DOCSLIB.ORG

Luxshare Precision Industry (002475 CH) Luxshare Pr Ecision Industr Y

Total Page：16

File Type：pdf, Size：1020Kb

Download full-text PDF Read full-text
Luxshare Precision Industry (002475 CH) Luxshare Pr Ecision Industr Y China Industrials 22 October 2019 Luxshare Precision Industry (002475 CH) Luxshare Pr ecision Industr y Target price: CNY36.00 (from CNY34.00) Share price (22 Oct): CNY29.88 | Up/downside: +20.5% Promising prospects on strong position and execution Kylie Huang (886) 2 8758 6248 Near-term outlook solid on strong iPhones sales with increased orders [email protected] We see earnings growth of 37-55% YoY in 2019-21 on multiple drivers Steven Yang (886) 2 8758 6245 Reiterating Buy (1); lifting TP to CNY36; a preferred sector pick [email protected] What's new: Luxshare’s strong 3Q19 results reaffirm our positive thesis Forecast revisions (%) (see Initiation: multiple drivers for a bright earnings outlook, 7 Year to 31 Dec 19E 20E 21E October) and our optimistic view on new iPhones sales due to attractive Revenue change 9.8 6.1 6.0 Net profit change 4.9 5.1 2.6 pricing (see our sector report), while our recent industry research shows a Core EPS (FD) change 4.9 5.1 2.6 rise in orders in iPhones. We reiterate our Buy (1); it remains a preferred Source: Daiwa forecasts sector pick. Share price performance What's the impact: 3Q19 results beat. Luxshare’s 3Q19 net profit of (CNY) (%) CNY1.4bn (+57% QoQ; +67% YoY) was ahead of our and the consensus 30 180 estimates by 28-36% and the midpoint of guidance by 30%, driven by 25 150 better revenue from strong shipments in iPhones and AirPods, on top of the 20 120 15 90 ongoing share gains and margin expansion on a favourable product mix 10 60 and increasing operating efficiency, in our view (see our memo). Oct-18 Jan-19 Apr-19 Jul-19 Oct-19 Luxshare P (LHS) Relative to SZASHR Index (RHS) Near-term outlook solid; increased orders for new iPhones. We have highlighted market expectations for new iPhones sales as too conservative. 12-month range 10.10-29.88 The sales status of new iPhones reaffirms our confidence; currently, the Market cap (USDbn) 22.61 wait time remains 1-3 weeks for most models vs. <3 days for last-year’s 3m avg daily turnover (USDm) 232.67 Shares outstanding (m) 5,349 models over the same period (see page 5), while our industry research also Major shareholder The Wang family (45.3%) shows a 5-8% order increase for iPhone component vendors. We now forecast new iPhones shipments of 76.5m in 2H19 (vs.72.5m earlier). We Financial summary (CNY) view Luxshare as a major beneficiary of strong iPhones sales on its major Year to 31 Dec 19E 20E 21E supplier position in LCP antenna, haptics, acoustics, etc. We also see the Revenue (m) 56,350 72,800 93,000 upcoming new AirPods in 4Q19 as another revenue growth driver. Overall, Operating profit (m) 5,195 7,659 10,379 Net profit (m) 4,228 6,334 8,663 we forecast Luxshare’s 4Q19 revenue to come in at CNY18.5 bn (+13% Core EPS (fully-diluted) 0.790 1.184 1.620 QoQ; +35% YoY), with flattish QoQ earnings of CNY1.3bn (-3% QoQ; EPS change (%) 19.5 49.8 36.8 +26% YoY) on higher operating expense due to new project development Daiwa vs Cons. EPS (%) 6.9 15.2 24.5 costs and employee compensation, vs. its guidance of CNY1.1-1.3bn. PER (x) 37.8 25.2 18.4 Dividend yield (%) 0.1 0.3 0.4 DPS 0.038 0.079 0.118 Robust earnings likely in 2019-21E. We expect Luxshare to deliver PBR (x) 7.3 5.7 4.5 strong earnings growth of 37-55% YoY in 2019-21, led by multiple drivers: EV/EBITDA (x) 24.5 16.3 11.8 ROE (%) 21.9 25.5 27.2 1) market-share gains and new project wins in Apple products on its strong Source: FactSet, Daiwa forecasts execution and R&D capability, 2) increasing benefits from the upcoming 5G on its years of investment and Huawei’s support of domestic suppliers amid the US-China trade dispute, and 3) the margin expansion on improving operating efficiency and increasing benefits from vertical integration. What we recommend: We raise our 2019-21E EPS by 3-5% on our more optimistic revenue assumptions. We reiterate our Buy (1) rating and raise our 12-month TP to CNY36 (from CNY34), still based on target PER of 30x on our revised 2020E EPS. Key risks: weak iPhone and AirPod sales. How we differ: Our 2020-21E EPS are 15-25% above the consensus, likely as we are more positive on Luxshare’s margin expansion. See important disclosures, including any required research certifications, beginning on page 10 Luxshare Precision Industry (002475 CH): 22 October 2019 Financial summary Key assumptions Year to 31 Dec 2014 2015 2016 2017 2018 2019E 2020E 2021E Computers sales (CNY mn) 3,339 3,890 4,612 4,348 3,733 3,437 3,836 3,944 Consumer electronics sales (CNY mn) 2,734 4,417 6,898 15,187 26,807 44,335 57,386 73,521 Automotive sales (CNY mn) 1,121 1,110 1,957 3,009 4,791 5,309 5,393 5,469 Communication sales (CNY mn) 415 842 903 1,131 1,728 2,266 2,719 3,317 Profit and loss (CNYm) Year to 31 Dec 2014 2015 2016 2017 2018 2019E 2020E 2021E PC connector/cable 3,339 3,890 4,612 4,348 3,733 3,437 3,836 3,944 Mobile device & components 2,734 4,417 6,898 15,187 26,807 44,335 57,386 73,521 Other Revenue 1,223 1,832 2,253 3,291 5,310 8,578 11,577 15,535 Total Revenue 7,296 10,139 13,763 22,826 35,850 56,350 72,800 93,000 Other income 0 0 0 0 0 0 0 0 COGS (5,597) (7,819) (10,804) (18,260) (28,304) (44,573) (57,279) (73,098) SG&A (510) (505) (620) (887) (1,288) (2,138) (2,553) (3,093) Other op.expenses (312) (635) (1,008) (1,665) (2,678) (4,444) (5,309) (6,430) Operating profit 877 1,180 1,330 2,014 3,580 5,195 7,659 10,379 Net-interest inc./(exp.) (50) (44) (60) (75) (161) (216) (223) (217) Assoc/forex/extraord./others 37 156 119 100 (137) 171 175 182 Pre-tax profit 864 1,293 1,389 2,039 3,282 5,151 7,610 10,344 Tax (125) (161) (207) (291) (469) (773) (1,126) (1,531) Min. int./pref. div./others (109) (53) (26) (57) (91) (150) (150) (150) Net profit (reported) 630 1,079 1,157 1,691 2,723 4,228 6,334 8,663 Net profit (adjusted) 630 1,079 1,157 1,691 2,723 4,228 6,334 8,663 EPS (reported)(CNY) 0.757 0.858 0.546 0.533 0.662 0.790 1.184 1.620 EPS (adjusted)(CNY) 0.757 0.858 0.546 0.533 0.662 0.790 1.184 1.620 EPS (adjusted fully-diluted)(CNY) 0.757 0.858 0.546 0.533 0.662 0.790 1.184 1.620 DPS (CNY) 0.046 0.053 0.053 0.053 0.046 0.038 0.079 0.118 EBIT 877 1,180 1,330 2,014 3,580 5,195 7,659 10,379 EBITDA 1,080 1,471 1,769 2,663 4,564 6,661 9,930 13,395 Cash flow (CNYm) Year to 31 Dec 2014 2015 2016 2017 2018 2019E 2020E 2021E Profit before tax 864 1,293 1,389 2,039 3,282 5,151 7,610 10,344 Depreciation and amortisation 211 299 450 669 1,008 1,466 2,272 3,016 Tax paid (125) (161) (207) (291) (469) (773) (1,126) (1,531) Change in working capital (448) (809) (2,092) (1,781) (1,641) (971) (1,947) (2,704) Other operational CF items (16) 2 (21) (184) (123) (131) (135) (142) Cash flow from operations 485 624 (481) 452 2,058 4,741 6,675 8,982 Capex (881) (935) (1,911) (3,335) (4,414) (4,834) (4,373) (4,373) Net (acquisitions)/disposals (64) (31) (10) (52) (39) (90) (90) (90) Other investing CF items (215) (159) (374) (203) (282) (426) (511) (613) Cash flow from investing (1,160) (1,126) (2,295) (3,590) (4,735) (5,350) (4,974) (5,076) Change in debt 1,065 519 302 2,508 2,525 724 398 418 Net share issues/(repurchases) 0 0 0 0 0 0 0 0 Dividends paid (38) (67) (113) (170) (190) (206) (423) (633) Other financing CF items 1,235 (97) 0 0 0 0 0 0 Cash flow from financing 2,262 355 189 2,339 2,335 518 (25) (215) Forex effect/others 0 0 0 0 0 0 0 0 Change in cash 1,587 (146) (2,587) (799) (342) (90) 1,676 3,691 Free cash flow (396) (311) (2,392) (2,883) (2,356) (93) 2,302 4,609 Source: FactSet, Daiwa forecasts 2 Luxshare Precision Industry (002475 CH): 22 October 2019 Financial summary continued … Balance sheet (CNYm) Year to 31 Dec 2014 2015 2016 2017 2018 2019E 2020E 2021E Cash & short-term investment 2,242 2,042 4,637 4,055 3,840 4,834 6,360 9,900 Inventory 1,161 1,509 2,122 3,474 4,735 6,857 8,812 11,246 Accounts receivable 2,286 2,948 4,871 7,206 11,216 16,982 21,940 28,027 Other current assets 283 545 2,916 2,637 3,288 3,635 3,551 3,875 Total current assets 5,972 7,043 14,545 17,372 23,078 32,309 40,663 53,048 Fixed assets 2,434 3,078 4,550 7,235 10,665 14,033 16,134 17,491 Goodwill & intangibles 0 0 0 0 0 0 0 0 Other non-current assets 1,286 1,466 1,860 2,279 2,699 3,346 4,081 4,926 Total assets 9,692 11,587 20,955 26,886 36,441 49,687 60,878 75,466 Short-term debt 2,151 2,806 3,074 4,551 5,737 6,368 6,687 7,021 Accounts payable 1,754 2,136 4,291 6,341 10,238 17,096 21,970 28,038 Other current liabilities 502 582 1,242 819 1,204 1,610 1,618 1,691 Total current liabilities 4,407 5,524 8,607 11,712 17,179 25,075 30,275 36,750 Long-term debt 284 140 84 706 1,499 1,592 1,672 1,755 Other non-current liabilities 36 44 133 543 1,089 1,089 1,089 1,089 Total liabilities 4,727 5,708 8,825 12,961 19,767 27,756 33,035 39,594 Share capital 832 1,257 2,120 3,173 4,115 5,349 5,349 5,349 Reserves/R.E./others 4,132 4,621 10,010 10,752 12,560 16,583 22,494 30,523 Shareholders' equity 4,964 5,879 12,130 13,925 16,675 21,932 27,843 35,872 Minority interests 0 0 0 0 0 0 0 0 Total equity & liabilities 9,692 11,587 20,955 26,886 36,441 49,687 60,878 75,466 EV 160,022 160,732 158,350 161,030 163,225 162,955 161,827 158,704 Net debt/(cash) 194 904 (1,478) 1,202 3,397 3,127 1,999 (1,124) BVPS (CNY) 5.967 4.675 5.721 4.389 4.053 4.100 5.205 6.706 Key ratios (%) Year to 31 Dec 2014 2015 2016 2017 2018 2019E 2020E 2021E Sales (YoY) 58.9 39.0 35.7 65.9 57.1 57.2 29.2 27.7 EBITDA (YoY) 77.7 36.2 20.2 50.6 71.4 45.9 49.1 34.9 Operating profit (YoY) 77.3 34.5 12.7 51.4 77.8 45.1 47.4 35.5 Net profit (YoY) 85.4 71.2 7.2 46.2 61.0 55.3 49.8 36.8 Core EPS (fully-diluted) (YoY) 22.0 13.3 (36.4) (2.3) 24.2 19.5 49.8 36.8 Gross-profit margin 23.3 22.9 21.5 20.0 21.0 20.9 21.3 21.4 EBITDA margin 14.8 14.5 12.9 11.7 12.7 11.8 13.6 14.4 Operating-profit margin 12.0 11.6 9.7 8.8 10.0 9.2 10.5 11.2 Net profit margin 8.6 10.6 8.4 7.4 7.6 7.5 8.7 9.3 ROAE 15.6 19.9 12.8 13.0 17.8 21.9 25.5 27.2 ROAA 7.9 10.1 7.1 7.1 8.6 9.8 11.5 12.7 ROCE 14.7 14.5 11.0 11.7 16.6 19.3 23.2 25.7 ROIC 16.8 17.3 13.0 13.4 17.4 19.6 23.8 27.4 Net debt to equity 3.9 15.4 n.a.
Load more

Recommended publications
  • Survey and Benchmarking of Machine Learning Accelerators
    1 Survey and Benchmarking of Machine Learning Accelerators Albert Reuther, Peter Michaleas, Michael Jones, Vijay Gadepally, Siddharth Samsi, and Jeremy Kepner MIT Lincoln Laboratory Supercomputing Center Lexington, MA, USA freuther,pmichaleas,michael.jones,vijayg,sid,[email protected] Abstract—Advances in multicore processors and accelerators components play a major role in the success or failure of an have opened the flood gates to greater exploration and application AI system. of machine learning techniques to a variety of applications. These advances, along with breakdowns of several trends including Moore’s Law, have prompted an explosion of processors and accelerators that promise even greater computational and ma- chine learning capabilities. These processors and accelerators are coming in many forms, from CPUs and GPUs to ASICs, FPGAs, and dataflow accelerators. This paper surveys the current state of these processors and accelerators that have been publicly announced with performance and power consumption numbers. The performance and power values are plotted on a scatter graph and a number of dimensions and observations from the trends on this plot are discussed and analyzed. For instance, there are interesting trends in the plot regarding power consumption, numerical precision, and inference versus training. We then select and benchmark two commercially- available low size, weight, and power (SWaP) accelerators as these processors are the most interesting for embedded and Fig. 1. Canonical AI architecture consists of sensors, data conditioning, mobile machine learning inference applications that are most algorithms, modern computing, robust AI, human-machine teaming, and users (missions). Each step is critical in developing end-to-end AI applications and applicable to the DoD and other SWaP constrained users.
    [Show full text]
  • Zacks Equity Research Zacks Equity Research
    September 3, 2019 Zacks Equity Research Zacks Equity Research www.zacks.com 10 S. Riverside Plaza, Suite 1600 - Chicago, Il 60606 Industry Outlook The Zacks Computer – Mini Computers industry comprises prominent companies like Apple (AAPL) and HP (HPQ) that offer devices including smartphones, desktops, laptops, printers, wearables and 3-D printers. Such devices primarily adopt a multi-operating system, multi-architecture strategies using Apple’s iOS, MacOS, Microsoft Windows, Google Chrome and Android operating systems. They predominantly use processors from Apple, Intel (INTC), AMD, Qualcomm (QCOM ), NVIDIA (NVDA), Samsung, Broadcom and MediaTek, among others. Here are the four major industry themes: Expanding screen size, better display and enhanced storage capabilities have been key catalysts driving rapid proliferation of smartphones. This has been well-supported by faster mobile processors from the likes of Qualcomm (Snapdragon-brand), NVIDIA (Tegra X1), Apple (A12 Bionic) and Samsung (Exynos 9609). Moreover, improved Internet penetration and speed along with evolution of mobile apps have made smartphones indispensable for consumers. Further, the improved graphics quality is making smartphones suitable for playing games like PUBG and Fortnite. This is expected to boost demand for high-end smartphones which open up significant opportunities for device makers. Personal computers (desktops and laptops), be it Windows or Apple’s MacOS-based, have been facing the risk of extinction due to rapid proliferation of smartphones and tablets. Shipment of Personal Computers (PCs) has also suffered due to inventory constraints of Intel’s CPU. Stiff competition from smartphones has compelled global PC makers to not only upgrade hardware frequently but also add apps and cloud-based services to attract consumers.
    [Show full text]
  • Sigurnost Apple Platforme Proljeće 2020
    Sigurnost Apple platforme Proljeće 2020. Sadržaj Uvod u sigurnost Apple platforme 5 Obveza za sigurnost 6 Sigurnost hardvera i biometrija 8 Pregled sigurnosti hardvera 8 Secure Enclave 9 Dedicirani AES modul 10 Touch ID i Face ID 12 Hardversko isključivanje mikrofona u Macu i iPadu 17 Express Card kartice sa štednjom energije u iPhoneu 17 Sigurnost sustava 18 Pregled sigurnosti sustava 18 Generiranje nasumičnih brojeva 18 Sigurno podizanje sustava 19 Sigurnosna ažuriranja softvera 28 Integritet sustava OS u sustavu iOS i iPadOS 29 Integritet sustava OS u sustavu macOS 31 Sigurnost sustava watchOS 37 Enkripcija i zaštita podataka 40 Pregled enkripcije i zaštite podataka 40 Kako Apple štiti osobne podatke korisnika 40 Uloga Apple sustava datoteka 41 Zaštita podataka u sustavu iOS i iPadOS 42 Enkripcija u sustavu macOS 48 Šifre i lozinke 54 Autentikacija i digitalno potpisivanje 56 Zbirke ključeva 58 Sigurnost Apple platforme 2 Sigurnost aplikacija 61 Pregled sigurnosti aplikacija 61 Sigurnost aplikacija u sustavu iOS i iPadOS 62 Sigurnost aplikacija u sustavu macOS 67 Sigurnosne značajke u aplikaciji Bilješke 70 Sigurnosne značajke u aplikaciji Prečaci 71 Sigurnost usluga 72 Pregled sigurnosti usluga 72 Apple ID i Upravljani Apple ID 72 iCloud 74 Upravljanje šiframa i lozinkama 78 Apple Pay 85 iMessage 97 Dopisivanje s poduzećem 100 FaceTime 101 Pronalaženje 101 Kontinuitet 105 Sigurnost mreže 109 Pregled sigurnosti mreže 109 Sigurnost TLS mreže 109 Virtualne privatne mreže (VPN-ovi) 110 Sigurnost Wi-Fi mreže 111 Sigurnost Bluetootha 114
    [Show full text]
  • Computer Systems and Networks ECPE 170 – Jeff Shafer – University of the Pacific Introduction 2 a Modern Computer – Iphone XS
    ì Computer Systems and Networks ECPE 170 – Jeff Shafer – University of the Pacific Introduction 2 A Modern Computer – iPhone XS Computer Systems and Networks Spring 2021 3 Applications Computer Systems and Networks Spring 2021 4 Application – Pokemon Go ì Written in a high level language (Objective C) ì What resources does Pokemon Go need to run? (i.e. what does the executable file need to execute?) ì Hardware ì Processor(s) – Run program, display graphics, … ì Memory – Store programs, store data ì I/O – Touch screen, storage, network, 3-axis gyro, … ì Software - Operating system Computer Systems and Networks Spring 2021 5 Software - Operating System ì Apple iOS – Used in iPads, iPhones, iPods, Apple TV ì Variant of Mac OS X operating system used on traditional Macs ì What are some jobs of this operating system? ì Manage hardware ì Manage applications (multitasking) ì Written in high-level languages ì C, C++, OBjective C (varies By component) ì Can we run this code directly on the processor? Computer Systems and Networks Spring 2021 6 Software - Compilers / Interpreters ì These are programs that build other programs! ì Goal: Convert high-level languages into machine code that can Be directly executed By hardware ì Examples ì Apple Xcode ì Microsoft Visual Studio ì What’s the difference between a compiler and interpreter? Computer Systems and Networks Spring 2021 7 Hardware Computer Systems and Networks https://www.ifixit.com/Teardown/iPhone+XS+and+XS+Max+Teardown/113021 Spring 2021 8 Hardware Apple A12 64-bit Processor + 4GB of RAM (layered)
    [Show full text]
  • Single Chip and Multi Chip Integration
    2019 Edition Chapter 8: Single Chip and Multi-Chip Integration http://eps.ieee.org/hir The HIR is devised and intended for technology assessment only and is without regard to any commercial considerations pertaining to individual products or equipment. We acknowledge with gratitude the use of material and figures in this Roadmap that are excerpted from original sources. Figures & tables should be re-used only with the permission of the original source. October, 2019 Table of Contents To download additional chapters, please visit Table of Contents http://eps.ieee.org/hir CHAPTER 1: HETEROGENEOUS INTEGRATION ROADMAP: OVERVIEW .......................................................................... 1 CHAPTER 2: HIGH PERFORMANCE COMPUTING AND DATA CENTERS ............................................................................. 1 CHAPTER 3: THE INTERNET OF THINGS (IOT) .................................................................................................................. 1 CHAPTER 4: MEDICAL, HEALTH & WEARABLES ............................................................................................................... 1 CHAPTER 5: AUTOMOTIVE ............................................................................................................................................ 1 CHAPTER 6: AEROSPACE AND DEFENSE ......................................................................................................................... 1 CHAPTER 7: MOBILE .....................................................................................................................................................
    [Show full text]
  • Evolution of Apple's “A” Series Processors
    Vinay Nagrani Journal of Engineering Research and Application www.ijera.com ISSN: 2248-9622 Vol. 8, Issue 12 (Part -II) Dec 2018, pp 71-77 RESEARCH ARTICLE OPEN ACCESS Evolution of Apple's “A” Series Processors Vinay Nagrani*, Mr. Amit S. Hatekar** *(Research Scholar, Department of Electronics and Telecommunication, Thadomal Shahani Engineering College, Mumbai-50 ** (Assistant Professor, Department of Electronics and Telecommunication, Thadomal Shahani Engineering College, Mumbai-50 Corresponding Author : Vinay Nagrani ABSTRACT Apple's known to be a company which embraces in-house technology. While other companies outsource, Apple likes to keep things in-house whenever potential and therefore the chips found in iOS devices are no exception whereas other smartphones makers rely on Qualcomm, Mediatek and Intel for chipsets. Apple houses its own team of engineers to work on designs exclusive to their devices and it all began in 2008 when Apple purchased a small semiconductor company called P. A. Semi (i.e. Palo Alto Semiconductor). With a continuous thrive to push the human race forward, Apple‟s been exploiting the smartphones industry to the very limits possible. The first "Systems on Chip" (SoC) was used in the first iPhone in 2007 it was called the APL0098. A12X, which is the latest chipset by Apple, stands out to be the most advanced processor ever found on a Smartphone. The latest generation of Apple processors are manufactured by TSMC Keywords – Apple Processors, Face ID, FinFET, System on Chip (SoC), Touch ID, ----------------------------------------------------------------------------------------------------------------------------- --------- Date of Submission: 20-12-2018 Date of Acceptance: 04-01-2019 -------------------------------------------------------------------------------------------------------------------------------------- I. INTRODUCTION chipset. The original iPhone housed AAPL0298 with With the advancement in digital age, Apple single thread clock speed of 0.41GHz.
    [Show full text]
  • Better Than Your Bank,FIFA 2020 – Information And
    Revolut – Better Than Your Bank What is Revolut? Revolut is a banking alternative in the UK. The app is currently used worldwide due to very low commissions. Cards Revolut offers 3 types of cards with various advantages: Standard is free and offers free withdrawals from ATMs up to 200€. Premium costs 6.35 euros per month and offers you unlimited free exchange, free withdrawals from ATMs up to 400 € per month, access to airport lounges. (available in silver, pink and space gray colors) Metal costs 11.65€ per month and offers you unlimited free currency exchange, free withdrawals from ATMs up to 600€ per month, free travel delay insurance, a free access in an airport lounge. (available in black, pink, gold, space gray and white colors) A very useful thing, compared to a normal bank, there is no waiting time for money transfers between Revolut cards, so you won’t waste your time. In order to top up your Revolut card you can use a card from a regular bank, the only option available at the moment. Security The safety of the money is the most important thing, and Revolut excels at this. From the Revolut application you can activate or deactivate for your security the contacless payments, withdrawals from the ATM, online transactions and you cannot pay by card if you don’t have the phone with the application near the card. About app The Revolut app offers you advantages that you cannot find at a regular bank: It gives you statistics where you can see how you spent your money each month.
    [Show full text]
  • Apple Ios 13 on Iphone and Apple Ipados 13 on Ipad Mobile Devices
    Apple Inc. Apple iOS 13 on iPhone and Apple iPadOS 13 on iPad Mobile Devices Security Target PP_MD_V3.1 with MOD_MDM_AGENT_V1.0, MOD_VPN_CLI_V2.1, PP_WLAN_CLI_EP_V1.0 Version 1.7 2020-11-10 VID: 11036 Prepared for: Prepared by: Apple Inc. atsec information security Corp. One Apple Park Way 9130 Jollyville Road, Suite 260 MS 927-1CPS Austin, TX 78759 Cupertino, CA 95014 www.atsec.com www.apple.com © 2020 Apple Inc. This document may be reproduced and distributed only in its original entirety without revision VID: 11036 Table of Contents Revision History ........................................................................................................................... 8 1 Security Target Introduction .............................................................................................. 10 1.1 Security Target Reference ........................................................................................... 10 1.2 TOE Reference ............................................................................................................. 10 1.3 TOE Overview ............................................................................................................... 10 1.4 TOE Description ............................................................................................................ 11 1.4.1 General information .......................................................................................... 11 1.4.2 Obtaining the mobile devices .........................................................................
    [Show full text]
  • 2019 Technology Outlook
    Global Information Technology 7 January 2019 2019 Technology Outlook A year of new leadership We see 2 milestones in 2019: 1) BigData/IoT overtaking MCD in revenue terms, 2) 5G kicking off, helping boost the new demand cycle We expect compound-semiconductor makers to capture the most Rick Hsu incremental value from the 5G cellular upgrade (886) 2 8758 6261 We flag 4 secular themes for investment — bandwidth (5G/FO), HMI [email protected] (3D/multi-cam), AI and density — and 15 related stock picks Robert Hsu (886) 2 8758 6251 [email protected] See important disclosures, including any required research certifications, beginning on page 115 Global Information Technology 7 January 2019 2019 Technology Outlook A year of new leadership We see 2 milestones in 2019: 1) BigData/IoT overtaking MCD in revenue terms, 2) 5G kicking off, helping boost the new demand cycle We expect compound-semiconductor makers to capture the most Rick Hsu incremental value from the 5G cellular upgrade (886) 2 8758 6261 We flag 4 secular themes for investment — bandwidth (5G/FO), HMI [email protected] (3D/multi-cam), AI and density — and 15 related stock picks Robert Hsu (886) 2 8758 6251 [email protected] What's new: 2018 was the Year of the Dog for many tech stocks in Asia, with Daiwa’s 2019 tech picks the sector hit by turbulence caused by trade tensions, crypto volatility and Stock Ticker Rating TP* iPhone weakness, on top of investors’ inflated expectations. With expectations Bandwidth since reset, valuations rationalised, inventory manageable, and demand MediaTek 2454 TT Buy 280 Inari INRI MK Buy 2.25 diversified, 2019 should be a “refresh” year for investment with new demand SEMCO 009150 KS Buy 172,000 leadership.
    [Show full text]
  • Current Verizon Equipment Offers (Pdf)
    Limited time offers. Qualifying Government Customers COMPARE AND SAVE ON OUR LATEST DEVICES. SmartPhone Accessory Bundle w/ Tempered Glass SmartPhone Memory Accessory Bundle w/ Tempered Glass Save up to 39% Save up to 39% Car Charger (up to $49.99) 64 GB MicroSD Card (up to $49.99) Case (up to $49.99) Case (up to $49.99) Glass Display Protector (up to $49.99) Glass Display Protector (up to $49.99) $89.99 $89.99 SmartPhone Accessory Combination SmartPhone Basic Accessory Combination Car Charger (up to $29.99) Car Charger (up to $29.99) - Not available for Type C USB Case (up to $49.99) Case (up to $29.99) Vinyl Screen Scratch Protector (up to $12.99) Vinyl Screen Scratch Protector (up to $12.99) $69.72 - Available for most phone models $54.72 - Available for select phone models **Portable Power Pack Promo (39% savings)** **Portable Power Pack Promo (45% savings)** Get 3 Portable Power Packs for $89.99 Get 3 Portable Power Packs for $129.99 regularly priced at $49.99 each (hyperlink) regularly priced at $79.99 each (hyperlink) SmartPhone Accessories BlueTooth Headset Car Charger $22.49 - $29.99 Shell Holster Case $22.49 Rugged Case $37.49 - $44.99 Glass Screen Protector $18.74 - $33.74 Explorer 500 $44.99 LG Tone Ultra $99.99 Reflects typcial pricing - some models may vary MicroSD Memory Card - Expand the capacity of your SmartPhone Network Extender Item may differ from picture 32 GB (SDSDQUP-032G-V46A) $39.99 Consumer/Small Business Class $249.99 64 GB (SDSDQUP-064G-V46A) $49.99 Enterprise Class $2,999.99 (30,000 sqft) 128 GB (SDSDQUP-128G-V46A) $99.99 Accessory selection may vary by phone model.
    [Show full text]
  • Iphone XS Review,Apple Watch Series 1 Review,Ipad
    iPhone XS Review Image Source: skymartbw.com The iPhone Xs and Xs max are the latest phones launched by apple last year. These phones also have brought much needed feature upgrades that were needed by apple’s previous flagship models. Though compared to current set of choices among smartphones, the iPhone XS isn’t a winner in all aspects but it does strike a right balance when it comes to screen size and body ratio which is very important for user experience now a days. Though when its predecessor iPhone X was launched, apple set a standard for majority of flagship devices by managing to pack edge-to-edge display, replacing the top bezel with a notch and doing away with the home button. This year as well, apple has managed to woo the competition by making iPhone Xs more powerful by using its A12 bionic processor, IP68 water protection and a massive 5.8 inch super retina display. Apart from that apple has also added a brand new gold colour to its current line up which honestly looks really good and has a premium appeal to it. As far as the camera is concerned, the iPhone Xs has a dual camera setup (wide-angle lens and telephoto lens) which is capable of shooting 4K videos at 60fps. On the front side it sports a 7MP – TrueDepth camera which can shoot photos and videos at 1080p. This year’s iPhone also comes with dual sim capability but with a twist i.e the iPhone XS only accepts the combination of Nano-SIM along with eSIM card.
    [Show full text]
  • Heterogeneous Parallelism and Hardware Specialization
    Lecture 21: Heterogeneous Parallelism and Hardware Specialization Parallel Computer Architecture and Programming CMU 15-418/15-618, Spring 2020 Let’s begin this lecture by reminding you… That we observed in assignment 1 that a well- optimized parallel implementation of a compute-bound application was about 44 times faster than single-threaded C code compiled with gcc -O3, running on the same processor CMU 15-418/618, Spring 2020 You need to buy a new computer… CMU 15-418/618, Spring 2020 You need to buy a computer system Core Core Core Core Core Core Core Core Core Core Core Core Core Core Core Core Core Core Core Core Processor A Processor B 4 cores 16 cores Each core has sequential performance P Each core has sequential performance P/2 All other components of the system are equal. Which do you pick? CMU 15-418/618, Spring 2020 Amdahl’s law revisited f = fraction of program that is parallelizable n = parallel processors Assumptions: Parallelizable work distributes perfectly onto n processors of equal capability CMU 15-418/618, Spring 2020 Rewrite Amdahl’s law in terms of resource limits Relative to processor with 1 unit of resources, n=1. Assume perf(1) = 1 f = fraction of program that is parallelizable n = total processing resources (e.g., transistors on a chip) More general r = resources dedicated to each processing core, form of Amdahl’s Law in ➔ each of the n/r cores has sequential performance perf(r) terms of f, n, r Two examples where n=16 rA = 4 rB = 1 CMU 15-418/618, [Hill and Marty 08] Amdahl’s Law in the Multicore Era Spring
    [Show full text]