Foreign Investors Seldom Adjust Target Prices Prior to TSMC's Investor Conference
2025-01-10

HSBC Securities observed that TSMC boasts a robust revenue foundation in the fourth quarter of 2024, anticipating a 5% decrease in revenue on a quarter-over-quarter basis (equivalent to a 6% decline in USD terms). Amid softer first-quarter operations and a drop in certain capacity utilization rates, TSMC has revised its profit projections for 2025 downwards. While maintaining a positive outlook on TSMC's long-term potential, HSBC Securities has adjusted its fair value estimate from NT$1,600 to NT$1,500, a move that is uncommon prior to TSMC's investor conferences.