China's Sunny Optical rises as April shipments grow month-on-month

Sunny Optical Technology Co

10/05/2023 07:09

** Shares of Chinese handset camera modules producer and
supplier Sunny Optical Technology  2382.HK  rise as much as 4.5%
to HK$84.05, on course for the biggest one-day percentage rise
since April 11, if gains hold
    ** Stock is top percentage gainer in Hang Seng Index  .HSI 
and Hang Seng Tech Index  .HSTECH  
    ** Sunny says April shipment volume for handset camera
modules at 46.2 mln units, up 26.9% month-on-month, but down
9.7% year-on-year; vehicle lens sets volume at 7.8 mln units -
up 8.2% month-on-month and up 23.1% year-on-year 
    ** Daiwa maintains "buy" rating on stock on anticipation
Sunny will resume earnings growth over 2023-24 on benefits from
likely resumption of specs upgrades in smartphones kicking in 
    ** Daiwa says April shipments roughly in line; Sunny remains
its sector top pick with muted 1H23 as good entry point for
solid growth prospects ahead 
    ** Hang Seng Tech Index  .HSTECH  climbs 0.2% and Hang Seng
Composite Index on industrials  .HSCIIG  gains 0.9%
    ** Hang Seng Composite Index  .HSCI  slips 0.5% and Hang
Seng Index  .HSI  eases 0.6%
    ** As of last close, stock fell 13.4% this year

 (Reporting by Donny Kwok)
 ((donny.kwok@thomsonreuters.com))