In a research note for investors, KGI Securities unviled some claims about the new 4 inch 'iPhone SE' coming in March. The iPhone SE is expected to resemble to the iPhone 5s in appearance, but inside it will feature Apple's new A9 processor, and will support Apple Pay and Live Photos.

KGI claims the phone will also feature a 12 megapixel camera. KGI also believes the new 4 inch iPhone to sell between $400-$500 range.

KGI also claims that the iPhone 5s will receive a significant price cut. It claims a 50% reduction for the 5s, which currently sells for about $450, pushing the older-generation phone down to around $250.

Apple is expected to announce the iPhone SE at an event on March 15th, alongside a new 9.7 inch iPad Pro with accompanying Apple Pencil and Smart Keyboard accessories. It is also prepping a spring refresh of its Apple Watch bands.