TSMC (TSM.US; 2330.TT): 1Q22 Beats Our Forecast; 2Q22 Revenue Is in Line, and GM/OPM Beats Forecast
The revenue/ GM/ OPM/ EPS/ ROE is USD$17.57b/ 55.6%/ 45.6%/ NT$7.82/ 36.2% in 1Q22. The revenue/ GMO/ OPM is US$17.6-18.2bn/ 56-58%/ OPM: 45-47% in...
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UMC (2303.TT): 2Q22 Preview and the Order Booking Is Pretty Much Full in 3Q22.
The 1Q22 revenue is NTD$63.4bn, and we estimate GM is ~40%, which is consistent with 1Q22 guidance. We estimate the order is pretty much confirmed...
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TSMC (TSM.US; 2330.TT): The Outlook Is Positive in 2Q22, and Wafer Price Lift Is Not Decided Yet.
We expect TSMC will grow ~4.7% QoQ in 2Q22, and the revenue/GM/OPG is around US$17.7bn/55.1%/43.8%. TSMC 4/5nm capacity will be ready for 150k...
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SMIC (981.HK): Local Demand Is Very Strong, but EUV Embargo Is Constrained Technical Growth Still.
SMIC will spend ~US$5bn in Capex in 2022, of which only the Beijing is 12” Fab, and Shenzhen and Tianjin are 8” Fabs. SMIC had a limitation to...
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TSMC (TSM.US; 2330.TT): It's Too Aggressive Intel Wants to Deliver 4 Technology Nodes Within 2024.
TSMC is still focusing on their delivery targets for 3nm and 2nm for the next goals. We have to leave a big question mark here that Intel declares...
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