bearish
TSMC (2330-TT): Revisiting Previous Bullish Themes Following Outperformance
Wium has highlighted this Insight as a Top Pick
236 Views15 Aug 2024 09:00
SUMMARY
- Taiwan Semiconductor (TSMC) (2330 TT) has significantly outperformed this year, driven by a global AI-driven tailwind resulting in substantial revenue growth acceleration and a significant earnings upgrade cycle.
- Record levels of FCF generation have supported dividend increases, and whilst future DPS expectations seem conservative, the current dividend yield suggests future increases have been priced in.
- TSMC trades just above its 5-year historic average trading levels and at a premium to its key competitors, other smaller listed foundries, its main customers, and large suppliers.
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