Mcnex Cameras
FCC ID application submitted by MCNEX CO.,LTD for NETWORK IP CAMERA for FCC ID 2ABC6MNC-H200 ( 2ABC6 MNC-H200 ) User Manual, Frequency, Reports, Images and more. From sub-components to camera modules Analysis from the sub component point of view. Camera Modules Sub-components Systems Sensor, optics & illumination Courtesy of PMDTech Courtesy of Apple Camera minimum resolution 50 pixel x 50 pixel Optics Module Assy Sensor array Illuminator Wafers & raw material Courtesy of Sony AF&OIS. However, for Mcnex, this could be a big blow as it is at the risk of reduced profit. This is because the report says Mcnex has been assembling rear multi-camera modules for Samsung. MCNEX Network Camera (MNC-H200 & MNC-H210) dedicated viewer + Easy to install using the register wizard + Ease to use using the user-friendly GUI Design + Camera registration number (Unlimited) + Available camera and two-way audio communication + Quick and easy search using the Timeline + Save the snapshot or video clip to the smartphones + Emergency calls and emergency function using sirens. Vehicle Multi Camera System Market 2021 Global Insights and Trends – Bosch, Continental, Aptiv, Valeo, Clarion, ZF, Panasonic, Magna International, MCNEX, Denso tanmay January 26, 2021 1.
Mcnex Camera
The author is an analyst of NH Investment & Securities. He can be reached at kyuha.lee@nhqv.com. -- Ed.
With smartphone shipments at its main client expected to recover in earnest from 2021, MCNEX, a supplier of core camera modules, is set to benefit. Its shares appear undervalued, given: 1) new product rollouts (autonomous driving components); and 2) expectations towards customer diversification.
Focus on higher smartphone sales at client and product/customer diversification
Reiterating a Buy rating, we raise our TP on MCNEX from W35,000 to W46,000. Our TP revision reflects: 1) a switch in the base year for our valuation (2020 → 2021); 2) a 20% hike in our target P/E multiple from 7.0x to 8.5x in consideration of recovering shipments at MCNEX’s client and likely customer diversification.
With its main domestic client’s smartphone sales expected to jump 18% y-y to 312mn units in 2021, MCNEX, as the client’s major supplier of camera modules, is set to benefit.
As for its automotive electronics unit, MCNEX is to begin mass production of domain control units (DCUs), a core component in self-autonomous vehicles, from 2H21. Moreover, the company is to diversify its client base to include a North American company from 2022.
Firm set to achieve its highest-ever annual earnings in 2021
Mcnex Camera
MCNEX should deliver consensus-satisfying earnings for 3Q20, led by rising sales at its main client. We estimate 3Q20 sales of W383.1bn (+9.6% y-y, +56.1% q-q) and OP of W22.8bn (-33.8% y-y; OPM of 6%).
Looking ahead to next year, we believe that the firm will chalk up its highest-ever earnings, projecting 2021 OP of W115.0bn (+93.8% y-y; OPM of 6.8%), supported by both greater shipments at its main client and new product rollouts at its automotive electronics unit.
Trading at a 2021F P/E of 6.3x, we view MCNEX’s shares as being undervalued. Moving ahead, its shares should increase gradually in line with an anticipated earnings recovery.