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>For 2nm technology, <a href="https://www.smartkarma.com/entities/taiwan-semiconductor-manufacturing-company" target="_blank" data-smartkarma-citation="entities:11230:1" rel="noopener">Taiwan Semiconductor (TSMC) (2330 TT)</a> should start <a href="https://www.smartkarma.com/entities/apple-inc" target="_blank" data-smartkarma-citation="entities:666:1" rel="noopener">Apple (AAPL US)</a> iPhone 17 production in the middle of 2025, most likely.  </li>
<li>TSMC's competitors, <a href="https://www.smartkarma.com/entities/samsung-electronics-co-ltd" target="_blank" data-smartkarma-citation="entities:191:1" rel="noopener">Samsung Electronics (005930 KS)</a> and <a href="https://www.smartkarma.com/entities/intel-corp" target="_blank" data-smartkarma-citation="entities:16764:1" rel="noopener">Intel Corp (INTC US)</a> are running foundry business and keeping owning manufacturing business at the same time, which is contradictory to purely foundry business.</li>
<li>To making the advanced chip in the US, we consider the main main concern still the cost.</li>
</ul>


For 2nm technology, Taiwan Semiconductor (TSMC) (2330 TT) should start Apple (AAPL US) iPhone 17 production in the middle of 2025, most likely.  
TSMC's competitors, Samsung Electronics (005930 KS) and Intel Corp (INTC US) are running foundry business and keeping owning manufacturing business at the same time, which is contradictory to purely foundry business.
To making the advanced chip in the US, we consider the main main concern still the cost.


TSMC (2330.TT; TSM.US): The Productivity and Profitability Are the Essential Competitiveness.

Tracking developments across tech supply chains, Tech Supply Chain Tracker

Tech Supply Chain Tracker

Tracking developments across tech supply chains

Hon Hai Precision Industry / Equity Bottom-Up

<ul><li>AMD set to become second largest client at TSMC's US fab, aligning with earlier hints. </li><li>Taiwan launches 3 AI centers for healthcare innovation; NTUH director warns against history repeating itself. </li><li>Telangana aims for increased FDI beyond electronics; India Taiwan Industrial Park progresses as Foxconn unveils new EV models.</li></ul>

AMD set to become second largest client at TSMC's US fab, aligning with earlier hints. Taiwan launches 3 AI centers for healthcare innovation; NTUH director warns against history repeating itself. Telangana aims for increased FDI beyond electronics; India Taiwan Industrial Park progresses as Foxconn unveils new EV models.

Tech Supply Chain Tracker (10-Oct-2024): AMD to be TSMC's second largest US fab client soon.

AI and Global Deep Tech, Mint Finance

Uttkarsh Kohli

AI and Global Deep Tech

Deep Fundamental Analysis

Mint Finance

Mint Finance's investment research blends deep fundamental analysis with technical & quant insights. Investment strategies straddle across multiple asset classes with risk management embedded into every trade to deliver an outsized reward-to-risk ratio.

Mint Finance's research is centered around three key themes. First, energy transition and climate change. Second, artificial intelligence. Third, shifting world order with its impact across politics and monetary economics.

<ul>
<li>Q3 revenue is expected to reach $22.4-23.2 billion, reflecting strong demand for TSMC's 3nm and AI-driven technologies. This marks a significant 14.4% increase from Q2's $20.82 billion, despite global headwinds.</li>
<li>Operating profit margins are forecasted to be between 42.5% and 44.5%, highlighting TSMC’s efforts to maintain profitability. However, pressures from rising operational costs and competitive advancements remain a challenge.</li>
<li>EPS is projected at $1.76, up 40% YoY, driven by robust AI chip demand. Despite this, TSMC faces slowing consumer electronics demand, particularly in smartphones, which could affect future growth.</li>
</ul>


Q3 revenue is expected to reach $22.4-23.2 billion, reflecting strong demand for TSMC's 3nm and AI-driven technologies. This marks a significant 14.4% increase from Q2's $20.82 billion, despite global headwinds.
Operating profit margins are forecasted to be between 42.5% and 44.5%, highlighting TSMC’s efforts to maintain profitability. However, pressures from rising operational costs and competitive advancements remain a challenge.
EPS is projected at $1.76, up 40% YoY, driven by robust AI chip demand. Despite this, TSMC faces slowing consumer electronics demand, particularly in smartphones, which could affect future growth.


TSMC's Q3 Earnings Preview: Investors to Eye AI Demand Boost, Margins in Focus

<ul><li>CSP leading the development of ASIC accelerators for faster processing, enhancing their technological edge in the market.</li><li>Partnership between Foxconn and Nvidia to build world's largest GB2000 production line, gearing up for increased demand in the semiconductor industry.</li><li>Taiwan emerging as a key player in the offshore wind industry, forging partnerships with foreign companies and investing in energy storage technology to stay competitive.</li></ul>

CSP leading the development of ASIC accelerators for faster processing, enhancing their technological edge in the market.Partnership between Foxconn and Nvidia to build world's largest GB2000 production line, gearing up for increased demand in the semiconductor industry.Taiwan emerging as a key player in the offshore wind industry, forging partnerships with foreign companies and investing in energy storage technology to stay competitive.

Tech Supply Chain Tracker (09-Oct-2024): CSP develops ASIC accelerators.

Vanguard Intl Semiconductor / Equity Bottom-Up

<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> invests over 3.7 billion in <a href="https://www.smartkarma.com/entities/vanguard-international-semi" target="_blank" data-smartkarma-citation="entities:16011:1" rel="noopener">Vanguard Intl Semiconductor (5347 TT)</a> to increase its holdings to 27%.</li>
<li>Taiwanese authorities, specifically the Investment Commission of the Ministry of Economic Affairs, approved Vanguard's investment in its first 12-inch factory in Singapore yesterday.</li>
<li>Regarding the outlook for 4Q24, we believe it is still evolving, and our current estimate is a ~5% quarter-on-quarter decline.</li>
</ul>



Taiwan Semiconductor (TSMC) - ADR (TSM US) invests over 3.7 billion in Vanguard Intl Semiconductor (5347 TT) to increase its holdings to 27%.
Taiwanese authorities, specifically the Investment Commission of the Ministry of Economic Affairs, approved Vanguard's investment in its first 12-inch factory in Singapore yesterday.
Regarding the outlook for 4Q24, we believe it is still evolving, and our current estimate is a ~5% quarter-on-quarter decline.


Vanguard (5347.TT): TSMC Invests over 3.7 Billion in Vanguard to Increase Its Holdings to 27%.

Taiwan

Taiwan Semiconductor Manufacturing Company Ltd. manufactures integrated circuits based on its proprietary designs.  The Company offers a comprehensive set of integrated circuit fabrication processes to manufacture CMOS logic, mixed-mode, volatile and non-volatile memory and BiCMOS chips.  Taiwan Semiconductor is an affiliate of Philips Electronics N.V.

TSMC (Taiwan Semiconductor Manufacturing) - ADR (TSM US)

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TSMC (Taiwan Semiconductor Manufacturing) - ADR (TSM US)

TSMC (2330.TT; TSM.US): The Productivity and Profitability Are the Essential Competitiveness.

TSMC may start producing iPhone 17 with 2nm technology in mid-2025, while competitors Samsung and Intel face challenges with their mixed business...

Patrick Liao

Tech Supply Chain Tracker (10-Oct-2024): AMD to be TSMC's second largest US fab client soon.

AMD set to be TSMC's second largest client, Taiwan invests in AI healthcare centers, Foxconn introduces new electric vehicle models, Google focuses...

Tech Supply Chain Tracker

TSMC's Q3 Earnings Preview: Investors to Eye AI Demand Boost, Margins in Focus

TSMC is expected to report strong Q3 revenue growth driven by AI and advanced nodes, while facing pressure from weakening margins and slowing...

Mint Finance

Tech Supply Chain Tracker (09-Oct-2024): CSP develops ASIC accelerators.

Taiwan leading the way in technology development, energy storage, and offshore wind industry, facing competition as industrial power rates rise and...

Tech Supply Chain Tracker

Vanguard (5347.TT): TSMC Invests over 3.7 Billion in Vanguard to Increase Its Holdings to 27%.

TSMC boosts investment in Vanguard to 27%, Taiwanese authorities approve Vanguard's investment in Singapore factory, 4Q24 outlook shows potential...

Patrick Liao

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52-week Range

Market Cap (USDm)

P/E

Dividend (Yield)

TSMC (2330.TT; TSM.US): The Productivity and Profitability Are the Essential Competitiveness.

​TSMC may start producing iPhone 17 with 2nm technology in mid-2025, while competitors Samsung and Intel face challenges with their mixed business...

Patrick Liao

Tech Supply Chain Tracker (10-Oct-2024): AMD to be TSMC's second largest US fab client soon.

AMD set to be TSMC's second largest client, Taiwan invests in AI healthcare centers, Foxconn introduces new electric vehicle models, Google focuses...

Tech Supply Chain Tracker

TSMC's Q3 Earnings Preview: Investors to Eye AI Demand Boost, Margins in Focus

TSMC is expected to report strong Q3 revenue growth driven by AI and advanced nodes, while facing pressure from weakening margins and slowing...

Mint Finance

Tech Supply Chain Tracker (09-Oct-2024): CSP develops ASIC accelerators.

Taiwan leading the way in technology development, energy storage, and offshore wind industry, facing competition as industrial power rates rise and...

Tech Supply Chain Tracker

Vanguard (5347.TT): TSMC Invests over 3.7 Billion in Vanguard to Increase Its Holdings to 27%.

TSMC boosts investment in Vanguard to 27%, Taiwanese authorities approve Vanguard's investment in Singapore factory, 4Q24 outlook shows potential...

Patrick Liao

TSMC may start producing iPhone 17 with 2nm technology in mid-2025, while competitors Samsung and Intel face challenges with their mixed business...