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TSM

Taiwan Semiconductor Manufacturing Company Ltd.

5/25/2013, 8:02 PM ET

Quote & Headlines Market Currents StockTalk

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| On the move

Wednesday, May 8, 11:19 AM UMC (UMC +3.6%) rallies after delivering its Q1 report, and takes bigger rival TSMC (TSM +4%) higher with it. Though EPS of $0.09 missed consensus by $0.03, revenue of NT$27.8B ($931M) beat consensus by NT $1.4B ($47M). More importantly, UMC is guiding for a 12%-14% Q/Q increase in wafer shipments, and for a flat ASP; that suggests revenue should soundly beat a consensus of NT$28.8B. Q1 gross margin was 16.2%, +500 bps Q/Q and +90 bps Y/Y. UMC has trailed TSMC in ramping 28nm chip production. (PR) (slides) Comment! [Tech, Earnings, On the Move]
Friday, May 3, 1:11 PM Apple (AAPL +1.3%) roundup: 1) Moody's estimates Apple's debt offering will save the company $9.2B in tax payments that would have to be made if offshore cash was used to finance planned buybacks. 2) TSMC (TSM -0.3%) will reportedly manufacture the app processor for an iPhone due in 2H14 (the iPhone 6?), but Samsung will manufacture the iPhone 5S' processor (previous). 3) Apple has filed patent applications for curved battery designs - could they be used in more flexible iOS hardware? 4) Regional carrier U.S. Cellular (USM -2.9%) plans to finally sell the iPhone. 8 Comments [Tech]
Friday, April 19, 2:52 PM TSMC (TSM +4.4%) has staged a strong two-day rally in the wake of its Q1 beat, above-consensus Q2 guidance, and capex budget hike, and is close to its 52-week high of $19.25. On its earnings call, the world's top chip foundry said 28nm chips accounted for 24% of Q1 wafer revenue, up from Q4's 22%, predicted full-year 28nm sales will triple Y/Y, and raised its forecast for 2013 foundry industry growth to 10% from a prior 7%. TSMC also stated its 16nm process will enter volume production just a year after its 20nm process; the latter could happen as soon as late 2013. Comment! [Tech, Earnings, On the Move]
Thursday, April 18, 9:10 AM Premarket gainers: PTGI +33%. THRX +17%. TZOO +11%. ALSN +8%. TSM +7%. MM +6%.
Losers: EXAS -26%. NOK -11%. UNXL -10%. 1 Comment [On the Move]
Thursday, April 18, 3:29 AM Taiwan Semiconductor Manufacturing (TSM): Q1 net profit +18% to 39.58B New Taiwan dollars ($1.32B) vs consensus of NT$38.6B. Revenue +26% to NT$132.76B, with the company benefiting from strong demand from smartphone and tablet makers. Gross margin 45.8%, slightly above guidance for 43.5%-45.5%. Forecasts Q2 revenue of NT$154-$156B. (PR) Comment! [Earnings, Tech]
Thursday, April 18, 12:05 AM Notable earnings before Thursday’s open: ADS, AN, APH, BAX, BBT, BPOP, BTU, BX, CY, DHR, FCS, FCX, FITB, KEY, LDK, MMR, MS, NOK, NUE, OMC, PBCT, PENN, PEP, PM, PPG, SHW, SNA, SON, TSM, TZOO, UNH, UNP, VZ Comment! [Earnings]
Wednesday, April 17, 5:30 PM Notable earnings before Thursday’s open: ADS, AN, APH, BAX, BBT, BPOP, BTU, BX, CY, DHR, FCS, FCX, FITB, KEY, LDK, MMR, MS, NOK, NUE, OMC, PBCT, PENN, PEP, PM, PPG, SHW, SNA, SON, TSM, TZOO, UNH, UNP, VZ Comment! [Earnings]
Monday, April 15, 2:33 PM After growing by $4.5B from 2010 to 2013, TSMC's (TSM -2.2%) smartphone/tablet-related revenue will only grow by $3B from 2013 to 2015, estimates Morgan Stanley's Bill Lu, who is cutting shares to Equal Weight. Lu sees slowing growth and lower chip content per device hurting sales in spite of a $1.5B benefit from winning Apple's business. He also sees demand for TSMC's next-gen 20nm process ramping more slowly than 28nm demand, due to a smaller performance boost. On the flip side, Lu argues Intel (INTC) "lacks the [manufacturing] process flexibility" needed for its foundry business to become a major threat. 8 Comments [Tech]
Thursday, April 11, 1:14 PM Apple (AAPL -0.1%) roundup: 1) 9to5 Mac has noticed an Apple job listing for a "display specialist" to work on "emerging display technologies such as high optical efficiency LCD, AMOLED and flexible display." iWatch rumors have mentioned a flexible display. 2) In-line with earlier scoops, the Korea Times reports Apple has shut out Samsung from A7 processor development in favor of TSMC (TSM) and its 20nm process. This suggests A7-based hardware will arrive in 2014. 3) Morgan Stanley expects a "killer app" to be launched for the iPhone 5S, and names a mobile payment solution as a possibility. 7 Comments [Tech]
Tuesday, April 2, 12:04 PM More on Raymond James' upgrade of Qualcomm (QCOM +0.3%): Analyst Tavis McCourt thinks concerns about 4G baseband chip competition (from Broadcom, Nvidia, etc.) are overblown. Whereas rivals will be offering basebands built on 28nm processes in 2014, Qualcomm will have moved to 20nm, McCourt argues. His remarks come as a Taiwanese paper reports TSMC (TSM) is ahead of schedule in installing 20nm gear, and hopes to start volume production in Q3. Nvidia's Logan app processor (due in 2014) will use a 20nm process, but its Tegra 4i baseband/app processor is at 28nm. Comment! [Tech]
Thursday, March 28, 8:40 PM Just 3 chip manufacturers - Intel (INTC), Samsung (SSNLF.PK), and TSMC (TSM) - will account for 57% of 2013 chip industry capex, estimates IC insights. That figure, up from 2012's 54%, drives home the extent chip equipment maker fortunes now hinge on the spending plans of a handful of firms, and also the big lead the industry giants have opened up in economies of scale relative to smaller rivals. IC Insights expects total industry capex to grow 2% this year to $59.8B, after falling 11% last year. 1 Comment [Tech]
Wednesday, March 20, 12:24 PM Panasonic (PC +0.6%) is in talks with TSMC (TSM +0.8%) and HTC to sell its mobile phone business, Japan's Sankei Shimbun reports. TSMC seems an odd choice to buy the unit, given the world's biggest chip foundry hasn't shown any interest in being a phone manufacturer (either as an OEM or ODM). HTC is a little more plausible, but the company has its own problems to deal with. Panasonic, which last year took a $3B write-down partly tied to its phone ops, has already said it's exploring options for its TV and healthcare units. Comment! [Tech, M&A]
Monday, March 18, 10:54 AM TSMC (TSM -1.9%) plans to sell $1.5B worth of debt to finance its capacity expansion plans, Taiwan's Economic Daily News reports. The report follows December comments from CEO Morris Chang about possibly building a U.S. chip manufacturing plant, and comes amidst expectations TSMC will gradually take over the production of Apple's app processors from Samsung. The foundry had $2.9B in long-term debt on its balance sheet at the end of 2012. 2 Comments [Tech]
Thursday, March 14, 11:37 AM TSMC (TSM -0.7%) will finish taping out Apple's (AAPL +0.8%) A7 processor in March, start trial production in May-June, and begin volume shipments in Q1 '14 (in time for an iPhone 6 and 6th-gen iPad?), reports Digitimes. The site adds the A7 will use TSMC's next-gen 20nm process. There have already been plenty of reports Apple plans to shift app processor manufacturing from Samsung to TSMC. (Apple/Intel talks) 6 Comments [Tech]
Friday, March 8, 4:44 PM Slightly disappointing Feb. sales figures lead TSMC (TSM -0.8%) and UMC (UMC -1.1%) to close lower. TSMC's sales came in at $1.39B, -13.2% M/M and +21.5% Y/Y. EE Times points out that while a Feb. drop is normal thanks to fewer days and the Chinese New Year, the decline is bigger than the 6.1% TSMC has averaged over the last 10 years. Digitimes recently reported TSMC has limited Q2 order visibility from mobile chip clients (responsible for much of its growth) due to inventory builds. UMC, which has been losing share, reported Feb. sales of $295M, -7.6% M/M and +3.4% Y/Y. (PRs: I, II) Comment! [Tech, Earnings]
Tuesday, February 26, 10:56 AM Intel's (INTC +2.7%) foundry deal with Altera (ALTR +1.7%) is enough to get Drexel Hamilton to upgrade "Chipzilla" to Hold, with a $22 PT. Meanwhile, existing Altera foundry partner TSMC (TSM -2.4%) is now adding to yesterday's losses. RBC thinks Intel, which has a manufacturing process edge against independent foundries, could win more clients at TSMC's expense. SA contributor Ashraf Eassa notes the Altera deal prevents Xilinx (XLNX -0.9%) from striking a similar foundry deal with Intel for its 14nm process. 4 Comments [Tech]

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