Guessing at what Apple will feature in the next iPad is keeping analysts busy as usual this time of year, with the leading speculation mostly being the same as before -- with the addition of an estimated five million units sold in the first quarter alone.

AppleInsider is reporting that yet another analyst has come forward with their thoughts on the iPad 2. This time it’s Ming-Chi Kuo of Concord Securities, who is offering a full report on the subject focusing on a better display (but not a Retina Display), faster processor, separate CDMA and GSM versions, dual cameras and sales of up to five million in the first quarter the tablet refresh is available.

First and foremost is the display, which has been the subject of some back and forth speculation in recent weeks. Initially, many analysts believed that Apple would somehow magically produce a Retina Display for the iPad 2 which is quadruple the resolution of the existing 1024x768 screen -- but Kuo and others have since thrown cold water on that idea.

“The improvement of iPad 2 display focuses on thickness and anti-reflection, not resolution,” Kuo’s report reveals. “iPad 2 display module is 30-35 percent thinner than iPad and it’s helpful for better form factor. Thanks to anti-reflection, iPad 2 could have better sunlight readable experience and it’s helpful for Apple to compete with Amazon’s fast growing Kindle business.

"The most important reason why iPad 2 won’t have retinal display is yield rate of panel making,” Kuo concludes. “At this point, making high resolution and bright IPS/FFS panel is not easy and the production volume and cost couldn’t meet Apple’s requirements."

Most everyone agrees that the iPad 2 will be faster and pack more RAM, and Kuo concurs -- as well as the new tablet device featuring both a front and rear camera. Despite some speculation that Apple might consolidate both CDMA and GSM 3G antennas into the next iPad, Kuo believes that they will be separate models, especially since “more suppliers could reduce the risk of component shortage.”

Last but not least, Kuo estimates that Apple will move “at least 4.5 to 5 million units” in the first quarter of availability, which be believes will be before March of this year or at the very latest, early in the second quarter which begins in April.

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