Sunny Optical 2382

Re: Sunny Optical 2382

Postby winston » Mon Jun 05, 2017 3:08 pm

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June 2, 2017

<Research Report>Daiwa Lifts SUNNY OPTICAL (02382.HK) Target to $76; Rated Buy

Daiwa, in its report, said SUNNY OPTICAL (02382.HK) is a major beneficiary of the rising adoption of dual-cams in smartphones for China brands.

Daiwa forecasted the number of smartphones with dual-cams from China brands to rise to 130 million in 2017 from 38 million in 2016.

Thanks to new model releases by Oppo and Vivo, the broker expected Sunny to resume monthly volume growth for handset camera modules (HCM) in May-June, ending the decline trend seen in the past three months. Sunny continues to be the leader in HCM.

Daiwa raised its 2017-18 EPS forecast by 2-4%, lifted the target price from $65 to $76, with rating Buy.

Source: AAStocks Financial News
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Re: Sunny Optical 2382

Postby winston » Mon Jun 12, 2017 10:27 am

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SUNNY OPTICAL May Handset Lens Shipment Leaps 87.1% to 45.194M Units

SUNNY OPTICAL (02382.HK) announced that the handset lens shipment in May grew 87.1% yearly to 45.194 million units, mainly contributed to higher market share of handset lens of the company.

Source: AAStocks Financial News
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Re: Sunny Optical 2382

Postby winston » Mon Jun 12, 2017 12:10 pm

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Sunny Optical Technology Group Co. Limited
Maintain OUTPERFORM

May shipments: Heading into sequential growth in volume and mix

Sunny Optical reported May monthly shipment numbers after market close on 9 June. HCM/handset lens/vehicle lens were up 2%/3%/1% MoM, and up 11%/87%/ 52% YoY.

We view the shipment numbers for HCM and vehicle lens as roughly in line with our expectations while handset lens slightly better.

The 2% MoM pickup for HCM might not look encouraging enough for some bullish expectations on the street, but we believe June pickup will be more meaningful and mix improvement is fast.

For handset lens, we believe both share gain and mix improvement are well on track. Vehicle lens and spherical lens maintained strong momentums.

We view improving monthly shipment numbers, new dual-cam model launches at Chinese smartphones, upside to full-year guidance, and strong earnings as major stock price catalysts.

We maintain our estimates, TP, and OUTPERFORM rating on Sunny.

Key risks: weakening China smartphone demand, pricing and margin pressures, and slower-than-expected spec upgrades.

Source: CS
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Re: Sunny Optical 2382

Postby winston » Wed Jun 14, 2017 1:05 pm

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<Research Report>G Sachs: SUNNY OPTICAL (02382.HK) Kept Buy; Creating Vision for Future

Goldman Sachs, in its report, is positive about the prospects of SUNNY OPTICAL (02382.HK).

Handsets and cars upgrades could help unlock advanced capability for smartphones, such as AR.

The broker estimated 3D camera to create a US$6.9 billion opportunity for Sunny by 2021.

Goldman Sachs also expected wider adoption of dual-cam by Chinese smartphones in 2017, representing a US$1.9 billion total addressable market.

Sunny should continue to benefit from multi-year secular growth in car cameras for ADAS.

As such, the broker forecasted a revenue CAGR of 33% and EPS CAGR of 43% over 2016-2019. Goldman Sachs placed Sunny in the Buy list with a target price of $77.2.

Source: AAStocks Financial News
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Re: Sunny Optical 2382

Postby winston » Tue Jun 20, 2017 9:50 am

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SUNNY OPTICAL(2382)

Analysis:
Sunny optical May shipments data show that mobile phone camera shipments increased 87% yoy vs 3% mom, mobile phone camera module shipments relatively stable (+2% mom vs +11% yoy), car camera business maintain rapid growth (+52% yoy vs+1.4% mom).

Company business trends show that is continuing to enhance the proportion of higher profits mobile phone lens & vehicle lens, favorable support for the company`s gross margin.

Strategy:
Buy-in Price: $65.20, Target Price: $73.30, Cut Loss Price: $61.10

Source: Phillips
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Re: Sunny Optical 2382

Postby winston » Wed Jun 21, 2017 3:23 pm

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<Research Report>Macquarie: SUNNY OPTICAL Numerous Biz Underpins Long-term Growth; Rated Outperform

Macquarie, in its report, said SUNNY OPTICAL (02382.HK) continues to develop advanced technology in handset cameras, such as structural light, 3D cameras, 7P lens, large aperture, etc.

The company?s 3D camera solution has been adopted in Lenovo Phab 2 Pro (AR smartphone) and managements are confident to demonstrate their structural light solution in late 2017 with 7P lens in small volume shipments.

The company delivered with handset lens shipments in January-May up 86% yearly, and the broker saw substantial room to gain market share, especially in China. Vehicle lens shipments grew 43% yearly in January-May 2017, stronger than the broker's 2017 estimate of 40% yearly.

The broker kept the earnings forecast unchanged, rated the stock at Outperform with target price of $80.

Source: AAStocks Financial News
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Re: Sunny Optical 2382

Postby winston » Fri Jun 23, 2017 3:38 pm

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More Upside for Sunny Optical?

By Isabella Zhong

Sunny Optical (2382.HK) shares have rallied an eye-watering 158% over the past year but Daiwa says the stock still has legs to run higher.

Analyst Kylie Huang, who has a buy rating on Sunny Optical, has lifted her target price on the stock from HKD76 a share to HKD80 a share, which implies 15% upside.

Huang argues favorable industry trends are set to continue, while Sunny Optical is well positioned for multi-cams in smartphones and cars:

For handset lens sets (HLS) and handset camera modules (HCM), Sunny expects spec upgrades including dualcams, large aperture, wide FOV, ultra-thin size, and miniaturisation to continue in coming years.

It also expects folded-lens designs for 3x optical zoom to arrive in 2018. For HCM, Sunny has successfully developed industry-leading advanced packaging technologies (MOB and MOC) to reduce product size and improve production yield, which should benefit from smartphone design trends and enhance Sunny’s leading position, in our view.

In addition, Sunny is positive on 3D-sensing opportunities in smartphones with a potential market size of USD 5-6bn in the long term, and views itself as well-positioned due to its turnkey solution offering, which echoes our earlier view that the rising trend of biometric ID and 3D sensing in smartphones should be an extra earnings driver for Sunny in the coming years, which we have not factored into our estimates.

For vehicle lens sets (VLS), Sunny is positive on the long-term prospects and expects the number of VLS per car to increase to 6-8, if not higher, from less than one currently, driven by the increasing penetration of ADAS and the rising trend of self-driving cars.

Sunny also highlighted that it has various solutions (cameras, LiDAR, IR-cams, etc.) and targets to expand its market share in vehicle lenses in the coming years (vs. c.30% market share in 2016). Sunny Optical’s margins could also expand in coming years.

Sunny reiterated its 2017 shipment guidance and is positive on the gross margin outlook due to favorable industry trends. Driven by spec upgrades and better product mix, we expect Sunny to expand its gross margin to 20-22% in 2017-19, up from 18.3% in 2016.

Sunny Optical shares trade at 28 times forward earnings, which is well above its five year average of 16 times. The camera maker is expected to grow earnings at an average 47% annual pace over the next three to five years.

Source: Barron's Asia

http://www.barrons.com/articles/more-up ... 1498198111
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Re: Sunny Optical 2382

Postby winston » Tue Jul 11, 2017 7:08 am

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Smartphone selfie demand drives lens shipments for China’s Sunny Optical

Bernstein sets HK$91 price target on shares of mainland’s biggest maker of handset camera modules and lenses

It reported 81 per cent year-on-year growth in shipments of handset lens sets to 261.6 million pieces in the first half of this year.


Sunny Optical is a key supplier to major Chinese smartphone brands Huawei Technologies, Oppo and Vivo.

Its main competition is Taiwan-based Largan Precision, the world’s largest maker of handset lens and a major supplier to Apple’s iPhone.


Global sales of smartphones reached 380 million units in the first quarter, led by Samsung Electronics, Apple, Huawei, Oppo and Vivo, according to research firm Gartner.

Counterpoint Technology research director Neil Shah recently estimated that Huawei, Oppo and Vivo accounted for 57.4 million units of the total 105.6 million smartphones shipped on the mainland in the first quarter.


Handset camera module shipments by Sunny Optical in the first half rose 42 per cent year on year to 153.3 million pieces, which Citi said was well ahead of the company’s guidance of 15 per cent to 25 per cent growth.


Source: SCMP

http://www.scmp.com/tech/china-tech/art ... ny-optical
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Re: Sunny Optical 2382

Postby winston » Fri Sep 29, 2017 10:07 am

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SUNNY OPTICAL(2382)

Analysis:

Sunny optical 2017H1 results grew 149% yoy(higher than the expected +120%).

Its newest shipments data show that mobile phone camera shipments increased 96% yoy vs 19% mom, mobile phone camera module shipments (+40% mom vs +22% yoy), car camera business maintain rapid growth (+65% yoy vs +13% mom).

Company business trends show that is continuing to enhance the proportion of higher profits mobile phone lens& vehicle lens, favorable support for the company`s gross margin.

Strategy:
Buy-in Price: $123.60, Target Price: $145.00, Cut Loss Price: $113.00

Source: Phillips
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Re: Sunny Optical 2382

Postby winston » Wed Dec 13, 2017 1:47 pm

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Dec 12, 2017

<Research Report>Macquarie Expects SUNNY OPTICAL 2H Handset Lens Shipment To Top Estimates; Rated Outperform

Macquarie said in its report that SUNNY OPTICAL (02382.HK)'s November handset lens shipment increased 43% yearly.

The research house predicted that the company will see better than expected handset lens shipment in 2H17.

SUNNY OPTICAL was rated Outperform with target price of $220.

Source: AAStocks Financial News
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