[ET Net News Agency, 22 October 2019] HSBC Qianhai Securities lifted its target price
for Sunny Optical (02382) to HK$142.3 from HK$139.7 and maintained its "buy" rating.
The research house said the growing proliferation of 48MP/64MP as main cameras, larger
aperture, ultra-wide angle, as well as the potential adoption of hybrid lenses, etc., will
likely keep driving the specs upgrade and know-how improvement for lens makers.
The blended selling price and margin remain healthy, with the latest margin guidance for
handset lenses to reach 45%, being the high end of the guidance range. HSBC expects 48MP
lens demand in 2020 to reach 300m units and this will likely continue to optimize Sunny's
product mix.
HSBC fine-tuned its 2019-21 net profit estimates by -1.8%, -1.5% and -0.4% respectively,
mainly due to margin revisions in camera modules. (KL)
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02382 SUNNY OPTICAL
Nominal 
38.150 +2.650 (+7.465%) Research Report
22/10/2019 17:29
{I-bank focus}HSBC lifts Sunny Optical (02382) to HK$142.3
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