Apple continues to report strong results from China with revenue from greater China growing 99% y/y in the face of significant currency headwinds. We believe these trends should grow the iPhone installed base to over 500M exiting C2015, and this base should drive strong future iPhone replacement sales, earnings, as well as cash flow generation to fund strong long-term capital returns programs that at the end of F2015 have returned $143B of the $200B authorized to shareholders. We reiterate our BUY rating and PT of $160.