Rodney, My take on CSM is that they are toast. I would only invest in them as a speculative take over target. I think that they are losing mass and is the slowdown lasts until 1H02 they could be in serios trouble. They are too far behind on the roadmap.
UMC is better bet. I am not sure if they can pull off this IBM.Infineon process tranfer thing. I say transfer because I think they are getting more from IBM than they are developing in house. This could be a long term issue if they cannot get .13u up in Taiwan. Rumors say that they have had trouble. The process looks good on paper but wafers have yet to flow. Plus I don't think that they have the Blue Chip customer base that that TSM has.
Overall TSM is the best postioned and the current downturn will give them time to get the new fabs they bought last year wrung out. My money is currently only on TSM.
As to why more funds don't check these out. Bottom line is ignorance and complacency. Most fund managers only rcently found out the difference between a potato chip and a silicon chip. As for a Fab. Most probably think it's something you use to to wash your clothes. The return on Assets and the overall profit margin of UMC and TSM when they are running at least 75% full is pretty uncommon except for Intel.
Friday June 8, 5:58 pm Eastern Time Press Release Taiwan Semiconductor Manufacturing Company Limited Stock Dividend Details for Common Shares and ADSs HSINCHU, Taiwan--(BUSINESS WIRE)--June 8, 2001--Taiwan Semiconductor Manufacturing Company Ltd. (``TSMC'' or ``the Company'') (TAIEX:2330)(NYSE:TSM - news) announced details in respect of its previously-announced 40% stock dividend that relate to its TSE-listed common shares and NYSE-listed American Depositary Shares (``ADSs'').
The Company set the ex-dividend date and record date for TSMC common shares listed and traded on the Taiwan Stock Exchange to be June 26 and July 2, 2001, respectively. The Company's common share transfer books will be closed for transfers from June 28 through July 2, 2001. The record date for ADSs entitled to participate in this stock dividend will be June 28, 2001 and the ADSs ex-dividend date will be June 26, 2001.
The common share distribution date with respect to the upcoming stock dividend is expected to be on or about late July, 2001. The actual distribution date is subject to ROC regulatory approvals. The ADSs distribution date will be about one to two weeks after the common share dividend is distributed. The Company will separately announce the distribution dates for common share and ADSs as soon as they become available.
No fractional ADSs will be issued in connection with this stock dividend. Any fractional shares or shares in lots of less than five (which is the number of shares represented by each ADS) that otherwise would be issuable in respect of shares represented by each ADSs in connection with this stock dividend will be disregarded and not issued. Similarly, no fractional shares will be issued in respect of TSMC shares listed and traded on the Taiwan Stock Exchange in connection with this stock dividend. However, holders of TSMC shares listed and traded on the Taiwan Stock Exchange may, in private transactions, aggregate their entitlements to fractional shares in order to have additional whole shares issued in connection with this stock dividend.
Any questions regarding this upcoming stock dividend may be directed to Public Relations (Tel: 886-3-5673338 or 5673347) or Investors Relations (Tel: 886-3-5672968 or 5672664).