*J.P. Morgan Asia FTM 17 Jul 26 TSMC: Increasing capex plans; Kelun: Raise PT on higher PoS; CH Healthcare: Chengdu tour takeaways; SKT: u/g to OW; CH Banks: SOEs to outperform JSBs; CH Gas/Utils: 1H preview

研报英文原文证据摘录

*J.P. Morgan Asia FTM 17 Jul 26 TSMC: Increasing capex plans; Kelun: Raise PT on higher PoS; CH Healthcare: Chengdu tour takeaways; SKT: u/g to OW; CH Banks: SOEs to outperform JSBs; CH Gas/Utils: 1H preview

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Asia First to Market 17 July 2026

Top Stories

TSMC (2330.TW, OW – NT$2470.0), Taiwan (Gokul Hariharan)

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

We came away from TSMC’s 2Q26 earnings conference incrementally more confident on the sustainability

of Datacenter AI demand, the company’s commitment to continue investing strongly to narrow the large

supply-demand gap in leading edge, and believe that the company’s competitive edge is intact, despite

rising competitive noise. Near-term GMs may have been slightly disappointing vs. market expectations, but

we believe that GMs should stay on a slowly upward sloping curve once N2 dilution winds down, due to

price increases, better operating efficiency and continued high utilization. We raise our FY26/27/28 EPS

ests by 4%/2%/6% to reflect faster revenue growth due to stronger AI demand and faster capacity growth,

and remain OW with our Jun-27 PT raised to NT$3200 (20x 12m forward earnings). In the near-term,

concerns over the AI investment cycle duration is likely to dominate investor discussions, and we think more

assurance on capex growth into 2027 from key hyperscalers in the upcoming 2Q earnings season would be

a key catalyst for the stock.