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02382 SUNNY OPTICAL
RTNominal down202.800 -6.400 (-3.059%)
Research Report

18/03/2021 15:55

{I-bank focus}Nomura lifts Sunny Optical (02382) to HK$193

[ET Net News Agency, 18 March 2021] Nomura lifted its target price for Sunny Optical
(02382) to HK$193 from HK$168 and upgraded its rating to "neutral" from "reduce",
considering that Sunny's stock price was down 5% since mid-January.
The research house said Sunny's 2H 2020 GPM of 26.2% was better than Nomura's
expectations of 20.5%, owing to the strong handset camera module (CCM) GPM. Nomura thinks
this was mainly due to a favorable FX rate (CNY appreciation) and less Huawei business
(Huawei's modules carry higher ASP but lower GPM due to heavy R&D and manufacturing
resources).
Sunny now has an opportunity to enter into iPhone supply chain in 2H 2021 at the
earliest. Nomura thinks the best-case scenario for Sunny is that it may grab a small
portion of market share in the new 2H 2021 iPhone. (KL)

Remark: Real time quote last updated: 29/09/2021 10:42
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