Based on order tracking data from September 21, CLSA has determined that wait times for the iPhone 18 Pro and Pro Max have extended by roughly one week compared to their iPhone 17 predecessors from the same period last year, and have also grown by one to two weeks on a week-over-week basis.
The research house noted that the iPhone 18 Pro currently carries a wait time of between two and four weeks, with China and Japan experiencing the longest delays at approximately three to four weeks—exceeding other major markets and representing a year-on-year increase of roughly one week. For the iPhone 18 Pro Max, customers face a wait of three to five weeks, with China, Japan, and the UK seeing the most extended timelines at four to five weeks, again surpassing other key markets and marking a year-on-year extension of about one week.
On a weekly comparison, iPhone 18 Pro wait times have lengthened by one to two weeks, with China and the UK seeing the sharpest increases of two weeks. The iPhone 18 Pro Max has generally seen its wait time stretch by about one week from the previous week, though the UK has experienced a two-week increase.
In terms of ratings, CLSA maintains an Outperform on Apple (AAPL.US) with a target price of $405. The firm assigns a High Conviction Outperform rating to AAC TECH (02018) with a target of HK$54.4. Both BYD ELECTRONIC (00285) and LENS (06613) also carry Outperform ratings, with price targets of HK$29 and HK$30.7, respectively.
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