TSMC (2330) announced last week that capital spending, on foreign capital to praise more, see more foreign target price 200 yuan to become a consensus. , however, the current share price is in 170 yuan TSMC record high, foreign equity ratio of 79%, not only makes the taiex distortion, semiconductors such as testing of ase (2311), IC design of mediatek (2454) is not with the rhythm of the power semiconductor, display a TSMC alone thick, if foreign selling super backhand, the party bringing closure could Taiwan stocks short term capital.
Taiwan semiconductor manufacturing company optimistic about the global handset market to maintain steady growth, layout in advance, on capital spending this year, is likely to break through the billion-dollar high, foreign think primarily TSMC 10 nm demand than expected, a bullish about 10 nm TSMC process alone again to take the apple A11 processor, and set the two process beat rival samsung alone eat apple processor, and can drive the revenue continued growth next year.
TSMC this year with 16 exclusive for apple production of a new generation of nanotechnology applications in i7 processor A10, drive in the third quarter, consolidated revenue JiZeng forecast amounted to about 15%, and the revenue growth this year 5 ~ 10% target unchanged.
TSMC executive together mark liu said last week will also have the confidence to say, smart phone will still be in the next five years, TSMC revenue growth mainly kinetic energy, and accounted for more than half, TSMC revenue grew still challenge 5 ~ 10%.
TSMC even after two wins, samsung has in seven nanometers to get back in the apple order, and take the lead in importing extreme ultraviolet (EUV) devices, against TSMC. TSMC will 7 nm as important war, forecasts for capital spending next year will focus on 7 nm and 5 nm.
Part of foreign capital, TSMC for 10 nm / 7 nm progress fast, mediatek, apple, huawei, haisi may half with Taiwan semiconductor manufacturing company in 2018 7 nm process, will cause the recent turn of the single samsung qualcomm come to their senses, and cooperate with TSMC, 7 nm chip production. In addition, the first time about 5 nm TSMC schedule, mass production is expected to 2020, continue to lead.
TSMC over the next few years stable revenue growth, plus a cash dividend is expected to increase year by year, as well as the leading technology, the fundamentals, EPS optimistic forecasts for nearly three years in 12, 13, 14 yuan every year growth, innovation, the target price of 200 yuan is reasonable, but for TSMC has been innovation, Taiwan semiconductor did not keep up with, and seems to have revealed a lot of worries.
Like umc (2303) share price is still low, by severe earthquake in tainan in the first quarter of this year, this year's profits will be depressed.
Places in IC design mediatek although the second quarter as expected innovation is high, but under pressure from the mainland factory price competition, gross margin decline, share price is also near the low status in history. In the back of the day is moonlight is silicon love finally have good results, share prices in the pecking order,.
As DRAM prices are still down in the first half of this year, China subfamily (3474) marry meguiar's case delay, make big shareholders of south section (2408) this year can be well recognized interpretation of interests has become unstable, while the second half of the year due to the improvement of supply and demand, market DRAM prices is expected to rebound, but the share price is still in the low stage.
According to the international research and consultancy Gartner predicts that global semiconductor sales will reach $2016 in 333 billion, 0.6% less than in 2015. Decline in the second year in a row, it will write records, 2015 major electronic equipment weak demand, inventory level and the strong dollar continued to hit on some parts of the region, the global semiconductor sales there has been a 2.3% drop. Personal computer (PC) and Ultramobile smartphone industry are cutting production forecast, 2016 semiconductor demand also shrunk, and seems no obvious short-term kinetic energy are enough to offset this several semiconductor decline in demand in key markets.
