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2021-04-26

Cash rich company!

Apple’s business is roaring, and investors are about to find out how much of that cash is coming their way<blockquote>苹果的业务正在蓬勃发展，投资者即将发现其中有多少现金流向了他们</blockquote>

Apple earnings preview: After 'more modest' dividend increases in the past two years, Apple could ge

Apple’s business is roaring, and investors are about to find out how much of that cash is coming their way<blockquote>苹果的业务正在蓬勃发展，投资者即将发现其中有多少现金流向了他们</blockquote>

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{"i18n":{"language":"zh_CN"},"data":{"magic":2,"id":375784052,"tweetId":"375784052","gmtCreate":1619397376176,"gmtModify":1634273850560,"author":{"id":3582197703345006,"idStr":"3582197703345006","authorId":3582197703345006,"authorIdStr":"3582197703345006","name":"CSM","avatar":"https://static.tigerbbs.com/183f15f6f0e2473b69cb37dbe10c79c7","vip":1,"userType":1,"introduction":"","boolIsFan":false,"boolIsHead":false,"crmLevel":11,"crmLevelSwitch":0,"individualDisplayBadges":[],"fanSize":1,"starInvestorFlag":false},"themes":[],"images":[],"coverImages":[],"extraTitle":"","html":"<html><head></head><body>Cash rich company!</body></html>","htmlText":"<html><head></head><body>Cash rich company!</body></html>","text":"Cash rich company!","highlighted":1,"essential":1,"paper":1,"likeSize":2,"commentSize":0,"repostSize":0,"favoriteSize":0,"link":"https://laohu8.com/post/375784052","repostId":2129680033,"repostType":4,"repost":{"id":"2129680033","kind":"highlight","pubTimestamp":1619338263,"share":"https://www.laohu8.com/m/news/2129680033?lang=zh_CN&edition=full","pubTime":"2021-04-25 16:11","market":"us","language":"en","title":"Apple’s business is roaring, and investors are about to find out how much of that cash is coming their way<blockquote>苹果的业务正在蓬勃发展，投资者即将发现其中有多少现金流向了他们</blockquote>","url":"https://stock-news.laohu8.com/highlight/detail?id=2129680033","media":"MarketWatch","summary":"Apple earnings preview: After 'more modest' dividend increases in the past two years, Apple could ge","content":"Apple earnings preview: After 'more modest' dividend increases in the past two years, Apple could get back to double-digit dividend growth when it details investor-return plans for the year<blockquote>苹果盈利预览：在过去两年股息“更加温和”增加后，苹果在详细说明今年投资者回报计划时可能会恢复两位数的股息增长</blockquote> <img src=\"https://static.tigerbbs.com/9c3de8d4d6e2f179b5f904720051de74\" tg-width=\"1260\" tg-height=\"840\">Apple's iPad and Mac momentum may have \"accelerated\" in the latest quarter, analyst argues. AFP/Getty Images<blockquote>分析师认为，苹果iPad和Mac的势头可能在最近一个季度“加速”。法新社/盖蒂图片社</blockquote> After posting record sales and profits in its latest fiscal year, Apple Inc. is expected to show how much of its financial success will get delivered back to shareholders this year.<blockquote>在最近一个财年创下创纪录的销售额和利润后，苹果公司预计将展示其今年的财务成功将在多大程度上回报给股东。</blockquote> Apple <a href=\"https://laohu8.com/S/AAPL\">$(AAPL)$</a> is expected to increase its dividend and authorize further stock buybacks when it announces fiscal second-quarter earnings Wednesday, part of the company's continued focus on returning money to shareholders as it aims to reduce its sizable cash pile. The company typically makes updates to its capital-return program alongside its March-quarter report, and the coming announcement could be a driver of Apple's post-earnings stock momentum.<blockquote>苹果<a href=\"https://laohu8.com/S/AAPL\">$(AAPL)$</a>预计该公司将在周三公布第二财季收益时增加股息并授权进一步回购股票，这是该公司继续关注向股东返还资金的一部分，因为该公司旨在减少其庞大的现金储备。该公司通常会在三月份季度报告的同时更新其资本回报计划，即将发布的公告可能会推动苹果财报发布后的股票势头。</blockquote> \"We think Apple's capital return update could be the most incremental consideration coming out of Apple's upcoming F2Q21 results,\" Wells Fargo analyst Aaron Rakers wrote.<blockquote>富国银行分析师Aaron Rakers写道：“我们认为苹果的资本回报更新可能是苹果即将发布的2021年第二季度业绩中最具增量的考虑因素。”</blockquote> Though Apple shares have nearly doubled in the past year, <a href=\"https://laohu8.com/S/MSTLW\">Morgan Stanley</a>'s Katy Huberty anticipates that the company will remain aggressive with its buybacks. She predicts that the company could add $60 billion to its buyback authorization this quarter, compared with the $50 billion increase that Apple approved a year ago .<blockquote>尽管苹果的股价在过去一年里几乎翻了一番，<a href=\"https://laohu8.com/S/MSTLW\">摩根士丹利</a>凯蒂·休伯蒂(Katy Huberty)预计该公司将继续积极回购。她预测，该公司本季度可能会增加600亿美元的回购授权，而苹果一年前批准的回购授权为500亿美元。</blockquote> Apple's pace of repurchases is unlikely to \"materially slow\" in the next 12 to 18 months, Huberty argued, as she projected that the company could buy back $18 billion worth of its stock each quarter until the end of fiscal 2022. That would reduce the number of shares outstanding by about 3% and leave Apple with a net-cash position of about $75 billion.<blockquote>休伯蒂认为，苹果的回购步伐在未来12至18个月内不太可能“大幅放缓”，因为她预计该公司每个季度可能回购价值180亿美元的股票，直到2022财年末。这将使已发行股票数量减少约3%，并使苹果的净现金头寸约为750亿美元。</blockquote> She also projects a 10% increase in Apple's dividend, which would bring the annual payout to 90 cents a share.<blockquote>她还预计苹果的股息将增加10%，这将使年度派息达到每股90美分。</blockquote> Apple's dividend announcement could be a bigger driver of stock performance than the buyback plans, Wells Fargo's Rakers suggested. He thinks Apple could raise its dividend by at least 10%, an increase that would mark the highest annual hike since Apple's 16% bump in 2018 and stand in comparison to the \"more modest\" increases of 5.5% and 6.5% that Apple delivered in 2019 and 2020, respectively.<blockquote>富国银行的Rakers表示，苹果的股息公告可能比回购计划更能推动股票表现。他认为苹果可能会将股息提高至少10%，这一增幅将标志着自苹果2018年增长16%以来的最高年度增幅，与苹果实现的5.5%和6.5%的“更温和”增幅相比。分别于2019年和2020年。</blockquote> \"Our positive view on Apple's continued ability to generate strong [free-cash flow] supports our view that the company could return its annual dividend growth trajectory into the double-digit [percent] range,\" he wrote.<blockquote>他写道：“我们对苹果持续产生强劲[自由现金流]的能力的积极看法支持了我们的观点，即该公司可以将其年度股息增长轨迹恢复到两位数[百分比]范围。”</blockquote> Rakers is expecting a roughly $50 billion increase to the buyback program, flat with a year ago.<blockquote>Rakers预计回购计划将增加约500亿美元，与一年前持平。</blockquote> The company has set out to become net-cash-neutral, opting against blockbuster acquisitions and in favor of capital returns as it tries to winnow down its sizable net-cash balance, which stood at more than $80 billion as of Apple's last report. But Apple is also generating strong free-cash flow, with Huberty predicting a 30% increase this fiscal year and suggesting that it will take time before Apple achieves its target.<blockquote>该公司已着手实现净现金中性，选择不进行重磅收购，转而支持资本回报，试图筛选其可观的净现金余额，截至苹果上次报告，净现金余额已超过800亿美元。但苹果也产生了强劲的自由现金流，Huberty预测本财年将增长30%，并暗示苹果实现其目标还需要时间。</blockquote> \"Apple is firing on all cylinders today and even as the company spends nearly $100 billion per year on shareholder returns, we believe the path to a net-cash-neutral position requires multiple more years of sustained strong shareholder returns,\" Huberty wrote.<blockquote>休伯蒂写道：“苹果今天正在全力以赴，尽管该公司每年在股东回报上花费近1000亿美元，但我们认为，实现净现金中性的道路需要多年持续强劲的股东回报。”</blockquote> Apple repurchased an average of 2.5 million shares a day in the last nine months of 2020, Rakers noted, accounting for about 1.6% of the stock's daily trading volume.<blockquote>Rakers指出，苹果在2020年最后9个月平均每天回购250万股，约占该股日交易量的1.6%。</blockquote> What to expect<blockquote>期待什么</blockquote> Earnings: Analysts tracked by FactSet expect that Apple earned 98 cents a share in the latest quarter, up from 64 cents a year earlier. According to Estimize, which crowdsources projections from hedge funds, academics and others, the average estimate calls for $1.02 a share.<blockquote>盈利：FactSet追踪的分析师预计，苹果最近一个季度的每股收益为98美分，高于去年同期的64美分。根据众包对冲基金、学者和其他机构预测的Estimize的数据，评级的平均估值为每股1.02美元。</blockquote> Revenue: The FactSet consensus models revenue of $76.7 billion, while the average estimate on Estimize is for $78.3 billion. Apple posted $58.3 billion in revenue during the prior March quarter, as COVID-19 shutdowns affected China and began to cause store closures in other parts of the world.<blockquote>收入：FactSet共识模型的收入为767亿美元，而Estimize的平均估计为783亿美元。由于COVID-19的停工影响了中国，并开始导致世界其他地区的商店关闭，苹果在3月份的上一季度实现了583亿美元的收入。</blockquote> Stock movement: Apple shares have fallen following three of the past five earnings reports. Shares have gained 91% over the past 12 months as the Dow Jones Industrial Average , of which Apple is a component, has risen 44%.<blockquote>股票走势：在过去五份收益报告中的三份发布后，苹果股价均下跌。过去12个月，该股上涨了91%，苹果公司所属的道琼斯工业平均指数上涨了44%。</blockquote> Of the 42 analysts tracked by FactSet who cover Apple's stock, 30 have buy ratings, nine have hold ratings, and three have sell ratings, with an average price target of $151.12.<blockquote>FactSet追踪的42名研究苹果股票的分析师中，30名给予买入评级，9名给予持有评级，3名给予卖出评级，平均目标价为151.12美元。</blockquote> What else to watch for<blockquote>还有什么值得注意的</blockquote> Apple has seen strong momentum in recent quarters amid a surge in demand for Macs and iPads during the pandemic and a successful iPhone 12 launch. Evercore ISI analyst Amit Daryanani predicts that the company continued to see good traction in the March quarter and could deliver results ahead of expectations.<blockquote>由于疫情期间对Mac和iPad的需求激增以及iPhone 12的成功推出，苹果最近几个季度出现了强劲的势头。Evercore ISI分析师Amit Daryanani预测，该公司在3月份季度继续保持良好势头，可能会超出预期。</blockquote> The company could be more insulated than others from the continuing chip shortage given \"its status as <a href=\"https://laohu8.com/S/AONE\">one</a> of the largest electronics purchasers in the world,\" Daryanani argued, noting that while manufacturing partner Foxconn mentioned some supply issues, that company said that the component shortage would affect a small fraction of customer orders.<blockquote>鉴于“其地位”，该公司可能比其他公司更能免受持续芯片短缺的影响<a href=\"https://laohu8.com/S/AONE\">一</a>达里亚纳尼指出，虽然制造合作伙伴富士康提到了一些供应问题，但该公司表示，零部件短缺将影响一小部分客户订单。</blockquote> Daryanani is upbeat about Apple's iPhone momentum in China and encouraged by Foxconn's indication that March-quarter performance would be better than what's typically seen for this period. That's consistent with Apple's own projections, he noted. He rates the stock at outperform with a $175 price target.<blockquote>Daryanani对苹果iPhone在中国的发展势头持乐观态度，并对富士康表示3月份季度的业绩将好于这一时期的通常情况感到鼓舞。他指出，这与苹果自己的预测一致。他将该股评级为跑赢大盘，目标价为175美元。</blockquote> Wells Fargo's Rakers pointed to \"ongoing positive demand drivers\" but said he was \"reluctant to make a meaningful upside (iPhone-driven) call\" ahead of the release. His iPhone revenue estimate for the quarter is for $38.8 billion, while the FactSet consensus calls for $41.0 billion.<blockquote>富国银行的Rakers指出了“持续的积极需求驱动因素”，但表示他“不愿意在发布前做出有意义的上行（iPhone驱动的）看涨期权”。他预计本季度iPhone收入为388亿美元，而FactSet一致认为评级为410亿美元。</blockquote> Outside of the iPhone, Rakers expects that the company continues to see strong demand for iPads and Macs buoyed by at-home dynamics. He'll also be looking for broader commentary on supply issues.<blockquote>除了iPhone之外，Rakers预计，在家庭动态的推动下，该公司将继续看到对iPad和Mac的强劲需求。他还将寻求有关供应问题的更广泛评论。</blockquote> \"With continued reports of overall semiconductor supply-chain tightness, presumably impacting Apple's Mac and iPad lead times, along with increasing DRAM prices, investors will be focused on Apple's thoughts on overall demand fulfillment and gross margin expectations,\" he wrote, while reiterating an overweight rating on the stock and a $160 target price.<blockquote>他写道：“随着不断有报道称整体半导体供应链紧张，可能会影响苹果Mac和iPad的交货时间，以及DRAM价格上涨，投资者将关注苹果对整体需求满足和毛利率预期的想法。”跑赢大盘对该股的评级和160美元的目标价。</blockquote> Morgan Stanley's Huberty has \"high confidence\" that Apple will beat March-quarter expectations and she's also expecting an upbeat outlook.<blockquote>摩根士丹利的休伯蒂对苹果将超出三月份季度的预期“充满信心”，她也预计前景乐观。</blockquote> \"We believe that much of the consumer and education-market strength that propelled the Mac and iPad to 21% year-over-year and 41% year-over-year growth the December quarter sustained, and even accelerated into the March quarter,\" she wrote, highlighting upbeat third-party Mac data from IDC.<blockquote>“我们相信，推动Mac和iPad在12月季度同比增长21%和41%的消费者和教育市场实力在很大程度上得以持续，甚至在3月季度加速增长，”她写道，强调了IDC乐观的第三方Mac数据。</blockquote> Huberty forecasts $8.2 billion in Mac revenue and $6.8 billion in iPad revenue for the quarter, significantly above the FactSet consensus, which calls for $6.7 billion and $5.6 billion, respectively. She has an overweight rating and $158 price target on Apple shares.<blockquote>Huberty预测本季度Mac收入为82亿美元，iPad收入为68亿美元，远高于FactSet的共识，评级分别为67亿美元和56亿美元。她对苹果股票给予跑赢大盘评级和158美元的目标价。</blockquote> Apple recently introduced new iPads and iMacs that could allow it to continue capitalizing on at-home trends, though these won't factor into the March-quarter numbers.<blockquote>苹果最近推出了新款iPad和iMac，这可能使其能够继续利用家用趋势，尽管这些不会计入3月份季度的数据中。</blockquote>","source":"lsy1603348471595","collect":0,"html":"<!DOCTYPE html>\n<html>\n<head>\n<meta http-equiv=\"Content-Type\" content=\"text/html; charset=utf-8\" />\n<meta name=\"viewport\" content=\"width=device-width,initial-scale=1.0,minimum-scale=1.0,maximum-scale=1.0,user-scalable=no\"/>\n<meta name=\"format-detection\" content=\"telephone=no,email=no,address=no\" />\n<title>Apple’s business is roaring, and investors are about to find out how much of that cash is coming their way<blockquote>苹果的业务正在蓬勃发展，投资者即将发现其中有多少现金流向了他们</blockquote></title>\n<style type=\"text/css\">\na,abbr,acronym,address,applet,article,aside,audio,b,big,blockquote,body,canvas,caption,center,cite,code,dd,del,details,dfn,div,dl,dt,\nem,embed,fieldset,figcaption,figure,footer,form,h1,h2,h3,h4,h5,h6,header,hgroup,html,i,iframe,img,ins,kbd,label,legend,li,mark,menu,nav,\nobject,ol,output,p,pre,q,ruby,s,samp,section,small,span,strike,strong,sub,summary,sup,table,tbody,td,tfoot,th,thead,time,tr,tt,u,ul,var,video{ font:inherit;margin:0;padding:0;vertical-align:baseline;border:0 }\nbody{ font-size:16px; line-height:1.5; color:#999; background:transparent; }\n.wrapper{ overflow:hidden;word-break:break-all;padding:10px; }\nh1,h2{ font-weight:normal; line-height:1.35; margin-bottom:.6em; }\nh3,h4,h5,h6{ line-height:1.35; margin-bottom:1em; }\nh1{ font-size:24px; }\nh2{ font-size:20px; }\nh3{ font-size:18px; }\nh4{ font-size:16px; }\nh5{ font-size:14px; }\nh6{ font-size:12px; }\np,ul,ol,blockquote,dl,table{ margin:1.2em 0; }\nul,ol{ margin-left:2em; }\nul{ list-style:disc; }\nol{ list-style:decimal; }\nli,li p{ margin:10px 0;}\nimg{ max-width:100%;display:block;margin:0 auto 1em; }\nblockquote{ color:#B5B2B1; border-left:3px solid #aaa; padding:1em; }\nstrong,b{font-weight:bold;}\nem,i{font-style:italic;}\ntable{ width:100%;border-collapse:collapse;border-spacing:1px;margin:1em 0;font-size:.9em; }\nth,td{ padding:5px;text-align:left;border:1px solid #aaa; }\nth{ font-weight:bold;background:#5d5d5d; }\n.symbol-link{font-weight:bold;}\n/* header{ border-bottom:1px solid #494756; } */\n.title{ margin:0 0 8px;line-height:1.3;color:#ddd; }\n.meta {color:#5e5c6d;font-size:13px;margin:0 0 .5em; }\na{text-decoration:none; color:#2a4b87;}\n.meta .head { display: inline-block; overflow: hidden}\n.head .h-thumb { width: 30px; height: 30px; margin: 0; padding: 0; border-radius: 50%; float: left;}\n.head .h-content { margin: 0; padding: 0 0 0 9px; float: left;}\n.head .h-name {font-size: 13px; color: #eee; margin: 0;}\n.head .h-time {font-size: 12.5px; color: #7E829C; margin: 0;}\n.small {font-size: 12.5px; display: inline-block; transform: scale(0.9); -webkit-transform: scale(0.9); transform-origin: left; -webkit-transform-origin: left;}\n.smaller {font-size: 12.5px; display: inline-block; transform: scale(0.8); -webkit-transform: scale(0.8); transform-origin: left; -webkit-transform-origin: left;}\n.bt-text {font-size: 12px;margin: 1.5em 0 0 0}\n.bt-text p {margin: 0}\n</style>\n</head>\n<body>\n<div class=\"wrapper\">\n<header>\n<h2 class=\"title\">\nApple’s business is roaring, and investors are about to find out how much of that cash is coming their way<blockquote>苹果的业务正在蓬勃发展，投资者即将发现其中有多少现金流向了他们</blockquote>\n</h2>\n<h4 class=\"meta\">\n\nMarketWatch2021-04-25 16:11\n\n</h4>\n</header>\n<article>\nApple earnings preview: After 'more modest' dividend increases in the past two years, Apple could get back to double-digit dividend growth when it details investor-return plans for the year<blockquote>苹果盈利预览：在过去两年股息“更加温和”增加后，苹果在详细说明今年投资者回报计划时可能会恢复两位数的股息增长</blockquote> <img src=\"https://static.tigerbbs.com/9c3de8d4d6e2f179b5f904720051de74\" tg-width=\"1260\" tg-height=\"840\">Apple's iPad and Mac momentum may have \"accelerated\" in the latest quarter, analyst argues. AFP/Getty Images<blockquote>分析师认为，苹果iPad和Mac的势头可能在最近一个季度“加速”。法新社/盖蒂图片社</blockquote> After posting record sales and profits in its latest fiscal year, Apple Inc. is expected to show how much of its financial success will get delivered back to shareholders this year.<blockquote>在最近一个财年创下创纪录的销售额和利润后，苹果公司预计将展示其今年的财务成功将在多大程度上回报给股东。</blockquote> Apple <a href=\"https://laohu8.com/S/AAPL\">$(AAPL)$</a> is expected to increase its dividend and authorize further stock buybacks when it announces fiscal second-quarter earnings Wednesday, part of the company's continued focus on returning money to shareholders as it aims to reduce its sizable cash pile. The company typically makes updates to its capital-return program alongside its March-quarter report, and the coming announcement could be a driver of Apple's post-earnings stock momentum.<blockquote>苹果<a href=\"https://laohu8.com/S/AAPL\">$(AAPL)$</a>预计该公司将在周三公布第二财季收益时增加股息并授权进一步回购股票，这是该公司继续关注向股东返还资金的一部分，因为该公司旨在减少其庞大的现金储备。该公司通常会在三月份季度报告的同时更新其资本回报计划，即将发布的公告可能会推动苹果财报发布后的股票势头。</blockquote> \"We think Apple's capital return update could be the most incremental consideration coming out of Apple's upcoming F2Q21 results,\" Wells Fargo analyst Aaron Rakers wrote.<blockquote>富国银行分析师Aaron Rakers写道：“我们认为苹果的资本回报更新可能是苹果即将发布的2021年第二季度业绩中最具增量的考虑因素。”</blockquote> Though Apple shares have nearly doubled in the past year, <a href=\"https://laohu8.com/S/MSTLW\">Morgan Stanley</a>'s Katy Huberty anticipates that the company will remain aggressive with its buybacks. She predicts that the company could add $60 billion to its buyback authorization this quarter, compared with the $50 billion increase that Apple approved a year ago .<blockquote>尽管苹果的股价在过去一年里几乎翻了一番，<a href=\"https://laohu8.com/S/MSTLW\">摩根士丹利</a>凯蒂·休伯蒂(Katy Huberty)预计该公司将继续积极回购。她预测，该公司本季度可能会增加600亿美元的回购授权，而苹果一年前批准的回购授权为500亿美元。</blockquote> Apple's pace of repurchases is unlikely to \"materially slow\" in the next 12 to 18 months, Huberty argued, as she projected that the company could buy back $18 billion worth of its stock each quarter until the end of fiscal 2022. That would reduce the number of shares outstanding by about 3% and leave Apple with a net-cash position of about $75 billion.<blockquote>休伯蒂认为，苹果的回购步伐在未来12至18个月内不太可能“大幅放缓”，因为她预计该公司每个季度可能回购价值180亿美元的股票，直到2022财年末。这将使已发行股票数量减少约3%，并使苹果的净现金头寸约为750亿美元。</blockquote> She also projects a 10% increase in Apple's dividend, which would bring the annual payout to 90 cents a share.<blockquote>她还预计苹果的股息将增加10%，这将使年度派息达到每股90美分。</blockquote> Apple's dividend announcement could be a bigger driver of stock performance than the buyback plans, Wells Fargo's Rakers suggested. He thinks Apple could raise its dividend by at least 10%, an increase that would mark the highest annual hike since Apple's 16% bump in 2018 and stand in comparison to the \"more modest\" increases of 5.5% and 6.5% that Apple delivered in 2019 and 2020, respectively.<blockquote>富国银行的Rakers表示，苹果的股息公告可能比回购计划更能推动股票表现。他认为苹果可能会将股息提高至少10%，这一增幅将标志着自苹果2018年增长16%以来的最高年度增幅，与苹果实现的5.5%和6.5%的“更温和”增幅相比。分别于2019年和2020年。</blockquote> \"Our positive view on Apple's continued ability to generate strong [free-cash flow] supports our view that the company could return its annual dividend growth trajectory into the double-digit [percent] range,\" he wrote.<blockquote>他写道：“我们对苹果持续产生强劲[自由现金流]的能力的积极看法支持了我们的观点，即该公司可以将其年度股息增长轨迹恢复到两位数[百分比]范围。”</blockquote> Rakers is expecting a roughly $50 billion increase to the buyback program, flat with a year ago.<blockquote>Rakers预计回购计划将增加约500亿美元，与一年前持平。</blockquote> The company has set out to become net-cash-neutral, opting against blockbuster acquisitions and in favor of capital returns as it tries to winnow down its sizable net-cash balance, which stood at more than $80 billion as of Apple's last report. But Apple is also generating strong free-cash flow, with Huberty predicting a 30% increase this fiscal year and suggesting that it will take time before Apple achieves its target.<blockquote>该公司已着手实现净现金中性，选择不进行重磅收购，转而支持资本回报，试图筛选其可观的净现金余额，截至苹果上次报告，净现金余额已超过800亿美元。但苹果也产生了强劲的自由现金流，Huberty预测本财年将增长30%，并暗示苹果实现其目标还需要时间。</blockquote> \"Apple is firing on all cylinders today and even as the company spends nearly $100 billion per year on shareholder returns, we believe the path to a net-cash-neutral position requires multiple more years of sustained strong shareholder returns,\" Huberty wrote.<blockquote>休伯蒂写道：“苹果今天正在全力以赴，尽管该公司每年在股东回报上花费近1000亿美元，但我们认为，实现净现金中性的道路需要多年持续强劲的股东回报。”</blockquote> Apple repurchased an average of 2.5 million shares a day in the last nine months of 2020, Rakers noted, accounting for about 1.6% of the stock's daily trading volume.<blockquote>Rakers指出，苹果在2020年最后9个月平均每天回购250万股，约占该股日交易量的1.6%。</blockquote> What to expect<blockquote>期待什么</blockquote> Earnings: Analysts tracked by FactSet expect that Apple earned 98 cents a share in the latest quarter, up from 64 cents a year earlier. According to Estimize, which crowdsources projections from hedge funds, academics and others, the average estimate calls for $1.02 a share.<blockquote>盈利：FactSet追踪的分析师预计，苹果最近一个季度的每股收益为98美分，高于去年同期的64美分。根据众包对冲基金、学者和其他机构预测的Estimize的数据，评级的平均估值为每股1.02美元。</blockquote> Revenue: The FactSet consensus models revenue of $76.7 billion, while the average estimate on Estimize is for $78.3 billion. Apple posted $58.3 billion in revenue during the prior March quarter, as COVID-19 shutdowns affected China and began to cause store closures in other parts of the world.<blockquote>收入：FactSet共识模型的收入为767亿美元，而Estimize的平均估计为783亿美元。由于COVID-19的停工影响了中国，并开始导致世界其他地区的商店关闭，苹果在3月份的上一季度实现了583亿美元的收入。</blockquote> Stock movement: Apple shares have fallen following three of the past five earnings reports. Shares have gained 91% over the past 12 months as the Dow Jones Industrial Average , of which Apple is a component, has risen 44%.<blockquote>股票走势：在过去五份收益报告中的三份发布后，苹果股价均下跌。过去12个月，该股上涨了91%，苹果公司所属的道琼斯工业平均指数上涨了44%。</blockquote> Of the 42 analysts tracked by FactSet who cover Apple's stock, 30 have buy ratings, nine have hold ratings, and three have sell ratings, with an average price target of $151.12.<blockquote>FactSet追踪的42名研究苹果股票的分析师中，30名给予买入评级，9名给予持有评级，3名给予卖出评级，平均目标价为151.12美元。</blockquote> What else to watch for<blockquote>还有什么值得注意的</blockquote> Apple has seen strong momentum in recent quarters amid a surge in demand for Macs and iPads during the pandemic and a successful iPhone 12 launch. Evercore ISI analyst Amit Daryanani predicts that the company continued to see good traction in the March quarter and could deliver results ahead of expectations.<blockquote>由于疫情期间对Mac和iPad的需求激增以及iPhone 12的成功推出，苹果最近几个季度出现了强劲的势头。Evercore ISI分析师Amit Daryanani预测，该公司在3月份季度继续保持良好势头，可能会超出预期。</blockquote> The company could be more insulated than others from the continuing chip shortage given \"its status as <a href=\"https://laohu8.com/S/AONE\">one</a> of the largest electronics purchasers in the world,\" Daryanani argued, noting that while manufacturing partner Foxconn mentioned some supply issues, that company said that the component shortage would affect a small fraction of customer orders.<blockquote>鉴于“其地位”，该公司可能比其他公司更能免受持续芯片短缺的影响<a href=\"https://laohu8.com/S/AONE\">一</a>达里亚纳尼指出，虽然制造合作伙伴富士康提到了一些供应问题，但该公司表示，零部件短缺将影响一小部分客户订单。</blockquote> Daryanani is upbeat about Apple's iPhone momentum in China and encouraged by Foxconn's indication that March-quarter performance would be better than what's typically seen for this period. That's consistent with Apple's own projections, he noted. He rates the stock at outperform with a $175 price target.<blockquote>Daryanani对苹果iPhone在中国的发展势头持乐观态度，并对富士康表示3月份季度的业绩将好于这一时期的通常情况感到鼓舞。他指出，这与苹果自己的预测一致。他将该股评级为跑赢大盘，目标价为175美元。</blockquote> Wells Fargo's Rakers pointed to \"ongoing positive demand drivers\" but said he was \"reluctant to make a meaningful upside (iPhone-driven) call\" ahead of the release. His iPhone revenue estimate for the quarter is for $38.8 billion, while the FactSet consensus calls for $41.0 billion.<blockquote>富国银行的Rakers指出了“持续的积极需求驱动因素”，但表示他“不愿意在发布前做出有意义的上行（iPhone驱动的）看涨期权”。他预计本季度iPhone收入为388亿美元，而FactSet一致认为评级为410亿美元。</blockquote> Outside of the iPhone, Rakers expects that the company continues to see strong demand for iPads and Macs buoyed by at-home dynamics. He'll also be looking for broader commentary on supply issues.<blockquote>除了iPhone之外，Rakers预计，在家庭动态的推动下，该公司将继续看到对iPad和Mac的强劲需求。他还将寻求有关供应问题的更广泛评论。</blockquote> \"With continued reports of overall semiconductor supply-chain tightness, presumably impacting Apple's Mac and iPad lead times, along with increasing DRAM prices, investors will be focused on Apple's thoughts on overall demand fulfillment and gross margin expectations,\" he wrote, while reiterating an overweight rating on the stock and a $160 target price.<blockquote>他写道：“随着不断有报道称整体半导体供应链紧张，可能会影响苹果Mac和iPad的交货时间，以及DRAM价格上涨，投资者将关注苹果对整体需求满足和毛利率预期的想法。”跑赢大盘对该股的评级和160美元的目标价。</blockquote> Morgan Stanley's Huberty has \"high confidence\" that Apple will beat March-quarter expectations and she's also expecting an upbeat outlook.<blockquote>摩根士丹利的休伯蒂对苹果将超出三月份季度的预期“充满信心”，她也预计前景乐观。</blockquote> \"We believe that much of the consumer and education-market strength that propelled the Mac and iPad to 21% year-over-year and 41% year-over-year growth the December quarter sustained, and even accelerated into the March quarter,\" she wrote, highlighting upbeat third-party Mac data from IDC.<blockquote>“我们相信，推动Mac和iPad在12月季度同比增长21%和41%的消费者和教育市场实力在很大程度上得以持续，甚至在3月季度加速增长，”她写道，强调了IDC乐观的第三方Mac数据。</blockquote> Huberty forecasts $8.2 billion in Mac revenue and $6.8 billion in iPad revenue for the quarter, significantly above the FactSet consensus, which calls for $6.7 billion and $5.6 billion, respectively. She has an overweight rating and $158 price target on Apple shares.<blockquote>Huberty预测本季度Mac收入为82亿美元，iPad收入为68亿美元，远高于FactSet的共识，评级分别为67亿美元和56亿美元。她对苹果股票给予跑赢大盘评级和158美元的目标价。</blockquote> Apple recently introduced new iPads and iMacs that could allow it to continue capitalizing on at-home trends, though these won't factor into the March-quarter numbers.<blockquote>苹果最近推出了新款iPad和iMac，这可能使其能够继续利用家用趋势，尽管这些不会计入3月份季度的数据中。</blockquote>\n<div class=\"bt-text\">\n\n\n 来源：<a href=\"https://www.marketwatch.com/story/apples-business-is-roaring-and-investors-are-about-to-find-out-how-much-of-that-cash-is-coming-their-way-11619194933?mod=home-page\">MarketWatch</a>\n为提升您的阅读体验，我们对本页面进行了排版优化\n\n\n</div>\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"","relate_stocks":{"AAPL":"苹果"},"source_url":"https://www.marketwatch.com/story/apples-business-is-roaring-and-investors-are-about-to-find-out-how-much-of-that-cash-is-coming-their-way-11619194933?mod=home-page","is_english":true,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"2129680033","content_text":"Apple earnings preview: After 'more modest' dividend increases in the past two years, Apple could get back to double-digit dividend growth when it details investor-return plans for the year\nApple's iPad and Mac momentum may have \"accelerated\" in the latest quarter, analyst argues. AFP/Getty Images\nAfter posting record sales and profits in its latest fiscal year, Apple Inc. is expected to show how much of its financial success will get delivered back to shareholders this year.\nApple $(AAPL)$ is expected to increase its dividend and authorize further stock buybacks when it announces fiscal second-quarter earnings Wednesday, part of the company's continued focus on returning money to shareholders as it aims to reduce its sizable cash pile. The company typically makes updates to its capital-return program alongside its March-quarter report, and the coming announcement could be a driver of Apple's post-earnings stock momentum.\n\"We think Apple's capital return update could be the most incremental consideration coming out of Apple's upcoming F2Q21 results,\" Wells Fargo analyst Aaron Rakers wrote.\nThough Apple shares have nearly doubled in the past year, Morgan Stanley's Katy Huberty anticipates that the company will remain aggressive with its buybacks. She predicts that the company could add $60 billion to its buyback authorization this quarter, compared with the $50 billion increase that Apple approved a year ago .\nApple's pace of repurchases is unlikely to \"materially slow\" in the next 12 to 18 months, Huberty argued, as she projected that the company could buy back $18 billion worth of its stock each quarter until the end of fiscal 2022. That would reduce the number of shares outstanding by about 3% and leave Apple with a net-cash position of about $75 billion.\nShe also projects a 10% increase in Apple's dividend, which would bring the annual payout to 90 cents a share.\nApple's dividend announcement could be a bigger driver of stock performance than the buyback plans, Wells Fargo's Rakers suggested. He thinks Apple could raise its dividend by at least 10%, an increase that would mark the highest annual hike since Apple's 16% bump in 2018 and stand in comparison to the \"more modest\" increases of 5.5% and 6.5% that Apple delivered in 2019 and 2020, respectively.\n\"Our positive view on Apple's continued ability to generate strong [free-cash flow] supports our view that the company could return its annual dividend growth trajectory into the double-digit [percent] range,\" he wrote.\nRakers is expecting a roughly $50 billion increase to the buyback program, flat with a year ago.\nThe company has set out to become net-cash-neutral, opting against blockbuster acquisitions and in favor of capital returns as it tries to winnow down its sizable net-cash balance, which stood at more than $80 billion as of Apple's last report. But Apple is also generating strong free-cash flow, with Huberty predicting a 30% increase this fiscal year and suggesting that it will take time before Apple achieves its target.\n\"Apple is firing on all cylinders today and even as the company spends nearly $100 billion per year on shareholder returns, we believe the path to a net-cash-neutral position requires multiple more years of sustained strong shareholder returns,\" Huberty wrote.\nApple repurchased an average of 2.5 million shares a day in the last nine months of 2020, Rakers noted, accounting for about 1.6% of the stock's daily trading volume.\nWhat to expect\nEarnings: Analysts tracked by FactSet expect that Apple earned 98 cents a share in the latest quarter, up from 64 cents a year earlier. According to Estimize, which crowdsources projections from hedge funds, academics and others, the average estimate calls for $1.02 a share.\nRevenue: The FactSet consensus models revenue of $76.7 billion, while the average estimate on Estimize is for $78.3 billion. Apple posted $58.3 billion in revenue during the prior March quarter, as COVID-19 shutdowns affected China and began to cause store closures in other parts of the world.\nStock movement: Apple shares have fallen following three of the past five earnings reports. Shares have gained 91% over the past 12 months as the Dow Jones Industrial Average , of which Apple is a component, has risen 44%.\nOf the 42 analysts tracked by FactSet who cover Apple's stock, 30 have buy ratings, nine have hold ratings, and three have sell ratings, with an average price target of $151.12.\nWhat else to watch for\nApple has seen strong momentum in recent quarters amid a surge in demand for Macs and iPads during the pandemic and a successful iPhone 12 launch. Evercore ISI analyst Amit Daryanani predicts that the company continued to see good traction in the March quarter and could deliver results ahead of expectations.\nThe company could be more insulated than others from the continuing chip shortage given \"its status as one of the largest electronics purchasers in the world,\" Daryanani argued, noting that while manufacturing partner Foxconn mentioned some supply issues, that company said that the component shortage would affect a small fraction of customer orders.\nDaryanani is upbeat about Apple's iPhone momentum in China and encouraged by Foxconn's indication that March-quarter performance would be better than what's typically seen for this period. That's consistent with Apple's own projections, he noted. He rates the stock at outperform with a $175 price target.\nWells Fargo's Rakers pointed to \"ongoing positive demand drivers\" but said he was \"reluctant to make a meaningful upside (iPhone-driven) call\" ahead of the release. His iPhone revenue estimate for the quarter is for $38.8 billion, while the FactSet consensus calls for $41.0 billion.\nOutside of the iPhone, Rakers expects that the company continues to see strong demand for iPads and Macs buoyed by at-home dynamics. He'll also be looking for broader commentary on supply issues.\n\"With continued reports of overall semiconductor supply-chain tightness, presumably impacting Apple's Mac and iPad lead times, along with increasing DRAM prices, investors will be focused on Apple's thoughts on overall demand fulfillment and gross margin expectations,\" he wrote, while reiterating an overweight rating on the stock and a $160 target price.\nMorgan Stanley's Huberty has \"high confidence\" that Apple will beat March-quarter expectations and she's also expecting an upbeat outlook.\n\"We believe that much of the consumer and education-market strength that propelled the Mac and iPad to 21% year-over-year and 41% year-over-year growth the December quarter sustained, and even accelerated into the March quarter,\" she wrote, highlighting upbeat third-party Mac data from IDC.\nHuberty forecasts $8.2 billion in Mac revenue and $6.8 billion in iPad revenue for the quarter, significantly above the FactSet consensus, which calls for $6.7 billion and $5.6 billion, respectively. She has an overweight rating and $158 price target on Apple shares.\nApple recently introduced new iPads and iMacs that could allow it to continue capitalizing on at-home trends, though these won't factor into the March-quarter numbers.","news_type":1,"symbols_score_info":{"AAPL":0.9}},"isVote":1,"tweetType":1,"viewCount":2461,"commentLimit":10,"likeStatus":false,"favoriteStatus":false,"reportStatus":false,"symbols":[],"verified":2,"subType":0,"readableState":1,"langContent":"EN","currentLanguage":"EN","warmUpFlag":false,"orderFlag":false,"shareable":true,"causeOfNotShareable":"","featuresForAnalytics":[],"commentAndTweetFlag":false,"andRepostAutoSelectedFlag":false,"upFlag":false,"length":16,"xxTargetLangEnum":"ORIG"},"commentList":[],"hasMoreComment":false,"orderType":2}