"Consumers should wait for the iPhone 5because it will put the Samsung Galaxy S III to shame," a report published in Focus Taiwan quoted Foxconn CEO Terry Gou as saying in China Times.

Foxconn assembles iPhone and other Apple products.

According to the report, Gou did not divulge details of the iPhone5 but talked about the new partnership with display manufacturer Sharp during Foxconn's annual shareholder's meeting.

Gou also claimed that Sharp's cutting-edge display manufacturing facilities in Sakai City, Osaka, Japan will give Foxconn a three-year lead on Samsung.

"With (Foxconn's) marketing and manufacturing strengths and Sharp's key technologies, the two will be able to defeat their arch-rival Samsung," the report in Focus Taiwan added.