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Huatai Securities has reiterated its 'Buy' recommendation for Taiwan Semiconductor Manufacturing Company (TSMC), establishing a target price of US$370. TSMC's third-quarter performance surpassed market expectations, largely due to robust demand in the artificial intelligence (AI) sector, which has spurred expansion in its advanced process technologies and packaging capabilities. The company has also upwardly revised its revenue and capital expenditure forecasts for 2025. With the imminent commencement of N2 process mass production, TSMC anticipates significant growth in its high-performance computing (HPC) business by 2026. Leveraging its technological prowess and strong pricing leverage, TSMC is poised to mitigate any short-term adverse effects on its gross margin arising from overseas expansion, thereby securing its robust long-term profitability.
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