Piper Jaffray analyst Gene Munster has issued new research to clients that discusses Apple's future strategy.

Published in full by AppleInsider, Munster furnishes his analysis across a range of Mac and iPod-related topics.

Among other highlights, he describes Apple as unlikely to offer a built-in FM tuner in future iPods, as the quality of reception in existing music player FM tunes isn't good enough.

He also dismisses the notion that the March quarter saw a slow-down of demand for iPods, pointing out that unlike previous years, Apple didn't offer a significant new iPod in the period, which meant sales simply reflect demand for existing products. He also predicts Apple will target international markets for iPod sales across the rest of the year.

Munster also believes Apple is 75 per cent likely to launch an iPod mobile phone in the next 12 months, but warns that such a product could cannibalise the existing market for low-end music players, such as the iPod shuffle.

The analyst also expects that when Apple eventually ships an iBook replacing Intel Mac the company will be able to ship the product in good quantity from the start. He suggests that MacBook Pro supply constraints were connected to the company's desire to use Macworld Expo 2006 to launch the device. This time the company can deliver the new product at a date it chooses.

The analyst also dismisses the notion that Apple will license its OS to PC makers, but believes there's a small chance it may begin to offer Windows with Macs as a build-to-order option when its next Leopard OS ships in 2007.

The report also looks at Apple's retail strategy, iTunes and some corporate level strategies, such as its new Cupertino campus.