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The central bank unexpectedly lowered the policy interest rate, stimulating the Hong Kong stock market to stop falling from its low point.
Last week, the Hang Seng Index fell a total of 875 points or 4.8%, reaching the lowest level in nearly three months since April 26; the Hang Seng Tech Index plummeted by 6.5%, dragging down the entire market. However, China's 1-year and 5-year LPRs were lowered by 10 basis points in July, driving a rebound in Hong Kong stocks today, climbing 181 points in the morning. The Hang Seng Index rose 142 points or 0.9% to 17,560 points in the half-day period; the National Index rose 61 points or 1% to 6,226 points; and the Hang Seng Tech Index rose 59 points or 1.7% to 3,596 points. The total turnover of the market in the half-day period was HKD 53.671 billion, and the net inflow of Shanghai and Shenzhen-Hong Kong stocks in the southbound trading was 2.
CICC: Rated Sunny Optical as "outperform", with a target price of HKD 63.4.
CICC released a research report maintaining its 'outperform' rating on Sunny Optical (02382). Considering the clear signal of the bottom turning point of the company's mobile optical business and the improvement of the product structure, the bank raised its forecast of the company's net income attributable to its parent in 2024 and 2025 by 21% and 20% respectively to 2.11 billion yuan/2.44 billion yuan. Based on the fact that the optical demand for AI terminals in the market is still under observation, the target price is HKD 63.4. In the interim announcement, Sunny Optical stated that the company's performance for the first half of 2024 is expected to be between 10.48 billion yuan and 11.08 billion yuan, corresponding to a year-on-year growth range of 140% to 150%. The median (10.
Credit Suisse: Sunny Optical Technology rated as "buy", with a target price of HKD 56.
Credit Suisse has released a research report giving Sunny Optical a "buy" rating, with a target price of HKD56. It predicts that net income in 2024 and 2025 will reach RMB 2.1 billion and RMB 2.6 billion respectively. The report cites the company's pleasing financial performance with higher than expected net income in the first half of the year, mainly driven by increased shipments and the recovery of average selling prices and gross margins. The bank expects that Sunny Optical's shipments of handset lens (HLS) and handset lens modules (HCM) will increase by 9% and 5% respectively in the full year. If the Group's market share in Apple or Huawei's market increases, the shipment volume of handset lenses will have even more potential.
Brokerage focuses on sunny optical technology, with a target price of +43.5%, and a rating upgrade to "buy" by CMB International.
ZhaoYin International has launched a research report. It recommended upgrading the rating to "buy" after Sunny Optical Technology (02382) announced a 140-150% increase in profit YoY for the first half of 2024, and raised the target price from HKD 47.31 to HKD 67.88. This is mainly because the bank believes that the company's GPM recovery, iPhone market share growth, and adoption of hybrid/periscope cameras are better than expected. The bank has raised the EPS for FY24-25E by 46-82% to reflect the stronger GPM and iPhone market share growth (18%/25% for 2024/2025).
CMB International Upgrades Sunny Optical Technology to Buy From Hold; Price Target Is HK$67.88
02:54 AM EDT, 07/22/2024 (MT Newswires) -- CMB International Upgrades Sunny Optical Technology to Buy From Hold; Price Target is HK$67.88Price (HKD): $47.95, Change: $-0.30, Percent Change: -0.62%
DBS Vickers gives Shun Yu Optical (02382) a 'shareholding' rating with a target price of HKD 59.
DBS expects that the positive earnings of Sunny Optical (02382) will bring a positive response to the stock price.
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