台积电_亚太半导体，鉴于台积电承诺在美国建晶圆厂，关税或可豁免；重申增持评级-TSMC Asia Pacific Semi tariff could be exempted given TSMC's commitment to build fabs in the US; reiterate OW

Summary of TSMC Conference Call Company and Industry - Company: TSMC (Taiwan Semiconductor Manufacturing Company) - Industry: Greater China Technology Semiconductors Key Points and Arguments 1. Tariff Exemption for TSMC: TSMC may be exempt from the new 100% tariff on semiconductor chips imported into the U.S. due to its commitment to build fabs in the U.S. [1][2] 2. Capex Plan: TSMC maintains a capital expenditure plan of US$165 billion for its U.S. operations by 2030, which supports the expectation of tariff exemption [2] 3. Stock Rating: The stock is rated as "Overweight" with a target price of NT$1,388, indicating a potential upside of 23% from the current price of NT$1,125 [2][7] 4. Impact on Other Foundries: The tariff exemption for TSMC may not apply to other foundries in Greater China, such as SMIC and UMC, which focus on mature nodes where the U.S. has self-sufficiency [3] 5. Tech Demand Concerns: The exemption is expected to alleviate concerns regarding broader tech demand, which could positively impact the semiconductor market [3] Additional Important Content 1. Economic Sanctions Note: The report includes a disclaimer regarding U.S. Executive Order 14032, which may prohibit U.S. persons from buying certain securities of designated entities [4] 2. Export Controls Note: There is a mention of export controls that may affect certain items covered by the Export Administration Regulations [5] 3. Analyst Certification: Analysts involved in the report have certified their views and have not received compensation for specific recommendations [24] 4. Valuation Methodology: TSMC's valuation is based on a residual income model with key assumptions including a cost of equity of 9.2% and an intermediate growth rate of 10.5% [13] 5. Risks: Potential risks include a weakening demand for leading-edge technologies and increased costs for overseas fabs [19] This summary captures the essential insights from the TSMC conference call, focusing on the implications of tariff policies, financial outlook, and market dynamics within the semiconductor industry.