[email protected]> Wealth Management Apple, Inc.: Addressing The Top 5 Investor Questions HOUSE_OVERSIGHT_033362 --- PAGE BREAK --- Katy L. Huberty, CFA - Morgan Stanley May 29, 2019 10:28 PM GMT Given the risk of further restrictive trade measures, we answer investors' top questions. We expect s

ply-To: <mswmir-cie-feedbackOmorganstanley.com> Ape, Inc.: March iPhone Demand Tracking Ahead of Expectations Subscription Notification: March 15 Katy L. Huberty, CFA - Morgan Stanley March 15, 2016 4:01 AM GMT Our AlphaWise iPhone Tracker, which compiles sell-through data using web search analysis, indicat

ley.com> 2,Morgan Stanley a Wealth Management Apple Inc.: 10-K Highlights Memory Pressure and Anticipation of iPhone Supercycle Download Report Katy L. Huberty, CFA— Morgan Stanley EFTA00715204 November 6, 2017 5:01 AM GMT Record levels of off-balance sheet commitments, vendor non-trade receivables, and

: <j ;,Morgan Stanley Wealth Management Subscription Notification e.oruary 1, 2017 Download Report Apple, Inc.: Smooth Sailing Into Supercycle Katy L. Huberty, CFA— Morgan Stanley February 1, 2017 2:21 AM GMT Apple is our top pick with theaoming iPhone supercycle accentuated by the possibility of repatri

:07:23 AM EDT To: <F > Reply-To: <mswmir-cie-feedbackOmorganstanley.com> ARS, Inc.: Driving to a New Market Subscription Notification: May 16 Katy L. Huberty, CFA — Morgan Stanley May 16, 2016 5:00 ,4M GMT We see positive near- and long-term implications from Apple's unexpected $1B investment in Didi Ch

lization Sets U for Su ercycle Reply-To: WEALTH MANAGEMENT Subscription Notification: July 27 Apple, Inc.: Stabilization Sets Up for Supercycle Katy L. Huberty, CFA — Morgan Stanley July 27, 2016 1:42 AM GMT Our FY17 EPS ($8.80, from $8.55) and PT ($123, from $120) move higher on channel inventory reducti

Subject: Apple, Inc.: Is Shared Mobility in Apple's Future? Apple, Inc.: Is Shared Mobility in Apple's Future? Subscription Notification: May 25 Katy L. Huberty, CFA — Morgan Stanley May 25, 2016 4:01 AM GMT Apple investments in the $2.6T shared mobility market open up the potential to contribute more reve

ley Wealth Management C. Subscription Notification EFTA00632418 February 1, 2017 Download Report Apple, Inc.: Smooth Sailing Into Supercycle Katy L. Huberty, CFA - Morgan Stanley February 1, 2017 2:21 AM GMT Apple is our top pick with the upcoming iPhone supercycle accentuated by the possibility of rep

T To: < Reply-To: < WEALTH MANAGEMENT Subscription Notification: April 20 Apple, Inc.: Mar Q '16 Preview: iPhone Demand Better Than Expected Katy L. Huberty, CFA — Morgan Stanley April 20, 2016 9:05 PM GMT We raise iPhone estimates in 1H16, lower in 2H16 to reflect stronger than expected demand near-te

Trough Pushed Out a Quarter Reply-To: WEALTH MANAGEMENT Subscription Notification: April 27 Pin Apple, Inc.: iPhone Trough Pushed Out a Quarter Katy L. Huberty, CFA — Morgan Stanley April 27, 2016 4:01 AM GMT CY16 EPS reset $1.13 lower to $8 on weak Asia demand (Hong Kong), channel inventory reduction, an

=odest iPhone Growth Offset by Strong Services and Capital =eturn <http://www.morganstanley.com/img/cs/spacer.gif> EFTA_R1_01677080 EFTA02533005 Katy L. Huberty, CFA =E2 Morgan Stanley February =, 2018 4:03 AM GMT Offsets to weaker iPhone =hipments are 1) accelerating services growth and 2) expected return

mg/cs/spacer.gif> Apple, Inc.: We =xpect Dec Q Beat, Limited Risk of a Guide Down <http://www.morganstanley.com/> EFTA_R1_01679968 EFTA02534848 Katy L. Huberty, CFA =E2 Morgan Stanley January =5, 2018 5:30 AM GMT Faster iPhone mfg ramp =ranslates to C4Q beat but lower CM estimates. However, a March quarter

Inc.: Broader =Phone X Upgrades in China Support Supercycle =iew <http://www.morganstanley.com/img/cs/spacer.gif> EFTA_R1_01682967 EFTA02536770 Katy L. Huberty, CFA =E2 Morgan Stanley January =7, 2018 5:01 AM GMT iPhone X adoption outpacing =Phone 8/8+ as Apple retention & switching rates dwarf Chinese =om

s/spacer.gif> Apple, Inc.: Apple =ets the stage for Augmented Reality to become the next killer app on =martphones EFTA_R1_01428341 EFTA02396291 Katy L. Huberty, CFA =E2 Morgan Stanley September=12, 2017 7:17 PM GMT Following the early release =f ARKit at June's WWDC, Apple spent a significant amount of =im

f> Apple, Inc.: X Marks =he Spot <http://www.morganstanley.com/img/cs/spacer.gif> <http://www.morganstanley.comh EFTA_R1_01742157 EFTA02572521 Katy L. Huberty, CFA =E2 Morgan Stanley November =, 2017 3:32 AM GMT We see iPhone X unlocking =ent-up iPhone upgrades, especially in China, driving 20%+ iPhone un

ect an In-Line Quarter; All Eyes on Services & Fall iPhone =aunch <http://www.morganstanley.com/img/cs/spacer.gif> EFTA_R1_01789805 EFTA02601863 Katy L. Huberty, CFA =E2 Morgan Stanley July =3, 2018 11:45 PM GMT We slightly tweak ests into =he quarter, most notably raising June Q iPhone ests by 2% to 39.8M

/img/cs/spacer.gif> Apple, Inc.: iPhone = Accelerating Apple Share Gains in China <http://www.morganstanley.com/> EFTA_R1_01794354 EFTA02604431 Katy L. Huberty, CFA =E2 Morgan Stanley December =1, 2017 5:01 AM GMT Initial iPhone X data points =n China highlight faster adoption vs. iPhone 8/8 Plus and incre

=otentially Bypassing the App Store an Overblown Concern For =ow <http://www.morganstanley.com/img/cs/spacer.gif> EFTA_R1_01795597 EFTA02605256 Katy L. Huberty, CFA— Morgan Stanley August 21, 2018 4:47 PM GMT What's New? This morning, =echCrunch reported that Netflix is currently testing (in 33 countries,

Re-states Services Growth; App Store Healthy but AppleCare =lows <http://www.morganstanley.com/img/cs/spacer.gif> EFTA_R1_01797908 EFTA02606691 Katy L. Huberty, CFA =E2 Morgan Stanley January =, 2019 10:58 PM GMT Last week, Apple =re-announced December 2018 quarter results, where they disclosed that =ec Q

pple, Inc.: 10-K =ighlights Lower Capex and Work Down of =nventory <http://www.morganstanley.com/imecs/spacer.gif> EFTA_R1_01815264 EFTA02615571 Katy L. Huberty, CFA— Morgan Stanley November 6, 2018 12:04 AM =MT Apple's 10-K shows reduced capex guidance in FY19 and =ormalized F4Q gross margin increased 100b