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Taiwan Semiconductor Manufacturing Co Ltd ADR - Stock Quote TSM

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Morningstar's Taiwan Semiconductor Manufacturing Co Ltd ADR Stock Analysis

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Is it the right time to buy or sell?

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TSMC’s Comments at Symposium Back Our View on Firm’s Technology Leadership; FVE Retained

Phelix Lee Equity Analyst

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.

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Taiwan Semiconductor Manufacturing Co Ltd ADR's Company Profile

Business Description

Taiwan Semiconductor Manufacturing Company, or TSMC, is the world's largest dedicated chip foundry, with over 58% market share in 2020 per Gartner. TSMC was founded in 1987 as a joint venture of Philips, the government of Taiwan, and private investors. It went public as an ADR in the U.S. in 1997. TSMC's scale and high-quality technology allow the firm to generate solid operating margins, even in the highly competitive foundry business. Furthermore, the shift to the fabless business model has created tailwinds for TSMC. The foundry leader has an illustrious customer base, including Apple, AMD and Nvidia, that looks to apply cutting-edge process technologies to its semiconductor designs.

No. 8, Li-Hsin Road 6, Hsinchu Science Park
Hsinchu, 300-096, Taiwan
T +886 35636688
Sector Technology
Industry Semiconductors
Most Recent Earnings Mar 31, 2022
Fiscal Year End Dec 31, 2022
Stock Type
Employees 65,152

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