Looking for TSMC proxies?
​Most investors expressed concerns that there are no visible growth drivers in the tech sector and the highest conviction stock that they are willing to accumulate is TSMC. However, many also said that their TSMC position has reached the 10% cap of their portfolio weighting and they have been looking for TSMC proxies. In our view, amid the lukewarm demand outlook, whichever stocks that can ★) gain shares; ★) increase their ASP/content value; and ★) expand into new markets will still outperform. TSMC (★★★) fulfills all three bottom-up criteria, as it is 1) gaining A10 shares from SEC; 2) lifting ASP via the process migration; and 3) expanding into the OSAT market via InFO. Therefore, our top-picks possess at least one of the above criteria:
Yuanta is a Taiwan-headquartered brokerage with a growing presence in Asia, especially across Greater China. Our team of 140+ provides cutting-edge analysis on key sectors, spread across offices in Taiwan, Hong Kong, Shanghai (A-Share), Seoul and Jakarta. With an ever-expanding coverage universe of 400+ companies, we provide in depth analysis with unique local color to investors. Consistently being voted the Best Investment Consulting Firm in Taiwan in the AsiaMoney broker poll is evidence of our strength. We target providing an extensive range of research, from small, to mid-sized, to large cap. We bring you the big, well-covered names, as well as going off the beaten track to research the less-familiar companies.
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