TSMC will continue to benefit from the growing trend of cryptocurrencies; TSMC will announce its profitability in April. The industry is optimistic that the report will become a catalyst for its share price increase; TSMC may be hit by continued rising silicon wafer prices.
TSMC is the world's No. 1 semiconductor foundry company. Over the past five years, the company’s share price has risen by 135%, indicating a steady growth trend. However, from a separate point of view, most of the gains were recorded in the past two years, indicating that TSMC's stock is currently in a strong rising stage. Driven by the semiconductor industry in emerging areas such as cryptocurrencies, TSMC’s outstanding performance is expected to continue. In addition, TSMC expects to establish closer relationships with major customers such as Apple. Overall, Lido is more than bad, making TSMC an attractive investment target.
Excellent fourth quarter
Thanks to strong growth in high-performance computing, TSMC’s fourth-quarter financial figures exceeded most analysts’ expectations. In the fourth quarter, TSMC’s revenue per ADS was US$0.64, a year-on-year increase of 7%. Its revenue performance was even better, rising 12% year-on-year to US$9.21 billion. In addition, the company’s gross profit margin continued to remain high, and its gross profit was 50%, the net rate is 35.8%.
TSMC continued to maintain its stable operating status and will maintain strong growth in the coming quarters. The company provided strong revenue guidance. It expects revenue in the first quarter of $8.4 billion to $8.5 billion and gross margin to remain between 49.5% and 51.5%. The driving force behind the sustained growth of the company's performance is mainly from the excellent performance of the semiconductor industry as a whole, and the company's position as the king in its segment market. TSMC plans to announce its first-quarter earnings in April, which will become a catalyst for the company's stock price rise.
The rise of cryptocurrency
TSMC’s management announced the outstanding quarterly financial data and pointed out the reasons for the continued strong growth of the company’s business. Some emerging market segments require high-performance computing, providing a powerful source of power for company revenue growth. Emerging applications that need to deploy high-performance computers include cryptocurrency and blockchain transactions. Traditionally, TSMC’s main revenue comes from the production of chips for mobile computing devices, but the strong rise of cryptocurrencies has opened up new market space. This new market has shown rapid growth, and the price of cryptocurrencies has set new highs again. In the foreseeable future, this market is expected to continue its strong growth.
Risk factors
One of the biggest risks TSMC is currently facing is the price of silicon wafers. It is estimated that major silicon wafer manufacturers will successively announce significant price increases this year. Japan-based company Sheng Gao recently announced that it will increase its silicon wafer prices by 20% this year and will raise prices again in 2019. Colleagues are also preparing a price increase plan. The rise in wafer prices may have a negative impact on TSMC’s profitability, which will drag down the profit margin already facing downward pressure.
In addition, TSMC’s business is highly dependent on Apple. Compared with Intel and Qualcomm, which directly provide modem chips to various iPhones, the relationship between TSMC and Apple is separated. Currently, Intel is developing modems using its own technology, such as the XMM7560. These chips are expected to be manufactured using Intel's own 14nm manufacturing process, which will result in lower revenue from TSMC's manufacturing contract.
in conclusion
Since last year, despite a number of unfavorable factors, TSMC’s stock performance has been excellent. In February of this year, under the influence of the US stock market slump, TSMC’s share price fell slightly, but it rebounded before it hit a previous low. Overall, TSMC’s share price performance is strong and it is expected to maintain its growth momentum. In addition, according to industry sources, TSMC will continue to exclusively produce A12 processors for Apple's iPhone. For a long time, Apple has been entrusting its long-time partner Samsung to produce its A series processors. Since the iPhone 9s series A9 processor, TSMC has achieved a major breakthrough and has been the exclusive supplier of Apple A series processors.
In addition to the stock price increase, TSMC is one of the high-stakes technology stocks. Currently, the dividend yield of this stock is close to 5%, so it is a very attractive stock in terms of recurring income. In the past ten years, the company has not only paid dividends, but also the stock's growth has significantly exceeded the dividend yield. In 2017, TSMC paid a dividend of $1.15 per share, which is higher than its dividend of $0.94 paid in 2016. The dividend yield of the stock, combined with strong growth in its share price, allows it to have a place in any medium to long-term investment portfolio.
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