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TAIWAN SEMICONDUCTOR MANUFACTURING COMPANY LIMITED

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Taiwan's May exports surge, COVID-19 may cloud outlook

06/08/2021 | 04:52am EDT
FILE PHOTO: A coast guard ship sails at the Port of Taipei in Taipei

TAIPEI (Reuters) - Taiwan's exports rose for an 11th straight month in May, and far exceeded expectations, boosted by global demand for microchips and hi-tech gadgets in the work-from-home pandemic boom, but the island's own COVID-19 spike could cloud the outlook. Exports rose 38.6% from a year earlier to $37.41 billion last month, the Ministry of Finance said on Tuesday, setting a new historical high in value terms for a single month. Analysts in a Reuters poll had forecast a rise of 26% for May, compared with a 38.7% increase in April. The ministry attributed the growth to continued strong demand for tech products to support remote working and the "no touch" economy during the pandemic. Firms such as Taiwan Semiconductor Manufacturing Co Ltd(TSMC) are major suppliers to Apple Inc and other global tech giants, as well as providers of key chips for auto companies and lower-end consumer electronics. The ministry said it saw risks ahead from a rise in domestic COVID-19 infections in Taiwan as well as progress on vaccine deliveries, which have been a problem for the island as it gets caught in global supply shortages.

However, it said global economic fundamentals continue to improve, and that Taiwan's semiconductor industry stands to gain from demand for 5G and other high-tech products.

The ministry added that assuming coronavirus cases do not start affecting production domestically, which has not happened in a significant way so far, exports in the second quarter could exceed $100 billion. May exports to China, Taiwan's largest trading partner, jumped an annual 29.5% to $15.69 billion, while exports to the United States grew 27.3% on year. Imports leapt 40.9%, against economists' expectations for a 25.7% rise and an increase of 26.4% in April. Taiwan could see June exports increase in the range of 27% to 31% from a year earlier, the ministry added.

The government has remained bullish about Taiwan's prospects even with the pandemic at home. Taiwan's economy will grow at its fastest pace in more than a decade in 2021, the statistics office predicted last week.

(Reporting by Jeanny Kao and Liang-sa Loh; Writing by Ben Blanchard; Editing by Jacqueline Wong)


© Reuters 2021
Stocks mentioned in the article
ChangeLast1st jan.
APPLE INC. 0.15% 145.86 Delayed Quote.9.93%
MSCI TAIWAN (STRD) -0.74% 690.203 Real-time Quote.15.72%
TAIWAN SEMICONDUCTOR CO., LTD. 1.13% 80.3 End-of-day quote.29.10%
TAIWAN SEMICONDUCTOR MANUFACTURING COMPANY LIMITED -0.51% 580 End-of-day quote.9.43%
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Financials
Sales 2021 1 574 B 56 366 M 56 366 M
Net income 2021 580 B 20 775 M 20 775 M
Net cash 2021 261 B 9 354 M 9 354 M
P/E ratio 2021 25,9x
Yield 2021 1,91%
Capitalization 15 040 B 538 B 538 B
EV / Sales 2021 9,39x
EV / Sales 2022 8,12x
Nbr of Employees 48 752
Free-Float 93,6%
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Mean consensus BUY
Number of Analysts 30
Last Close Price 580,00 TWD
Average target price 737,89 TWD
Spread / Average Target 27,2%
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Managers and Directors
Che Chia Wei Vice Chairman & Chief Executive Officer
Wendell Huang Chief Financial Officer & Vice President
Te Yin Liu Chairman
Yung Ching Hou Vice President-Research & Development
J. K. Lin SVP-Information Technology & Materials Management
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