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Research Alert: Aapl: Mar-q Beat Driven By Services And China; New Buyback Announced

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-- CFRA, an independent research provider, has providedwith the following research alert. Analysts at CFRA have summarized their opinion as follows:

AAPL posted Mar-Q revenue growth of 17% to $111.2B, beating the 15% forecast, with EPS of $2.01 (+22%) above $1.94 consensus. The iPhone 17 cycle demonstrated remarkable strength with revenue reaching a Mar-Q record of $57.0B (+22%), driven by extraordinary demand across all regions, particularly China (+28%). We believe the strong iPhone 17 replacement cycle is supported by both higher average selling prices and units, with solid performance across all geographic segments. Management highlighted exceptional demand for the iPhone 17 lineup as a key driver. Gross margin of 49.3% beat the 48.4% consensus, with Services continuing its impressive trajectory at $31B (+16%). AAPL announced a 4% dividend increase to $0.27 per share and a $100B share repurchase authorization. Although we are impressed by overall results, we think bigger catalysts will come at WWDC in June with AI Siri integration and September's hardware event unveiling the first foldable phone.

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Research

Research Alert: Oled Delivers Disappointing Results, Stable Guidance As Demand Remains Weak

CFRA, an independent research provider, has providedwith the following research alert. Analysts at CFRA have summarized their opinion as follows:OLED reported challenging Q1 results with revenue declining 14.5% Y/Y to $142M, well short of consensus expectations ($161M), while EPS of $0.76 fell 44% Y/Y and missed Street estimates ($1.20). The weakness was broad-based, with material sales down 2.9% to $84M and royalty/license fees declining 26.4% to $54M, representing the largest drag on quarterly performance. Management lowered 2026 revenue guidance to $650M from a prior $675M view, citing weak demand conditions. CFO noted near-term market conditions have become more measured while maintaining confidence in longer-term growth prospects, including Gen 8.6 capacity additions in Korea and China expected online this year. We agree with management's longer-term optimism but note weak current conditions may slow new OLED fab ramp timelines. We think the revised Q2-Q4 implied performance ($508M) creates room for downside risk below company projections, as the environment remains volatile.

$OLED
Asia

China Shipbuilding Industry's 2025 Profit Slips 7%, Revenue Rises 12%

China Shipbuilding Industry Group Power's (SHA:600482) net profit attributable to shareholders in 2025 slipped 6.5% to 1.30 billion yuan from 1.39 billion yuan a year earlier, according to a Shanghai bourse filing on Thursday.Earnings per share declined 4.9% year on year to 0.58 yuan from 0.61 yuan.The Chinese shipbuilding conglomerate's operating revenue rose 12% to 57.80 billion yuan from 51.70 billion yuan in the prior year.

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Equities

Mercuria Files Lawsuit Against Baltic Exchange Over TD3C Shipping Benchmark

Mercuria Energy Group said it has filed a lawsuit in London's High Court against Baltic Exchange Information Services, alleging distortion of a key oil shipping benchmark, Bloomberg reported on Thursday.The dispute centers on the TD3C route, which tracks the cost of shipping crude from the Middle East to China.Mercuria said the rate "no longer accurately or reliably represents the underlying market it is intended to measure," according to the claim form seen by Bloomberg, adding that the impact has led to losses estimated in the "hundreds of millions of US dollars."The Baltic Exchange, owned by Singapore Exchange, publishes freight rates widely used in global oil markets and derivatives trading.