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Technology Stocks : Alliance Semiconductor

ALSC 0.810

0.0%

Jul 10 5:00 PM EST

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To: Madharry who wrote (8410)	9/11/2000 12:26:25 PM
From: DJBEINO	Read Replies (1) of 9582

H&Q on TSM: * Taiwan Semiconductor (TSM) $30 - $66B mkt cap: Q300E tracking ahead of plan, raising estimates; Reiterate BUY TSMC reported August revenue of NT$16.1b, 10% above our estimate of NT$14.6b, up 129% yoy and 7% over July Revenue upside driven by very high utilization, TSMC continues to work overtime to meet strong customer demand We are raising our Q300E revenue estimate by 5% to NT$46.3b and our Q300E EPS estimate to $0.23 (from $0.22) Demand outlook very strong, order quality high We believe TSM's multiple reflects an exaggerated perception of TSM's cycle risk ADR now trading at 26x consensus CY01E, roughly one third its near term topline growth rate

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