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Apple Keynote 2018: an attractive line-up that could drive more unit sales growth
SemiconductorsApple Keynote 2018: an attractive line-up that could drive more unit sales growth
Yesterday, Apple unveiled three new iPhone models. The successor of the iPhone 8 called the iPhone Xr starts at $749 and embraces the edge to edge display with Face ID, the iPhone Xs and Xs Max which start at $999 and $1099, respectively, are an iteration of last year iPhone X but the Xs Max has a larger display of 6.5†vs. 5.8†for the Xs. The iPhone Xr should be the best-selling ones due to its price but it will be launched later on 26th October vs. 21st September for the Xs and Xs Max. Therefore, we should see strong seq. growth in CQ4 for suppliers such as Dialog, ST and Soitec. Note that all these 3 models feature an eSIM which we believe is made by ST. The line-up looks attractive and could drive more unit growth than previous years which should be positive for Apple suppliers. We maintain our Buy rating on STMicroelectronics and Soitec, and Neutral recommendation for Dialog.
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Bryan Garnier
Since 1996, Bryan, Garnier & Co has been growing with an absolute conviction that the investment banking landscape would experience a major revolution: most of the large local generalist banking groups will disappear to the benefit of a handful of global powerhouses, and an emerging group of independent, highly specialised boutique investment banks.
Frederic Yoboue
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