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Strong holiday demand for Apple, but this may be constrained by supply chain woes: PhillipCapital

Lim Hui Jie
Lim Hui Jie11/3/2021 12:20 PM GMT+08  • 4 min read
Strong holiday demand for Apple, but this may be constrained by supply chain woes: PhillipCapital
The supply chain constraints could crimp Apple's sales not only in this financial year, but in the upcoming holiday season as well
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PhillipCapital’s Timothy Ang has maintained his buy call and an unchanged target price of US$187 on Apple, as forecasts for the company’s full year revenue and profit after tax and minority interests (PATMI) were in line at 100% and 101% of his FY2021 forecasts respectively.

Apple reported a 4QFY2021 revenue of US$83.3 billion ($112.29 billion), which was 28.8% higher y-o-y. Ang writes that there was a US$6 billion impact on the topline from supply chain constraints.

Gross profit saw a 42.5% jump to US$35.1 billion, while PATMI surged 62.2% to US$20.5 billion.

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