Taiwan Semiconductor

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Description

This is our first report on Taiwan Semiconductor, the world’s largest dedicated contract chip manufacturer. The company delivered a mixed set of results for the past quarter with revenues below expectations as it continues to see softness in the consumer end-market category. TSMC’s other end market categories, like data centers and the automotive industry, are currently stable and it did manage to deliver an earnings beat. However, there is a good chance of a slump beginning soon. The management aims to diversify its customer product offering and grow its addressable market in 2023 with the successful ramp-up of N5, N4P, N4X, and the planned ramp of N3E. Thus, they anticipate that their business will be supported by growing demand for their distinctive and industry-leading advanced and specialist technologies, making 2023 a growth year for the company even though the supply of semiconductors is still being corrected. Besides, its N7 and N6 capacity utilization will not be as high as it has been in the last three years due to end-market difficulties in smartphones and PCs. We initiate coverage on the stock of Taiwan Semiconductor with a ‘Hold’ rating.

Our Report Structure:

⦁ Company Overview
⦁ Investment Thesis
⦁ Key Drivers
⦁ Historical Quarterly Statement Analysis – Income Statement & Cash Flows
⦁ Historical Quarterly Balance Sheet Analysis
⦁ Historical Annual Financial Statement Analysis
⦁ Analysis Of Key Financial Ratios
⦁ Financial Forecasts For 3 Years
⦁ Forecasting The Capital Structure & Net Debt
⦁ Discounted Cash Flow Valuation
⦁ Trading Multiples
⦁ Key Risks
⦁ Disclosures

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