Title Foundry: Buy TSMC
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Title:Foundry: Buy TSMC
Download File:Foundry note 170815--sinopac.pdf 
Summary:Buy TSMC (2330 TT): TP at NT$250 (3.6x 2018 P/B):

  • YoY growth will remain strong and increase quarter by quarter.

  • TSMC will defend and even extend its technology leadership.

  • High entry barriers (technology and capital intensive) will keep competitors at bay.
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