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MarketScreener Homepage  >  Equities  >  Taiwan Stock Exchange  >  Taiwan Semiconductor Manufacturing Company Limited    2330   TW0002330008

TAIWAN SEMICONDUCTOR MANUFACTURING COMPANY LIMITED

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Huawei to stop making flagship chipsets as U.S. pressure bites, Chinese media say

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08/10/2020 | 04:44am EDT
FILE PHOTO: A Huawei company logo is seen at the Shenzhen International Airport in Shenzhen

(This August 8 story corrects second graf which erroneously stated Yu made remarks at the launch of new P40 device)

Huawei Technologies Co [HWT.UL] will stop making its flagship Kirin chipsets next month, financial magazine Caixin said on Saturday, as the impact of U.S. pressure on the Chinese tech giant grows.

U.S. pressure on Huawei's suppliers has made it impossible for the company's HiSilicon chip division to keep making the chipsets, key components for mobile phone, Richard Yu, CEO of Huawei's Consumer Business Unit was quoted as saying at an industry event in Shenzhen.

With U.S.-China relations at their worst in decades, Washington is pressing governments around to world to squeeze Huawei out, arguing it would hand over data to the Chinese government for spying. Huawei denies it spies for China.

The United States is also seeking the extradition from Canada of Huawei's chief financial officer, Meng Wanzhou, on charges of bank fraud.

In May the U.S. Commerce Department issued orders that required suppliers of software and manufacturing equipment to refrain from doing business with Huawei without first obtaining a license.

"From Sept. 15 onward, our flagship Kirin processors cannot be produced," Yu said, according to Caixin. "Our AI-powered chips also cannot be processed. This is a huge loss for us."

Huawei's HiSilicon division relies on software from U.S. companies such as Cadence Design Systems Inc or Synopsys Inc to design its chips and it outsources the production to Taiwan Semiconductor Manufacturing Co (TSMC), which uses equipment from U.S. companies.

Huawei declined comment on the Caixin report. TSMC, Cadence and Synopsys did not immediately respond to email requests for comment.

HiSilicon produces a wide range of chips including its line of Kirin processors, which power only Huawei smartphones and are the only Chinese processors that can rival those from Qualcomm in quality.

"Huawei began exploring the chip sector over 10 years ago, starting from hugely lagging behind, to slightly lagging behind, to catching up, and then to a leader," Yu was quoted as saying. "We invested massive resources for R&D, and went through a difficult process."

(Reporting by Josh Horwitz in Shanghai and David Kirton in Shenzhen; Editing by William Mallard)

Stocks mentioned in the article
ChangeLast1st jan.
CADENCE DESIGN SYSTEMS, INC. 2.35% 102.1 Delayed Quote.47.20%
KIRIN HOLDINGS COMPANY, LIMITED 1.05% 1981.5 End-of-day quote.-17.09%
QUALCOMM, INC. 1.11% 111.92 Delayed Quote.25.46%
SYNOPSYS INC. 2.05% 201.98 Delayed Quote.42.19%
TAIWAN SEMICONDUCTOR CO., LTD. 1.34% 41.7 End-of-day quote.-22.20%
TAIWAN SEMICONDUCTOR MANUFACTURING COMPANY LIMITED -0.90% 440 End-of-day quote.32.93%
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Financials
Sales 2020 1 297 B 44 767 M 44 767 M
Net income 2020 478 B 16 489 M 16 489 M
Net cash 2020 363 B 12 538 M 12 538 M
P/E ratio 2020 23,9x
Yield 2020 2,44%
Capitalization 11 409 B 393 B 394 B
EV / Sales 2020 8,52x
EV / Sales 2021 7,77x
Nbr of Employees 48 752
Free-Float 93,6%
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Mean consensus OUTPERFORM
Number of Analysts 26
Average target price 467,83 TWD
Last Close Price 440,00 TWD
Spread / Highest target 45,5%
Spread / Average Target 6,32%
Spread / Lowest Target -30,5%
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Managers
NameTitle
Che Chia Wei Vice Chairman & Chief Executive Officer
Te Yin Liu Chairman
J. K. Wang Senior Vice President-Operations
Jen Chao Huang Chief Financial Officer
Renzhao Huang Chief Financial Officer
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TAIWAN SEMICONDUCTOR MANUFACTURING COMPANY LIMITED32.93%396 470
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BROADCOM INC.13.83%145 511
TEXAS INSTRUMENTS8.08%127 005
QUALCOMM, INC.25.46%124 888