CITIC Construction has reaffirmed its "Buy" rating for Taiwan Semiconductor Manufacturing Company (TSMC), assigning a target price of US$385.27. In the fourth quarter of 2025, TSMC reported revenue and gross profit margins that surpassed market expectations. Notably, the high - performance computing (HPC) business contributed 55% to its overall performance, while revenue from advanced manufacturing processes continued to climb. Looking ahead, the company anticipates a revenue growth rate of nearly 30% in 2026. Moreover, its capital expenditures (CapEx) are projected to hit a record high, underscoring its confidence in expansion plans. With artificial intelligence (AI) demand emerging as a long - term growth driver, CITIC Construction has revised its earnings forecasts upwards. The firm believes that TSMC's price - to - earnings (PE) ratio for 2026 will stand at just 28 times, suggesting a fairly valued stock.