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Taiwan Semiconductor Manufacturing: Buy on Dividend and Earnings Hype

In the Taiwan Semiconductor space things are a little more upbeat than the broad semiconductor market, but the ones more heavily upstream continued to experience deterioration in fundamentals. More specifically, Taiwan Semiconductor Manufacturing or TSMC for short, which has suffered a couple brutal quarters at the hand of declining iPhone shipments, which reduced utilization of some of its more cutting edge fab facilities.

That being the case, Credit Suisse mentioned in its most recent report (published today), that July sales were down 6% month-on-month, following some above seasonal growth in the month of May/June. That being the case, the company is likely to meet guidance of 14% to 16% q-o-q growth on smartphone builds more specifically Opto...


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