TFI Securities has finally released an official Ming-Chi Kuo (Guo Mingxi) Apple research report on Apple’s AR/MR headset


In March 2022, Apple ostensibly filed a report titled “Celebrated Apple Analyst Ming-Chi Kuo Denies Rumors He Quit Tianfeng International Securities, But…” The report asked why TFI no longer publicly released Ming-Chi’s Apple Research Kuo on their website, which had been for many years. No official statement from TFI Securities or Kuo was ever made, which naturally led to speculation.

A new article published by the Chinese-language financial newspaper ‘Business hours‘ on August 04 openly challenged Ming-Chi Kuo’s position at TFI Securities. The article introduced Ming-Chi Kuo as both “Guo Mingqi” and “Guo Mingxi”.

The report stated (in translation) that “After investigation, Guo Mingqi is no longer an analyst at Tianfeng [TFI Securities]so it cannot produce a textual report, you can only write something on your own twitter, the company invites your company to quote any official report to report company information, but please do not reprint articles personal on the network.

Guo Mingxi, who gave the impression of “Apple analysts” to the outside world, was first known in local securities firms for his familiarity with Taiwan’s supply chain, and even predicted the specifications and the quantity of shipment, coinciding with the period of high-speed growth. smart phones. You can read more of this report here.

TFI Securities and Ming-Chi Kuo are of course at fault for not explaining the reasoning behind the disappearance of Ming-Chi Kuo’s Apple research from TFI Securities’ normal search announcements page and Kuo limiting its research reports to his Twitter account.

Prove that TFI Securities still employs Ming-Chi Kuo, or Guo Mingxi as he is officially known as TFI Securities, the company yesterday officially posted Kuo’s latest “Apple Research” on its usual AR headset research page/ Apple MR. The report states the following:

(Click on image to enlarge)

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  1. The market has the highest expectations for AR/MR headsets among Apple’s new products in 2023. However, this investment theme has not become a clear market consensus due to user experience doubts. innovation and low shipments of less than 1.5 million units in 2023.
  1. Apple could announce the AR/MR headset as early as January 2023. This media event should reduce investor concerns about innovative user experience and low shipments in 2023 and boost their confidence in the headset’s prospects.
  1. The Apple AR/MR headset will be the next revolutionary consumer electronics product after the iPhone. Suppose that the rapidly growing shipments of the Apple AR/MR headset over the next few years can become the market consensus. In this case, investors should pay more attention to Apple and AR/MR vendors that meet the following criteria: 1) any new specification, 2) specification upgrade, and 3) volume increase.

The market has the highest expectations for AR/MR headsets among Apple’s new products in 2023. However, this investment theme has not become a clear market consensus due to user experience doubts. innovation and low shipments of less than 1.5 million units in 2023.

  1. The success of epochal consumer electronics in the past (like the iPhone, Wii, etc.) was because they offered innovative experiences that people couldn’t imagine before the announcement/ release of these products. Therefore, it is reasonable for most investors to have doubts about Apple AR/MR usage scenarios currently.
  1. The market expects Apple AR/MR headsets to be sold at $2,000-$2,500 or more, and believes this will affect shipments.
  2. Apple’s first-generation AR/MR headset is all about proving whether market demand exists rather than price/shipping. If the market demand exists, the selling price will gradually decrease, stimulating the rapid growth of shipments with improved production, technology and cost.

Apple could announce the AR/MR headset as early as January 2023. This media event should reduce investor concerns about innovative user experience and low shipments in 2023 and boost their confidence in the headset’s prospects.

  1. It is expected that user scenarios, software/service/development ecosystem and hardware specification details will be the three key points of the announcement.
  1. If the usage scenarios of the Apple AR/MR headset can convince investors, investors will believe that the headset will enter a period of rapid growth in the next few years and be less concerned about low shipments in 2023.
  1. If the rapid growth of Apple’s AR/MR headset shipments over the next few years can form a market consensus, Apple’s stock and the AR/MR headset supply chain will be reassessed and the price of the action will be favorable.

The Apple AR/MR headset will be the next revolutionary consumer electronics product after the iPhone. Suppose that the rapidly growing shipments of the Apple AR/MR headset over the next few years can become the market consensus. In this case, investors should pay more attention to Apple and AR/MR vendors that meet the following criteria: 1) any new specification, 2) specification upgrade, and 3) volume increase.

  1. Among the all-new specs, eyeball tracking is the most representative. There are almost no eyeball tracking applications in existing consumer electronics.
  1. In terms of specification upgrades (compared to existing Apple products), relevant components worthy of attention include mechanical components (requiring wearing comfort), displays (providing an excellent immersive experience), and hardware-related components. heat (now high speed computing and comfort port), etc…
  1. The AR/MR headset shares many components with Apple’s existing products, but AR/MR headset usage has increased dramatically, especially with processors, optical modules (RGB cameras, eyeball tracking, 3D sensing) and flexible PCBs, etc. .

Stock for shares: Apple’s AR/MR headset media event will boost market confidence in the headset’s prospects. Investors should pay more attention to Apple and AR/MR vendors that meet the following criteria: 1) any new specification, 2) specification upgrade, and 3) volume increase.

Risk: New product shipment delays or lower than expected demand.

It is unclear whether Kuo’s (Gou Mingxi) original Apple Research will officially return to TFI Securities Research’s announcement page consistently. Was it a one-time release to restore Kuo’s credibility with the media? Only time will tell.

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