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《大行報告》高盛降台積電(TSM.US)目標價至101美元 重申「買入」
阿思達克 05-23 16:39
高盛發表報告,降台積電(TSM.US)2023至2025年盈測介乎3%至5%,以反映今年下半年來自智能手機及個人電腦(PC)的終端需求復甦疲弱。整體半導體庫存消化較預期緩慢,今年首季大中華地區半導體庫存日數進一步升至107日,高於去年末季的100日。由於庫存調整周期延長,該行降台積電先進及成熟製程產能使用率預測。 短期而言,高盛料台積電次季收入按季跌6.6%;並下調全年收入預測,料按年跌10%,原先料跌7.3%。明年料按年反彈27.3%,受惠終端需求復甦預期3納米製程生產擴張。 考慮終端需求復甦較慢,該行對台積電今年至2025年各年資本開支預測分別降至310億、270億及360億美元。報告料台積電或放慢其美國生產計劃,高盛現時料台積電首階段產能(N4)將於2025年投運,較指引的2024年為遲,第二階段產能(N3)料進一步延後。高盛稱,對其今年資本開支預測甚至低於公司官方指引範圍低端的320億美元。 該行降其2023至2025年每股盈測分別5%、2.9%及3.4%,美股目標價由104美元降至101美元,重申「買入」評級。
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