TF International Securities


'TF International Securities' Articles

Kuo: Apple Watch Series 4 Pre-Orders Above Expectations, iPhone XS Seeing Lackluster Demand

Apple analyst Ming-Chi Kuo has issued a research note today, obtained by MacRumors, outlining his opinions about first-weekend pre-orders for the iPhone XS, iPhone XS Max, and Apple Watch Series 4. Kuo says Apple Watch Series 4 pre-orders have been "better than expected," as a result of new innovative functions, such as electrocardiogram support. He predicts Apple Watch shipments will reach 18 million units in 2018, with the Series 4 lineup accounting for 50 to 55 percent of those orders. If the ECG support expands to more countries, Kuo believes the Series 4 lineup could see even stronger shipment momentum. In contrast, Kuo says iPhone XS pre-orders are "lower-than-expected," as customers opt for the iPhone XS Max or wait for the iPhone XR. Kuo has lowered his forecast for iPhone XS orders, believing the model will account for only 10 to 15 percent of shipments of the new 2018 iPhones, down from 15 to 20 percent. Kuo says iPhone XS Max pre-orders have been in line with expectations, signifying the success of Apple's high-pricing strategy:There is strong Chinese demand thanks to the gold casing, dual-SIM, and large display. The XS Max average shipping time is shorter than the 2H17 iPhone X (1–2 weeks vs. 2–3 weeks), which we think is due to supply improvements. We maintain our forecasts that the XS Max will account for 25–30% of 2H18 new iPhone model shipments.Kuo sees a positive outlook for the iPhone XR, available to pre-order October 19, given its lower pricing and dual-SIM support in China. The well-known analyst increased his forecast for iPhone XR

Kuo: USB-C on 2018 iPad Pro, Touch ID on 2018 MacBook, EKG and Ceramic Backs on All Apple Watch Series 4 Models, More

Apple analyst Ming-Chi Kuo has issued a new research note today, obtained by MacRumors, that outlines several predictions about Apple's upcoming products, including new iPhone, iPad Pro, Apple Watch, and MacBook models. Kuo expects Apple to replace Lightning with a USB-C interface on 2018 iPad Pro models, with an 18W power adapter in the box. That sure sounds like the next iPad Pro will have a USB-C port, instead of a Lightning connector, but to play devil's advocate, there's a chance he is just referring to a USB-C charger.In addition to Face ID support, we expect the new iPad Pro models' main upgrade to include replacing Lightning with a USB-C interface and bundling with a new unibody design 18W power adapter, which cancels the removable plug design…Kuo adds that 2018 iPhone models will retain the Lightning connector and remain bundled with a 5W power adapter, not the widely rumored 18W power adapter with a USB-C port, which could be for 2018 iPad Pro models after all. His research note with TF International Securities adds that Apple's widely anticipated lower-priced MacBook may replace the current 12-inch MacBook. Again, the wording is somewhat ambiguous, so it's unclear if Kuo means the 12-inch MacBook will be refreshed, or if it will be entirely replaced. Kuo expects the new lower-priced MacBook to support Touch ID fingerprint authentication, but without a full-out Touch Bar, which remains exclusive to select 13- and 15-inch models of the 2016 and later MacBook Pro:The new low-price MacBook may replace the position of the current 12" MacBook. We expect

Samsung Expected to Match 2018 iPhone Sizes With Galaxy S10 Lineup

Apple is widely rumored to introduce a trio of new iPhones in September, including a second-generation 5.8-inch iPhone X, a larger 6.46-inch version dubbed iPhone X Plus, and a 6.1-inch model with only some iPhone X features. Galaxy S9 Perhaps inspired by those plans, respected analyst Ming-Chi Kuo claims that Samsung will follow suit with its Galaxy S10 lineup next year, including 5.8-inch, 6.1-inch, and 6.4-inch models. Kuo outlined his predictions in his latest research note with TF International Securities, seen by Business Insider. Kuo notes that the 6.1-inch and 6.4-inch models will be equipped with an ultrasonic fingerprint scanner built into the display, a feature that Apple decided against on the iPhone X. The technology will also be built into the Galaxy Note 10 later in 2019, according to his research note. Kuo's prediction will surely reignite a long-standing debate about Samsung copying Apple, just weeks after the two companies settled a seven-year-long lawsuit in which Samsung was found guilty of copying the iPhone's design. Korean website The Bell previously reported that one of the Galaxy S10 models will be a lower-cost option, in line with the rumored 6.1-inch iPhone, which is expected to have some iPhone X features like Face ID, and an edge-to-edge display with a notch, but lack others, like an OLED display. The lower-cost Galaxy S10 will also have tradeoffs, such as a fingerprint scanner built into the edge of the device, according to Kuo. The Bell also said the Galaxy S10+ will feature five camera lenses: three on the back, and two on

Ming-Chi Kuo Says 2018 iPhone Lineup Will Have New Colors, Including Gold, Red, Blue, and Orange

Apple is widely rumored to release a trio of new iPhones in 2018, including a second-generation iPhone X, a larger 6.5-inch version dubbed the iPhone X Plus, and an all-new 6.1-inch model with some iPhone X features, but not all, at a lower price point of around $600 to $700 in the United States. While the current iPhone X is limited to Space Gray and Silver, well-connected Apple analyst Ming-Chi Kuo believes at least two of the new iPhone models in the 2018 lineup will be available in additional colors. In a research note with TF Securities, obtained by MacRumors, Kuo said the second-generation iPhone X will be available in Black, White, and Gold, while the 6.1-inch model is said to come in a wide array of colors, including red, blue, orange, gray, and white. An excerpt from the note follows.We expect the demands for the new 6.5" OLED iPhone will be better than iPhone X because of similar or lower price but with larger display, dual-sim dual-standby (DSDS), and three possible casing colors (black, white, and gold). The new 6.1" LCD iPhone is expected to boost better-replacement demands than iPhone 8/8s did due to being equipped with full-screen, Face ID, selling price lower than $700 USD, DSDS and five possible casing colors (grey, white, blue, red, and orange).The current iPhone X was already expected to come in gold, but Kuo previously said Apple faced manufacturing challenges with the color, likely related to difficulties anodizing the stainless steel frame to be gold. We know that Apple did at least prototype a gold iPhone X, as seen in regulatory photos

Kuo Details 2018, 2019 iPhones, Expects Cheaper MacBook Air, Face ID iPads, and Larger-Screen Apple Watches Later This Year

Apple analyst Ming-Chi Kuo, who now works at research firm TF International Securities, has issued a new research note today with a wealth of information about Apple's upcoming products and the company's overall outlook. Highlights from the research note, obtained by MacRumors:Kuo believes 2019 iPhones will have "marked innovations," but notes it could take until September or October of this year at the earliest until the exact designs and features become clearer. Nevertheless, among new iPhones introduced in 2019, Kuo expects shipments of LCD-based models to outpace models with OLED displays. He also notes that, if any 2019 iPhones have triple-lens rear cameras, it would unsurprisingly benefit camera-related companies in Apple's supply chain. In the second half of 2018, Kuo still expects the releases of new iPad models equipped with Face ID, a new lower-price MacBook Air, and new Apple Watch models equipped with larger displays. Kuo also still expects three new iPhones in 2018: a second-generation iPhone X, a larger 6.5-inch version dubbed the iPhone X Plus, and a 6.1-inch version that will essentially be a budget iPhone X. Kuo expects the 6.1-inch iPhone to be available in stores in September of this year, despite entering mass production later than the second-generation iPhone X and so-called iPhone X Plus. This means all three new iPhones in 2018 will be both announced and released in September. Kuo believes the 6.1-inch iPhone will incentivize customers with older iPhones to upgrade due to it being equipped with similar features as the iPhone X and at a more