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Summary:

Apple is expected to have a great holiday quarter, which some believe would be company’s best ever. New data from an Apple supplier- Multi-Fineline Electronix which makes printed circuit boards for iPhone and iPads – is only bolstering that argument, according to UBS analyst Maynard Um.

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Apple is expected to have a great holiday quarter, which some believe would be company’s best ever. New data from one of Apple’s suppliers — Multi-Fineline Electronix  which makes printed circuit boards for iPhone and iPads — is only bolstering that argument, according to UBS analyst Maynard Um.

In a research note to his clients, Um, who follows Apple, wrote:

Multi-Fineline Electronix (MFLX) reported better than expected preliminary 1Q revenues of $239mn v. Street of $215 and it expects less of a seasonal decline than normal for next qtr. MFLX is one of the flexible printed circuit board suppliers for some of Apple’s products including iPhone & iPad. The company expects to exceed the high end of its guidance this qtr as supply chain shortages from Thailand improved throughout the quarter, and as it saw an increase in shipments from its largest key customer (which we believe to be Apple).MFLX saw weakness last qtr partly from a later iPhone 4S launch, so strong results & a better than seasonal outlook for next qtr may indicate underlying demand strength for iPhone/iPad (MFLX likely w/ more iPhone exposure). These results follow better than expected iPhone shipments from Verizon last week, iPhone strength from AT&T last month, Cirrus Logic (analog chips for iPad & iPod) w/ better results this wk, & strong Dec results from Dialog Semi, Catcher (Mac metal casing), TPK (iPad 2 touch panel orders), & Hon Hai- stronger iPhone/iPad orders. [UBS Research]

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