Title TSMC (2330 TT) Buy, TP raised to NT$383
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Title:TSMC (2330 TT) Buy, TP raised to NT$383
Download File:2330 TT TSMC note 200117--sinopac_.pdf 
 
Summary: Raise TP to NT$383 (4.5x 2021F P/B); Maintain Buy: 1) Geopolitical issues will not prevent 5G progress; TSMC will leverage its technological advantage to piggyback on clients¡¯ growth; 2) TSMC¡¯s introduction of 5nm in 2020 will further secure the firm¡¯s industry leadership and help expand the potential market. Eyeing the company¡¯s rosy long-term outlook, we up our TP from NT$377 (4.5x 2021F P/B).
  
Date:2020/01/17
Author:TaiwanResearch.com
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