1、CrispIdea|R E S E A R C HTaiwan Semiconductor Manufacturing Co.LtdCompany NameTaiwan Semiconductor Manufacturing Co Ticker2330.TWFY2024Q2Stock RatingBUYUnchangedIndustry ViewOverweightUnchanged12-Mo Price Target1040.00UpgradedCMP(Jul 30,2024)940.00Potential Upside11%Market Cap(USD bn)24,481.3Shares

2、O/S(Mn)25,933.652 Week High108052 Week Low516.0Avg Volume(3M)47,372,374Avg Volume(10 days)70,880,768P/E(ttm)26.5P/S(ttm)10.0P/B(mrq)6.5Forward P/E19.6IBES EPS(ttm)35.61Profit Margin(TTM)37.90%Operating Margin(TTM)41.97%Revenue(TTM in Mn)2,438,416Revenue per Share(TTM)83.4Qtrly Rev Growth(yoy)40%Gros

3、s Profit(TTM in Mn)1,301,041EBITDA(TTM in Mn)1,646,752Net Income(TTM Mn)923,042Qtrly Earnings YoY36.32%Technology Sector Research TeamDeepkumar Shah-Semiconductor,CPE&FintechResearch AShejal Ajmera,Head of RE Q U I T Y R E S E A R C H Technology|Semiconductor|Aug 06,2024Taiwan Semiconductor Manu

4、facturing Co.LtdStrong financials with strategic visionWe maintain our“Buy”rating for Taiwan Semiconductor Manufacturing Co.Ltd.with an upgrade in TP from NT$867 to NT$1040 for FY25 which implies an upside potential of 11%.We derive our TP based on forward P/E of 19.56x,EPS of NT$53.19 and EV/EBITDA

5、 of 11.62x for FY25.We recommend a Buy rating for TSMC based on the following factors:1)Strong Financial and Market Position 2)Technological Leadership and Strategic Expansion 3)Innovation and Long Term Vision 4)Global Expansion and 5)Cost and margin pressuresStrong Financial and Market Position:TSM

6、C showed strong revenue growth,with a 13.6%increase in TWD and a 10.3%increase in USD for the second quarter.The company expects a further 9.5%increase in revenue for the third quarter,which translates to a 32%year-over-year increase.This growth is driven by high demand for TSMCs 3-nanometer and 5-n