Sunny Optical 2382

[winston]

vested

<Research Report>Daiwa Rates Buy on SUNNY OPTICAL (02382.HK) with Target Down to $158

Daiwa said SUNNY OPTICAL (02382.HK)'s 1H results were dented by GM miss, yet believed that the case has been priced in.

The management was positive on 2H outlook by raising the handset lens shipment forecast to a growth of 45-50% from the previous 30-35%.

The full-year capex was also lifted to RMB2.6 billion from RMB2 billion.

The research house envisioned the company to see resilient profit growth in 2H.

The target price was trimmed to $158 from $195 with rating affirmed at Buy.

Source: AAStocks Financial News

[winston]

vested

<Research Report>JPM Trims SUNNY OPTICAL (02382.HK) TP to $140; Rated Overweight

SUNNY OPTICAL (02382.HK)'s management shared positive 2H forecast at the analyst conference call, JP Morgan said in its report, which believed the GM will better in 2H and thus raised the full-year shipment estimates.

Shipment of handset lens was expected to rise 45-50% YoY, ahead of the previous forecast growth of 30-35%.

JP Morgan foresaw the share price of SUNNY OPTICAL to outshine market in next six months with target price slashed to $140 from $200 and rating maintained at Overweight, given GM recovery and above-projection shipment etc..

Source: AAStocks Financial News

[winston]

vested

<Research Report>G Sachs: SUNNY OPTICAL (02382.HK) Shr Price Correction Overdone, Kept CL Buy

Goldman Sachs' report pointed out that SUNNY OPTICAL (02382.HK)'s recent share price correction has been overdone, which offers favorable risk-reward.

It believes that key investment thesis remains in mid-to-long term, given the next upgrade cycle to fuel triple-cam and 3D sensing camera sales, which will catalyze the improvements in 2H18-2H19 camera module margin.

The broker kept Buy (on CL) on SUNNY OPTICAL at the target price $136.

Source: AAStocks Financial News

[winston]

vested

<Research Report>CICC Keeps Buy on SUNNY OPTICAL (02382.HK), TP Trimmed to $133

In CICC's research report, SUNNY OPTICAL (02382.HK) was maintained Buy at the target price trimmed by 30% to $133.

The broker pointed out that SUNNY OPTICAL's 1H18 camera module margin dropped 3 ppts yearly, which absolutely affected the near term valuation, but the major investment logic remained intact.

However, more evidence is needed to prove a margin recovery.

Source: AAStocks Financial News

[winston]

vested

<Research Report>Citi: SUNNY OPTICAL Strong Lens Biz May Off-set Feeble Module Biz

Citigroup reiterated SUNNY OPTICAL (02382.HK) at Buy with target price of $168, after holding an investors' meeting for the company.

In the research house's forecast, SUNNY OPTICAL's strong handset lens and car lens performance may persist, which may compensate the feeble handset lens module business.

Citigroup also said handset lens business of the company outstripped peers as expected, and hence projected sales volume growth of 45-50% on the related segment.

Source: AAStocks Financial News

[winston]

vested

Aug 24, 2018

<Research Report>Nomura Trims SUNNY OPTICAL (02382.HK) TP to $118; Rated Buy

SUNNY OPTICAL (02382.HK)'s share price has been declining 30% since the announcement of 1H results, Nomura pointed out in its report.

After correction, the 1H low base meant the company will have less downside risks.

The research house said the gross margin of handset lens modules of the company will steady in 2H, anticipating the company will soon provide intermediate dual lens / single lens modules to Samsung as well, while Samsung orders will not dilute the gross margin of the company.

SUNNY OPTICAL was upgraded to Buy from Neutral to reflect the attractive risk/ reward with target price lowered to $118 from $135.

Source: AAStocks Financial News

[winston]

vested

Aug 24, 2018

<Research Report>Nomura Trims SUNNY OPTICAL (02382.HK) TP to $118; Rated Buy

SUNNY OPTICAL (02382.HK)'s share price has been declining 30% since the announcement of 1H results, Nomura pointed out in its report.

After correction, the 1H low base meant the company will have less downside risks.

The research house said the gross margin of handset lens modules of the company will steady in 2H, anticipating the company will soon provide intermediate dual lens / single lens modules to Samsung as well, while Samsung orders will not dilute the gross margin of the company.

SUNNY OPTICAL was upgraded to Buy from Neutral to reflect the attractive risk/ reward with target price lowered to $118 from $135.

Source: AAStocks Financial News

[winston]

not vested

<Research Report>Daiwa: SUNNY OPTICAL (02382.HK) Remains Amongst Industry Top-picks on Robust Aug Shipment

SUNNY OPTICAL (02382.HK)'s August shipments of handset camera modules (HCM), handset-lens sets (HLS) and vehicle-lens sets (VLS) climbed 36%, 46% and 15% YoY respectively.

Daiwa opined in its report that SUNNY OPTICAL's HLS and HCM shipments in July and August exceeded expectations as compared to Daiwa's 2H18 estimates, yet VLS shipments slightly trailed consensus.

Daiwa reiterated a Buy rating on SUNNY OPTICAL with a TP of HKD158, regarding SUNNY OPTICAL as one of the industry top-picks.

Source: AAStocks Financial News

[winston]

not vested

<Research Report>M Stanley Cuts SUNNY OPTICAL TP to $95 as Handset Lens GPM Not Recover

Seeing no signs of recovery in SUNNY OPTICAL (02382.HK)'s GPM of handset lens, Morgan Stanley kept the firm at Equalweight with price target cut from $120 to $95.

The broker anticipated the 2018 compact camera modules (CCM) GPM to edge down to 10%, despite the estimated 18%/23% growth of handset lens revenue in 2018 and 2019, respectively.

The broker trimmed the 2018-2020 EPS forecasts for Sunny Optical by 2%, 17% and 19% to RMB2.81, RMB3.35 and RMB4.04, respectively.

Source: AAStocks Financial News
Web Site: www.aastocks.c

[winston]

<Research Report>Nomura: SUNNY OPTICAL Car Lens Shipment May Miss Guidance; Growth Improving

Nomura predicted in its report that SUNNY OPTICAL (02382.HK)'s vehicle lens shipment yearly growth will recover to 30-35% in September and October.

However, given the weak 1H18 shipments, the company may not be able to meet its original guidance of 30-35% yearly growth for full year of 2018.

The broker maintained Buy on SUNNY OPTICAL at the target price $118, as it believed that camera upgrades will stay meaningful in the future.

Source: AAStocks Financial News