Daiwa Research lifted its target price for Sunny Optical Technology (02382) to HK$115 from HK$110 and maintained its "buy" rating.
The research house said Sunny's solid 1H results and its positive tone for 2H as well as
industry trends at the analyst meeting reaffirm Daiwa's positive thesis.
Despite macro uncertainty due to US-China trade tensions, management is confident on 2H, raising its 2019 shipment guidance for HLS (handset lens sets)(up 30% from 25-30%) and reiterating its targets for HCM (handset camera module)(up 20-25%) and VLS (vehicle lens set)(up 25%).
Daiwa cut its 2019-20 EPS forecasts by 5-6% on a more cautious revenue and margin outlook on HCM and macro uncertainty.
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