In today’s briefing:
- TSMC (2330.TT; TSM.US): If Intel Was Split Up, What Impact Will It Have on the Foundry Industry?
- Delta Taiwan Vs. Thailand Monitor: Parent Could Sell More of Its Stake; Thai 50x PER Vs. Taiwan 20x
TSMC (2330.TT; TSM.US): If Intel Was Split Up, What Impact Will It Have on the Foundry Industry?
- We assume that Intel’s current business model is unable to fully meet the manufacturing needs in that case.
- As for the Intel Foundry Business, we believe that there is potential upside for growth.
- If Intel was doing great in Wafer Manufacturing Business, then why does it have to consider splitting up?
Delta Taiwan Vs. Thailand Monitor: Parent Could Sell More of Its Stake; Thai 50x PER Vs. Taiwan 20x
- Delta Thailand vs. Taiwan valuation differential has returned to an historically extreme level.
- For 2024E & 2025E growth expectations continue to be similar for the two companies, yet Delta Thailand’s FY2024E PER is 50x while Delta Taiwan’s is 20x.
- We see substantial relative value in Delta Taiwan and expect likely reversion of relative valuation due to latest return to historically extreme mismatch.
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