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Morningstar•April 20, 2023
Morningstar•April 20, 2023Taiwan Semiconductor Manufacturing Company Limited: TSMC Earnings: Possible Upside Surprise in Long-Term Outlook as Artificial Intelligence Becomes Hot
Summary
Taiwan Semiconductor Manufacturing Co. is the world's largest dedicated chip foundry, with over 57% market share in 2021 per Gartner. TSMC was founded in 1987 as a joint venture of Philips, the government of Taiwan, and private investors. It went public as an ADR in the U.S. in 1997. TSMC's scale and high-quality technology allow the firm to generate solid operating margins, even in the highly competitive foundry business. Furthermore, the shift to the fabless business model has created tailwinds for TSMC.
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Analyst Profile
Phelix Lee
Equity AnalystPhelix Lee is an equity analyst for Morningstar Investment Management Asia Limited, a wholly owned subsidiary of Morningstar, Inc. He covers Asia tech stocks, with a focus on Greater China.Before joining Morningstar in 2019, Lee spent five years at a Hong Kong-based brokerage firm as an equity analyst covering small/mid-cap names in tech hardware.Lee holds a Bachelor of Business Administration (Honours) in financial services from the Hong Kong Polytechnic University. He also holds the Chartered Financial Analyst® designation.