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Research Report

11/11/2019 17:33

{I-bank focus}Morgan lifts Sunny Optical (02382) to HK$98

[ET Net News Agency, 11 November 2019] Morgan Stanley lifted its target price for Sunny
Optical Technology (02382) to HK$98 from HK$95 but downgraded its rating to "underweight"
from "equal-weight".
The research house said thinks Chinese OEMs' volume could be at risk in the coming
months because of increased inventory in the channel and 4G de-stocking. Coupled with the
return of OFilm,
Morgan believes the stock has priced in a rosy outlook for margin recovery though
leaving the potential for disappointment. Further, consensus largely expects Sunny's
potential entry in the iPhone supply chain in 2021, hence enlarging its current
addressable market. This theme has also driven re-rating.
Morgan's checks have led it to believe that Sunny is unlikely to be in the iPhone supply
chain in two years - so it is less exciting. It increased its 2019-2021 EPS estimates by
7%, 4%, and 5%. (KL)

Remark: Real time quote last updated: 02/04/2020 17:59
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