摩根士丹利：台积电-外汇影响敏感度及对股价的影响；增持评级

However, we are not overly concerned about the FX impact on TSMC earnings, as it doesn't hurt the company's structural profitability. In our recent Top Pick report (link), we noted several stock overhangs are being removed. May 7, 2025 01:53 AM GMT TSMC | Asia Pacific FX impact sensitivity and stock implications; OW The TWD has appreciated significantly recently. TSMC indicated that every 1% appreciation in the USD/TWD rate translates into 40bps GM downside for TSMC, as most of its costs are TWD denominated ...