Selfie Moment for Sunny Optical as It Becomes Asia's Top Stock
(Bloomberg) -- A Chinese smartphone lens maker is emerging as Asia’s hottest stock as buoyant sales and relative immunity to a trade war supercharges its shares.
Sunny Optical Technology Group Co. has surged 61 percent in 2018, surpassing Momo Inc. to be top performer on the MSCI Asia Pacific Index. Analysts are turning increasingly adoring, raising the consensus target price by 25 percent in the past month, the biggest hike among more than 2,000 stocks in Hong Kong tracked by Bloomberg.
The company, which got virtually all of its revenue in the second half of 2017 from China, was boosted this month after reporting better-than-expected earnings. While it’s not all been one way -- the shares stumbled last quarter after being added to Hong Kong’s benchmark Hang Seng Index -- it is hard to find a better investment over the past decade. Sunny’s stock has risen more than 8,000 percent in the last 10 years and the company is now worth $23 billion.
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