Line but Valuation High; Kept Underweight

Morgan Stanley, in its report, said the November shipments of SUNNY OPTICAL (02382.HK) were largely in line.

And the mix improvement remains largely on track, but the fast improvement is largely factored into the share price expectations.

So the broker kept the stock at Underweight for rich valuation (23x 2017 P/E estimate, compared to AAC TECH (02018.HK) at 14x 2017 P/E estimate) with target price of $32.

Source: AAStocks Financial News
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Re: Sunny Optical 2382

Postby winston » Wed Jan 04, 2017 10:30 am

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Time To Buy Sunny Optical: Morgan Stanley

By Shuli Ren

Dual camera lens supplier Sunny Optical (2382.Hong Kong) soared 4.6% amid heavy buying after long-time skeptic Morgan Stanley turned bullish on this stock, upgrading it to buy.

Morgan Stanley had been skeptical because it was worried Chinese smartphone manufacturers have built too many phones in 2016, thus affecting demand for components in 2017, and that Sunny Optical has become expensive.

This stock has advanced over 90% in the last year, trading at almost 20 times forward earnings.

What made analyst Yunchen Tsai change his mind?

The recent correction reflects concern about the impact of RMB depreciation and the Chinese smartphone inventory correction.

We believe:
1) frequent negotiation of contracts and key components price decline should mitigate the RMB depreciation impact; and
2) Sunny’s key exposure remains the top three Chinese OEMs – it should benefit from consolidation amid decelerating growth in the industry.

Dual camera – penetration to improve further within Chinese OEMs; yield improvement to lift margins: We increase dual camera volume by 27% to reflect a higher penetration rate; we expect Sunny to engage mainly in high-end dual cameras (i.e., those with an optical zoom).

We estimate that dual camera will contribute ~40% of Sunny’s CCM revenue in 2017. Our checks also show yield improvement in 2H16; we believe dual camera GPM will remain at 15% (vs. below 10% for single camera).

Handset lenses – continuing share expansion within Chinese OEMs: We believe Sunny can continue to expand its share in single camera lenses, since Largan dominates dual cam lenses and Apple.

We estimate that Sunny had an ~18% share within Chinese OEMs in 2016 and ~28% in 2017. Samsung’s allocation was weaker in 2H16 and hence could present upside in 2017 if anything changes.

Last and most importantly, Sunny Optical has fallen about 15% since its late November high, as investors took profit before the 2016 year-end.

Morgan Stanley’s price target of 42 Hong Kong dollars implies 21 times of its 2017 earnings estimate. Sunny has traded at between 20 and 23 times in 2015 and 2016. The bank’s price target suggests another 17% upside.

Competitor Largan Precision (3008.Taiwan) was little changed today. See also my December 20 blog “China’s Smartphone Market Will Be Very Crowded, Warns Morgan Stanley” and my August 31 blog “Who Has The Upper Hand: Largan Precision Or Sunny Optical?“.

Source: Barron's Asia

http://blogs.barrons.com/asiastocks/201 ... n-stanley/
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Re: Sunny Optical 2382

Postby winston » Tue Jan 10, 2017 10:10 am

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Sunny Optical Technology Group Co.Limited

Maintain OUTPERFORM
December shipments: A perfect ending for 2016

Sunny Optical reported December monthly shipments numbers.

All three key product shipments beat our prior estimates (by 3%/3%/2% for FY16). Handset lens and HCM shipments growth
(up 26%/ 18% YoY for FY16) was clearly better than the low end of guidance, which we believe were better than consensus.

FY16 handset lens shipments (up 26% YoY) were in the upper half of the 20%-30% guidance. The very strong December shipments were driven by order pull-in, share gains, and dual-cam lens. 2016 HCM shipments grew 18% YoY, well within the target range of 15%-25%. Vehicle lens also saw strong YoY growth +37%.

We see more dual-cam module launches at Chinese smartphones, strong monthly shipments and earnings as the key share price catalysts.

We raise 2016-18E EPS by 3%/2%/1% for better shipments. New TP of HK$45.2 (from HK$44.6) is still based on 24x P/E and
2018E EPS. Maintain OUTPERFORM

Source: CS
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Re: Sunny Optical 2382

Postby winston » Mon Feb 13, 2017 11:47 am

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This Dual Camera Lens Maker Surged 43% In 2017 And It’s Not Because Of Apple

By Shuli Ren

Sunny Optical sells lenses to car and smartphone manufacturers. In January, vehicle lens continued to grow a healthy 18% from a year ago, but it was the smartphone camera lens sales that blew investors’ mind.

Handset lens grew a strong 88% from a year ago while handset camera module sales surged 104% year-on-year.


Source: Barron's Asia

http://blogs.barrons.com/asiastocks/201 ... 3-in-2017/
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Re: Sunny Optical 2382

Postby winston » Mon Feb 13, 2017 12:06 pm

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<Research Report>Macquarie Lifts SUNNY OPTICAL Target to $80; Expected to Have Further Upside in Biz

Macquarie, in its report, lifted the target price of SUNNY OPTICAL (02382.HK) to $80 from $50, equivalent to 28x P/E (estimate).

The broker said there are further business upside potentials from Handset Lens and Vehicle Lens, raising its 2017/18 earnings by 27%/27% respectively, driven by all aspects of gross profit margin (to 20.5%/23.6% in 2017-18, estimates).

The broker kept the rating Outperform.

The broker said the company is technology-ready in the Handset Lens segment, and the yield rate is still improving. The market share in the segment is expected to grow continuously.

For Vehicle Lens, SUNNY OPTICAL is an early entrant and market leader, and has comprehensive customer mix and long-term growth potential.

Source: AAStocks Financial News
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