Taiwan Tech Focused Senior Analyst

Patrick Liao

Equity Bottom-Up

Taiwan Semiconductor (TSMC) - ADR / Equity Bottom-Up

<ul>
<li>
<a href="https://www.smartkarma.com/entities/taiwan-semiconductor-sp-adr" target="_blank" data-smartkarma-citation="entities:8587:1" rel="noopener">Taiwan Semiconductor (TSMC) - ADR (TSM US)</a> is planning to launch its 2nm in 2025.   </li>
<li>TSMC is expected to acquire one High-NA EUV machine this year for R&amp;D purposes, but it will not be used for commercial production.</li>
<li>TSMC is expected to increase the cost of its Chip-on-Wafer-on-Substrate (CoWoS) package by around 15% in 2H24.</li>
</ul>



Taiwan Semiconductor (TSMC) - ADR (TSM US) is planning to launch its 2nm in 2025.   
TSMC is expected to acquire one High-NA EUV machine this year for R&amp;D purposes, but it will not be used for commercial production.
TSMC is expected to increase the cost of its Chip-on-Wafer-on-Substrate (CoWoS) package by around 15% in 2H24.


TSMC (2330.TT; TSM.US): ASML's High-NA EUV Machine Will Not Be Required Until 2027 at TSMC.

Global Emerging Market Equities, Propitious Research

Wium Malan, CFA

Global Emerging Market Equities

Independent, Fundamental Quantitative Research

Propitious Research

Fully independent, fundamental and quantitative equity research, focused on companies in the Telecommunication, Media, Technology, Internet and Healthcare sectors in the Global Emerging Markets. Idea generation focused on Quality stocks, trading below their intrinsic Value, with sound Corporate Governance.

Taiwan Semiconductor (TSMC) / Equity Bottom-Up

<ul>
<li>TSMC looks set for a significant recovery in top-line growth in 2024F, driven by continued faster-than-expected demand for its 3nm volume production leading to significantly improved overall ASP.</li>
<li>This should be supported by a concurrent improvement in the inventory cycle at major clients, helping recover TSMC’s utilisation back to historic norms.</li>
<li>Lower capital intensity, improving internal inventory levels, and accelerating top-line growth should all combine to drive record levels of Free Cash Flow generation during 2024F.</li>
</ul>


TSMC looks set for a significant recovery in top-line growth in 2024F, driven by continued faster-than-expected demand for its 3nm volume production leading to significantly improved overall ASP.
This should be supported by a concurrent improvement in the inventory cycle at major clients, helping recover TSMC’s utilisation back to historic norms.
Lower capital intensity, improving internal inventory levels, and accelerating top-line growth should all combine to drive record levels of Free Cash Flow generation during 2024F.


2024 High Conviction: TSMC (2330 TT) Is Perfectly Poised for Revenue and FCF Growth Acceleration

Tracking developments across tech supply chains, Tech Supply Chain Tracker

Tech Supply Chain Tracker

Tracking developments across tech supply chains

<ul><li>Gelsinger excited for AI PC breakthrough at Computex 2024, plans Intel's 40th anniversary event in Taiwan next year.</li><li>MediaTek unveils AI and wireless advancements at Computex 2024, demonstrating commitment to technology innovation.</li><li>Nvidia CEO predicts rise of robots in the future; Taiwan's LEO satellite program delayed by funding and tech transfer issues.</li></ul>

Gelsinger excited for AI PC breakthrough at Computex 2024, plans Intel's 40th anniversary event in Taiwan next year.MediaTek unveils AI and wireless advancements at Computex 2024, demonstrating commitment to technology innovation.Nvidia CEO predicts rise of robots in the future; Taiwan's LEO satellite program delayed by funding and tech transfer issues.

Tech Supply Chain Tracker (05-Jun-2024): Gelsinger forecasts Intel Taiwan party for 40th anniversary.

Managing Director, Zero One, Zero One

Vincent Fernando, CFA

Managing Director, Zero One

Zero One

Founded in 2015, Zero One produces independent investment research and provides corporate finance advisory services with a focus on both listed and private technology companies. Founder Vincent Fernando has over 20 years of experience in US and Asia capital markets.

Independent Investment Research

<ul>
<li>Market Largely Influenced by Macro Trends and Nvidia Movements This Past Week</li>
<li>Key Events: Computex, Apple WDC, Key Taiwan May Revenue Releases</li>
<li>Apple (AAPL US) Is Overhauling Siri In Order to Create a Beautiful Voice-based AI Interface for the iPhone</li>
</ul>


Market Largely Influenced by Macro Trends and Nvidia Movements This Past Week
Key Events: Computex, Apple WDC, Key Taiwan May Revenue Releases
Apple (AAPL US) Is Overhauling Siri In Order to Create a Beautiful Voice-based AI Interface for the iPhone


Taiwan Tech Weekly: Computex & Apple WDC Imminent; Apple Releasing New AI Voice Interface for IPhone

<ul>
<li>TSMC's Latest 2024E Industry Guidance Provided at Symposium in Taiwan</li>
<li>More Potential Details on Nvidia &amp; Mediatek's AI PC Chip to Compete with Qualcomm &amp; Intel</li>
<li>Samsung's HBM DRAM Chips Face Challenges in Meeting Nvidia's AI Requirements</li>
</ul>


TSMC's Latest 2024E Industry Guidance Provided at Symposium in Taiwan
More Potential Details on Nvidia &amp; Mediatek's AI PC Chip to Compete with Qualcomm &amp; Intel
Samsung's HBM DRAM Chips Face Challenges in Meeting Nvidia's AI Requirements


Taiwan Tech Weekly: TSMC's Latest Sub-Industry Guidance; PC Names Strong; Computex & Apple WDC Ahead

Taiwan

Taiwan Semiconductor Manufacturing Company Ltd. manufactures integrated circuits based on its proprietary designs.  The Company offers a comprehensive set of integrated circuit fabrication processes to manufacture CMOS logic, mixed-mode, volatile and non-volatile memory and BiCMOS chips.  Taiwan Semiconductor is an affiliate of Philips Electronics N.V.

Taiwan Semiconductor (TSMC) - ADR (TSM US)

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Taiwan Semiconductor (TSMC) - ADR (TSM US)

TSMC (2330.TT; TSM.US): ASML's High-NA EUV Machine Will Not Be Required Until 2027 at TSMC.

Taiwan Semiconductor (TSMC) plans to launch 2nm chip in 2025, investing in R&D and increasing CoWoS package cost by 15% in 2H24.

Patrick Liao

2024 High Conviction: TSMC (2330 TT) Is Perfectly Poised for Revenue and FCF Growth Acceleration

Given that we have reached the peak of the Capex cycle, along with normalisation in its internal working capital, and with revenue growth set to...

Wium Malan, CFA

Tech Supply Chain Tracker (05-Jun-2024): Gelsinger forecasts Intel Taiwan party for 40th anniversary.

Intel, MediaTek, Nvidia, Taiwan's satellite program, India, Vietnam, M&A market, OLED shipments, and key industries showcased at Computex 2024.

Tech Supply Chain Tracker

Taiwan Tech Weekly: Computex & Apple WDC Imminent; Apple Releasing New AI Voice Interface for IPhone

Key events this week include Computex, Apple WDC, and Taiwan revenue releases. Apple is revamping Siri to create a voice-based AI interface for the...

Vincent Fernando, CFA

Taiwan Tech Weekly: TSMC's Latest Sub-Industry Guidance; PC Names Strong; Computex & Apple WDC Ahead

TSMC provides industry guidance for 2024E, more detail on Nvidia and Mediatek developing AI PC chip to rival Qualcomm and Intel, Samsung's HBM...

Vincent Fernando, CFA

Price Gauge

52-week Range

Market Cap (USDm)

P/E

Dividend (Yield)

TSMC (2330.TT; TSM.US): ASML's High-NA EUV Machine Will Not Be Required Until 2027 at TSMC.

​Taiwan Semiconductor (TSMC) plans to launch 2nm chip in 2025, investing in R&D and increasing CoWoS package cost by 15% in 2H24.

Patrick Liao

2024 High Conviction: TSMC (2330 TT) Is Perfectly Poised for Revenue and FCF Growth Acceleration

Given that we have reached the peak of the Capex cycle, along with normalisation in its internal working capital, and with revenue growth set to...

Wium Malan, CFA

Tech Supply Chain Tracker (05-Jun-2024): Gelsinger forecasts Intel Taiwan party for 40th anniversary.

Intel, MediaTek, Nvidia, Taiwan's satellite program, India, Vietnam, M&A market, OLED shipments, and key industries showcased at Computex 2024.

Tech Supply Chain Tracker

Taiwan Tech Weekly: Computex & Apple WDC Imminent; Apple Releasing New AI Voice Interface for IPhone

Key events this week include Computex, Apple WDC, and Taiwan revenue releases. Apple is revamping Siri to create a voice-based AI interface for the...

Vincent Fernando, CFA

Taiwan Tech Weekly: TSMC's Latest Sub-Industry Guidance; PC Names Strong; Computex & Apple WDC Ahead

​TSMC provides industry guidance for 2024E, more detail on Nvidia and Mediatek developing AI PC chip to rival Qualcomm and Intel, Samsung's HBM...

Vincent Fernando, CFA

Taiwan Semiconductor (TSMC) plans to launch 2nm chip in 2025, investing in R&D and increasing CoWoS package cost by 15% in 2H24.

TSMC provides industry guidance for 2024E, more detail on Nvidia and Mediatek developing AI PC chip to rival Qualcomm and Intel, Samsung's HBM...