iPhone X specs, pricing and shipping datesare largely in-line.    Apple launched Apple Watch 3, Apple TV 4K, iPhone 8/8 Plus and iPhone X on 12 Sept, with specs generally in line with our expectations. We are impressed by iPhone X's upgrade in: 1) faster A11 processor (neural engine), 2) super Retina OLED display, 3) glass/stainless steel casing, 4) 12MP dual-cam with dual-OIS, 5) new TrueDepth camera for faceID/AR/ 3D, 7) new stereo/ waterproof acoustics, 6) fast/wireless charging. iPhone 8/8 Plus will start shipping on 22 Sept with price at US$699, while iPhone X will be available for pre-order from 22 Oct and start shipping from 3 Nov with price from US$999.    AAC, FIT, Tongda, Cowell will benefit from content growth.    We believe key beneficiaries on iPhone 8/8 Plus/X content upgrade include AAC (stereo/waterproof acoustics), FIT (fast/wireless charging), Tongda (waterproof LSR) and Cowell (front-cam miniaturization). For AAC, we expect it to maintain its leadership with 55% share allocation in advanced acoustics (vs 40%/10% for Goertek/Merry), with an upside in 4Q17 on better ASP/share allocation. For FIT, we believe it will benefit all iPhone’s adoption of fast/wireless charging, with upside from faster penetration in Android camp ahead. For Tongda, we expect the company to gain share with better ASP, with 10%+ of FY17E revenue from Apple (vs 2% in FY16). For Cowell, we think iPhone X’s new TrueDepth camera depth will require Cowell’s front-cam upgrade in selfie quality/miniaturization.    Accumulate on any correction following launch.    We expect strong upgrade demand for iPhone 8 given lack of major spec changes in the past two years and lower-than-expected pricing of new iPhone X. We see upside in our estimates of 50% iPhoneXshipment mix.Given limited surprise from launch event and 40%+ YTD rally of Apple supply chain, we expect heavy profit-taking pressure right after product launch. However, we believe new features/form factor in iPhone X should bode well for a strong replacement cycle in 2H17E. We recommend investors to accumulate on any correction for selective Apple plays.

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