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Taiwan Semiconductor Manufacturing Company Limited Message Board

  • Airhsu Airhsu Jul 20, 1998 1:11 PM Flag

    First Half Earnings Annoucned

    TSMC announced its earnings Monday afternoon in
    Taipei.

    According to the China Times Evening Edition:

    TSMC
    posted after-tax earnings of NT 10.7 Billion for the
    first half of the year.
    This translates to NT 1.77
    per share. TSMC closed at NT 79 on the Taiex in

    Monday Trading. The current PE is 22. Revenues for the
    first half stood at
    NT 27.3 Billion.

    For ADR
    investors:

    (NT 1.77 x 1.45 x 5 x 2) / 34.35 =
    $.75/share

    Analysts in Taipei are expecting a short-term rally for
    TSMC. It should also
    be noted that Futures on the
    Taiex index begins trading on Tuesday July
    21 so it
    should be interesting to see how the Taiex moves in the
    upcoming
    weeks.

    I suspect that the run-up in TSM last Thurs. was
    due to the earnings
    report that came out
    today.

    Go TSMC!

    SortNewest  |  Oldest  |  Most Replied Expand all replies
    • Jeff, when did you switch from KMT to Communist
      party ?

      Taiwan indeed has a goal to become one
      of the world financial center but she never claim to
      be one as of today. Chang by himself can not make
      TSM what it is today. As a matter of fact, it was a
      state own business and Chang got his position throught
      his connection with KMT. Born in China does not make
      him a genius. He maybe a good manager but there are
      many as qualified Taiwanese.

      Look at Acer
      computer. A successful Taiwanese company build from scratch
      without any goverment backing by a Taiwanese.


      -Well, from the perspective of the Taiwanese authority,
      Taiwan -is also an Utopia, the best place to reside in
      the Galaxy.
      Jeff, Tell us Where you will choose
      to live, Taiwan or China ?

    • Basically, all the shit you put out on this board
      is nothing but direct copy from the fucking books
      you used in school. You are not inventive or
      creative. Tell us something we can't find from the school
      library. You are such a conceit, fucking asshole.

    • Hey, Bob! I've just found out that not only are
      you a genuine formosa man, you are also a formosa
      parrot. (So what would that make you? An animal with
      human flesh? Possible! But that wouldn't qualify you as
      the endangered species though, for there are just too
      many of you there.)

      I am extremely
      disappointed by the contents of your response to my message.
      You said absolutely nothing except agreeing and
      copying my ideas and thoughts. All you did was
      rephrasing, repackaging, and then reposting MY writing back
      onto this message board.(By the way, are you running a
      software piracy operation on formosa?) But that's ok! I
      fully understand that you are intellectually incapable
      of engaging in a debate with me so you had to do
      this in order to cover your ass.

      Tt this
      point, I'll rest my case and let facts speak for
      themselves!

      Finally, I don't hate formosa but I do
      feel sorry for its current conditions caused by the
      indecent.

      To acchiang,
      WATCH OUT! We've got a
      so-call "technical security analyst with a Ph.D. degree"
      from Taiwan here who knows nothing but conning your
      money by providing false and misleading investment
      information to inexperienced investors just like you.
      So
      look before you leap!

    • hi bob & jeff.....be cool ..lots of peoples in this board..

    • Boy is it easy to push your buttons. That's the
      great thing about children...

      I guess my points
      struck a chord, eh. Thus the ad hominum attack. But,
      there was no real refutation there. Let me guess,
      you're textbook is still at school so you can't explain
      your accounting argument, yes?

      TSMC's success
      started on Taiwan. That's the way it is and a 21yo's
      revision won't fix that. Why? It was able to use Taiwan as
      a cheaper production base. Is it moving now? Yep,
      as needed. Why? Taiwan is getting too expensive. So,
      why do they move to the US? Face. No more, No less.
      If you understood the company, you'd know that. Many
      big Taiwanese companies have a presence in the US.
      They show it off to their customers there then move
      production back to Taiwan once they determine the process.
      Even Formosa Plastics Group has stuff in the US.


      You are correct that TSMC's success is due to its
      vision not its dividend policy. That's true of every
      successful company. However, it's dividend policy reflects
      the country it is listed in. The policy creates a
      great deal of stress on managers to continuely improve
      business. However, it is not an important factor in the
      grand scheme of things. You see, once you've gone a few
      more chapters in your book, you'll read that analysts
      use something called "Weighted Average Shares." Look
      it up in the index, then we'll talk about the
      difference that makes. EPS means nothing. EPS growth means
      everything. You should be glad that they keep expanding the
      number of shares, that makes it possible for even penny
      anty investors to buy shares. It stimulates demand and
      all that. You'll find that in your econ
      books.

      Finally Jeff, you should try to reason things and think
      with a clear head before you spout off. I realize that
      you hate Taiwan. That's nice. Who cares? I mean, if
      it's really that bad, just call me a member of the
      Germen National Socialist Party so we can Godwin this
      and be done with it. Taiwan is the far and away the
      healthiest economy in Asia. So, I suppose the, what did you
      call it? "Formosa Way" works a lot better than the
      S'pore or Malaysian way. Or even the PRC's way, I mean,
      it's not like Taiwan has unemployment
      riots...

      To ACChiang (the person who asked about investing in
      Taiwan or the US) Jeff's advice on investing is heavily
      biased by his emotions regarding Taiwan. Jeff would not
      invest in Taiwan, even if he could. I highly doubt Jeff
      owns anything with "Taiwan" in the name, if you know
      what I mean. And I think you
      do.

      Cheers!

      Bob

    • I think you must also refer to Taiwan as the
      "Asian Pacific Financial Center," because that's how the
      Taiwanese authority calls it, right? Well, from the
      perspective of the Taiwanese authority, Taiwan is also an
      Utopia, the best place to reside in the Galaxy. And you
      concur on that too, right? I think not only are you a
      parrot you are also the typical product of formosa. Your
      image probably matches perfectly with those currently
      running formosa and vice versa, just like twin brothers.
      So of course you feel strongly about your almighty
      Taiwanese ways of doing things, including analyzing
      securities. However, I am not sure if you find your behavior
      and thoughts quite contradictory and irrational. If
      you and your kind are really so in-love with your
      betel nut way of life and formosa traditions, then why
      do you constantly yell and scream about becoming
      internationalized and begging of being accepted by the upper
      echelons of the international society? Furthermore, when
      you run businesses and formosa with your almighty
      formosa mentality, what have been the consequences? A
      fucking gigantic mess on the island of formosa. Right?
      Well, arn't you so proud of that?? If you really think
      your taiwanese way of doing things is so superior, why
      don't you write English with Taiwanese grammar??


      At this point, I won't even bother to go over the
      accounting and finance concept with you here, because you
      are so uneducated. It just does'n worth my while.


      Finally, for your education, TSMC's success
      is due to its foresighted global business vision,
      state of the art production facilities and a strong R&D
      division, not its dividends policy. And Morris Chang is a
      Chinese man born in Shanghai and educated in the United
      States, which is also a major contributing factor to the
      company's success. TSMC's success has absolutely nothing to
      do with its presence on formosa and/or distributing
      annual "stock dividends" generously. On the contrary,
      should TSMC continue to distribute its stocks the way it
      has been, or rather the formosa way, it shall soon
      fail to generate sufficient frofit to boost it E/P and
      will suffer drastic price plunges. (Can you understand
      this?) Fortunately, TSMC has recently completed a major
      production facility in the United States in conjunction with
      acquiring a few small high-tech companies in an effort to
      maintain its competitive position in the semiconductor
      industry. Hopefully, pulling out of formosa completely will
      be its next goal in the near future.

      I have
      an advanced education in this area, so whatever I've
      said can be supported by theoritical and practical
      evidences. What about you? What are your credentials?


      Hey, betel head, you want to become internationalized?
      You want the United States to defend your
      garbage-dump-site island in the face of a mojor Chinese military
      invasion? You want to become an educated decent human
      being? You want to become respectable?
      Keep on
      fantasing!!

    • How does the formula from:
      NT1.77*1.45*5*2/34/35=0.75/share ?
      I am interested to know how it comes from ?
      Thanks.

      • 2 Replies to chen2758
      • It's not a formula really, just a conversation of
        earnings per share in NT dollar terms to US
        dollars.

        NT 1.77 = first half earnings--1st & 2nd Q.


        1.45 is the split-adjusted factor (the price of TSMC
        in Taiwan now reflects the split but the ADR does
        not)

        5 = # of Taiwan shares per ADR shares

        2 =
        (multiply by two to give annual earnings in annual terms
        since the recent earnings annoucement reflects Q 1& 2
        only)

        34.35 = recent NT: US dollar exchange
        rate

        I think if the math is correct, this will give the
        earnings in US dollar terms.

        The ADR trades at
        almost a 20% premium over the TSMC shares on the
        Taiex.

        On the Taiex, TSMC is trading at a PE of 22 based on
        this year's earnings, which is pretty cheap given that
        the avg. PE on the Taiex is at 25. There is very
        strong support for TSMC at the NT 71-78 range.

      • To: chen2758

        I am trying to understand
        your formula and question, and hopefully provide an
        answer to you. Can you explain what the numbers in you
        "formula" mean, US$ or NT$ amount, FX rate....etc., and
        where you got it from?

 
TSM
20.910.00(0.00%)Aug 28 4:04 PMEDT

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