The launch of the new iPhone 5 and the legal battles between Apple and Samsung are dominating the headlines in the technology sector, which is increasingly dependent upon the rapid sales growth of smartphones. Global smartphone shipments grew by 43% yoy in Q1 2012 alone to reach 147m. Moreover, we believe that this rapid pace can be maintained over the medium to long term. For despite the rapid sales growth already seen, the handset market retains substantial untapped potential for further expansion because global smartphone penetration remains relatively low at 31%.




