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Research Report

15/01/2020 16:29

{I-bank focus}HSBC raises Sunny Optical (02382) to HK$176.2

[ET Net News Agency, 15 January 2020] HSBC Qianhai Securities raised its target price
for Sunny Optical Technology (02382) to HK$176.2 from HK$142.3 and maintained its "buy"
The research house expects the growing adoption of rear triple and quad camera, and 3D
sensing to drive handset lens and module shipment in 2020. Largan is facing capacity
constraint and has limited new capacity until 2023, which means it would need to
prioritise its capacity allocation to higher specs' product category such as 7P/8P.
HSBC thinks it creates opportunities for Sunny to keep gaining market share in the
coming year, particularly in higher-specs. It now projected Sunny's lens shipment to grow
32% in 2020 to 1,775m and its market share to increase from 30% in 2019 to 35% in 2020.
HSBC revised up its net profit estimates by 4%/4%/7% for 2019/20/21, mainly to factor in
higher shipment assumptions in the handset lens and module, as well as 3D sensing. After
the revisions, it forecast Sunny to achieve a 29% net profit CAGR in 2019-21 versus the
previous 26%. (KL)

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