Because of potential Apple business
We believe increasing capex and
competition will moderate TSMC’s structural profitability, but ROE should
remain stable. We raise our target price to NT$112 (ADR: US$19) from NT$80
(ADR: US$13.50) based on accelerated growth....
no word about margins
TSMC: The best is yet to come; upgrade to Buy (on CL) - Index of
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Nov 10, 2012 – We expect Apple to start moving its AP wafers to TSMC from Samsung LSI .... delivered extremely small and efficient 20nm nodes and further ... take a stake in ASML, the largest supplier of lithography systems for the ..... market will grow to 45mn and 95mn in 2012E and 2013E, ...... Capacity ('000 8" eq) ...