Credit Suisse raised its target price for Sunny Optical Technology (02382) to HK$20.4 from HK$16.5, and upgraded its rating to "outperform" from "neutral".
The research house sees 2016 to be an even better year for the company with further product mix and margin improvements, driven by dual-cam, handset lens, and vehicle lens.
Credit Suisse expects 104 bp YoY GM expansion and 37% YoY net income growth for 2H15, and a further 124 bp GM expansion and 36% YoY earnings growth for 2016, helped by handset lens share gains in Chinese smartphone and ASP/margin improvements; rising
adoption and a slight share gain in vehicle lens; and dual-cam driving revenue growth and GM expansion for the HCM business.
The research house raises its 2015-17E net income by 1-2%, and are now 2%/4% above consensus for 2016/17E. But EPS are down 1-2% due to higher share numbers.
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