Taiwan Tech Focused Senior Analyst

Patrick Liao

Equity Bottom-Up

TSMC (Taiwan Semiconductor Manufacturing) - ADR / Equity Bottom-Up

TSMC (Taiwan Semiconductor Manufacturing) - ADR

<ul>
<li>
<a href="https://www.smartkarma.com/entities/taiwan-semiconductor-sp-adr" target="_blank" data-smartkarma-citation="entities:8587:1" rel="noopener">Taiwan Semiconductor (TSMC) - ADR (TSM US)</a>’s 2nm process is said to be comparable to <a href="https://www.smartkarma.com/entities/intel-corp" target="_blank" data-smartkarma-citation="entities:16764:1" rel="noopener">Intel Corp (INTC US)</a>’s 18A technology.</li>
<li>It is reported that Intel has placed orders for TSMC’s 2nm capacity, as we previously highlighted, due to its timely availability.</li>
<li>Nonetheless, Intel continues to invest in its own manufacturing roadmap, targeting risk production of the 14A node around 2027.</li>
</ul>



Taiwan Semiconductor (TSMC) - ADR (TSM US)’s 2nm process is said to be comparable to Intel Corp (INTC US)’s 18A technology.
It is reported that Intel has placed orders for TSMC’s 2nm capacity, as we previously highlighted, due to its timely availability.
Nonetheless, Intel continues to invest in its own manufacturing roadmap, targeting risk production of the 14A node around 2027.


TSMC (2330.TT; TSM.US): Intel Appears to Have Delayed the Foundry Competition to 14A.

Technology / Semiconductor / Internet Research

Nicolas Baratte

TSMC (Taiwan Semiconductor Manufacturing) / Equity Bottom-Up

TSMC (Taiwan Semiconductor Manufacturing)

<ul>
<li>Monthly sales are volatile and must be looked at with a modicum of circumspection. Yet, TSMC April revenue growth accelerated to +48% YoY and represent 39% of 2Q revenue guidance. </li>
<li>This opens the possibility of TSMC delivering a decent beat in 2Q. UMC April revenue are inline, Vanguard is below. </li>
<li>Remarkably, TSMC stock is not expensive at 15.4x 2025 EPS, 13x 2026EPS. It is actually the 2nd cheapest stock after UMC.</li>
</ul>


Monthly sales are volatile and must be looked at with a modicum of circumspection. Yet, TSMC April revenue growth accelerated to +48% YoY and represent 39% of 2Q revenue guidance. 
This opens the possibility of TSMC delivering a decent beat in 2Q. UMC April revenue are inline, Vanguard is below. 
Remarkably, TSMC stock is not expensive at 15.4x 2025 EPS, 13x 2026EPS. It is actually the 2nd cheapest stock after UMC.


Taiwan Foundry Revenue: Very Strong TSMC April Revenues

Managing Director, Zero One, Zero One

Vincent Fernando, CFA

Managing Director, Zero One

Zero One

Founded in 2015, Zero One produces independent investment research and provides corporate finance advisory services with a focus on both listed and private technology companies. Founder Vincent Fernando has over 20 years of experience in US and Asia capital markets.

Independent Investment Research

<ul>
<li>
TSMC’s Next Generation 2nm Node is Experiencing Unprecedented Customer Demand</li>
<li>
Showdown Heats Up Between Qualcomm &amp; Mediatek's Next Generation of Mobile Phone SoCs -- And All Roads Lead to TSMC's Process Technology</li>
<li>
Hyperscale Capex Is Maintained or Increased No Cuts or Postponement Capacity Constrain at AMZN GOOG</li>
</ul>



TSMC’s Next Generation 2nm Node is Experiencing Unprecedented Customer Demand

Showdown Heats Up Between Qualcomm &amp; Mediatek's Next Generation of Mobile Phone SoCs -- And All Roads Lead to TSMC's Process Technology

Hyperscale Capex Is Maintained or Increased No Cuts or Postponement Capacity Constrain at AMZN GOOG


Taiwan Tech Weekly: TSMC's Next Gen Node Unprecedented Demand; QCOM/Mediatek Chips' Peformance Leaks

<ul>
<li>
TSMC: +15% Premium; Trading Near Level to Go Long the ADR Spread</li>
<li>
UMC: -1.8% Discount; Also Near a Level to Go Long the Spread</li>
<li>
CHT: -2.2% Discount; Good Level to Go Long the Spread</li>
</ul>



TSMC: +15% Premium; Trading Near Level to Go Long the ADR Spread

UMC: -1.8% Discount; Also Near a Level to Go Long the Spread

CHT: -2.2% Discount; Good Level to Go Long the Spread


Taiwan Dual-Listings Monitor: Market Volatility Has Opened Up Multiple Spread Trading Levels

<ul>
<li>
Major earnings week ahead: Taiwan names like Macronix, Lite-On, Delta, Mediatek report, while global tech giants Microsoft, Meta, Amazon, and Apple headline a critical week of results.</li>
<li>
 Apple’s India shift faces hurdles: Apple plans to move most U.S. iPhone assembly to India by 2026E, but analysts caution full supply chain relocation from China will be difficult.</li>
<li>
UMC and Intel: Strategy and Uncertainty in Focus: Recent updates from UMC and Intel reveal supply chain adaptations and market visibility challenges for 2025E and beyond.</li>
</ul>



Major earnings week ahead: Taiwan names like Macronix, Lite-On, Delta, Mediatek report, while global tech giants Microsoft, Meta, Amazon, and Apple headline a critical week of results.

 Apple’s India shift faces hurdles: Apple plans to move most U.S. iPhone assembly to India by 2026E, but analysts caution full supply chain relocation from China will be difficult.

UMC and Intel: Strategy and Uncertainty in Focus: Recent updates from UMC and Intel reveal supply chain adaptations and market visibility challenges for 2025E and beyond.


Taiwan Tech Weekly: Taiwan's Big Earnings Week and Apple's High-Stakes Shift to India

Taiwan

Taiwan Semiconductor Manufacturing Company, Ltd. manufactures and markets integrated circuits. The Company provides the following services: wafer manufacturing, wafer probing, assembly and testing, mask production, and design services. TSMC's ICs are used in computer, communication, consumer electronics, automotive, and industrial equipment industries.

TSMC (Taiwan Semiconductor Manufacturing) (2330 TT)

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TSMC (Taiwan Semiconductor Manufacturing) (2330 TT)

TSMC (2330.TT; TSM.US): Intel Appears to Have Delayed the Foundry Competition to 14A.

TSMC's 2nm process rivals Intel's 18A technology, with Intel ordering capacity from TSMC while also investing in its own manufacturing roadmap.

Patrick Liao

Taiwan Foundry Revenue: Very Strong TSMC April Revenues

TSMC's strong April revenue growth could lead to a beat in 2Q, despite volatile monthly sales. Stock not expensive compared to peers.

Nicolas Baratte

Taiwan Tech Weekly: TSMC's Next Gen Node Unprecedented Demand; QCOM/Mediatek Chips' Peformance Leaks

TSMC's 2nm node sees high demand, Qualcomm and Mediatek compete using TSMC's technology, Amazon and Google maintain or increase hyperscale capex.

Vincent Fernando, CFA

Taiwan Dual-Listings Monitor: Market Volatility Has Opened Up Multiple Spread Trading Levels

We analyze the premium and discount levels of dual-listed Taiwan companies, suggesting potential spread trading levels based on historical trends.

Vincent Fernando, CFA

Taiwan Tech Weekly: Taiwan's Big Earnings Week and Apple's High-Stakes Shift to India

Upcoming earnings reports from Taiwan and global tech giants, Apple's India assembly shift faces challenges, UMC and Intel navigate supply chain...

Vincent Fernando, CFA

Price Gauge

52-week Range

Market Cap (USDm)

P/E

Dividend (Yield)

TSMC (2330.TT; TSM.US): Intel Appears to Have Delayed the Foundry Competition to 14A.

​TSMC's 2nm process rivals Intel's 18A technology, with Intel ordering capacity from TSMC while also investing in its own manufacturing roadmap.

Patrick Liao

Taiwan Foundry Revenue: Very Strong TSMC April Revenues

​TSMC's strong April revenue growth could lead to a beat in 2Q, despite volatile monthly sales. Stock not expensive compared to peers.

Nicolas Baratte

Taiwan Tech Weekly: TSMC's Next Gen Node Unprecedented Demand; QCOM/Mediatek Chips' Peformance Leaks

​TSMC's 2nm node sees high demand, Qualcomm and Mediatek compete using TSMC's technology, Amazon and Google maintain or increase hyperscale capex.

Vincent Fernando, CFA

Taiwan Dual-Listings Monitor: Market Volatility Has Opened Up Multiple Spread Trading Levels

We analyze the premium and discount levels of dual-listed Taiwan companies, suggesting potential spread trading levels based on historical trends.

Vincent Fernando, CFA

Taiwan Tech Weekly: Taiwan's Big Earnings Week and Apple's High-Stakes Shift to India

​Upcoming earnings reports from Taiwan and global tech giants, Apple's India assembly shift faces challenges, UMC and Intel navigate supply chain...

Vincent Fernando, CFA

TSMC's 2nm process rivals Intel's 18A technology, with Intel ordering capacity from TSMC while also investing in its own manufacturing roadmap.

TSMC's strong April revenue growth could lead to a beat in 2Q, despite volatile monthly sales. Stock not expensive compared to peers.

TSMC's 2nm node sees high demand, Qualcomm and Mediatek compete using TSMC's technology, Amazon and Google maintain or increase hyperscale capex.

Upcoming earnings reports from Taiwan and global tech giants, Apple's India assembly shift faces challenges, UMC and Intel navigate supply chain...