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Share price was cut twice. What happened to TSMC?

Form: 爱集微 2018/11/23 Browse:2257 Keywords: TSMC

Set micronet news, in just seven days, Damo twice lowered the target price of TSMC!

It is understood that Morgan took the lead in lowering the investment rating of TSMC and lowering the target price of TSMC to NT$239. In the new Greater China Semiconductor Industry Report issued by the brokerage on the 22nd, the target price of TSMC was lowered twice to NT$214, with a correction of up to 15.4%.

As the leader of the semiconductor industry, why would Dacha raise its target price?

According to Damoto, there are two reasons why the semiconductor industry is facing adverse wind.

One is that the gold rush for encrypted currencies has disappeared. In the past week, the price of Bitcoin has dropped 29% to $4522. The profits of mining companies have been squeezed, and the demand for 16-nm ASIC has dropped to zero, which has also affected the demand for 7-nm ASCI.

Another key customer of TSMC, Yingweida, accounts for about 6-7% of TSMC's revenue in 2018. It also mentions that the weak mining market for encrypted currency needs about one to two quarters to digest inventory, which will be detrimental to TSMC's demand for 16 and 12 nm wafers in the first half of next year.

Demand for smartphones is another key factor affecting the semiconductor industry. Global smartphone shipments in 2018 are expected to decline by 3% annually. This year will be the first year of a "recession" in smartphone shipments.

Wafer Generation Industries pointed out that the Sino-US trade war shocked the client's wait-and-see trend, coupled with poor sales of Apple's new iPhone, weak demand for non-Apple smartphones, and a sharp drop in the price of encrypted currencies. Since the fourth quarter, market demand has declined and orders have suddenly cooled down.

Among them, 12-inch and 8-inch wafer OEMs'capacity utilization rates were fully loaded in the second and third quarters, mainly reflecting the rising cost of silicon wafer materials and strong demand, and also increasing the OEM prices to customers, but less than a few months apart, recently some 12-inch factories' capacity utilization rates have declined to about 80%.

Investors generally believe that the recent reductions in orders for the iPhone have been reflected in the share prices of semiconductor stocks. In the future, new functions such as three lenses, AI and AR will emerge to drive new consumer demand for smartphones. (collation / kapok)


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