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RTNominal down216.400 -2.600 (-1.187%)
Research Report

27/10/2020 17:36

{I-bank focus}Morgan lifts Sunny Optical (02382) to HK$165

[ET Net News Agency, 27 October 2020] Morgan Stanley lifted its target price for Sunny
Optical Technology (02382) to HK$165 from HK$150 and maintained its "overweight" rating.
The research house said the market has largely anticipated the impact of a camera
migration slowdown on pricing, but Morgan thinks the market has missed the potential
upside in the margin, especially on CCM (compact camera module).
Morgan sees upside risk for CCM margin as (1) slower migration typically creates a
better yield rate, if execution remains steady; and (2) competitive landscape for CCM has
improved, as competitor O-Film is losing its edge after a subsidiary was added to the
entity list.
Morgan raised its earnings estimates for 2020/21/22 by 5% each, mainly to reflect
potential upside in gross margin in CCM due to a changing competitive landscape. (KL)

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