＜Research＞G Sachs Hikes TSMC (TSM.US) TP to US$227, Keeps CL Buy

　　Goldman Sachs‘ report said that TSMC (TSM.US) ’s 2Q24 results were broadly in line, and that investors focused on its pricing strategy and the growth prospects for advanced packaging at its corporate presentation yesterday (18th). Management's tone on next year's pricing outlook was more positive than what the broker had estimated. The broker viewed that the company's strong bargaining power and leadership position will make it more likely to raise its long-term GM target.

　　The broker raised TSMC's profit forecasts for each of the years in 2024-26 by 7.1%/ 8.4%/ 6.1%, respectively, to reflect 2Q24 results, higher pricing and gross margin assumptions. It expected 3Q24 revenues (in USD) to rise by 11.8% QoQ, with a GM of 55.4%, an OPM of 44.9%, and full-year revenues (in USD) to lift by 25.9%. The broker maintained Buy rating on TSMC and kept it on the APAC Conviction List. The 12-month TP for its Taiwan stocks was raised from NT$1,160 to NT$1,230, and TP for US stocks was added from US$218 to US$227.

　　(Real-time Streaming US Stocks Quote; Except All OTC quotes are at least 15 minutes delayed.)