TSMC (2330 TT, NT$2,465.00)- Expecting GM upside going forward

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TSMC (2330 TT, NT$2,465.00)- Expecting GM upside going forward

Taiwan Equity | Tech

Company Snapshot

Fubon Research TSMC (2330 TT)

July 8, 2026

Expecting GM upside going forward

Buy

Price Target Reiterate Buy, maintain target price at NT$3,500, 42% upside

NT$2,465.00 NT$3500 1. 2Q26 results on track to beat, expecting 3Q26 guidance to beat

○Initiating coverage ○Visit notes

2. GM upside in FY27

●Company update ●Earnings revision

3. Capex and capacity expansion remain in spotlight

●Earnings preview ○Rating change

2Q26 results on track to beat, expecting 3Q26 guidance to beat

Shares out. (mn) 25,932.3

Mkt cap (NT$mn) 63,923,120 TSMC has not yet disclosed its June results, but we think they are on track to beat its

Mkt cap (US$mn) 1,998,566 guidance in both USD and TWD terms, driven by stronger-than-expected AI and general

FINI holding (%) 69.66

CPU demand as well as the FX tailwind. We expect TSMC’s 2Q26 GM to further improve to

Local IM holding (%) 3.35

Directors holding (%) 6.52 67.1% from 66.2%. For the current quarter’s guidance, we expect TSMC to guide its revenue

52-week high (NT$) 2,510.00 to grow 10-12% sequentially, higher than the market consensus of high-single-digit QoQ

52-week low (NT$) 1,046.06

growth. As for its GM guidance, although the market is concerned that 2H26 GM will trend

Day-trading % 25.85

down due to N2’s ramp-up as it is a margin-diluting business initially, but from our checks,

TSMC now has more confidence in its 2H26 GM trend based on customers’ super-hot-run

ESG Rating 8 Industry Rank 5/206

wafer orders with premium pricing, an optimized product mix, and most importantly, further

operations improvement in its Arizona fab. For the phase one production, our checks

suggest that its GM has already improved to 50% from fully loaded UTR and 90%