TSMC's latest research report. In a call with TSMC, UBS sees AI as the big boss, selling shovels, and that people will always need TSMC chips—any decline is an opportunity.
We take a positive view on TSMC's capital expenditure plans, believing that increasing capex is crucial to strengthening its leadership in the advanced foundry segment.
Valuation: Reiterate a Buy rating, with a target price of NT$3,650. We raised our capital expenditure forecasts for 2027 and beyond, and increased the long-term earnings CAGR from 25% to 27%. Key catalysts include stronger growth prospects for 2027–2028, continued expansion of the addressable market size, and higher capital expenditures.
Current price: NT$2,475; target price: NT$3,650; potential upside: 47%. $TSM $MU #TSMC
We take a positive view on TSMC's capital expenditure plans, believing that increasing capex is crucial to strengthening its leadership in the advanced foundry segment.
Valuation: Reiterate a Buy rating, with a target price of NT$3,650. We raised our capital expenditure forecasts for 2027 and beyond, and increased the long-term earnings CAGR from 25% to 27%. Key catalysts include stronger growth prospects for 2027–2028, continued expansion of the addressable market size, and higher capital expenditures.
Current price: NT$2,475; target price: NT$3,650; potential upside: 47%. $TSM $MU #TSMC