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02382 SUNNY OPTICAL
RTNominal down118.500 -2.100 (-1.741%)
Research Report

04/08/2020 16:57

{I-bank focus}HSBC raises Sunny Optical (02382) to HK$149

[ET Net News Agency, 4 August 2020] HSBC Qianhai Securities raised its target price for
Sunny Optical Technology (02382) to HK$149 from HK$127 to reflect the recent sector
re-rating but downgraded its rating to "hold" from "buy".
The research house turned cautious on Sunny's outlook, mainly due to (1) a slowdown in
the smartphone camera specs upgrade and stringent cost control on smartphone OEMs, (2)
sales uncertainties with key Chinese Android customers, and (3) competition becomes more
intensified.
Sunny will reports its 1H results on 17 August. HSBC expects net profit to grow 28% to
RMB1,835m, driven by revenue up 21% to RMB18.8bn and gross margin expansion to 19% in 1H
from 18.4% in 1H 2019.
HSBC cut its 2020-22 earnings forecasts by 12%/4%/3%, mainly on lower shipment
estimates. It now forecast a 2019-21 net profit CAGR of 22% versus 25%. (KL)

Remark: Real time quote last updated: 25/09/2020 17:59
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