Apple's iPhone 18 Upgrade Cycle Likely to Boost Some Suppliers

Dow Jones10:55

0255 GMT - Asia's Apple suppliers are likely to see support shift toward assemblers and component manufacturers from traditional camera lens makers as the iPhone 18 upgrade cycle unfolds, according to a Morgan Stanley report. Luxshare Precision Tehcnology, Lingyi iTech and AAC Technologies are likely to be the biggest beneficiaries, it notes, as it maintains overweight ratings on the stocks. The brokerage downgrades Largan Precision to equal-weight and Genius Electronic Optical to underweight, citing their recent share-price surges being priced in, alongside much of the potential upside from new camera features and future co-packaged optics opportunities. While the iPhone 18 presents a "real upgrade cycle," Morgan Stanley says valuations, rather than technology, are now the key differentiator among suppliers.

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