Leading Independent Investment Research, Morningstar, Inc.

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Leading Independent Investment Research

Morningstar, Inc.

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Equity Bottom-Up

TSMC (Taiwan Semiconductor Manufacturing) / Equity Bottom-Up

TSMC (Taiwan Semiconductor Manufacturing) (2330 TT)

TSMC (Taiwan Semiconductor Manufacturing)

Taiwan Semiconductor Manufacturing reported second-quarter results that were in line with our expectations, as the mid- and low-end smartphone segments exhibited customer inventory restocking. More important, the firm's third-quarter guidance implies year-over-year revenue growth of 20%, primarily attributed to TSMC exclusively winning Apple's business to make the CPU for the iPhone 7, which is slated to be released in September. We note Apple wants to maintain multiple suppliers for the various components that go into its products and will probably use a dual-source approach for the iPhone 7s to be released in 2017. That being said, TSMC is in a good position this year to prove to Apple that its manufacturing technology is superior to the alternative (Samsung) and that it should be the principal foundry for iPhone CPUs going forward.Analyst: Abhinav Davuluri

Taiwan Semiconductor Manufacturing reported second-quarter results that were in line with our expectations, as the mid- and low-end smartphone segments exhibited customer inventory restocking. More important, the firm's third-quarter guidance implies year-over-year revenue growth of 20%, primarily attributed to TSMC exclusively winning Apple's business to make the CPU for the iPhone 7, which is slated to be released in September. We note Apple wants to maintain multiple suppliers for the various components that go into its products and will probably use a dual-source approach for the iPhone 7s to be released in 2017. That being said, TSMC is in a good position this year to prove to Apple that its manufacturing technology is superior to the alternative (Samsung) and that it should be the principal foundry for iPhone CPUs going forward.Analyst: Abhinav Davuluri

Exclusive Apple Business for IPhone 7 Drives Strong 3Q Guidance for Taiwan Semiconductor