New Street Research - TSMC (2330) TSMC 1Q24: Auto cycle hits; leading-edge demand remains strong

Report

New Street Research

Pierre FerraguÊ

TSMC 1Q24: Auto cycle hits; leading-edge demand remains strong

TSMC reported 1Q24 results this morning.

18/04/2024 1 EN

Underlying

TSMC

See profile

Chinese Taipei

Provider

New Street Research

Provided by our team of experienced analysts, our work is idea driven, based on independence of thought, sector expertise, and firmly focussed on fundamentals and valuation.

New Street Research is an independent, partner-owned, research firm specialising in equity and debt research. Our equity research embraces the following sectors:

Pan European Telecom Services and Cable
US Telecoms, Cable, Satellite and Towers
Global Emerging Market Telecoms
Japan Telecoms
Asian Internet
Pan European Healthcare
Global healthcare thematic research

We provide debt research on:

Pan European Telecom Services and Cable

See profile

Analysts

Pierre FerraguÊ

Other Reports on these Companies

New Street Research

TSMC 1Q24: Auto cycle hits; leading-edge demand remains strong. Buy, NT$920 Target Price.

TSMC reported 1Q24 results yesterday.

April 19, 2024 April 19, 2024 1 EN

New Street Research

AI datacenter industry model v2.0 – less, but more expensive chips, with more memory content.

HBM content per GPU increased 6x in the last 4 years, and this trend is unlikely to abate: Nvidia's B200 features 2.4x more HBM than H100, Broadcom showed an AI ASIC with 12 HBM stacks, and future generations could feature 24/32 stacks. We update our datacenter infrastructure model to reflect this trend, increasing our AI chip ASPs to make room for the higher HBM content.

April 11, 2024 April 11, 2024 1 EN

South African Telcos South African Telcos - CY23 H2 review – Modest improvements

H2 was a better semester for the SA Telcos. Service revenue and EBITDA trends improved and capex – while still above historic levels – was contained. However, improvements were modest as the environment remains difficult and growth remains limited.

EUR 9384.00

1h 1h 1 EN

Ben Rickett ... (+2)

Ben Rickett
James Ratzer

EU Towers Review: A rising risk from land aggregators Cellnex (Neutral, €32) Was €30, Inwit (Neutral, €12.8) Was €12.4

Cellnex and Inwit have recently pivoted towards buying more land. Why? In part because they still see a good opportunity to deploy capital attractively, but we believe this is also driven by a defensive angle against a gradually rising role of land aggregators in Europe

EUR 9384.00

4h / 13m 4h / 13m 1 EN

Dan Salmon

Dan Salmon

Pinterest Inc. (PINS, Buy, $52 target) Reiterate Top SMID Pick as Top Line Accelerates

In this first take following tonight’s results, we touch on: 1. 2Q guide in-line with NSR, nicely ahead of consensus; 2024 commentary as expected 2. More value capture coming from lower funnel, as CAPI adoption reaches 40% of revenue 3. Third-party revenue was “emerging contributor” in 1Q, expected to ramp through 2024 4. Seven quarters of accelerating MAU growth and +40% of MAUs are Gen Z 5. Dry powder building on balance sheet

EUR 9384.00

4h / 15m 4h / 15m 1 EN

Sign-up for free to access full reports immediately

Email Address*

Choose Password* ( 6 or more characters )

Due to regulatory restrictions regarding the distribution of financial research, this report is restricted to a specific region or investor type. Get access to exclusive reports by answering the questions below.

Select your country*

Get financial insights straight to your inbox

By clicking "register" you accept the Terms and Conditions & Privacy Policy

Already on ResearchPool?

Almost there...

Are you a professional investor?

Select your country

REGISTER

Create a free ResearchPool account to access full reports, get a personalised dashboard and follow providers or companies

In order to access this report please create an account.

LOGIN

TSMC 1Q24: Auto cycle hits; leading-edge demand remains strong

TSMC 1Q24: Auto cycle hits; leading-edge demand remains strong. Buy, NT$920 Target Price.

AI datacenter industry model v2.0 – less, but more expensive chips, with more memory content.

South African Telcos South African Telcos - CY23 H2 review – Modest improvements

EU Towers Review: A rising risk from land aggregators Cellnex (Neutral, €32) Was €30, Inwit (Neutral, €12.8) Was €12.4

Pinterest Inc. (PINS, Buy, $52 target) Reiterate Top SMID Pick as Top Line Accelerates

Create a free ResearchPool account to access full reports, get a personalised dashboard and follow providers or companies

Sign-up for free to access full reports immediately

ResearchPool Subscriptions

Get the most out of your insights

Why subscribe?

How to subscribe

ResearchPool Subscriptions

This report is only available to subscribers

Why subscribe?

How to subscribe