Managing Director, Zero One, Zero One

Vincent Fernando, CFA

20 years of experience researching capital markets in Asia and the USA.

Managing Director, Zero One

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Equity Bottom-Up

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

Taiwan Semiconductor (TSMC) - ADR (TSM US)

<ul>
<li>TSMC and ASML reported results last week, with both companies beating consensus earnings expectations.</li>
<li>TSMC and ASML both expect their historically high margins to persist and have both shown a major decline in inventory levels. </li>
<li>TSMC expects utilization to bottom in 2Q23E and improve thereafter; which we believe is strong indication of the cycle bottoming for leaders. TSMC however sees the overall industry taking longer.</li>
</ul>


TSMC and ASML reported results last week, with both companies beating consensus earnings expectations.
TSMC and ASML both expect their historically high margins to persist and have both shown a major decline in inventory levels. 
TSMC expects utilization to bottom in 2Q23E and improve thereafter; which we believe is strong indication of the cycle bottoming for leaders. TSMC however sees the overall industry taking longer.


Nvidia, TSMC, ASML Trading Monitor -  TSMC & ASML Results Indicate Cycle Bottom 2Q23E for Leaders