Managing Director, Zero One, Zero One

Vincent Fernando, CFA

20 years of experience researching capital markets in Asia and the USA.

Managing Director, Zero One

Taiwan Dual-Listings: TSMC Premium In Upper Range, UMC Briefing This Afternoon

Taiwan Tech Weekly: UMC Vs. TSMC Results' Vastly Different Performance, Japan Cautious on China Bans

Pockets of Resilience in the Technology Sector

China Semiconductor Restrictions: How the Vice Is Becoming Tighter and Tighter

Taiwan Tech Weekly: Global Optimism for Semi Stocks, Taiwan's New Subsidies, TSMC CEO Buying Stock

Taiwan Tech Weekly: Signs TSMC Winning the 3-Nm Battle Vs. Samsung, Apple Bargaining Down Suppliers

Battle Lines Drawn As BABA Builds Out First/Last-Mile Capacity; But Who Will Fund 75+ Bn CNY CapEx?

Equity Bottom-Up

Taiwan Semiconductor (TSMC) - ADR / Equity Bottom-Up

Taiwan Semiconductor (TSMC) - ADR (TSM US)

<ul>
<li>TSMC's comments during its 4Q22 analyst call indicate the company expects an industry recovery in 2H23E, adding further confirmation to this view expressed by other firms.</li>
<li>TSMC grew faster than the industry in 2022 and expects to grow faster than the industry in 2023E again.</li>
<li>Based on our cycle-adjusted PE valuation metric, TSMC my not be super cheap vs. history, but it is also inexpensive.</li>
</ul>


TSMC's comments during its 4Q22 analyst call indicate the company expects an industry recovery in 2H23E, adding further confirmation to this view expressed by other firms.
TSMC grew faster than the industry in 2022 and expects to grow faster than the industry in 2023E again.
Based on our cycle-adjusted PE valuation metric, TSMC my not be super cheap vs. history, but it is also inexpensive.


TSMC Analyst Call Take-Aways: Signs of Industry Stabilization & 2H23E Recovery