KGI Securities, the reputed securities firm that has a track record for spot-on information about Apple products, has released a research note that says that the demand for the Apple Watch turned out to be lower than expected [big surprise here, WOW].

As a result, KGI Securities has slashed its shipment forecast for the Apple Watch in half. Previously, the securities firm estimated 20 to 30 million Apple Watch units to be shipped in 2015. That figure has been cut down to 15 million, according to the latest estimates by KGI.

Another interesting piece of information revealed by the firm is that 80% of all Apple Watch orders were for the larger, 42mm model.