External broker reports(aggregated public sources), CMB International

CMB International

External broker reports(aggregated public sources)

Incorporated in Hong Kong, supported by the mainland and targeting in global market, CMB International Capital Corporation Limited (“CMBI”) is an integrated financial institution providing comprehensive and professional services. As a wholly-owned subsidiary of China Merchants Bank ("CMB"), by leveraging on the Group’s synergy and coordination in domestic and overseas markets, as well as CMB’s strong resources and outstanding social reputation, CMBI and its subsidiaries have been actively implementing diversified business strategies and set up an overall layout of main business segments including Corporate Finance, Asset Management, Wealth Management, Global Markets and Structured Finance, etc. Adhering to the philosophy of “being clients oriented and increasing our own values by the way of creating value for clients”, CMBI endeavors to provide quality and integrated financial services to institutional, corporate and individual customers both domestic and overseas including Hong Kong IPO sponsorship and underwriting, share placement and rights issue for listed companies, financial advisors, bonds issuance services, asset management, direct investment, wealth management, equity sales and trading, etc.

Equity Bottom-Up

Sunny Optical Technology Group / Equity Bottom-Up

<ul><li>We hosted Sunny Optical at 4Q outlook investor call this week.</li><li>Mgmt. reiterated that 2024 guidance for HCM/HLS/VLS/auto module/XR businesses remains unchanged and has been well on track YTD.</li><li>Mgmt. is also confident that new CEO and mgmt. team will continue to lead Sunny for sustainable long-term growth. </li></ul>Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

We hosted Sunny Optical at 4Q outlook investor call this week.Mgmt. reiterated that 2024 guidance for HCM/HLS/VLS/auto module/XR businesses remains unchanged and has been well on track YTD.Mgmt. is also confident that new CEO and mgmt. team will continue to lead Sunny for sustainable long-term growth. Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

Sunny Optical (2382 HK) - NDR Takeaway: Guidance Well on Track

<ul><li>Sunny Optical announced that CEO and Executive Director, Mr. Sun Yang has resigned from current roles due to health reasons, and Mr. Wang Wenjie (current Executive Director and Executive Vice President) has been appointed as his successor, effective from 26 Nov 2024.</li><li>Mr. Wang worked in Sunny for over 35 years since his graduation in 1989. He was appointed as executive director in 2013, and is currently responsible for strategic planning and information management, as well as Sunny Optical Research Institute.</li><li>Having spoken with the company, we believe the following is relevant: 1) the departure is Mr. Sun’s decision, 2) his relationship with the board is good, 3) it is not performance issue, 4) mgmt. expects a seamless transition. </li></ul>Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

Sunny Optical announced that CEO and Executive Director, Mr. Sun Yang has resigned from current roles due to health reasons, and Mr. Wang Wenjie (current Executive Director and Executive Vice President) has been appointed as his successor, effective from 26 Nov 2024.Mr. Wang worked in Sunny for over 35 years since his graduation in 1989. He was appointed as executive director in 2013, and is currently responsible for strategic planning and information management, as well as Sunny Optical Research Institute.Having spoken with the company, we believe the following is relevant: 1) the departure is Mr. Sun’s decision, 2) his relationship with the board is good, 3) it is not performance issue, 4) mgmt. expects a seamless transition. Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

Sunny Optical (2382 HK) - CEO Transition Announced, Remain Confident in Mgmt. And LT Opportunity

Equity Derivatives and Volatility Specialist, Clifton Derivatives

John Ley

Equity Derivatives and Volatility Specialist

Clifton Derivatives

Independent derivative and volatility research firm focusing on events/catalysts, earnings, relative value and cross asset volatility strategies.

Event-Driven

<ul>
<li>Communication Services had 39% of single stock option volumes vs only 22% of the open interest highlighting short expiry / speculative nature of trading.</li>
<li>Tencent and Baidu heading in opposite directions – Baidu vol on the inexpensive side vs Tencent vol.</li>
<li>Xiaomi one of only 2 optionable names trading at 52-week high (Sunny optical being the other).</li>
</ul>


Communication Services had 39% of single stock option volumes vs only 22% of the open interest highlighting short expiry / speculative nature of trading.
Tencent and Baidu heading in opposite directions – Baidu vol on the inexpensive side vs Tencent vol.
Xiaomi one of only 2 optionable names trading at 52-week high (Sunny optical being the other).


EQD | Hong Kong Single Stock Options Weekly December 16 – 20

Senior Credit Analyst, Lucror Analytics

Leonard Law, CFA

Senior Credit Analyst

High Yield Experts

Lucror Analytics

Lucror Analytics is a leading credit and ESG research specialist and a provider of technology solutions for differentiated fixed income strategies. Our roots are in bottom-up fundamental credit analysis with a specialization in high yield corporate credits from Europe, Asia and Latin America. We are one of few research specialists integrating ESG considerations with fundamental credit research through a dedicated ESG platform. Our ESG assessment covers five key criteria: Disclosure, E,S, & G Pillars, Controversies, ESG Impact on Credit and ESG Momentum.

Recognizing the importance and value-add of Factor Investing in fixed income, Lucror developed the Smart Quant Navigator (SQN), an intuitive platform that helps clients devise and implement factor-based strategies ranging from pure quant to active fundamental, with integrated ESG.

Our company has been at the forefront of developments in the fixed income markets, identifying opportunities and consistently delivering new products and value-adding solutions to clients. Lucror has close relationships with the largest and most reputable asset managers, family offices, hedge funds, investment and wealth managers globally.

Credit

Lucror Analytics Morning Views comprise our fundamental credit analysis, opinions and trade recommendations on high yield issuers in the region, based on key company-specific developments in the past 24 hours. Our Morning Views include a section with a brief market commentary, key market indicators and a macroeconomic and corporate event calendar.<ul><li><a href='#lucror-entity-13363'>Sunny Optical Technology Group</a></li><li><a href='#lucror-entity-24409'>Xiaomi Corp</a></li></ul>

Lucror Analytics Morning Views comprise our fundamental credit analysis, opinions and trade recommendations on high yield issuers in the region, based on key company-specific developments in the past 24 hours. Our Morning Views include a section with a brief market commentary, key market indicators and a macroeconomic and corporate event calendar.Sunny Optical Technology GroupXiaomi Corp

Morning Views Asia: Sunny Optical Technology Group, Xiaomi Corp

<ul><li>Sunny’s 1H24 revenue/NP growth of 32%/145% YoY is largely in-line with prior positive profit alert, driven by smartphone’s HLS/HCM ASP/GPM recovery and rapid auto/XR growth.</li><li>Mgmt. raised 2024 shipment guidance for HLS/VLS to 5-10% YoY /10-15% YoY (vs prior +5%/10% YoY), and guided ASP/GPM improvement into 2H24E and 2025.</li><li>For 2025, we are positive on Apple’s share gains, AI smartphone upgrade, auto product ramp-up and XR customers’ order wins. </li></ul>Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

Sunny’s 1H24 revenue/NP growth of 32%/145% YoY is largely in-line with prior positive profit alert, driven by smartphone’s HLS/HCM ASP/GPM recovery and rapid auto/XR growth.Mgmt. raised 2024 shipment guidance for HLS/VLS to 5-10% YoY /10-15% YoY (vs prior +5%/10% YoY), and guided ASP/GPM improvement into 2H24E and 2025.For 2025, we are positive on Apple’s share gains, AI smartphone upgrade, auto product ramp-up and XR customers’ order wins. Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

Sunny Optical (2382 HK) - Gearing up for New Growth Cycle; Raise TP to HK$72.52

China

Sunny Optical Technology Group Co., Limited designs and manufactures optical and optical related products. The Company's products include glass/plastic lenses, prisms, mobile phone camera modules, microscopes, surveying instruments, and other analytical instruments.

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Sunny Optical Technology Group (2382 HK)

Sunny Optical (2382 HK) - NDR Takeaway: Guidance Well on Track

Mgmt. reiterated that 2024 guidance for HCM/HLS/VLS/auto module/XR businesses remains unchanged and has been well on track YTD.

CMB International

Sunny Optical (2382 HK) - CEO Transition Announced, Remain Confident in Mgmt. And LT Opportunity

We think Mr. Wang is well regarded internally at Sunny and externally by key stakeholders, including customers and major shareholders

CMB International

EQD | Hong Kong Single Stock Options Weekly December 16 – 20

Tencent and Baidu showing contrasting price and volatility levels with Baidu implied vol looking relatively inexpensive. Xiaomi stands out as one...

John Ley

Morning Views Asia: Sunny Optical Technology Group, Xiaomi Corp

Lucror Analytics Morning Views comprise our fundamental credit analysis, opinions and trade recommendations on high yield issuers in the region,...

Lucror Analytics

Sunny Optical (2382 HK) - Gearing up for New Growth Cycle; Raise TP to HK$72.52

Sunny’s 1H24 revenue/NP growth of 32%/145% YoY is largely in-line with prior positive profit alert, driven by smartphone’s HLS/HCM ASP/GPM recovery...

CMB International

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