According to a research report published by Yamato, the new CEO Tenus will host Apple's product launch this fall, focusing on the launch of the foldable iPhone Duo, as well as the iPhone 18 Pro/Pro Max, Watch Series 12/Ultra 4, Apple Intelligence, Siri, and AirPods 5. The bank believes that the overall pace of the press conference was normal and generally in line with expectations. The launch of Duo may slightly exceed expectations; Apple's core ecosystem and customer location/loyalty will continue to drive revenue and profit growth. This view was supported over the past 12 months, as the iPhone business is estimated to grow by about 20% year-on-year in the 2026 fiscal year, performing well in a difficult macro environment. The bank is still waiting for Siri's more powerful AI solution. The real test will be launched with iOS 27 on September 14; Apple is currently lagging behind in AI, but it has handed over strong performance over the past year even without major AI drivers, showing that there is still room to catch up. The bank maintains a positive view of Apple, maintains a “outperforming the market” rating, is optimistic about its strong ecosystem and high-quality products, and is deeply impressed by Duo; the biggest concern is that the iPhone comparison base will rise markedly in the 2027 fiscal year.

According to a research report published by Yamato, the new CEO Tenus will host Apple's product launch this fall, focusing on the launch of the foldable iPhone Duo, as well as the iPhone 18 Pro/Pro Max, Watch Series 12/Ultra 4, Apple Intelligence, Siri, and AirPods 5. The bank believes that the overall pace of the press conference was normal and generally in line with expectations. The launch of Duo may slightly exceed expectations; Apple's core ecosystem and customer location/loyalty will continue to drive revenue and profit growth. This view was supported over the past 12 months, as the iPhone business is estimated to grow by about 20% year-on-year in the 2026 fiscal year, performing well in a difficult macro environment. The bank is still waiting for Siri's more powerful AI solution. The real test will be launched with iOS 27 on September 14; Apple is currently lagging behind in AI, but it has handed over strong performance over the past year even without major AI drivers, showing that there is still room to catch up. The bank maintains a positive view of Apple, maintains a “outperforming the market” rating, is optimistic about its strong ecosystem and high-quality products, and is deeply impressed by Duo; the biggest concern is that the iPhone comparison base will rise markedly in the 2027 fiscal year.