More from SSB on TSM:
Given their high-utilization rates, we once again are focused on TSMC as a
source of marginal order strength. Noting that recent orders from Inotera,
Samsung, and Powerchip are supporting 10%-15% order growth for 3Q03 and 4Q03
respectively, we look to TSMC as a potential source of order upside for 4Q03
or more likely 1Q04. Given our discussions with ASML, we note that TSMC is
expected to take incrementally more 200mm-based lithography equipment in
4Q03, a pre-cursor to other front-end equipment orders that we think could
begin in 4Q03/1Q04. We note that between July 10th and September 8th,
according to a filing with the Taiwan stock exchange, TSMC spent ~$68M with
ASML....
Taiwan Semiconductor Manufacturing (TSM) announced on Tuesday that net sales
for August totaled NT$18,317M (~ US$535M), up 3.8% over July's reported
sales. Revenues for January through August '03 totaled NT$125.2 billion
(~US$ 3.66 billion), an increase of 17% over the same period in 2002.
According to TSM VP Lora Ho, TSM's wafer shipments in Q3 are expected to be
slightly higher than the 5-9% range noted in previous Q3 guidance. |
