《大行》麥格理:臺積電(TSM.US)定價能力強勁 臺幣持續升值削盈測
麥格理髮表研究報告指,考慮臺幣持續升值的壓力,因此相應將臺積電(TSM.US)2025至2027年盈利預測下調5%、10%及9%。該行認爲,匯率的影響已反映在其股價表現上,根據管理層此前估算,臺幣每升值1%會使經營利潤率下降0.4%,意味今年第二季利潤可能受壓。
不過該行亦指出,臺積電的N2技術具有無可比擬的領先地位,而N3的持續擴產且產能利用率提高,對集團業務增長貢獻顯着,預測N2及N3有望推動美元收入按年增長超過20%,有助部分抵銷臺幣升值的影響,同時公司定價能力強勁,產品均價可望持續提升,爲資本開支及投資回報率帶來支持。
麥格理將臺積電的目標價從1,125元新臺幣上調至1,282元新臺幣,評級「跑贏大市」。
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