Citi Research raised its target price for Sunny Optical Technology (02382) to HK$113 from HK$105 and maintained its "buy" rating.
The research house revised its FY2020-21 earnings forecasts by 2.6-3.3% on share gain in
Samsung camera modules, as well as better-than-expected smartphone shipments boosted by 5G development.
Sunny is expected to report 1H results in mid-August. Citi forecast 1H revenue of Rmb15.6bn (up 31%), mainly driven by 40%/20%/25% growth in handset lens sets (HLS) / handset camera modules (HCM) / vehicle lens sets (VLS).
Citi expects interim net profit to reach Rmb1.4bn (up 18%), mainly due to HCM margin pressure, partially offset by smaller forex loss.
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