Sunny Optical 2382

Re: Sunny Optical 2382

Postby winston » Tue Aug 14, 2018 1:08 pm

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M Stanley Downgrades SUNNY OPTICAL (02382.HK) to Equalweight; TP Cut to $120

Morgan Stanley said in its report that SUNNY OPTICAL (02382.HK)'s interim operating profit missed its estimate by 9% mainly due to CCM GPM of only 9.4%, lower than 9.9% in expectations, while net profit also came in 20% below its estimate under one-time RMB201 million forex loss.

SUNNY OPTICAL was downgraded from Overweight to Equalweight at the target price $120, cut from $190.

Source: AAstocks.com
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Re: Sunny Optical 2382

Postby winston » Tue Aug 14, 2018 1:13 pm

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Nomura Downgrades SUNNY OPTICAL (02382.HK) to Neutral, TP Down to $135

SUNNY OPTICAL (02382.HK)'s handset lens modules tracked only about 9% gross margin in 1H18, still below Nomura's cautious forecast of 10%, attributable to unfavorable product mix of mid-to-low-end handsets and price competition.

Gross margin of handset lens was lower than 45%, worse than the research house's expectation of 50%. Yet, the research house thought it is only a temporary issue.

The company was downgraded to Neutral from Buy with target price trimmed to $135 from $160.

Source: AAStocks Financial News
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Re: Sunny Optical 2382

Postby winston » Tue Aug 14, 2018 1:14 pm

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SUNNY OPTICAL 2H Capex May Climb to RMB1.6B, Still Hopeful for Optical Biz Outlook


SUNNY OPTICAL (02382.HK) CEO Sun Yang revealed on the conference call that the 1H capital expenditure of the company reached RMB1 billion, and expected it climb to RMB1.6 billion in 2H, mainly due to the heightened handset lens capacity.

In conclusion, the CEO said the management remains hopeful for the bright future of the company's optical products, stating it will not change its view because of the below-estimate gross margin in 1H.

Source: AAStocks Financial News
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Re: Sunny Optical 2382

Postby winston » Tue Aug 14, 2018 1:16 pm

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SUNNY OPTICAL: 1H GM Dented by Lower RMB, Internal Reform, to Tick Up in 2H


SUNNY OPTICAL (02382.HK) reported 1H net profit far missing consensus and declining gross margin year on year.

The CEO Sun Yang explained on the conference call that by segment, the gross margin of handset lens modules delivered increases actually, only that of the overall optical modules dropped to 9.4% from 12.7%, mainly attributed to RMB depreciation which affected raw material cost.

In terms of internal factors, Sun pointed out that the company adjusted production lines in 1H, leading to efficiency loss.

During the period, management structure was also changed, integrating R&D, engineering and manufacturing.

The CEO envisioned that the gross margin of the company will surely go up in 2H.

Source: AAStocks Financial News
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Re: Sunny Optical 2382

Postby winston » Tue Aug 14, 2018 1:17 pm

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C Suisse: SUNNY OPTICAL (02382.HK) Interim Net Profit Misses on Lower GM, Forex Loss
Close


Credit Suisse pointed out in its research report that SUNNY OPTICAL (02382.HK) delivered 2% growth in 1H18 net profit, missing its estimates, mainly attributable to lower gross margin and forex loss.

Operating profit came in largely in-line on tightening control on operating expenditure.

The broker rated Outperform on SUNNY OPTICAL at the target price $188 unchanged.

Source: AAStocks Financial News
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Re: Sunny Optical 2382

Postby winston » Tue Aug 14, 2018 1:19 pm

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Brokers' Latest Ratings & TPs on SUNNY OPTICAL (02382.HK)(Table)

SUNNY OPTICAL (02382.HK) announced in interim results that net profit grew 1.8% yearly to RMB1.18 billion, missing RMB1.324-1.743 billion in estimates.

Broker│Investment Rating│Target Price (HK$)
JPMorgan│Overweight│200
Jefferies│Buy│169
Citigroup│Buy│195->168
Daiwa│Buy│195
CICC│Recommend│190
Credit Suisse│Outperform│188
Goldman Sachs│Buy (CL Buy)│Under Review
CIMB│Accumulate│200->152
UBS│Neutral│150
Nomura│Buy->Neutral│160->135
Morgan Stanley│Overweight->Equalweight │190->120

Source: AAStocks Financial News
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Re: Sunny Optical 2382

Postby winston » Tue Aug 14, 2018 7:05 pm

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Sunny Optical shares post biggest daily fall ever after lens maker misses profit forecasts and yuan depreciation bites

China’s biggest smartphone camera modules and lenses posts a 1.8pc profit rise, compared with the expected minimum 14.2pc

Profit increased by 20.5 million yuan (US$2.98 million) to 1.18 billion yuan for the six months ended June 30, representing a mere 1.8 per cent rise from a year ago and well below forecasts of a 14.2 per cent and 50.4 per cent range.

Net profit margin decreased to about 9.9 per cent from about 11.6 per cent for the same period last year.

Morgan Stanley projected that the stock could shed 70 to 80 per cent in the next 30 days. But UBS maintains a target price of HK$150, saying investors will look to whether the company will show a clearer guidance on how to improve its second-half gross margin.


Source: SCMP

https://www.scmp.com/business/money/sto ... ad-biggest
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Re: Sunny Optical 2382

Postby winston » Wed Aug 15, 2018 9:48 am

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Key takeaways from analyst briefing

Management maintained FY18 shipment guidance for handset camera modules (HCM) and vehicle lens sets (VLS) but raised handset lens sets (HLS) forecast.

Sunny expects GPM to improve in 2H18F due to better utilisation rate, 3D-sensing camera (3DS)/triple-cam/miniature camera modules launches, and stabilised Rmb.

Sunny also plans to increase capex to Rmb2.6bn in FY18F. Reiterate Add.

Reiterate Add in light of positive management guidance

We reiterate our Add call given the positive management guidance during the analyst briefing. Sunny’s share price slumped over 20% today as earnings missed our expectation by c.3% and market’s by 14%.

We view this as an overreaction given the margin pressure should be short term. Our target price of HK$152 is based on 30x FY19F P/E, +1 s.d. of its 3-year average.

Potential share price catalysts include 3DS launches for Huawei and wider adoption of
its triple-cam/miniature camera modules.

Risks are sustained GPM pressure.


Source: CIMB

https://brokingrfs.cimb.com/q-oEBn5uHW2 ... 3KiCw2.pdf
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Re: Sunny Optical 2382

Postby winston » Wed Aug 15, 2018 1:12 pm

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Brokers' Latest Ratings & TPs on SUNNY OPTICAL (02382.HK) (Table) (Update)

SUNNY OPTICAL (02382.HK) announced in interim results that net profit grew 1.8% yearly to RMB1.18 billion, missing RMB1.324-1.743 billion in estimates.

Broker│Investment Rating│Target Price (HK$)
Bank of America Merrill Lynch │Buy│200->180
Citigroup│Buy│195->168
Daiwa│Buy│195->158
CIMB│Accumulate│200->152
Credit Suisse│Outperform│188->142
JPMorgan│Overweight│200->140
Deutsche Bank │Buy│158->138
Shenwan Hongyuan│Buy->Overweight│200->135
Nomura│Buy->Neutral│160->135
BOC International │Buy│192->124
Morgan Stanley│Equalweight│120
HSBC Global Research│Hold│107->87

Source: AAstocks.com
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Re: Sunny Optical 2382

Postby winston » Wed Aug 15, 2018 1:17 pm

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<Research Report>C Suisse Cuts SUNNY OPTICAL (02382.HK) Target to $142; Rated Outperform

Credit Suisse believed that the share slump of SUNNY OPTICAL (02382.HK) yesterday was due to market concern over estimate-missing GM and loss of market confidence in the segment.

The research house opined that the stock was oversold, but assumed the company to see positive catalysts if the shipment of its handset lens modules and car lens rises and the company seizes new customers of handset lens.

The target price was cut to $142 from $188 with rating kept at Outperform.

Source: AAStocks Financial News
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