TSMC Rising confidence in AI demand, matched by increasing capex plans; Raise PT to NT$3200

研报英文原文证据摘录

TSMC Rising confidence in AI demand, matched by increasing capex plans; Raise PT to NT$3200

J P M O R G A N Asia Pacific Equity Research

17 July 2026

TSMC Overweight

2330.TW, 2330 TT

Rising confidence in AI demand, matched by increasing Price (16 Jul 26):NT$2470.0

capex plans; Raise PT to NT$3200 ▲Price Target (Jun-27):NT$3200.0 Prior (Jun-27):NT$3100.0

We came away from TSMC’s 2Q26 earnings conference incrementally more

confident on the sustainability of Datacenter AI demand, the company’s commitment Technology and Telecoms

to continue investing strongly to narrow the large supply-demand gap in leading edge, Gokul Hariharan AC

and believe that the company’s competitive edge is intact, despite rising competitive (852) 2800-8564

noise. Near-term GMs may have been slightly disappointing vs. market expectations, gokul.hariharan@jpmorgan.com

J.P. Morgan Securities (Asia Pacific) Limited/ J.P.

but we believe that GMs should stay on a slowly upward sloping curve once N2 Morgan Broking (Hong Kong) Limited

dilution winds down, due to price increases, better operating efficiency and continued Jennifer Hsieh

high utilization. We raise our FY26/27/28 EPS ests by 4%/2%/6% to reflect faster (886-2) 2725-9868

revenue growth due to stronger AI demand and faster capacity growth, and remain jennifer.hsieh@jpmorgan.com

OW with our Jun-27 PT raised to NT$3200 (20x 12m forward earnings). In the near- J.P. Morgan Securities (Taiwan) Limited

term, concerns over the AI investment cycle duration is likely to dominate investor David Chou

discussions, and we think more assurance on capex growth into 2027 from key (886-2) 2725-9618

david.chou@jpmorgan.com

hyperscalers in the upcoming 2Q earnings season would be a key catalyst for the stock. J.P. Morgan Securities (Taiwan) Limited