TF International Securities


'TF International Securities' Articles

Kuo: All 5G iPhones on Track to Launch in Fall 2020, Including Both Sub-6GHz and mmWave Models

Last month, reputable Apple analyst Ming-Chi Kuo said he expected four 5G-enabled iPhones to launch in the second half of 2020, including models with both sub-6GHz and mmWave support depending on the region. Kuo said iPhone models with mmWave would be available in five markets, including the United States, Canada, Japan, Korea, and the United Kingdom, adding that Apple may disable 5G functionality in countries that do not offer 5G service or have a shallow 5G penetration rate to reduce production costs. Kuo has now doubled down on his prediction. In a follow-up research note today, viewed by MacRumors, he said Apple is still on track to release both sub-6GHz and sub-6GHz-plus-mmWave iPhone models simultaneously in the second half of 2020, with shipments beginning in the late third quarter or early fourth quarter. Last week, analyst Mehdi Hosseini had disagreed with Kuo's timeframe, claiming that sub-6GHz models would launch in September 2020 and mmWave models would follow in December 2020 or January 2021. Kuo says development of 5G iPhones with both sub-6GHz and mmWave support is progressing as scheduled, however, and he has the more reputable track record as it relates to forecasting Apple's roadmap. So, as of now, it looks like the entire 5G iPhone lineup will be announced in September as

Kuo: AirPods Pro, Apple Watch Series 6, and iPod Touch Getting New Suppliers in 2020

Apple will be making several changes to the suppliers of its products in 2020, according to reputable analyst Ming-Chi Kuo. For starters, Kuo expects Chinese company Goertek to begin assembly of AirPods Pro in the first half of the year. The addition of a second supplier alongside Luxshare Precision should help improve supply of the popular earphones, which continue to face multi-week shipping estimates on Apple.com. Luxshare itself will replace Quanta Computer as the exclusive manufacturer and supplier of S-series chips for the new Apple Watch in 2020, aka Series 6 models if Apple sticks with its naming trend, Kuo added. And last, Kuo expects Chinese manufacturer BYD Electronic to replace Quanta Computer as the sole assembler of the iPod touch in 2020, as well as obtain at least 10-20 percent of non-cellular iPad orders. Naturally, if this goes well, the company is expected to receive an even larger percentage of orders in 2021 and beyond. Kuo outlined these details in a research note with investment firm TF International Securities, seen by

Kuo: High-End Smartphones in 2020 to Feature Longer Optical Zoom, Including 10x on Huawei's P40 Pro

Optical zoom will be a key upgrade to high-end smartphones in 2020, according to the latest prediction from noted analyst Ming-Chi Kuo. In a research note with TF International Securities, obtained by MacRumors, Kuo said the rear camera on Huawei's upcoming P40 Pro will feature a redesigned periscope telephoto lens and become the world's first smartphone with 10x optical zoom. The device is expected to launch in the first half of 2020. Huawei competitor Oppo had promised a smartphone with 10x optical zoom earlier this year, but it has so far only released a model with 10x hybrid zoom, which relies on a combination of optical zoom and software. Kuo said enhanced optical zoom will extend to more high-end smartphones next year, although he did not specify if that will include the iPhone, which currently maxes out at 2x optical zoom and 10x digital zoom. Optical zoom preserves the quality of a shot when zooming in, while digital zoom results in some blurriness. In other camera news, a supply chain report from DigiTimes today claims that Apple's high-end 6.1-inch and 6.7-inch iPhones in 2020 will adopt sensor-shift image stabilization technology. While details are slim, sensor-shift technology could bring image stabilization to the ultra-wide lens on high-end 2020 iPhones.

Kuo: Next Year's 5G iPhones With Redesigned Metal Frame Won't Have Major Price Increase

Apple is rumored to launch four 5G-enabled iPhones in fall 2020, and while 5G-related components could raise the production costs of the devices by $30 to $100 depending on the model, analyst Ming-Chi Kuo believes Apple will not significantly increase the price of 5G iPhones compared to this year's lineup. iPhone 11 Pro and iPhone 11 Pro Max models start at $999 and $1,099 respectively in the United States, while the iPhone 11 starts at $699. In a research note with TF International Securities, viewed by MacRumors, Kuo said Apple instead aims to offset the cost of 5G by reducing its supply chain expenses, potentially including dropping its upfront non-recurring engineering payment to suppliers of the redesigned metal chassis and frame for 5G iPhones. Non-recurring engineering refers to the one-time cost to research, design, develop, and test a new product or component. Kuo believes Apple will shift more of this research and development in house. While the non-recurring engineering payment has typically helped Apple's suppliers stay afloat when iPhone sales start to slow during the spring and summer each year, Kuo believes it will be less essential in 2020 and beyond since Apple is expected to start releasing iPhones on a biannual basis going forward -- lower-end iPhones in the spring and higher-end iPhones in the fall. Kuo has previously claimed that 5G iPhones will sport a redesigned metal frame with an iPhone 4-like design, suggesting a return to flatter edges. In today's note, he said both the chassis and frame on 5G iPhones will cost Apple

Kuo: Apple to Launch Five iPhones in 2020, Including 5.4-Inch, Two 6.1-Inch, and 6.7-Inch Models With 5G

Apple plans to release five new iPhone models in 2020, according to the latest prediction from analyst Ming-Chi Kuo. In a research note with TF International Securities, obtained by MacRumors, Kuo outlined his expectations for a so-called iPhone SE 2 with a 4.7-inch LCD display in the first half of 2020, followed by a higher-end all-OLED lineup consisting of 5.4-inch, two 6.1-inch, and 6.7-inch models in the second half of the year. Kuo expects all four higher-end models to support 5G with a Qualcomm X55 modem, adding that availability of models with Sub-6G-only or Sub-6G-plus-mmWave types of 5G will vary by country. Kuo expects the iPhone models with mmWave to be available in five markets, including the United States, Canada, Japan, Korea, and the United Kingdom, while Apple may disable 5G functionality in countries that do not offer 5G service or have a shallow 5G penetration rate to reduce production costs. Four new high-end iPhones in 2020 lines up with a prediction shared by JPMorgan analyst Samik Chatterjee on Wednesday. The so-called iPhone SE 2 is expected to resemble the iPhone 8, including a 4.7-inch display with bezels and a Touch ID home button, but with a faster A13 chip and 3GB of RAM. The device will continue to have a single-lens rear camera, according to Kuo, like the original iPhone SE and the iPhone 8. The four higher-end iPhones are expected to resemble the iPhone 4, including a new metal frame that will likely sport flatter edges. All in all, we can expect the following iPhone lineup in 2020 if Kuo is accurate:4.7-inch iPhone SE 2

Kuo: Apple to Launch 'Completely Wireless' iPhone Without Lightning Connector and 'iPhone SE 2 Plus' With Touch ID Power Button in 2021

Apple plans to launch a high-end iPhone without a Lightning connector in the second half of 2021, according to a new prediction from analyst Ming-Chi Kuo. The device will supposedly offer a "completely wireless experience," suggesting that Apple is not switching to USB-C, but rather dropping the port entirely. An excerpt from Kuo's research note with TF International Securities, obtained by MacRumors:Apple will create more differentiation between the highest-end and high- end models. It will benefit the shipment of the highest-end model and iPhone ASP. Among new 2H21 iPhone models, we expect that the highest-end model would cancel the [Lightning] port and provide the completely wireless experience.Earlier in 2021, Kuo expects Apple will launch a so-called "iPhone SE 2 Plus" with a full-screen design but no Face ID, resulting in only a small notch. Instead, Touch ID will be built into the power button, according to Kuo:Apple will launch the iPhone SE2 Plus in 1H21. We predict that the display size will be 5.5 or 6.1-inch. This model will adopt a full-screen design. The notch area will be smaller because of no Face ID support. The Touch ID will be integrated with the power button, which is located on the side.A report from JPMorgan analysts earlier this week said that Apple will be moving toward a biannual iPhone release cycle to help smooth out sales. Coupled with Kuo's report, it does look like Apple may be moving towards a trend of lower-end iPhones each spring and higher-end iPhones each

Kuo: 12.9-Inch iPad Pro and 16-Inch MacBook Pro With Mini-LED Displays to Launch in Second Half of 2020

Apple is planning four to six products with mini-LED displays over the next two to three years, including a high-end 12.9-inch iPad Pro with an A14X chip in the third quarter of 2020 and a refreshed 16-inch MacBook Pro in the fourth quarter of 2020, according to well-known Apple analyst Ming-Chi Kuo. In a research note with TF International Securities today, obtained by MacRumors, Kuo said the mini-LED displays will "significantly improve productivity and the entertainment experience" without elaborating. LG Display and GIS will be the most significant benefactors of these mini-LED products starting next year, according to Kuo. Kuo has previously said that Mini-LED displays will allow for thinner and lighter product designs, while offering many of the same benefits of OLED displays used on the latest iPhones, including good wide color gamut performance, high contrast and dynamic range, and local dimming for truer blacks. Kuo has also previously said that future iPad and MacBook displays will each use approximately 10,000 LEDs, compared to 576 in Apple's upcoming Pro Display XDR. Each LED would be below 200 microns in size. Apple is widely rumored to refresh the iPad Pro in spring 2020, and if so, a new 12.9-inch model in fall 2020 would certainly be soon after. Update: DigiTimes reports similar: "For the new MacBook said to adopt mini LED backlighting and to be released in 2020, its backlighting module reportedly will be supplied by Taiwan-based Zhen Ding Tech, the sources

Kuo: iPad Pro With Rear 3D Sensing and 'iPhone SE 2' on Track to Launch in First Half of 2020

Apple plans to release new iPad Pro models with rear 3D sensing in the first half of 2020, according to analyst Ming-Chi Kuo. In a research note with TF International Securities, seen by MacRumors, Kuo said the iPad Pro models will gain 3D sensing through the rear-facing camera system. Apple is expected to use a time-of-flight system, which measures the time that it takes for light to bounce off of objects in a room to generate a 3D map. The timeframe lines up with a recent report from Bloomberg's Mark Gurman, who also said Apple plans to release iPad Pro models with rear 3D sensing as early as the first half of 2020. Gurman expects the iPad Pro models to feature dual rear cameras, up from a single lens, along with a new augmented reality sensor. Kuo also reiterated that Apple plans to release a so-called "iPhone SE 2" in the first half of 2020 too. He has previously said the device will be released by the end of the first quarter with similar features as the iPhone 8, including a 4.7-inch display and Touch ID, but with a faster A13 chip and 3GB of RAM. The low-cost iPhone will likely start around $399 with 64GB of storage, and come in Space Gray, Silver, and Red, according to Kuo. Kuo has made both the iPad Pro and low-cost iPhone predictions in the past, so this really only serves as an update that the plans are still on track for early next year. Apple often holds a media event in March, and it is certainly possible the new iPad Pro and low-cost iPhone could be announced then. It is worth noting that Kuo is likely just referring to the device as the

Kuo: Apple Watch Series 6 Models to Feature Faster Performance and Improved Water Resistance

While the Apple Watch Series 5 lineup was released less than two months ago, rumors are already looking ahead to next year. In a research note with investor firm TF International Securities, seen by MacRumors, noted Apple analyst Ming-Chi Kuo has predicted that 2020 Apple Watch models will feature faster performance, improved water resistance, and improved wireless transmission for potentially faster Wi-Fi and cellular speeds. Kuo believes all of these advancements will be made possible by Apple's switch to liquid crystal polymer or LCP material for the flexible circuit boards in next year's Apple Watch models, expected to launch in the second half of the year as usual. Series 5 models and earlier use a material known as polyimide or PI. Dongshan Precision, Avary Holding, and Flexium Interconnect will be the primary LCP suppliers, according to Kuo. It would not be surprising if so-called Apple Watch Series 6 models feature a faster Apple-designed S chip, as the only known differences with the S5 chip in Series 5 models compared to the S4 chip in Series 4 models is a built-in compass and a new always-on display driver, so a performance bump will be due next year. As for water resistance, Apple Watch Series 2 models are already suitable for swimming or showering and can be submerged to a depth of up to 50 meters. With further improvements, perhaps Series 6 models could be certified for some high-velocity water activities such as scuba diving or water skiing. Previous reports have suggested that 2020 Apple Watch models may also feature sleep tracking and Mi

Kuo: Apple to Launch 'iPhone SE 2' in Early 2020 With Similar Design as iPhone 8, A13 Chip, and 3GB RAM

Apple plans to release a lower-priced "iPhone SE 2" in the first quarter of 2020, according to noted analyst Ming-Chi Kuo. In a research note with TF International Securities, obtained by MacRumors, Kuo said the device will feature a similar form factor design and specifications as the iPhone 8, with a faster A13 chip and 3GB of RAM:We forecast that Apple will launch the more affordable iPhone SE2 in 1Q20. For the most part, the form factor design and hardware spec are similar to ‌iPhone 8‌'s. The most significant hardware spec upgrade will be the adoption of the A13 processor and 3GB LPDDR4X. ‌iPhone‌ SE2 will likely increase ‌iPhone‌'s market share and benefit Apple's promotions for service and content. We expect that the ‌iPhone‌ SE2 shipment will reach 30–40mn units in 2020.Kuo believes the "‌iPhone SE 2‌" will be the "best upgrade choice" for an estimated 100 million remaining ‌iPhone‌ 6 and ‌iPhone‌ 6 Plus users, serving as a "key growth driver" for Apple in 2020. He believes these customers have low desire for new features like Face ID and multiple cameras, suggesting the "‌iPhone SE 2‌" will stick with Touch ID and a single-lens rear camera. Kuo's prediction lines up with multiple other sources that have claimed Apple plans to release a new lower-cost ‌iPhone‌ 8-esque device next year, including the Taiwanese publication Economic Daily News, Japanese publication Nikkei Asian Review, and Bloomberg's Mark Gurman and Debby Wu. Those earlier reports indicated the device will sport a 4.7-inch display and a ‌Touch ID‌ home button like the ‌iPhone 8‌. Apple

Kuo: High-End iPad and MacBook With Mini-LED Displays to Launch Between Late 2020 and Mid 2021

Reiterating a prediction he shared in April, noted Apple analyst Ming-Chi Kuo today said Apple plans to release high-end iPad and MacBook models with Mini-LED displays between late 2020 and mid 2021. In a research note for TF International Securities, seen by MacRumors, Kuo added that the iPad and MacBook displays will each use approximately 10,000 LEDs, compared to 576 in Apple's upcoming Pro Display XDR. Each LED is said to be below 200 microns in size, significantly smaller than those in the Pro Display XDR. Kuo previously said the iPad and MacBook models will have 10-12 inch and 15-17 inch display sizes respectively, and he also expects them to be high-end devices due to costly Mini-LED display components. Altogether, that means these will likely be iPad Pro and MacBook Pro models, but Kuo has not specified. Although mass production of medium-sized OLED displays has gradually improved, and the wide color gamut performance of OLED is comparable to that of Mini-LED, Kuo believes Mini-LED is Apple's first choice to avoid burn-in issues and to reduce its dependance on Samsung for supply of OLED displays. LG Display will supply the Mini-LED display panels, while other Mini-LED component suppliers will include Epistar, Zhen Ding, Radiant Opto-Electronics, Nichia, Avary Holding, and TSMT, according to Kuo. Kuo believes the Mini-LED displays will allow for thinner and lighter product designs, while also offering good wide color gamut performance, high contrast and HDR, and local dimming, which dims the backlight behind areas of the screen that are displaying

Kuo: iPhone 11 Pro and iPhone 11 Pro Max Have Accounted for Combined 55% of Pre-Orders

Yesterday, noted Apple analyst Ming-Chi Kuo said that iPhone 11, iPhone 11 Pro, and iPhone 11 Pro Max pre-orders have been better than expected so far, noting that demand for the higher-end iPhone 11 Pro models is particularly strong in the United States due to trade-in and financing options. In a follow-up research note with TF International Securities today, seen by MacRumors, Kuo now specifies that the iPhone 11 Pro and iPhone 11 Pro Max models have accounted for 55 percent of pre-orders to date. By extension, that would mean the lower-priced iPhone 11 has comprised 45 percent of pre-orders. Kuo notes that shipment volumes of the higher-end OLED display models are "better than last year." A year ago, he estimated the iPhone XS and iPhone XS Max would account for a combined 40-45 percent of 2018 iPhone lineup shipments. While the iPhone 11 should be the best-selling iPhone of the 2019 lineup, Apple's push towards monthly installments like the iPhone Upgrade Program may be convincing more customers to opt for the higher-priced models, as the $999-plus price tags are less steep when they are spread out over two years. Apple no longer shares iPhone pre-order figures, nor has it ever disclosed iPhone sales on a model-by-model basis, so it is unclear how Kuo's "survey" results are determined, but Apple's online shipping estimates are one factor. In today's note, Kuo also reiterated that 2020 iPhones will feature 3D sensing time-of-flight rear cameras with 7P

Kuo: 'Apple Tags' to Feature Ultra-Wideband Technology, Likely Far More Precise Than Tile's Trackers

Last week, MacRumors revealed new details about Apple's upcoming Tile competitor, with internal iOS 13 code suggesting that Apple plans to release small, circular "tags" that can be attached to electronic devices, backpacks, keys, and other personal belongings to keep track of their locations. Apple Tags concept by MacRumors Now, noted Apple analyst Ming-Chi Kuo has thrown his weight behind this rumor. In a research note with TF International Securities today, obtained by MacRumors, Kuo said he expects Apple's tags to feature ultra-wideband or "UWB" technology. As he has said previously, Kuo also expects all three 2019 iPhones to support UWB. Ultra-wideband is a short-range, low-power radio technology that is able to provide more precise indoor positioning than Bluetooth LE and Wi-Fi, suggesting that Apple's tags will be more accurate at pinpointing the location of lost items than Tile's current item trackers, which rely on Bluetooth LE. The distance between two UWB devices — such as an upcoming iPhone and Apple Tag — can be measured precisely by calculating the time that it takes for a radio wave to pass between the two devices, according to Electronic Design, which notes that UWB is up to 100× more accurate than Bluetooth LE and Wi-Fi:In practice, UWB signals are able to effectively measure distance between two devicesNo with 5- to 10-cm accuracy, compared to roughly 5-m accuracy for Wi-Fi and Bluetooth. When implemented in a system of fixed beacons tracking tag locations, the locations can be calculated to within 10-cm accuracy.It is unclear if Apple's tags

Kuo: Apple Watch Series 5 Lineup to Launch in Fall With OLED Displays Supplied by Japan Display

Japan Display will supply OLED displays for new Apple Watch Series 5 models slated to launch in the second half of 2019, according to the latest prediction from well-known analyst Ming-Chi Kuo. In a research note with TF International Securities shared with Chinese media outlets today, Kuo forecasted that Japan Display will gradually increase its proportion of OLED display orders for the ‌Apple Watch‌, starting with 15-20 percent of orders in 2019 and reaching 70-80 percent in 2021. Kuo believes that Apple will also gradually increase the proportion of LG's supply of OLED displays for iPhones, and tap Chinese manufacturer BOE as an additional supplier, in a bid to diversify its supply chain. ‌Apple Watch‌ Series 5 models will likely be unveiled next month alongside a trio of new iPhones. This would hardly be a surprise, as Series 1 through Series 4 models all launched in September, but specific rumors about Series 5 models have actually been relatively quiet, so this is nice reassurance. For example, Kuo previously said a "new ceramic casing design" would be "added" to the ‌Apple Watch‌ lineup, but he did not explicitly mention Series 5 models. Reuters also reported that Japan Display would begin supplying OLED displays for the Apple Watch, but likewise did not specify Series 5 models. Looking farther ahead, rumors suggest that ‌Apple Watch‌ Series 6 models will adopt MicroLED displays in

Kuo on 2020 iPhones: 5.4-Inch and 6.7-Inch Models With 5G, 6.1-Inch Model With LTE, All With OLED Displays

Apple plans to release three new iPhones in the second half of 2020, including high-end 5.4-inch and 6.7-inch models with OLED displays and a lower-end 6.1-inch model with an OLED display, according to analyst Ming-Chi Kuo. Those display sizes line up with a DigiTimes report from a few months ago. In a research note obtained by MacRumors today, Kuo said the 5.4-inch and 6.7-inch models will support 5G, while the 6.1-inch model will support up to LTE. Qualcomm is still expected to be Apple's primary supplier of 5G modems, with RF power amplifiers supplied by Broadcom as part of an agreement with Apple. Excerpts from Kuo's research for TF International Securities:We expect that the new 2H20 iPhone lines will include the high-end 6.7-inch and 5.4-inch OLED ‌iPhone‌ models and the low-end 6.1-inch OLED ‌iPhone‌. The 6.7-inch and 5.4-inch OLED ‌iPhone‌ models will likely support 5G. We expect that the PA usage of each 5G iPhone will be 200% more than the current number for ‌iPhone‌ models. Sole suppliers, including Broadcom (designer) and Win-semi (manufacturer), are the significant winners in this case. […] We believe that the content of Apple and Qualcomm's previous settlement includes Qualcomm's release of partly 5G baseband chip source code to Apple for Apple's development of own 5G PA/FEM. Kuo believes that all new iPhones will support 5G starting in 2021. He also believes that Apple will have its own 5G modem ready by 2022 to 2023, which should reduce its dependance on Qualcomm. The new 5.4-inch and 6.7-inch sizes suggest that Apple may be planning to

Kuo: 2019 iPhones and New iPad Pro Models in Late 2019 to Early 2020 to Adopt New Antenna Technology

Apple plans to use modified-PI (MPI) material for most antennas in 2019 iPhones, rather than the liquid crystal polymer (LCP) material used for the iPhone XS, ‌iPhone XS‌ Max, and iPhone XR antennas, according to the latest research note from reputable analyst Ming-Chi Kuo, obtained by MacRumors. Kuo believes that LCP limits the RF performance of the ‌iPhone XS‌, ‌iPhone XS‌ Max, and ‌iPhone XR‌ antennas due to current technology limitations and production issues. This puts the RF performance of MPI material at least on par with LCP, despite MPI being easier and cheaper to produce. While switching to MPI material for 2019 iPhone antennas appears to be a no-brainer decision for Apple, Kuo expects that LCP will still be the primary material for 5G antennas in 2020 iPhones, as he believes that the production issues limiting the RF performance of LCP will be resolved by then. In today's note, Kuo also said he expects Apple to use LCP material in future iPad models, starting from the late fourth quarter of 2019. In a separate research note last month, which has only been seen by Taiwanese media so far, Kuo said two new iPad Pro models with the same 11-inch and 12.9-inch screen sizes as the current models will enter mass production between the fourth quarter of 2019 and the first quarter of 2020. Kuo said those new ‌iPad Pro‌ models will feature flexible circuit boards using LCP, but we've yet to receive that research note in English, so we cannot confirm any further details at this

Kuo: Two New AirPods Models Likely in Late 2019 to Early 2020, Including One With 'All-New Design'

Apple will likely launch two new AirPods models as early as the fourth quarter of 2019, according to analyst Ming-Chi Kuo. In his latest research note, obtained by MacRumors, Kuo forecasts that two new ‌AirPods‌ models will likely go into mass production between the fourth quarter of 2019 and the first quarter of 2020, with Luxshare, Goertek, and Amkor expected to be Apple's primary suppliers of the new earphones. Kuo believes one of the new ‌AirPods‌ models will feature an "all-new form factor design" and a "higher price" than the second-generation ‌AirPods‌, which cost $159 with a standard charging case and $199 with a wireless charging case. The other model is expected to be a more iterative update with the same pricing. Both new ‌AirPods‌ models are said to adopt a new system-in-package design internally, which can improve assembly yield rates, save space internally, and reduce costs, but Kuo does not elaborate on outward-facing design changes. The lead excerpt from Kuo's research note:We expect Apple will likely launch two new ‌AirPods‌ models in 4Q19 at the earliest. One is the all-new form factor design at a higher price. The other's outlook and price will be the same as the current model's. A common internal design factor of these two new ‌AirPods‌ will be to abandon the current "SMT+RFPCB" design and change to adopt the SiP design instead for improving assembly yield rates, saving internal space and reducing cost.Kuo is "positive on the demand for ‌AirPods‌" and Apple's wireless headphones market share, as he believes the "all-new design" of one of

Kuo: 2020 iPhones to Support 5G, Qualcomm and Samsung Likely to Supply Modems

2020 iPhones will support 5G networks, with chipmaker Qualcomm likely to be one of two 5G modem suppliers for the devices after settling its high-profile legal battle with Apple last week, according to analyst Ming-Chi Kuo. Interestingly, Kuo expects Samsung to be the other supplier in select markets. Apple frequently aims to diversify its supply chain in an effort to reduce risk and have improved bargaining power, potentially reducing its costs as multiple suppliers engage in a price war to secure the lucrative orders. An excerpt from Kuo's latest research note, obtained by MacRumors:Apple and Qualcomm's end of patent dispute and entrance into a six-year licensing deal implies new 2H20 iPhone models will support 5G; Qualcomm and Samsung are potential 5G baseband chip suppliers: The market was worried that Intel's disappointing 5G baseband chip development might be the most severe uncertainty for the new 2H20 ‌iPhone‌ models' adoption of 5G. But we believe the uncertainty has been removed after Apple and Qualcomm's end of patent dispute and entrance into a six-year licensing deal, and Intel's announcement that it will exit the 5G baseband chip business. We expect Apple will likely adopt 5G baseband chips made by Qualcomm (focus on mmWave markets) and Samsung (focus on Sub-6GHz markets) for lowering supply risk, reducing costs and having better bargaining power.Kuo believes that 5G will be a boon for both ‌iPhone‌ sales and Apple's supply chain in 2020. He forecasts total ‌iPhone‌ shipments of 195–200 million units in 2020, including 70–75 million 5G models

Kuo: New 31.6" Apple Display in 2019 and 15-17" MacBook in 2021 to Feature Mini-LED Backlights [Updated]

Apple plans to launch a trio of new products with Mini-LED backlights over the next two years, including a 31.6" display in the second or third quarter of 2019, a 10-12" iPad in late 2020 or early 2021, and a 15-17" MacBook in the first half of 2021, according to well-known analyst Ming-Chi Kuo. Apple's discontinued Thunderbolt Display An excerpt from Kuo's research note, obtained by MacRumors:We believe that mini LED, compared to OLED, will be a more suitable solution to offer wide-color gamut (WCG)/high-contrast/high dynamic range (HDR)/local dimming features because of its longer life and no burn-in issues for Apple's medium- and large-size products targeting at productivity positions. We forecast that Apple will respectively launch an all-new design 31.6-inch monitor, a 10–12 inch ‌iPad‌ and a 15–17 inch MacBook equipped with a mini LED backlight unit (BLU) in 2–3Q19, 4Q20–1Q21 and 1–2Q21.Kuo believes that the 31.6-inch display "will target a very high-end position" and feature an "all-new design." In a previous research note, Kuo predicted that Apple would launch both a 31.6-inch display and a 16-16.5" MacBook Pro in 2019, so it's not entirely clear if the 15-17" MacBook refers to a separate notebook or if Kuo now believes the 16-16.5" MacBook Pro is coming a few years later than he originally

Ming-Chi Kuo Says 'Worst Soon Over' in Regards to Slowing iPhone Sales

Earlier this month, Apple lowered its revenue guidance for the first quarter of the 2019 fiscal year by up to $9 billion due to fewer iPhone upgrades than it anticipated, particularly in the Greater China region. Apple analyst Ming-Chi Kuo, however, believes the "worst" will be "soon over" in regards to the slowdown. In his latest research note with TF International Securities, obtained by MacRumors, Kuo opined that the "share prices of Apple and most ‌iPhone‌ suppliers are generally priced in the negative."Our report published on December 14, 2018, was the first to cut the estimation of 2019 ‌iPhone‌ shipments to 190mn units or less; the current market consensus on 2019 ‌iPhone‌ shipments (160–180mn units) is much lower than our estimation and we believe the share prices of Apple and most ‌iPhone‌ suppliers are generally priced in the negative. We maintain our forecast of 188–192mn units for 2019 ‌iPhone‌ shipments. We believe the downside risks of share prices for the Apple and ‌iPhone‌ supply chain are limited in the near term given that 2Q19 ‌iPhone‌ shipments will likely be better than the market consensus.Kuo has slightly cut his estimate for ‌iPhone‌ shipments in the first quarter of 2019 from 38–42 million units to 36–38 million units because the "demand for new models in China and emerging markets is lower than expected," but he believes the decline will begin to ease starting in the second quarter. Specifically, he estimates ‌iPhone‌ shipments in the second quarter of 2019 will reach 34–37 million units, slightly higher than the market consensus of