Positive 2H Outlook Overshadows Near-Term Headwinds for Taiwan Semiconductor; Raising FVE to $34
TSMC reported first-quarter results in line with the firm’s updated guidance following a bad photoresist material incident in February that had a negative impact on 12- and 16-nanometer wafers. Management noted the incident reduced first-quarter sales by about $550 million, though this will be made up in the second quarter. Furthermore, the firm doubled down on the industry narrative of a second-half recovery in 2019. Although TSMC will benefit from the ramp of its latest 7-nm-plus processors (u...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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