Technology / Semiconductor / Internet Research

Nicolas Baratte

Nicolas Baratte has been a financial analyst since 2000, covering the Semiconductor sector and Global Technology. Nicolas has worked on the sell-side for JPMorgan, CLSA. On the buy-side for a Tiger fund and Prudential. Nicolas has covered semiconductors, Asian hardware and components, and the Global Tech supply chain. Nicolas lives mostly in Taiwan, sometimes in France and is in New York regularly.

Taiwan Tech Weekly: Intel Foundry Gains Big Tech Interest; AMD CEO Champions Taiwan in D.C

Taiwan Dual-Listings Monitor: TSMC Spread Rebounds Back to Recent Highs; ChipMOS Premium at Extreme

Just Listen to Jensen (And Lisa): TSMC, Intel, Samsung

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

TSMC 1H25 Revenue up 37% YoY. Upside to Full Year Outlook. AI and CoWoS Revenue Double in 2025.

TSMC. Full Steam Ahead Despite Tariff Threats & China Bans. For Now.

Vanguard (5347.TT): 2Q25 Outlook Slightly Upbeat; US Tariffs Remain a Negative Factor.

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

Equity Bottom-Up

TSMC (Taiwan Semiconductor Manufacturing) / Equity Bottom-Up

TSMC (Taiwan Semiconductor Manufacturing) (2330 TT)

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