Asia Technology:Key takeaways from GEMs Investor Forum

This report presents our key tech takeaways from HSBC GEMs Investor Forum:Investors concerned about a likely iPhone delay. Investors focused on thepossible impact from the forthcoming feature-rich iPhone in 2H17, (OLED, bezel-less,substrate-like PCB, dual camera, 3D sensing, under glass finger print module,acoustic and water resistant features) for relevant semiconductor/componentvendors. Over the past month or so, numerous news sources have suggested apossible delay. For example, Chinese-language Economic Daily News reported thenext-generation iPhone may not unveil until October or November due likely totechnical issue involving the fingerprint reader. Other articles suggested Apple willlaunch all three models simultaneously in September, but the OLED model will seeonly limited availability until mid-October/November timeframe.