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RTNominal up107.600 +3.300 (+3.164%)
Research Report

20/11/2019 17:49

{I-bank focus}JPM lowers Sunny Optical (02382) to "neutral"

[ET Net News Agency, 20 November 2019] J.P. Morgan raised its target price for Sunny
Optical Technology (02382) to HK$125 from HK$110 but downgraded its rating to "neutral"
from "overweight".
The research house thinks the share price reflects the market share gain and margin
recovery theses, given the 82% share price outperformance year-to-date versus HSI. The 25x
2020 P/E is also on par with its average trading multiple.
Since Sunny focuses on the high-end CCM segment (65-70% of total revenue), Huawei
smartphone uncertainties and unfavorable high-end camera module design changes should
raise concerns about competition, cap Sunny's camera module margin expansion in the
longer term, and suppress a re-rating, JPM said.
JPM revised up its FY2019/20 sales forecasts by 10%/17% and EPS estimates by 11%/4% to
factor in stronger 3Q and October monthly shipments of lenses and CCM (compact camera
module). (KL)

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