In today’s briefing:
- Vanguard (5347.TT): 8″ Capacity Tightness with TSMC Standing Behind as Actionable
Vanguard (5347.TT): 8″ Capacity Tightness with TSMC Standing Behind as Actionable
- In our estimate, Vanguard’s 4Q21 revenue/GM is NT$12.6bn/46.3%, and 1Q22 revenue/GM is NT$12.3bn/46.1% respectively.
- Vanguard has about 30% capacity utilized by TSMC’s foundry products. In technology deliverables, Vanguard also competes with TSMC for manufacturing excellence, which creates an internal competition.
- Vanguard has dealt with their clients to share the expansion cost. Certainly, there is almost no such trust-worthy partnership, except Vanguard who has TSMC to back up.
Before it’s here, it’s on Smartkarma
