TSMC(US:TSM) Sou Hu Cai Jing·2025-12-12 12:45Core Viewpoint - TSMC's November revenue slightly exceeded expectations, benefiting from the appreciation of the US dollar, which positively impacted sales revenue and gross margin when converted to New Taiwan Dollars [1] Group 1: Financial Performance - Analyst Matt Bryson from Wedbush Securities noted that TSMC's sales revenue and gross margin increased in tandem due to the favorable exchange rate [1] - The revenue surprise was more significant when measured in local currency compared to US dollars [1] Group 2: Future Outlook - Bryson maintains a "Outperform" rating for TSMC, setting a target price of 1,700 New Taiwan Dollars [1] - As 2026 approaches, an increase in product average prices and a shift in product mix towards new processes are expected to provide higher upside potential [1]