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<Research>Macquarie Expects Asia to Remain Apple's Key Production Base, Bullish on XIAOMI-W & SUNNY OPTICAL for Lower Tariff Impact
Recommend 35 Positive 56 Negative 19 |
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Macquarie’s research report expressed optimism about XIAOMI-W (01810.HK) and SUNNY OPTICAL (02382.HK), noting that they are less impacted by U.S. tariffs on China. As domestic Chinese companies, their exposure to the U.S. market is minimal. The broker anticipated that Asia will remain Apple (AAPL.US)'s primary production hub. According to Macquarie’s channel checks, Apple aims to produce over 20% of global iPhone output in India by year-end, while its Vietnam factories are likely to focus on manufacturing MacBooks, iPads, AirPods and Apple Watches. Supply chain and logistics arrangements in other ASEAN countries remain underdeveloped, and local labor is not yet prepared for a large-scale shift, despite these countries having lower import tariff rates than China and Vietnam, the broker continued. Macquarie’s base case projected a 15-20% decline in Apple products, with a worst case of 20-30%. AAStocks Financial News |
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