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DBS: Sunny Optical Technology Group Co Ltd – Buy Target Price HK$200.00

Posted on August 11, 2022August 11, 2022 By alanyeo No Comments on DBS: Sunny Optical Technology Group Co Ltd – Buy Target Price HK$200.00
News Alert : July shipment in line with the market expectations
  • July 22 handset lens sets shipment declined 14.9% y-o-y, in line with the market expectation of a 15.0% decline in 2H22 
  • Modules shipment dropped 33.5% y-o-y, due to prolonged weakness in global smartphone
  • Expect a neutral share price reaction
What’s New

– Sunny Optical (2382 HK) announced its July 22 shipment volume yesterday after market close.

– Yearly decline of handset lens sets shipment in Jul 22 came in at 14.9%, in line with the market expectation of 15.0% decline in 2H22 .

– Modules shipment dropped 33.5% y-o-y, continuing the decline because of the persisting global weak smartphone demand.

– Vehicle lens sets shipment continue the growth and increased 25.7% y-o-y on low base last year due to supply chain constraints.

– Optical instruments shipment continues a y-o-y growth of 23.4% but still remains in a very limited scale

Our View:

– We expect a neutral share price reaction as the July shipment is largely in line with the market expectation.

– We expect the continuous penetration into Apple’s value chain will support Sunny optical in surpassing its peers which focus on android models in FY22’s shipment.

– We maintain BUY on a stronger-than-peers handset lens sets shipment because of penetration to iPhone products.

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Research - Equities Tags:Sunny Optical

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