TSMC

TSMC – Exceptional as Usual

Equity Bottom-Up
271 Views, 13 Jan 2022 22:24
EXECUTIVE SUMMARY
  • TSMC posted results at or above the top end of its guidance ranges for 4Q21 at the revenue, GPM and OPM levels. 
  • Guidance for 1Q22 was also punchy with the midpoint of revenue guidance 6.0% above consensus and mid to high 20s revenue growth guidance for the year. 
  • We still suspect however that momentum could actually accelerate through the year.
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Mio Kato
Japan/Asia Long-Short
LightStream Research
JapanEquity Bottom-UpEquity Capital Markets

Over 15 years analysing Japanese and Asian stocks from a long/short perspective I focus on cyclically driven sectors su... 

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