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A Bull Investment Case for TSMC (Summary Version)

Telco/Internet specialist

Kirk Boodry

Redex Research

Equity Bottom-Up

<ul>
<li>Softbank sale of Fortress removes an asset that is surplus to requirements at a price that is not as bad as headlines suggest</li>
<li>A sale to Mubadala at ~$1bn seems low versus the $3.3bn it paid in 2017 but dividend payments and a strong yen mean a c. 70% loss is actually ~10%</li>
<li>The discount has modestly narrowed recently but VF valuations likely to remain volatile whilst worries on China tech regulation persist</li>
</ul>


Softbank sale of Fortress removes an asset that is surplus to requirements at a price that is not as bad as headlines suggest
A sale to Mubadala at ~$1bn seems low versus the $3.3bn it paid in 2017 but dividend payments and a strong yen mean a c. 70% loss is actually ~10%
The discount has modestly narrowed recently but VF valuations likely to remain volatile whilst worries on China tech regulation persist


Softbank Group - Fortress Sale Looks Better when Returns and Exchange Rate Considered