Analyst Note| Phelix Lee |
After TSMC presented at its annual Technology Symposium event, we remain confident on the company’s technology leadership and execution of cutting-edge chip manufacturing. We view this translates into strong pricing power that can more than offset macroeconomic inflationary pressures, which is in line with our investment thesis. The event can also dispel some of the concerns arising from TSMC confirming its roadmap later than Samsung and Intel. Subsequent to the event, we maintain our fair value estimate of TWD 990 and wide moat rating, and see shares as undervalued.