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Equity Bottom-Up

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

Taiwan Semiconductor (TSMC) - ADR (TSM US)

<ul>
<li>TSM is upbeat on the AI demand and remains confident that the cycle has just begun with long a runway for growth ahead.</li>
<li>TSM's primary competitors, Intel and Samsung Electronics, are currently facing challenges within their foundry operations, placing TSM in a favorable position to expand its market share</li>
<li>The Company anticipates a strong closing for FY:24 and has guided for nearly 35% YOY revenue growth in Q4 2024. We believe the momentum will continue in 2024E-2026E.</li>
</ul>


TSM is upbeat on the AI demand and remains confident that the cycle has just begun with long a runway for growth ahead.
TSM's primary competitors, Intel and Samsung Electronics, are currently facing challenges within their foundry operations, placing TSM in a favorable position to expand its market share
The Company anticipates a strong closing for FY:24 and has guided for nearly 35% YOY revenue growth in Q4 2024. We believe the momentum will continue in 2024E-2026E.


2025 High Conviction - Taiwan Semiconductor Manufacturing Co (NYSE: TSM, TPE: 2330)