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New toys for Apple enthusiasts

Yesterday, Apple held an event at the new Steve Jobs Theater at its new campus in Cupertino, California, to commemorate the 10th anniversary of the iPhone.

Apple’s product launch event was largely in line with our expectations. Below is a list of products launched by the company.

iPhone X
iPhone X is launching a month later than expected with pre-orders kicking off on October 27 and they will be shipped on November 3.

The iPhone X features a 5.8 inch OLED screen, Face ID, wireless charging, a dual camera with dual OIS, and glass and metal casing. Inside, the X has an A11 processor, a battery that lasts two hours longer, and a new PCB called SLP.

iPhone X comes in 2 models, one with 64GB and the other with 256GB.

iPhone 8/8 Plus
Apple announced a new generation of iPhone: iPhone 8 and iPhone 8 Plus.
The new iPhone features a new glass and aluminium design in three colours made out of the most durable glass, Retina HD displays and A11 Bionic chip, and is designed for the ultimate augmented reality experience.

The camera features Portrait Lighting on iPhone 8 Plus, and wireless charging.
Both devices will be available for pre-order beginning Friday, September 15 in more than 25 countries and territories, and in stores beginning Friday, September 22.

Apple Watch Series 3
Apple introduced Apple Watch Series 3, adding built-in cellular to the watch. Apple Watch Series 3 with cellular allows the user to stay connected, make calls, receive texts and more, even without an iPhone nearby.

The third-generation Apple Watch is also a health and fitness companion with intelligent coaching features, water resistance to 50 metres and a new barometric altimeter that measures relative elevation.

Apple Watch Series 3 comes in two models, one with GPS and cellular, and one with GPS, both featuring a 70% faster dual-core processor and new wireless chip.

Apple TV 4K
Apple introduced the new Apple TV 4K designed to deliver a stunning cinematic experience at home. With support for both 4K and High Dynamic Range (HDR), Apple TV 4K features sharp, crisp images, richer, more true-to-life colours, and far greater detail in both dark and bright scenes.

With Apple TV 4K, viewers can enjoy a growing selection of 4K HDR movies on iTunes. iTunes users will get automatic upgrades of HD titles in their existing iTunes library to 4K HDR versions when they become available. Apple TV 4K will also offer 4K HDR content from popular video services, including Netflix and Amazon Prime Video, coming soon.

Investment Case
We have an overweight recommendation on Apple with a price target of $166.

We expect a boost in sales in FY18 followed by some growth in FY19. As the iPhone matures, investors should start to better appreciate the size of the installed base, which promotes hardware and services gains.

We expect single-digit EPS long-term growth, flattish margins and continued share repurchases.

Apple is a platform deserving to trade on a higher valuation than it is at this point in time. Similar to that of legacy computer stocks and pure software platforms like Google.

Disclaimer
This article was issued by Kristian Camenzuli, investment manager at Calamatta Cuschieri. For more information visit, www.cc.com.mt. The information, view and opinions provided in this article are being provided solely for educational and informational purposes and should not be construed as investment advice, advice concerning particular investments or investment decisions, or tax or legal advice. Calamatta Cuschieri Investment Services Ltd has not verified and consequently neither warrants the accuracy nor the veracity of any information, views or opinions appearing on this website

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