[ET Net News Agency, 19 August 2020] BOCOM Research lifted its target price for Sunny
Optical (02382) to HK$155 from HK$145 and maintained its "buy" rating.
Despite the slower product mix upgrade in 1H, the research house said Sunny's camera
module GPM remained stable HoH, driven by automation and growth in large sensor/periscope.
On the lens side, due to the higher capex intensity (utilization having an impact on GPM),
optical component GPM fell 4.6ppts HoH to 41.5%.
Sunny targeted its Handset Lens Sets (HLS)/Handset Camera Modules (HCM)/Vehicle Lens
Sets (VLS) shipments to grow 10%/10%/5% in 2020. The cut in VLS target (previously 20%)
was expected due to the weak 1H, while the cut in HCM (previously 15%) may be driven by
the uncertainty over Huawei, BOCOM noted.
It believes Sunny is well-positioned as supplier to Samsung and Xiaomi to rebalance its
customer mix. BOCOM estimated Samsung's smartphone shipment will improve in 2H, and Xiaomi
will gain share in overseas markets outside of India. (KL)
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02382 SUNNY OPTICAL
Nominal 
38.350 +0.900 (+2.403%) Others
19/08/2020 12:05
{I-bank focus}BOCOM lifts Sunny Optical (02382) to HK$155
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