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.

Equity Bottom-Up

TSMC (Taiwan Semiconductor Manufacturing) / Equity Bottom-Up

TSMC (Taiwan Semiconductor Manufacturing) (2330 TT)

TSMC (Taiwan Semiconductor Manufacturing)

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<li>3Q26 revenue is NT$1,494bn (+17.6% QoQ, +50.9% YoY), about US$46.7bn: 2% above the top of guidance and 2.3% above consensus. The beat is a public fact, no surprises.</li>
<li>A known beat moves nothing, AI stocks have been sticky. In July a beat-and-raise cost the ADR 4–6%; Micron's went nowhere. Margin, the Q4 guide and capex decide 15 Oct.</li>
<li>Maintain BULLISH, FV NT$3,450/US$545 held. We model 67.0% gross margin and EPS NT$29.2. Do not chase into the print; own it in Taipei, not the ADR (17% premium).</li>
</ul>


3Q26 revenue is NT$1,494bn (+17.6% QoQ, +50.9% YoY), about US$46.7bn: 2% above the top of guidance and 2.3% above consensus. The beat is a public fact, no surprises.
A known beat moves nothing, AI stocks have been sticky. In July a beat-and-raise cost the ADR 4–6%; Micron's went nowhere. Margin, the Q4 guide and capex decide 15 Oct.
Maintain BULLISH, FV NT$3,450/US$545 held. We model 67.0% gross margin and EPS NT$29.2. Do not chase into the print; own it in Taipei, not the ADR (17% premium).


TSMC (2330 TW): 3Q26 Preview – The Beat Is Known and Priced; Margin and the Q4 Guide Decide 15 Oct