Equity Long-Short

Mo Aziz

Capital markets veteran with 25 years across sell-side and buy-side research, investor relations, and fund management. Currently publish independent equity research (Mofferies Investment Research, via Smartkarma) spanning semiconductor memory (DRAM/NAND/HBM), foundry, semiconductor equipment and advanced packaging, gold and cross-asset strategy, financials forensics, and APAC IPOs — with a standing watchlist of 190+ companies across 41 countries. Background includes deep aviation-sector expertise (airlines, airports, OEMs, lessors, air cargo, travel/OTAs). Approach centers on identifying cyclical inflection points and mispriced risk across sectors, translated into explicit, actionable calls.

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Equity Bottom-Up

TSMC (Taiwan Semiconductor Manufacturing) / Equity Bottom-Up

TSMC (Taiwan Semiconductor Manufacturing) (2330 TT)

TSMC (Taiwan Semiconductor Manufacturing)

<ul>
<li>1Q26 results confirm TSMC’s leadership in AI-driven semiconductors, with advanced-node mix and HPC demand driving structurally higher margins and earnings quality.</li>
<li>HPC now dominates at 61% of revenue, positioning TSMC as a direct beneficiary of global AI infrastructure spend, albeit with rising customer and demand concentration.</li>
<li>We derive a fair value of <strong>NT$2,475</strong> (+19% upside), supported by 36% FY2026 growth, strong ROE of 45%, and sustained AI-driven earnings momentum.</li>
</ul>


1Q26 results confirm TSMC’s leadership in AI-driven semiconductors, with advanced-node mix and HPC demand driving structurally higher margins and earnings quality.
HPC now dominates at 61% of revenue, positioning TSMC as a direct beneficiary of global AI infrastructure spend, albeit with rising customer and demand concentration.
We derive a fair value of NT$2,475 (+19% upside), supported by 36% FY2026 growth, strong ROE of 45%, and sustained AI-driven earnings momentum.


TSMC (2330 TT) 1Q26 Results: AI Drives Record Margins, Management Raises Guidance