Taiwan Semiconductor Manufacturing Co Ltd

2330: XTAI (TWN)

Morningstar Rating for Stocks	Fair Value	Economic Moat	Capital Allocation
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Updated US Export Controls Have Minimal Impact on Our Foundry Coverage

Phelix Lee

Dec 3, 2024

We view the latest US export controls by the Commerce Department as having minimal impact on the foundries under our coverage. As such, we leave our fair value estimates on TSMC, UMC, GlobalFoundries, SMIC, and Hua Hong Semiconductor unchanged at TWD 1,380, TWD 70.00, USD 42.00, HKD 14.00, and HKD 16.50 per share, respectively. TSMC and UMC remain our top picks for the sector.

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Taiwan Semiconductor Manufacturing Co Ltd

Updated US Export Controls Have Minimal Impact on Our Foundry Coverage

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