July 8, 2024 - $Taiwan Semiconductor (TSM.US)$shares rose 3.70% to $190.800 in pre-market trading on Monday.
Based on expectations of chip price increases, Wall Street is collectively optimistic about TSMC's performance growth.
Morgan Stanley
Morgan Stanley has maintained an overweight rating on TSMC, with its target price raised from 1080 New Taiwan dollars to 1180 New Taiwan dollars, an increase of 9.3%. The reason is the anticipated sustainability of demand for AI semiconductors, as well as the trend of rising wafer prices.
In a report on Sunday, Morgan Stanley analysts wrote, "TSMC's 'starvation marketing' strategy appears to be working. Our latest supply chain survey indicates that TSMC is conveying a message that supply could be tight by 2025, and if customers don't appreciate the value of TSMC, they may not be able to secure sufficient capacity allocation."
Macquarie
In the latest report released by Macquarie, based on its supply chain surveys, the majority of TSMC's clients have agreed to higher Original Equipment Manufacturer (OEM) prices in exchange for reliable supply, which will further drive TSMC's gross margin to climb. According to estimates, TSMC's gross margin will climb to 55.1% by 2025 and will approach nearly 60%, reaching 59.3%, by 2026.
In view of the growing profit outlook year by year, Macquarie not only maintains an "Outperform" rating for TSMC but also raises its target price for TSMC's shares on the Taiwan stock market by 28% to 1,280 New Taiwan Dollars. Compared to the current price, this represents a potential upside of over 27%. Macquarie believes that driven by the trend of artificial intelligence development, TSMC's demand visibility is better than the historical average. As TSMC creates value for its customers, Macquarie is confident that the company will be able to increase its pricing.
Goldman Sachs
Goldman Sachs has raised its target price for TSMC by 19% to 1160 New Taiwan dollars, anticipating that the prices for 3nm and 5nm chips will increase by a "low single-digit percentage."
Other financial institutions that are also bullish on TSMC include HSBC with a target price of 1370 New Taiwan dollars, Citibank with 1150 New Taiwan dollars, Barclays with 1096 New Taiwan dollars, and J.P. Morgan with 1080 New Taiwan dollars.
Optimistic profit sentiment has driven the company's share price in Taipei to break through 1000 New Taiwan dollars per share (approximately 31 US dollars) last week, making it the world's eighth-largest company, with a current market capitalization of over 950 billion US dollars.
2024年7月8日 - $台积电 (TSM.US)$周一美股盘前股价上涨3.70%,至190.800美元。
根据芯片价格上涨的预期,华尔街对台积电的业绩增长持乐观态度。
大摩资源lof
大摩资源lof维持对台积电的增持评级,并将其目标价从1080新台币上调至1180新台币,增幅为9.3%。原因是预计将持续需求人工智能半导体,以及晶圆价格上涨的趋势。
大摩资源lof的分析师在周日的一份报告中写道:“台积电的‘饥饿营销’策略似乎正在发挥作用。我们最新的供应链调查显示,台积电正在传递一种信息,即到2025年供应可能会紧张,如果客户不理解台积电的价值,可能无法获得足够的产能分配。”
Macquarie
根据麦格理的最新供应链调查,台积电的大部分客户已同意以更高的原始设备制造商价格换取可靠的供应,这将进一步推动台积电的毛利率上升。根据估计,台积电的毛利率将在2025年达到55.1%,并在2026年接近60%,达到59.3%。
考虑到日益增长的利润前景,麦格理不仅维持对台积电的“跑赢大盘”评级,还将其在台湾股市上的目标价上调28%,达到1280新台币。相比现价,这表示潜在上涨逾27%。麦格理认为,在人工智能发展趋势的推动下,台积电的需求可见度优于历史平均水平。麦格理对公司能够提高定价充满信心,这能够为其客户创造价值。
高盛
高盛将台积电的目标价上调19%至1160新台币,预计3纳米和5纳米芯片的价格将上涨“低个位数百分比”。
其他看好台积电的金融机构包括汇丰银行,目标价为1370新台币,花旗银行目标价为1150新台币,巴克莱银行是1096新台币,而摩根大通的目标价是1080新台币。
乐观的收益预期推动台湾股价上周突破1000新台币(约31美元)每股,使其成为世界第八大公司,当前市值超过9500亿美元。