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TAIWAN SEMICONDUCTOR MANUFACTURING COMPANY LIMITED

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Taiwan upbeat on economic prospects despite COVID-19 spike

05/16/2021 | 01:19am EDT
A shop owner and residents wear protective face masks while buying groceries at a market in Taipei

TAIPEI, May 16 (Reuters) - Taiwan's economic prospects are bright and growth this year will come in as expected so long as the COVID-19 situation can be quickly brought under control, the government said on Sunday, pointing to limited impact from a recent spike in cases.

Export-dependent Taiwan raised its coronavirus alert level in the capital, Taipei, and the surrounding city on Saturday, imposing two weeks of restrictions that will shut many venues and limit gatherings after a rise in community transmissions.

In a statement after Premier Su Tseng-chang held a meeting with top economic officials, such as central bank governor Yang Chin-long and Economy Minister Wang Mei-hua, Taiwan's Cabinet said they all agreed the outlook was good.

The profits of listed companies have increased significantly over last year, and export orders are also performing well, it added.

The current pandemic situation is having a short-term impact on consumers, but as long as infections can be controlled soon, added to a proposed T$210 billion ($7.51 billion) in government spending support, expectations for 2021 economic growth can be maintained, it said.

The Cabinet proposed the new spending on Thursday, though it still needs parliamentary approval.

The sudden rise in domestic cases last week spooked Taiwan's stock market.

Su urged all departments to keep a close watch on market developments and "take necessary steps for the normal operation of financial institutions and order and stability of the stock and foreign exchange markets," the Cabinet added.

Regulator the Financial Supervisory Commission said it would step in to ensure stability if there were "irrational falls" on the stock market, but gave no details.

Taiwan's economy grew at its fastest pace in more than a decade in the first three months of 2021 as the "work from home" boom sparked strong global demand for the island's hi-tech exports.

In March, the central bank raised its 2021 estimate for gross domestic product (GDP) growth to 4.53% from 3.68% forecast in December and has said further upward revisions are likely.

Taiwan's manufacturers, such as the world's largest contract chip maker, Taiwan Semiconductor Manufacturing Co Ltd , are a key part of the global supply chain for technology giants such as Apple Inc. ($1=27.9580 Taiwan dollars) (Reporting by Ben Blanchard; Additional reporting by Emily Chan; Editing by Clarence Fernandez)


© Reuters 2021
Stocks mentioned in the article
ChangeLast1st jan.
APPLE INC. 0.39% 130.15 Delayed Quote.-1.91%
MSCI TAIWAN (STRD) -0.72% 710.253 Real-time Quote.18.18%
TAIWAN SEMICONDUCTOR CO., LTD. -0.19% 53.3 End-of-day quote.-14.31%
TAIWAN SEMICONDUCTOR MANUFACTURING COMPANY LIMITED -0.66% 605 End-of-day quote.14.15%
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Financials
Sales 2021 1 574 B 56 676 M 56 676 M
Net income 2021 591 B 21 273 M 21 273 M
Net cash 2021 250 B 9 004 M 9 004 M
P/E ratio 2021 26,5x
Yield 2021 1,82%
Capitalization 15 688 B 567 B 565 B
EV / Sales 2021 9,81x
EV / Sales 2022 8,54x
Nbr of Employees 48 752
Free-Float 93,6%
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Mean consensus BUY
Number of Analysts 29
Average target price 738,27 TWD
Last Close Price 605,00 TWD
Spread / Highest target 48,8%
Spread / Average Target 22,0%
Spread / Lowest Target -23,1%
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Managers and Directors
NameTitle
Che Chia Wei Vice Chairman & Chief Executive Officer
Li Mei Ho Senior Vice President-Europe & Asia Sales
Jen Chao Huang Chief Financial Officer
Renzhao Huang Chief Financial Officer
Te Yin Liu Chairman
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1st jan.Capitalization (M$)
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