Sunny Optical 2382

[winston]

not vested

<Research Report>M Stanley: SUNNY OPTICAL (02382.HK) Sep Shipment Robust; May Peak This Month

Despite SUNNY OPTICAL (02382.HK)'s exceptional September shipments, Morgan Stanley projected that such momentum will only continue in October.

Starting from November and December, SUNNY OPTICAL will likely see dipping shipment volume due to seasonality and eased demand.

As an illustration, Morgan Stanley also said SUNNY OPTICAL's shipments peaked in October 2017 too.

Rising vehicle lens shipments did not stop the broker from doubting SUNNY OPTICAL's ability to achieve its full-year volume target.

Morgan Stanley kept SUNNY OPTICAL at Equalweight, with price target of $95.

Source: AAStocks Financial News

[winston]

not vested

Strong Sep shipments in HLS/HCM

HLS/HCM shipments jumped 61%/71% yoy, leading Sunny’s Sep sales growth.

VLS shipments could miss management’s full-year guidance of +30-35% yoy.

Reiterate Add with a target price of HK$152, based on 30x FY19F P/E

Source: CIMB

KRVyDj4R433QDbZi6pesTLTV0m3F7TpORNa9xzL1Ur5h5NSqJJZF5JqRHzcyMjYFsbE6jKHjY6jvkA2

[winston]

vested

<Research Report>M Stanley: SUNNY OPTICAL Peer O-FILM to Enter Vehicle Lens Mkt by FujiFilm (Tianjin) Acquisition

O-FILM (002456.SZ) planned to acquire the entire shareholding in FujiFilm (Tianjin) on 27 December 2018.

Once the transaction completes, O-FILM will be able to tap into vehicle lens business.

However, Morgan Stanley opined that the transaction will have limited impact on SUNNY OPTICAL (02382.HK) in the short run.

Insiders revealed that Fujifilm possesses over 10% market share globally, while its 2017 shipment volume reached 1/3 of SUNNY OPTICAL's as of 2017.

SUNNY OPTICAL was rated Equalweight, with a price target of $95.

Source: AAStocks Financial News

[winston]

vested

SUNNY OPTICAL Dives 7%; A-shr Peer Intended Buy of Lens Biz Worries Mkt

SUNNY OPTICAL (02382.HK), amid market worry about heated rivalry from A-share peer who intended to tap into lens business, tumbled 10% at most this morning to bottom at $74.05.

The stock last printed at $76.45, down 7.1%, being the top loser among blue chips, with volume of 10.42 million shares.

O-FILM (002456.SZ) announced that its wholly owned subsidiary, FUJIFILM and FUJIFILM (China) negotiated for patent transfer and patent permission of lens; while also in talks with FUJIFILM and FUJIFILM Optics negotiated for an acquisition of 100% equity interest in Fujifilm Opt-Electronics (Tianjin). Both negotiations reached consensus.

Morgan Stanley opined the impact on SUNNY OPTICAL was limited, rating the stock Equalweight with target price of $95.

Yet, it dismissed concern about whether the A-share peer will expand customer base of car and handset lens on the related patents.

Source: AAStocks Financial News

[winston]

not vested

<Research Report>UBS: O-FILM, FUJIFILM Deal Has Limited Impact on SUNNY OPTICAL (02382.HK)

UBS opined that market is overly concerned about the negative impact from O-FILM-FUJIFILM deal on SUNNY OPTICAL (02382.HK), on the belief that the transaction will only have limited impact on the handset lens business of the company, while the car lens business is having a more extensive customer base than FUJIFILM.

The research house reaffirmed that the share price of SUNNY OPTICAL is set to gradually bottoming out, providing a long-term growth opportunities for investors.

The rating was maintained at Buy with target price of $128.

Source: AAStocks Financial News

[winston]

not vested

<Research Report>UBS: O-FILM, FUJIFILM Deal Has Limited Impact on SUNNY OPTICAL (02382.HK)

UBS opined that market is overly concerned about the negative impact from O-FILM-FUJIFILM deal on SUNNY OPTICAL (02382.HK), on the belief that the transaction will only have limited impact on the handset lens business of the company, while the car lens business is having a more extensive customer base than FUJIFILM.

The research house reaffirmed that the share price of SUNNY OPTICAL is set to gradually bottoming out, providing a long-term growth opportunities for investors.

The rating was maintained at Buy with target price of $128.

Source: AAStocks Financial News

[winston]

not vested

SUNNY OPTICAL Dives Over 6% to $68 on Jefferies Bearish Views

Despite the upswing in Nasdaq Composite Index last night, SUNNY OPTICAL (02382.HK) extended the losing streak to the fourth straight session this morning and further plunged 6.3% to $67.9, being the top loser among bluechippers, on volume of 4.90 million shares.

Following O-FILM (002456.SZ)'s announcement to enter the vehicle lens sector, market was concerned about the cut-throat competition of the industry.

Jefferies cut the target price on SUNNY OPTICAL by nearly 62% to $65.

Source: AAStocks Financial News

[winston]

vested

<Research Report>
Macquarie Downgrades SUNNY OPTICAL (02382.HK) to Underperform with Target Cut to $60

In Macquarie's report, SUNNY OPTICAL (02382.HK) was downgraded from Outperform to Underperform, at the target price $60, cut from $220.

Meanwhile, the research house also trimmed the 2018-20E EPS by 17-32% to reflect lower revenue and GM, dented by resilient CCM and lower ASP due to competition.

2018-20 EPS estimates were slashed by 17-32% under trimmed revenue and GM forecasts.

Source: AAStocks Financial News

[winston]

vested

Shenwan Hongyuan: SUNNY OPTICAL Product Mix Worsens, Mkt Underestimates Vehicle Lens Shipment Slump

Shenwan Hongyuan said in its report that while SUNNY OPTICAL (02382.HK) delivered extremely robust 3Q18 handset camera module shipments, it remained concerned about the overall product mix as the shipments in 4Q may shrink.

The broker opined that the market hasunderestimated the future shrinkage in vehicle lens shipments and trimmed 2018 and 2019 shipment yearly growth assumptions from 30% to 20%.

SUNNY OPTICAL was downgraded from Overweight to Underweight at the target price $70, slashed from $135.

Source: AAStocks Financial News

[winston]

Research Report>Daiwa Sees Triple-Cam Smartphones Adoption to Surge Next Yr, SUNNY OPTICAL Among Top-picks

Daiwa issued a research report projecting that shipment of triple-cam smartphones to be 180 million - 353 million units in 2019-20, increasing significantly from 2018's figure of 18 million units.

SUNNY OPTICAL (02382.HK) is the bank's top pick of the industry. It was rated Outperform (down from Buy) by the bank who believes time is ripe for purchases.

Source: AAStocks Financial News