Sunny Optical's handset camera module shipment soared 62.7% to 12.1m units

It set a new record high.

According to Maybank Kim Eng, handset camera module shipment +62.7% YoY / +7.9% MoM to 12.1m units, a record high. Cumulative for Jan-April 2013 increased 55% YoY to 43.6m units.

Here's more:

Given that the Chinese brand smart device makers are upgrading the camera pixels and producing more smartphones to meet the local demand of smart devices, as well as Samsung has become the new customer of Sunny Optical in this year, we expect the strong handset camera module shipment to continue.

Share price rose 46% since our last target price upgrade and is now trading at 13x PER of our FY13F estimate or 18x PER of consensus.

We believe  that higher-than-expected operating leverage on the handset camera module business and ROE may trigger consensus earnings or target price upgrades.

We will review our estimates and target price after seeking more updates from the management. Company will report the interim result in August.