By James Paladino/J.paladino@latinospost.com (staff@latinospost.com) | First Posted: Jan 21, 2013 12:26 PM EST

Soon, the Samsung Galaxy Note won't be the only big name 'phablet' around, if a recent China Times report proves accurate (via Apple Insider). Apple, unwilling to cede even an inch of ground to the Korea-based company, will supposedly launch the 'iPhone Math' in June or July and step onto fresh ground with a new 4.8-inch screen and an 8-megapixel camera. When the Note released in 2011, techies were challenged to define the new niche market, which shares equal measures of functionality from both smartphones and tablets. Now, the phablet market is a growing slice of the industry.

KGI Securities analyst Ming-Chi Kuo expects both the iPhone 5S and Cheaper iPhone to launch in the same summer timeframe. Kuo suggests that the 5S is strapped with a new A7 processor, fingerprint sensor, and upgraded camera featuring smart LED flash and an f2.0 aperture.

As for the Cheaper iPhone 5, Kuo and Jeffries analyst Peter Misek notes that an unlocked budget iPhone 5 will cost between $350 and $450. Supply chain sources told DigiTimes that "related upstream components for the entry-level iPhone are currently going through validation and the actual product may show up in the market in the second half of 2013."

The iPhone 5 is feather-light and takes the record for the thinnest smartphone Apple has ever made. The device shows up the iPhone 4S with a 4-inch screen that displays at 1136 x 640 pixels, a brand new A6 chip, and an ultra-thin touch pad that sharpens feedback to user input.

At normal prices, prospective device owners who sign a two-year contract with Verizon, AT&T, or Sprint have the option of a 16GB iPhone 5 at $199, a 32GB at $299.99, and a 64GB at $399.99

Check back for further updates as they become available.