[ET Net News Agency, 19 March 2020] HSBC Qianhai Securities lowered its target price
for Sunny Optical (02382) to HK$127.4 from HK$165.2 and maintained its "buy" rating.
The research house said Sunny's 2019 net profit of RMB3,991m beat consensus by 14%,
driven by a gross margin rebound.
At the analyst briefing, management guided for lower shipment expectations for 2020 in
light of the COVID-19 outbreak. But there is ample room to further improve production line
efficiency to defend double-digit margin in handset modules, if the COVID-19 impact can be
contained soon. Sunny is still in the early stage to build a business relationship with
Apple and has not yet started the construction of new capacity at the moment.
HSBC cut its 2020/21 revenue estimates by 5%/3% mainly to factor in the lower shipment
guidance. It raised its net profit forecasts for 2020/21 by 1%/6% on higher gross margin
assumptions in handset modules. (KL)
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02382 SUNNY OPTICAL
Nominal 
35.550 +1.100 (+3.193%) Research Report
19/03/2020 17:05
{I-bank focus}HSBC lowers Sunny Optical (02382) to HK$127.4
| Remark: | Real time quote last updated: 25/04/2024 14:29 |
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