TSMC Reports Q2 Results
Jul 20, 2024
Recently reviewed TSMC reported their Q2 earnings this week. Results looked good: revenue was up 40% (33% in U.S. dollars), with stable gross margins and solid cash flow. Sub 7 nanometer products accounted for 2/3rds of revenue, magnifying the firm's competitive advantages (only Samsung competes in this space). High performance computing applications (HPC) - driven by AI demand - led the way, growing 28% quarter-over-quarter and comprising 52% of revenue. The only down note was a drop in the exchange rate from New Taiwanese dollars, which is the only reason I'm dropping the fair value a few bucks to $181 from a previous $184.
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Watch List
| WDAY | -14.66% |
| VEEV | 10.18% |
| INTU | 12.14% |
| PSTG | -9.24% |
| CMG | 30.19% |
| RDDT | -3.84% |
| NTNX | 14.13% |
| CRWD | 71.52% |
| SE | 19.77% |
| SNOW | 2.45% |
| APPF | 3.69% |
| PINS | -38.39% |
vs. Fair Value Estimates
Buy List
| ASML | -27.09% |
| SEMR | -42.13% |
| TSM | -45.61% |
| ZETA | -36.33% |
| GOOG | -52.81% |
| NYAX | -34.93% |
| MSFT | -33.01% |
| ODD | -33.41% |
| ASR | -30.64% |
| FLYW | -42.71% |
| HRMY | -61.01% |
| GLBE | -29.48% |
| YOU | -34.88% |
| ABNB | -36.69% |
| MELI | -27.66% |
| ADBE | -45.75% |
vs. Fair Value Estimates
Hold List
| VTEX | -20.00% |
| CELH | 48.96% |
| TOST | 14.30% |
| CPNG | -19.28% |
| HIMS | -22.20% |
| PAYC | -21.97% |
| MNDY | 6.61% |
| ZS | 23.37% |
| V | -8.70% |
| ADSK | -3.90% |
| NOW | -6.74% |
| FTNT | -5.75% |
| TEAM | -11.07% |
vs. Fair Value Estimates