＜Research＞Citi: Largest Shareholder of SUNNY OPTICAL Enters Collar Option Trade w/ UBS, Involving 44.57M Shrs

　　Citi Research noted in a report that Sun Xu Limited, the largest shareholder of SUNNY OPTICAL (02382.HK) +2.600 (+7.547%) Short selling $226.62M; Ratio 21.866% with 35.48% of the company's shares, has entered into a collar option transaction with UBS Group, involving 44.57 million shares, or about 4% of the outstanding shares.

　　Sun Xu has not announced the reason for the deal, and Citi expected it may be due to its own financing needs rather than a change in its shareholding position in SUNNY. The broker would wait for SUNNY to make a further announcement on the matter.

　　Citi's current target price for SUNNY is $63.5, which is about 30x 2024 projected P/E, mainly reflecting the earnings recovery from the periscope cameras upgrade, the improvement of handset lenses gross margins, and further growth in the automotive/XR business. The broker gave it a Buy rating.

　　(HK stocks quote is delayed for at least 15 mins.Short Selling Data as at 2024-04-24 16:25.)

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