TSMC (2330.TW): Scaling growth through technology, packaging and capacity

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TSMC (2330.TW): Scaling growth through technology, packaging and capacity

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03 Jul 2026 11:05:54 ET │ 20 pages

TSMC (2330.TW)

Scaling growth through technology, packaging and capacity

CITI'S TAKE

TSMC will host 2Q26 analyst meeting on July 16. We think there is a higher

likelihood for TSMC to further lift its revenue growth target for 2026 and

long-term revenue CAGR given sustained leading-edge demand and Buy

improving visibility in the longer term. GM should continue to be resilient Catalyst Watch: Upside

thanks to high UTR and efficiency despite rising depreciation and N2

Price (03 Jul 26 13:30) NT$2,445.00dilution. We see demand extending well beyond GPUs, custom ASICs,

TPUs, networking silicon and optical interconnects, and upside from CPU. Target price NT$3,800.00↑

These all supports broad-based utilization across advanced nodes. We also from NT$2,875.00see wafer pricing trending up into next year on the back of strong N2 and N3

demand. We believe TSMC remains a primary beneficiary of AI Expected share price 55.4%semiconductor content growth regardless of customer mix. return

Expected dividend yield 2.0%

Capacity expansion to continue in both advanced node and packaging — Compared to other Expected total return 57.4%

leading foundry peers, TSMC’s largest advantage is not solely process technology but

manufacturing scale. Our estimates suggest combined A14, N2/A16 and N3 capacity could Market Cap NT$63,404,645M

approach c350-400k wpm by the end of 2028. The company also maintains priority access to US$2,001,472M

EUV tools, even without high-NA EUV adoption, allowing faster capacity expansion while

preserving industry-leading yields. This scale advantage should continue supporting wafer