Report
Abhinav Davuluri

TSMC expects strong growth in 2018 thanks to high-performance computing and cryptocurrency.

Taiwan Semiconductor Manufacturing reported in-line first-quarter results and provided second-quarter guidance that fell below market expectations. Management also lowered its 2018 revenue growth assumptions to 10% from a range of 10% to 15%, in U.S. dollar terms. Weaker smartphone demand and uncertainty concerning cryptocurrency mining were the two culprits for the downward revision, both consistent with our outlook for TSMC. We surmise that much of the smartphone weakness can be attributed t...
Underlying
Taiwan Semiconductor Manufacturing Co. Ltd.

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.

Provider
Morningstar
Morningstar

Morningstar, Inc. is a leading provider of independent investment research in North America, Europe, Australia, and Asia. The company offer an extensive line of products and services for individual investors, financial advisors, asset managers, and retirement plan providers and sponsors.

Morningstar provides data on approximately 530,000 investment offerings, including stocks, mutual funds, and similar vehicles, along with real-time global market data on more than 18 million equities, indexes, futures, options, commodities, and precious metals, in addition to foreign exchange and Treasury markets. Morningstar also offers investment management services through its investment advisory subsidiaries and had approximately $185 billion in assets under advisement and management as of June 30, 2016.

We have operations in 27 countries.

Analysts
Abhinav Davuluri

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