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RTNominal down177.800 -0.300 (-0.168%)
Research Report

03/02/2021 14:10

{I-bank focus}UBS upgrades Sunny Optical (02382) to HK$285

[ET Net News Agency, 3 February 2021] UBS Global Research lifted its target price for
Sunny Optical Technology (02382) to HK$285 from HK$130 and upgraded its rating "buy" from
"neutral" to reflect the upside potential in camera module driven by increasing Samsung
The research house was more conservative about its camera module given the US ban on
Huawei, but now UBS expects an increasing share in Samsung to mitigate the impact. In
addition, renminbi appreciation against the US dollar combined with its improving
operating efficiency should lead to a better cost structure and profitability for its
camera module business, despite a weaker margin for handset lens.
Trading at 26x one-year forward PE (versus 16-48x since 2016), the current share price
reflects market expectations for iPhone but has not factored in upside potential from
Samsung, UBS said. It estimated Sunny's module shipment could increase 19%/13% in 2021/22
from 6%/7% previously. (KL)

Remark: Real time quote last updated: 12/04/2021 11:47
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