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The wafer foundry leader TSMC is about to hold the legal entity briefing in the first quarter of 2020 after the market today, but due to the epidemic situation, it will switch to the first online legal seminar. Because TSMC has accumulated good results in the first quarter of 2020, it is of particular interest for relevant performance and future prospects under the influence of the epidemic. Former well-known foreign analyst Lu Xingzhi also said on his personal Facebook that investors can observe the following five key points for this TSMC seminar.
One of Luhang began to scoff at saying: “TSMC will announce earnings figures for the first quarter of 2020 and prospects for the second quarter of 2020. The following are the market expectations and the differences I casually assumed. For your reference, don’t take it seriously and don’t put too much pressure on TSMC. ” “
1. Revenue in the first quarter amounted to TWD 310.6 billion, which should have a gross profit margin of 50%, a net profit margin of 35% to 36%, EPS per share of NTD 4.20 ~ 4.25, which may be more than NTD per share expected by Bloomberg analysts. 4.19 yuan is a little better.
2. With $ 1 denominated in TWD 30, we believe TSMC’s second quarter revenue fell 0-3% month-over-month, up 24% -29% yoy, which was slightly better than the market’s expectation of one 4% monthly decrease and 24% annual growth We expect TSMC’s gross margin in the second quarter to be 48% to 50% and operating profit 37% to 39%, similar to market expectations.
3. Due to the expansion of the new global coronavirus epidemic, we believe that the general demand for semiconductors for servers, artificial intelligence computing, computers, laptops, game consoles, electronic sports and industrial robots in the first half of the year is much larger than that of 4G mobile phones and automotive electronic chips. .
4. If the global epidemic cannot be alleviated in late May, it will be difficult to keep capital spending between $ 15 billion and $ 16 billion in 2020.
5. Analysts attending the meeting will pay attention to whether the 5 nanometer mass production will be postponed. If the US government USA It requires TSMC not to use American equipment to help HiSilicon produce, how should TSMC cope? And postponed, will depreciation expenses be adjusted in 2020 and 2021 due to capital expenditure adjustments, and how will TSMC review the global semiconductor logic chip market, wafer casting, global mobile phone and 5G market growth in 2020?
In fact, according to the income recently announced by TSMC for March 2020, the amount reached NT $ 113.52 billion, not only an increase of 21.5% from the 93,394 billion in February, but also an increase of 42.4% compared to the same period in 2019 of 79,722 billion, a record A new monthly record. Cumulatively, TSMC’s revenue in the first quarter of 2020 was NT $ 310,597 billion, a significant increase of 42% over the corresponding 2019 period of RMB218.7 billion. Can you wait if the status announced today by the Fa Conference is the one predicted above?
(Source of first image: New Technology News photo)
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