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TSM - Taiwan Semiconductor: Stock Remains A Bargain After 70% Rally
Taiwan Semiconductor Manufacturing Company Ltd.
2024-06-25 04:47:32 ET
Summary
Recent announcement of price hikes for N3 and other products will boost revenue growth and margins in FY2025.
With Apple contributing a significant portion of TSM's revenue, the anticipated upgrade cycle for iPhones featuring Apple Intelligence is expected to drive revenue growth.
The production of N2 in 2H FY2025, coupled with increasing demand for AI computing, will be another growth catalyst for TSM.
Based on the monthly revenue reports from April and May, it appears likely that TSM will beat its high-end revenue guidance for 2Q FY2024.
The stock has surged 71% YTD driven by GenAI tailwinds, with a forward P/E of 29x below SOX and Nasdaq 100 index.