Apple Business Drives Healthy Third-Quarter Results for Taiwan Semiconducor; Raising Fair Value
Consistent with its exclusive Apple business for the iPhone 7, Taiwan Semiconductor Manufacturing reported strong third-quarter results that were slightly ahead of our expectations. Based on TSMC’s forward guidance, the firm is on track to achieve its fifth straight year of double-digit revenue growth. While communication sales (chips for smartphones) continue to dominate cumulative sales for the foundry leader, we note that Intel’s recent announcement of licensing physical ARM IP to become an a...Taiwan Semiconductor Manufacturing is a foundry in the semiconductor industry which engages mainly in the manufacturing, selling, packaging, testing and computer-aided design of integrated circuits and other semiconductor devices and the manufacturing of masks. Co. also engages in the researching, developing, designing, manufacturing and selling of solid state lighting devices and related applications products and systems, and renewable energy and efficiency related technologies and products. Co.'s products include logic semiconductors, mixed-signal/radio frequency semiconductors, CMOS image sensor semiconductors and high voltage semiconductors.
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