Equity Analysis /
Hong Kong

HK : Sunny Optical Technology - Vehicle lens to lead FY22-23F EPS growth

    Ray Kwok
    Ray Kwok

    Technology Analyst

    26 March 2022
    Published byCGS-CIMB

    FY21 net profit grew 2% but was 10%/6% below our/consensus forecasts, due to lower shipments of HLS/VLS in 2H21 and a lower HLS GPM. HCM GPM should stay stable with 15% shipment growth in FY22F; VLS shipment could grow 30% yoy while HLS GPM could remain under pressure. Reiterate Add with a lower TP of HK$219.0, based on 26x FY22F P/E.