Yes. You have to be careful how you use the result, however.
Here is the example program (again!) with this modification:
import java.awt.*;
class EqualsDemo4
{
  public static void main ( String arg[] )
  {
    Point pointA = new Point( 7, 99 );     // pointA refers to a Point Object
    Point pointB = pointA;                 // pointB refers to the same Object 
    if ( pointA.equals( pointB ) )
    {
      System.out.println( "The two variables refer to the same object," );
      System.out.println( "or different objects with the same data." );
    }
    else
      System.out.println( "The two variables refer to different objects" );     
  }
}
 
The picture of the situation is the same as before.
But now the equals() method is used. It:
The fact that the object is the same object in step 1 and step 2 does not matter. The x's that are tested are the same, and the y's that are tested are the same, so the result is true.
If the == operator returns a true will the equals() method
return a true, always?