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TAIWAN SEMICONDUCTOR MANUFACTURING COMPANY LIMITED

(2330)
  Report
End-of-day quote Taiwan Stock Exchange  -  2022-09-29
422.00 TWD   -2.99%
09/30Taiwan says U.S.-led 'Chip 4' group discussed supply chain resilience
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09/29Taiwan says U.S.-led 'Chip 4' group discussed supply chain resilience
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Taiwan Semiconductor Manufacturing Company Limited : After the accumulation, an upward acceleration ?

10/18/2021 | 02:27am EDT
long trade
Target price hit
Entry price : 600TWD | Target : 662TWD | Stop-loss : 545TWD | Potential : 10.33%
An exit from the recently observed accumulation phase to the upside could allow for the assumption that a clear upward trend is re-established with an increase in volatility.
Investors have an opportunity to buy the stock and target the TWD 662.
Taiwan Semiconductor Manufacturing Company Limited : Taiwan Semiconductor Manufacturing Company Limited : After the accumulation, an upward acceleration ?
Summary
  • The company has strong fundamentals. More than 70% of companies have a lower mix of growth, profitability, debt and visibility.
  • The company has a good ESG score relative to its sector, according to Refinitiv.

Strengths
  • Growth progress expectations are rather promising. Indeed, sales are expected to rise sharply in the coming years.
  • The company's EBITDA/Sales ratio is relatively high and results in high margins before depreciation, amortization and taxes.
  • Margins returned by the company are among the highest on the stock exchange list. Its core activity clears big profits.
  • Thanks to a sound financial situation, the firm has significant leeway for investment.
  • Analysts covering this company mostly recommend stock overweighting or purchase.
  • The average target price set by analysts covering the stock is above current prices and offers a tremendous appreciation potential.
  • There is high visibility into the group's activities for the coming years. Outlooks on future revenues from analysts covering the equity remain similar. Such hardly dispersed estimates support highly predictable sales for the current and upcoming fiscal years.
  • The group usually releases upbeat results with huge surprise rates.

  • Weaknesses
    • The company's "enterprise value to sales" ratio is among the highest in the world.
    • The company appears highly valued given the size of its balance sheet.
    • The valuation of the company is particularly high given the cash flows generated by its activity.

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    Financials
    Sales 2022 2 236 B 70 337 M 70 337 M
    Net income 2022 964 B 30 326 M 30 326 M
    Net cash 2022 393 B 12 367 M 12 367 M
    P/E ratio 2022 11,4x
    Yield 2022 2,86%
    Capitalization 10 943 B 344 B 344 B
    EV / Sales 2022 4,72x
    EV / Sales 2023 4,23x
    Nbr of Employees 54 193
    Free-Float 93,6%
    Upcoming event on TAIWAN SEMICONDUCTOR MANUFACTURING COMPANY LIMITED
    Income Statement Evolution
    Consensus
    Sell
    Buy
    Mean consensus BUY
    Number of Analysts 32
    Last Close Price 422,00 TWD
    Average target price 682,18 TWD
    Spread / Average Target 61,7%
    EPS Revisions
    Managers and Directors
    Che Chia Wei Vice Chairman & Chief Executive Officer
    Fan Cheng Tseng Vice Chairman & President
    Wendell Huang Chief Financial Officer & Vice President
    Te Yin Liu Chairman
    Yung Ching Hou SVP-Corporate Research-Europe & Asia
    Sector and Competitors
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