Re: [其他] 台積電2020年4月營收報告

H2 發表於 2020/5/8 下午2:24:32

看板Stock標題Re: [其他] 台積電2020年4月營收報告作者

(超級噴火龍X)時間May 8 14:24:32 2020推噓18 推:19 噓:1 →:15

推文有人在喊野村出來負責
我幫他們平反一下
人家二三月就說第一季業績會超預期
然後果然超預期
大家在high的時候
人家上個月底就downgrade了
這一波台積電野村抓的準準的

4/27的報告

TSMC’s guidance and comments beat market expectations (guidance of a flattish 2Q and 15-20% full-year sales growth vs Bloomberg consensus of -4% q-q and 13% y-y, respectively, and the Street’s concerns of no growth in 2020). Management also stated that there have been no order cuts, contrary to market speculation. This is in line with our contrarian expectation. That said, we think the risk-reward outlook will deteriorate into 2H20, with the share price having rebounded by 16% from its March trough (vs the TAIEX’s rise of 20%), pending risk of a stricter US ban on Huawei, and growing risks of an inventory correction in 2H20. Accordingly, we downgrade TSMC to Neutral with an unchanged TP ofTWD310 (still based on 4.4x 2020F P/B). We keep our 2020F sales growth projection at 10-15% y-y, below guidance of 15-20% y-y. Our downgrade is simply froma cycle and Huawei risk perspective. We continue to like TSMC’s long-term competitiveness and growth. Key risks to our downgrade are financial market liquidity and COVID-19 developments

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※ 編輯: H2 (223.136.217.106 臺灣), 05/08/2020 14:25:12

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niburger100105/08 14:26野村式雷曼式大崩盤

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tim0120 05/08 14:30的不簡單...