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<Research> BOCI Raises Taiwan Semiconductor Manufacturing Company Ltd. (TSM.US) TP to USD560, Reiterates Buy
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BOCI issued a report stating that Taiwan Semiconductor Manufacturing Company Ltd. (TSM.US) recorded April sales of TWD410.7 billion, reaching 33% of the midpoint of its second-quarter revenue guidance, positioning 2QYY results to potentially hit the upper end of guidance. Driven by stronger demand from agentic AI and inference AI, as well as customers preparing in advance for capacity ramp-up, the broker believes the company is likely to achieve the high end of its guidance range. The report noted that the company has adopted a more proactive stance on long-term capital expenditure, forecasting capex of USD70 billion and USD80 billion for 2027 and 2028, respectively, mainly focused on multi-phase and multi-site expansion of N2/A16 nodes. Supported by this expansion and significant generational pricing premiums, N2 revenue is expected to rapidly surpass N3 by mid-2027, marking the fastest capacity ramp-up in the companys history. To reflect strengthening demand from agentic AI and inference applications, BOCI raised its 2027 EPS forecast for the company by 7% to TWD126.92 and lifted its TP to TWD3050/USD560, the highest in the market. It reiterated its Buy rating, citing the companys well-validated execution capabilities and scale advantages, and suggested that any share price pullback triggered by developments in Intels foundry business should be viewed as a buying opportunity. (ha/u) Auto-translated by AI This article was automatically translated by AI, the original language version should be considered the authoritative version. AASTOCKS.com Limited does not guarantee its accuracy or completeness and accepts no liability for any damages or losses arising from the use of this translation. More Details
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