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TAIWAN SEMICONDUCTOR MANUFACTURING COMPANY LIMITED

(2330)
  Report
End-of-day quote Taiwan Stock Exchange  -  2022-11-29
490.00 TWD   +0.62%
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Exclusive-Italy and Intel pick Veneto as preferred region for new chip plant - sources

09/25/2022 | 06:54am EST
FILE PHOTO: The Intel Corporation logo is seen  in Davos

ROME (Reuters) - Mario Draghi's outgoing government and Intel have picked the town of Vigasio in the northeastern Veneto region as their preferred site for a new multibillion-euro chip factory in Italy, two people familiar with the matter said.

Intel's investment in Italy is part of a wider plan announced by the U.S. chipmaker last March to invest as much as 80 billion euros ($77.5 billion) over the next decade in building capacity across Europe.

With an initial investment worth some 4.5 billion euros expected to rise over time, Intel has said the Italian plant would create 1,500 jobs plus an additional 3,500 jobs across suppliers and partners, with operations to start between 2025 and 2027.

The Italian factory would be an advanced semiconductor packaging and assembly plant, using new technologies to weave together full chips out of tiles.

Asking not to be named due to the sensitivity of the matter, the sources said that the parties had detailed a comprehensive agreement in early September, but no public announcement would be made before the outcome of Sunday's general election.

A spokesperson for Intel did not comment as negotiations are ongoing and confidential. Draghi's office also declined to comment.

Located near Verona, on the strategic Brenner motorway and railway, Vigasio is the preferred option from a shortlist of two sites which also includes one in the northwestern Piedmont region.

Among other reasons, the site is well connected with Germany and in particular with the city of Magdeburg, where Intel will build two factories, one of the sources added.

Intel and the government had also initially considered sites in the Lombardy, Apulia and Sicily regions.

Draghi's close aides aim to enter into behind-the-scenes negotiations with their likely successors to avoid any risk the deal might be challenged by Italy's new government, the people said, adding the choice for the site is highly sensitive politically.

Opinion polls have all predicted that Giorgia Meloni's nationalist Brothers of Italy group will emerge as the leading party on Sunday and share power with its allies the League, headed by Matteo Salvini, and Silvio Berlusconi's Forza Italia.

The sources declined to provide further details, but Reuters has previously reported that Rome is ready to fund as much as 40% of Intel's total investment in Italy.

The state contribution to Intel's investment programme is something that must necessarily be shared with the next government before any deal is eventually formalised, one of the sources said, adding Draghi could let the next government make the announcement.

To boost domestic chipmaking, Rome is also in talks with French-Italian STMicroelectronics, Taiwan chipmakers MEMC Electronic Materials Inc and TSMC, and Israeli Tower Semiconductor, which Intel bought earlier this year.

($1 = 1.0320 euros)

(Additional reporting by Valentina Za and Elvira Pollina; editing by David Evans)

By Giulio Piovaccari and Giuseppe Fonte


ę Reuters 2022
Stocks mentioned in the article
ChangeLast1st jan.
INTEL CORPORATION 1.52% 29.34 Delayed Quote.-44.22%
MSCI TAIWAN (STRD) 1.24% 533.406 Real-time Quote.-29.96%
STMICROELECTRONICS N.V. 0.85% 36.055 Real-time Quote.-17.57%
TAIWAN SEMICONDUCTOR MANUFACTURING COMPANY LIMITED 0.62% 490 End-of-day quote.-20.33%
TOWER SEMICONDUCTOR LTD. 1.08% 44.385 Delayed Quote.10.66%
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Analyst Recommendations on TAIWAN SEMICONDUCTOR MANUFACTURING COMPANY LIMITED
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Financials
Sales 2022 2 272 B 73 521 M 73 521 M
Net income 2022 1 006 B 32 538 M 32 538 M
Net cash 2022 510 B 16 488 M 16 488 M
P/E ratio 2022 12,8x
Yield 2022 2,41%
Capitalization 12 706 B 410 B 411 B
EV / Sales 2022 5,37x
EV / Sales 2023 4,96x
Nbr of Employees 65 152
Free-Float 93,6%
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Number of Analysts 32
Last Close Price 490,00 TWD
Average target price 629,20 TWD
Spread / Average Target 28,4%
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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
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