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《大行報告》高盛降台積電(TSM.US)目標價至89美元 剔出確信買入名單
阿思達克 10-14 16:07
高盛發表研究報告,指台積電(TSM.US)昨天(13日)舉行分析員會議,感覺到管理層口吻較對上一次會議更加保守。明顯地,台積電承認留意到需求疲弱的影響,特別是7奈米製程;其產能使用率在第四季將開始下滑,並持續至明年上半年。庫存方面,公司維持庫存調整周期將持續至明年上半年的看法。不過,管理層指出供應鏈的庫存水平已於今年第三季見頂,本季將開始回落。 報告稱,管理層進一步下調今年資本開支預算至360億美元(相對之前近400億美元),部分源於需求不確定性及生產工具付運問題。該行早已預期台積電資本開支增長放緩,但是次下調預算的時機較該行預期略早,因原先預期削減資本開支預算主要在2023年發生。展開未來,受5奈米製程需求強勁及3奈米製程開始帶來收入所支持,台積電料明年收入繼續錄得增長。 報告形容,台積電現估值吸引,相當於明年預測市盈率10.8倍,屬過去十年歷史範圍(10-27倍)的下端,並接近金融危機時(約10倍)水平。即使短期展望波動,管理層對長遠增長仍有信心,維持未來數年收入年均複合增長介乎15%至20%的預測,料毛利率維持逾53%。該行續喜好台積電行業領導地位,及行業結構性趨勢帶來的長遠增長機會。 高盛重申台積電美股「買入」評級,目標價由126美元降至89美元,以反映盈利前景轉弱及需求不確定性上升,亦剔出「確信買入」名單。
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