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Profits beat estimates, but Apple hit by supply constraints, stronger US dollar: PhillipCapital

Jovi Ho
Jovi Ho5/10/2022 11:02 AM GMT+08  • 2 min read
Profits beat estimates, but Apple hit by supply constraints, stronger US dollar: PhillipCapital
Services, iPhone, Mac and iPad all outperformed despite concerns of waning consumer confidence. Photo: Bloomberg
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While revenue and profit for 1HFY2022 beat forecasts, Apple Inc is hit by bottlenecks due supply constraints, says PhillipCapital.

In a May 4 note, PhillipCapital analyst Timothy Ang is maintaining “buy” on Apple with an unchanged target price of US$214.00 ($297.63).

“1HFY2022 revenue and PATMI were ahead of our FY2022F forecasts at 56% and 60% respectively. Demand remains robust for iPhone, Mac and Services despite concerns of softening consumer confidence. Gross margins beat estimates, demonstrating Apple’s ability to pass on higher costs,” writes Ang.

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