Analyst
Key Indices
Top Stories
Sector Update | IT Hardware
Apple and premium exposure remained the clearest source of resilience this reporting season, while low-/mid-end Android phones were heavily impacted by component price hikes. We expect the pressure to sustain through 2027 and we prefer Apple supply chain on more resilient shipment, margins and ASP. We like players with solid progress in diversifying their businesses into AI devices and AI servers which should provide a meaningful buffer going forward. Maintain OVERWEIGHT. We favour AI hardware over the handset supply chain.
Top Stories
Sector Update | IT Hardware
Apple and premium exposure remained the clearest source of resilience this reporting season, while low-/mid-end Android phones were heavily impacted by component price hikes. We expect the pressure to sustain through 2027 and we prefer Apple supply chain on more resilient shipment, margins and ASP. We like players with solid progress in diversifying their businesses into AI devices and AI servers which should provide a meaningful buffer going forward. Maintain OVERWEIGHT. We favour AI hardware over the handset supply chain.
Analyst
Key Indices
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