IQE’s trading update confirmed that it has secured multiple, multi-year contracts for VCSEL wafers, which we believe relate to 3D sensing opportunities, the most high profile of which is the 10th anniversary iPhone. We are upgrading our FY’17/’18/’19 EPS forecasts by 5%/6%/10% respectively however we believe these forecasts remain very conservative. Assuming a more optimistic level of adoption for the expected new iPhone results in a bull case scenario of 81% EPS upgrades in FY’18. IQE is one of ....