สรุปสาระสำคัญ
Apple (AAPL) เผยงบ F4Q23 ดีกว่าคาดเล็กน้อยที่ $90bn อย่างไรก็ดี การเติบโตยังหดตัวลง 0.7% YoY ซึ่งนับเป็นการลดลงไตรมาสที่ 4 ติดต่อกัน หลัง 1) รายได้จากจีนออกมาต่ำกว่าคาด 2) ยอดขายในส่วน MAC และ iPad ที่ยังคงหดตัว 3) กลุ่มอุปกรณ์สวมใส่ บ้านและอุปกรณ์เสริม (Wearables, Home & Accessories) เช่น AirPods มีรายได้ต่ำกว่าคาด
อย่างไรก็ดี งบยังมีแรงหนุนจากรายได้ iPhone ที่ดีกว่าคาด และรายได้จากบริการโตดีกว่าคาด 16% ซึ่งชดเชยแรงกดดันดังกล่าว และหนุนอัตรากำไรขั้นต้นให้อยู่ที่ 45.2% ได้เนื่องจากกลุ่มบริการมีความสามารถในการทำกำไรที่สูงกว่าเมื่อเทียบกับผลิตภัณฑ์
บริษัทไม่ได้ให้คาดการณ์งบไตรมาสหน้าอย่างเป็นทางการ แต่เผยว่ารายได้ใน F1Q24 จะใกล้เคียงกับช่วงเวลาเดียวกันในปีก่อน
ภาพงบที่ออกมาต่ำกว่าคาด และแนวโน้มการเติบโตที่อ่อนแอส่งผลให้ราคาหุ้นในช่วง After Hour ปรับตัวลงราว -3.4%
ด้าน Bloomberg ให้ราคาเป้าหมายไว้ที่ 200 USD
03 November 2023
Apple Inc.
AAPL
Bloomberg AAPL.US
Reuters AAPL.OQ
Apple Surpasses Forecasts Yet Faces Sales Decline Amid China's Slowing Growth
Earnings Result
In comparing the previous quarter to the current quarter, Apple Inc. experienced a slight decrease in net sales for both the quarter and the full year. However, the cost of sales decreased as well, resulting in an increased gross margin. Operating income also saw an increase for both the quarter and the full year. Net income remained stable for the quarter but decreased for the full year. Earnings per share showed a slight increase for the quarter but a decrease for the full year. The net sales by reportable segment showed growth in the Americas and Europe, while Greater China experienced a slight decline. Additionally, iPhone sales performed well, while Mac and iPad sales decreased compared to the previous year. Overall, Apple's financial results indicate a stable outlook with consistent profitability and strong sales in certain product categories.
Apple's Net Profit Rises, Buoyed by Stronger-Than-Expected Services Growth
The net profit of Apple Inc. increased from $20.721 billion in the previous quarter to $22.956 billion in the current quarter, representing a quarter-on-quarter (QoQ) growth of approximately 10.8%. However, when comparing the current quarter's net profit to the same quarter of the previous year, there was a year-on-year (YoY) growth of approximately 10.8% as well.
Apple's Revenue Declines for Fourth Consecutive Quarter
Apple's revenue slightly dipped to $90 billion, better than market expectations, with only a 0.7% drop. Services growth, up 16%, mitigated China sales declines. Mac sales fell more than expected at 34%, totaling $7.6 billion, while iPad revenue decreased 10% to $6.4 billion, surpassing predictions.
Operating margin
The operating margin for Apple Inc. can be calculated by dividing the operating income by the total net sales. For the three months ended September 30, 2023, the operating income was $26,969 million and the total net sales were $89,498 million. Therefore, the operating margin for this period was approximately 30.1%.
Balance sheet and cashflow
Apple Inc.'s cash from operations declined from $122.2 billion to $110.5 billion year-over-year. Investing activities showed a positive $3.7 billion, while financing activities saw an outflow over $108 billion. Total assets slightly decreased, as did liabilities and equity.
Company Outlook
In light of recent performance, Apple forecasts a subtle decline in FY2024, with sales growth estimated to be around 3.6%, slightly below the 5.6% market consensus. This takes into account the 2.5% dip in China sales versus the expected 10% rise. Despite this, robust service sector growth of 16% and a projected $75-80 billion in buybacks could bolster the overall financial health.
In comparing the previous quarter to the current quarter, Apple Inc. experienced a slight decrease in net sales for both the quarter and the full year. However, the cost of sales decreased as well, resulting in an increased gross margin. Operating income also saw an increase for both the quarter and the full year. Net income remained stable for the quarter but decreased for the full year. Earnings per share showed a slight increase for the quarter but a decrease for the full year. The net sales by reportable segment showed growth in the Americas and Europe, while Greater China experienced a slight decline. Additionally, iPhone sales performed well, while Mac and iPad sales decreased compared to the previous year. Overall, Apple's financial results indicate a stable outlook with consistent profitability and strong sales in certain product categories.
Apple's Net Profit Rises, Buoyed by Stronger-Than-Expected Services Growth
The net profit of Apple Inc. increased from $20.721 billion in the previous quarter to $22.956 billion in the current quarter, representing a quarter-on-quarter (QoQ) growth of approximately 10.8%. However, when comparing the current quarter's net profit to the same quarter of the previous year, there was a year-on-year (YoY) growth of approximately 10.8% as well.
Apple's Revenue Declines for Fourth Consecutive Quarter
Apple's revenue slightly dipped to $90 billion, better than market expectations, with only a 0.7% drop. Services growth, up 16%, mitigated China sales declines. Mac sales fell more than expected at 34%, totaling $7.6 billion, while iPad revenue decreased 10% to $6.4 billion, surpassing predictions.
Operating margin
The operating margin for Apple Inc. can be calculated by dividing the operating income by the total net sales. For the three months ended September 30, 2023, the operating income was $26,969 million and the total net sales were $89,498 million. Therefore, the operating margin for this period was approximately 30.1%.
Balance sheet and cashflow
Apple Inc.'s cash from operations declined from $122.2 billion to $110.5 billion year-over-year. Investing activities showed a positive $3.7 billion, while financing activities saw an outflow over $108 billion. Total assets slightly decreased, as did liabilities and equity.
Company Outlook
In light of recent performance, Apple forecasts a subtle decline in FY2024, with sales growth estimated to be around 3.6%, slightly below the 5.6% market consensus. This takes into account the 2.5% dip in China sales versus the expected 10% rise. Despite this, robust service sector growth of 16% and a projected $75-80 billion in buybacks could bolster the overall financial health.
| Revenue - %Chg YoY | 2Q23 | 3Q23 | 4Q23 | 1Q24E | 2Q24E |
|---|---|---|---|---|---|
| iPhone | 1.5% | -2.4% | 2.8% | 5.5% | -0.4% |
| iPad | -12.8% | -19.8% | -10.2% | -15.7% | -1.5% |
| Mac | -31.3% | -7.3% | -33.8% | 5.2% | 5.4% |
| Wearables, Home & Accessories | -0.6% | 2.5% | -3.4% | 1.2% | 7.1% |
| Services | 5.5% | 8.2% | 16.3% | 11.0% | 11.0% |
| Sentiment | 1Q23 | 2Q23 | 3Q23 | 4Q23 |
|---|---|---|---|---|
| net profit | Positive | Positive | Positive | Positive |
| margin | Neutral | Neutral | Neutral | Neutral |
| revenue | Neutral | Neutral | Neutral | Neutral |
| Stock data | |
|---|---|
| Market Cap (USD Million) | 2776.17 |
| Beta | 1.25 |
| Last close | 177.57 |
| 12-m Low / High | 124.2 / 198.2 |
| Target price | 200.00 |
| Return Potential | 12.6 % |
| % of Buy / Sell rating | 65.0 % / 8.0 % |
| Valuation data | 12m Forward | 5-Yr Average |
|---|---|---|
| P/E | 27.06 | 24.51 |
| P/B | 35.65 | 27.10 |
| P/S | 6.88 | 5.62 |
| EV/EBITDA | 20.37 | 19.15 |
| Dividend Yield | 0.0 % |
Apple Inc.
Apple Inc. designs, manufactures, and markets smartphones, personal computers, tablets, wearables and accessories, and sells a variety of related accessories. The Company also offers payment, digital content, cloud and advertising services. Apple Inc.'s customers are primarily in consumer, small & mid-sized business, education, enterprise and government markets worldwide.
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