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Research Report

09/07/2020 15:00

{I-bank focus}Morgan raises Sunny Optical (02382) to HK$170

[ET Net News Agency, 9 July 2020] Morgan Stanley raised its target price for Sunny
Optical Technology (02382) to HK$170 from HK$150 and maintained its "overweight" rating.
The research house said its recent checks suggest that Huawei is adding orders in
downstream components, but largely for mid-range models; forecasts for a coming high-end
model remain conservative. Samsung has also been adding orders more aggressively.
Further, while camera specs for high-end models in 2H should be largely similar to 1H,
Morgan thinks declining 5G-related BOM (Bill of Materials) into 2021 will alleviate cost
pressures for other components; thus there is room for further camera spec upgrades.
Morgan increased its earnings forecasts by 3%/4% for 2021/22 mainly to reflect higher
camera module volume thanks to share gains at Samsung as well as Oppo and Vivo. (KL)

Remark: Real time quote last updated: 28/09/2020 17:59
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