Initiating Coverage of Sunny Optical With Narrow Moat Rating and HKD 83 FVE
We are initiating coverage of China's Sunny Optical with a narrow moat rating and fair value estimate of HKD 83 per share. Our discounted cash flow-derived valuation puts the stock at 23.3 times forward earnings, below the three-year average of 27.5 times. We think the shares offer attractive upside as smartphone demand for camera lenses remains robust and Sunny’s improving scale and automation drive higher profit margins. We believe the recent 20% share price drop over concerns about sales of C...Sunny Optical Technology Group is an optical manufacturing group based in Hong Kong. Co. is engaged in the design, research and development, manufacture and sales of optical and optical-related products. These products include optical components (such as glass spherical and aspherical lenses, plane products, handset lens sets, vehicle lens sets and other lens sets), optoelectronic products (such as handset camera modules, smart television video modules, security surveillance cameras and other optoelectronic modules) and optical instruments (such as microscopes, optical measuring instruments and various optical analytical instruments).
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