TAIWAN SEMICONDUCTOR MANUFACTURING COMPANY LIMITED

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End-of-day quote Taiwan Stock Exchange  -  2022-08-14
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Taiwan May export orders return to growth, uncertainly ahead

06/20/2022 | 04:41am EDT

* May export orders +6% y/y vs +0.3% poll forecast

* Export orders from China -13.4% y/y vs -16.9% in April

* Ministry sees June orders between +3.3% and +6.1% y/y

* Warns of global economic uncertainly

TAIPEI, June 20 (Reuters) - Taiwan's export orders, a bellwether for global technology demand, logged a strong annual rise in May, recovering from COVID-19 lockdowns in China and global supply chain disruptions, but the government warned of global economic uncertainty ahead.

Export orders last month were up 6% from a year earlier at $55.43 billion, a record high for the month, the Ministry of Economic Affairs said on Monday. Analysts had expected 0.3% growth.

The rise followed a 5.5% annual drop seen in April's figures, the first fall since February 2020, when the pandemic had just begun sweeping the world.

Orders for telecommunications products in May grew 2.7% on a year before, with some factories still being impacted by pandemic measures in China. Laptop orders were down, for example, the ministry said.

Orders for electronic products jumped 17.4%, driven by semiconductor demand for high-end computing, autos and other appliances, it said.

The trend towards working and studying from home has fuelled growth in orders for Taiwanese electronics in the past two years or so, more recently reinforced by a global semiconductor shortage that has filled Taiwanese chip makers' order books.

The ministry said it expected June export orders to be between 3.3% and 6.1% higher than a year before.

The ministry said global tech demand should keep driving export order momentum, but it warned of the war in Ukraine driving up inflation and of challenges presented by persistent supply-chain bottlenecks.

"Uncertainty in the global economic outlook has increased, which may suppress the growth momentum of orders," it added.

Taiwanese companies such as Taiwan Semiconductor Manufacturing Co Ltd are major suppliers to Apple Inc, Qualcomm Inc and other global tech firms.

Dai Si-ting, an analyst at Cathay Securities Investment Trust, said May's performance was a "pleasant surprise", but the second half of the year could be more difficult.

"In the short term, there are still many uncertainties and variables in the international economic situation," he said. "Some demand may still weaken under the impact of high inflation."

May orders from China were down 13.4% from a year earlier, compared with a fall of 16.9% seen in April, while orders from the United States rose 10.5%, compared with the previous 0.2% fall.

Export orders from Europe grew 9.5%, compared with an annual contraction of 17% in April, while those from Japan fell 7.8%. (Reporting by Liang-sa Loh and Ben Blanchard; Additional reporting by Emily Chan; Editing by Bradley Perrett)


© Reuters 2022
Stocks mentioned in the article
ChangeLast1st jan.
APPLE INC. 0.63% 173.19 Delayed Quote.-2.47%
MSCI TAIWAN (STRD) 0.89% 573.348 Real-time Quote.-23.43%
QUALCOMM, INC. 0.56% 152.13 Delayed Quote.-16.81%
TAIWAN SEMICONDUCTOR MANUFACTURING COMPANY LIMITED 1.16% 523 End-of-day quote.-14.96%
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Financials
Sales 2022 2 230 B 74 293 M 74 293 M
Net income 2022 960 B 31 988 M 31 988 M
Net cash 2022 390 B 13 002 M 13 002 M
P/E ratio 2022 14,1x
Yield 2022 2,33%
Capitalization 13 562 B 452 B 452 B
EV / Sales 2022 5,91x
EV / Sales 2023 5,28x
Nbr of Employees 54 193
Free-Float 93,6%
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Number of Analysts 32
Last Close Price 523,00 TWD
Average target price 692,50 TWD
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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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