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02382 SUNNY OPTICAL
RTNominal up49.000 +3.700 (+8.168%)
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13/11/2018 16:31

[I-bank focus]JP Morgan cuts Sunny Optical (02382) to HK$110

[ET Net News Agency, 13 November 2018] J.P. Morgan lowered its target price for Sunny
Optical Technology (02382) to HK$110 from HK$140 and maintained its "overweight" rating.
The research house said Sunny's handset lens Y/Y trend continues to top expectations (up
74% Y/Y). Camera module (up 55% Y/Y) and vehicle lenses (up 23% Y/Y) also beat market
expectations. Year-to-date, handset lens, automotive lens, and camera module shipment are
up 58%, 20%, and 28%, respectively, compared to full-year guidance of 45-50%, 30-35%, and
20% growth.
JPM now expects Sunny's 2018 handset lenses and camera module to beat its guidance while
automotive lens to track at 20%+ Y/Y growth. With the significant F/X headwind, JPM
lowered its margin estimate, but JPM raised its top-line estimates for camera modules and
handset lenses. (KL)

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