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 - $台積電 (TSM.US)$週一美股盤前股價上漲3.70%,至190.800美元。
根據芯片價格上漲的預期,華爾街對臺積電的業績增長持樂觀態度。
大摩資源lof
大摩資源lof維持對臺積電的增持評級,並將其目標價從1080新臺幣上調至1180新臺幣,增幅爲9.3%。原因是預計將持續需求人工智能半導體,以及晶圓價格上漲的趨勢。
大摩資源lof的分析師在週日的一份報告中寫道:“台積電的‘飢餓營銷’策略似乎正在發揮作用。我們最新的供應鏈調查顯示,台積電正在傳遞一種信息,即到2025年供應可能會緊張,如果客戶不理解台積電的價值,可能無法獲得足夠的產能分配。”
Macquarie
根據麥格理的最新供應鏈調查,台積電的大部分客戶已同意以更高的原始設備製造商價格換取可靠的供應,這將進一步推動台積電的毛利率上升。根據估計,台積電的毛利率將在2025年達到55.1%,並在2026年接近60%,達到59.3%。
考慮到日益增長的利潤前景,麥格理不僅維持對臺積電的“跑贏大盤”評級,還將其在臺灣股市上的目標價上調28%,達到1280新臺幣。相比現價,這表示潛在上漲逾27%。麥格理認爲,在人工智能發展趨勢的推動下,台積電的需求可見度優於歷史平均水平。麥格理對公司能夠提高定價充滿信心,這能夠爲其客戶創造價值。
高盛
高盛將台積電的目標價上調19%至1160新臺幣,預計3納米和5納米芯片的價格將上漲“低個位數百分比”。
其他看好台積電的金融機構包括匯豐銀行,目標價爲1370新臺幣,花旗銀行目標價爲1150新臺幣,巴克萊銀行是1096新臺幣,而摩根大通的目標價是1080新臺幣。
樂觀的收益預期推動臺灣股價上週突破1000新臺幣(約31美元)每股,使其成爲世界第八大公司,當前市值超過9500億美元。