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Research Report

05/12/2019 17:56

{I-bank focus}CS lifts Sunny Optical (02382) to HK$146

[ET Net News Agency, 5 December 2019] Credit Suisse lifted its target price for Sunny
Optical Technology (02382) to HK$146 from HK$141 and maintained its "outperform" rating.
The research house raised multi-cam penetration assumptions to 68%/75% in 2019-20 from
65%/75%, and triple+ camera adoption to 25%/37% in 2019-20 from 20%/30%, reflecting
higher-than-expected HCM (e handset camera module)/lens demands.
Credit Suisse raised HCM shipment growth assumptions to 24%/15% in 2020/21 from 23%/13%
and raised ASP by 5%/6% on increasing contribution of triple+ cam. It also raised handset
lens shipment growth assumptions to 30%/25% in 2020/21 from 28%/22% on more cameras,
higher spec (20MP+ adoption), and raised ASP by 4%/7%.
Credit Suisse sees potential supply chain adjustment before CNY as near-term overhang,
but long-term structural multi-cam cycle remains intact, supporting re-rating. (KL)

Remark: Real time quote last updated: 02/04/2020 17:59
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