Taiwan Semiconductor Manufacturing Co Ltd

2330: XTAI (TWN)

Morningstar Rating for Stocks	Fair Value	Economic Moat	Capital Allocation
	TWD 4,265.00	Hzpp	Tvngdngrx

TSMC Earnings: Flurry of Bad News Does Not Change our Long-Term Bullishness

Phelix Lee

Jul 20, 2023

We maintain our fair value estimate on Taiwan Semiconductor Manufacturing, or TSMC, at TWD 850 per share (USD 137 per ADR at current exchange rates) after revising down our 2023 forecasts but retaining later-year projections. We believe TSMC remains cheap as a significant beneficiary in high performance computing, or HPC, which includes generative artificial intelligence. Although tapered guidance may pose short-term downside, market sentiment seems to be moving away from concerns of inventory correction and weak macro to consumer electronics rebound and the potential addressable market of AI.

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