TSMC(US:TSM) 美股研究社·2026-01-13 12:16Core Viewpoint - TSMC is expected to deliver strong quarterly performance due to the ongoing benefits from the AI sector, which continues to gain momentum [1][4]. Group 1: Financial Performance - TSMC's revenue has experienced rapid growth over the past several quarters, with a year-on-year revenue increase of over 30% in the last six quarters, significantly surpassing the five-year compound annual growth rate of 22.9% [3][4]. - Analysts predict a 22.9% year-on-year revenue growth for TSMC in Q4, with adjusted earnings per share (EPS) expected to rise by 31.7% [4]. - TSMC has consistently exceeded revenue and EPS expectations in the past 12 quarters, showcasing its strong performance capabilities [4]. Group 2: Market Position and Demand - As the largest semiconductor foundry globally, TSMC is a major beneficiary of the ongoing AI transformation, with robust market demand enhancing its pricing power [3][5]. - The company’s gross margin has expanded by over 600 basis points, and operating margin has improved by over 800 basis points during the last six quarters [3]. Group 3: Financial Strength - TSMC's tangible book value per share increased by nearly 27% in the first three quarters of 2025, and its net cash reserves rose from approximately $42 billion to $56.5 billion, providing a solid financial foundation for future investments [6]. - The company’s strong financial position is crucial for its ability to invest billions in research and new manufacturing facilities, which are essential in the high-tech semiconductor industry [6]. Group 4: Valuation - TSMC's expected price-to-earnings (P/E) ratio for the fiscal year 2027 is projected to fall below 20, indicating significant upside potential [7]. - The non-GAAP P/E ratio relative to the growth rate is only 1.23, which is nearly 30% lower than the industry median, suggesting that TSMC's valuation is attractive given its strong revenue growth and expanding profitability [8][9]. - Analysts have set a target price average of $360 for TSMC, indicating approximately 11% upside potential from current levels [9]. Group 5: Market Sentiment and Risks - Despite the strong expected performance, there is uncertainty regarding market reactions, as high expectations for AI transformation may lead to muted responses even to strong earnings reports [10].