TSMC (2330 TT) Promising outlook in FY10. Investment conclusion: Key takeaways:
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- Clifton Montgomery
- 5 years ago
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1 APR 2010 Close (NTD) M target price (NTD) 78 12M target price (NTD) 78 Sector Company information Foundry Shares O/S (mn) 25,903 Market cap (NTD bn) 1, FINI holding (%) Local fund holding (%) 0.99 Major shareholders (%) 7.16 Recent ratings Date Last closing Rating Product mix Others 15% Communic ation 39% 2010 (F) Consumer 13% Computer 33% Share performance relative to TAIEX TT TSMC Y9999 TAIEX Index TSMC (2330 TT) BUY Promising outlook in FY10 Investment conclusion: Given demand recovery in the semiconductor industry and robust demand for PC and handset in 2H10, the foundry sector is forecasted to grow by 36% YoY in FY10. In addition, TSMC has led the market in terms of advance technology node. Given tight supply of advanced technology node sequentially, we think TSMC is capable to maintain solid GM. In view of promising outlook, we recommend BUY with 3M/12M TP of NTD78 (3x FY10 BVPS estimate of NTD26.1). Key takeaways: (1) Superior competitiveness in advanced process technology: Consumer electronics, communication and PC products accounted for 14%, 39%, and 32% of its overall revenue, respectively, in 1Q10. Revenue generated by advanced process technology (40/65nm) accounted for 41% of its overall revenue in 1Q10, outperforming peers. (2) Elevating demand in 2Q10: 65nm capacity appears to be tight in 2Q10 driven by robust demand for advanced process technology and communication products. Hence, 2Q10 GM is likely to enhance. We forecast 2Q10 revenue to climb by 9.6% QoQ to NTD101bn with GM of 48.9%. Net profit is estimated at NTD35.39bn or EPS of NTD1.37 in 2Q10. (3) Rising capex in FY10: Capex is forecasted to reach USD4.8bn in FY10. In particular, 40/45nm equipment and advanced process technology are estimated to account for 95% of overall FY10 capex. Capacity is estimated to rise by 30% YoY in FY10. TSMC is schedule to tape out 28nm products in mid FY10. (4) Positive FY10 outlook: We forecast FY10 revenue to climb by 37.1% YoY to NTD405.49bn. Net profit is estimated to soar by 54.1% YoY to NTD137.44bn or EPS of NTD5.31 (vs. our prior estimate of NTD5.02) in FY10. 1Q10 2Q10F 3Q10F F 2011F Sales (NTD mn) 92, , , , , ,481 QoQ / YoY (%) (11.2) Gross margin (%) Operating margin (%) Pre-tax profit (NTD mn) 35,033 38,295 38,094 95, , ,475 Net profit (NTD mn) 33,669 35,385 34,780 89, , ,153 QoQ / YoY (%) (1.7) (10.7) EPS (NTD) Source TEJ; Capital Securities estimates 1
2 Overview 1Q10 revenue soared by 133.4% YoY: (1) 1Q10 revenue growth of consumer electronics, communication and PC products reached +9% QoQ, +2% QoQ and -3% QoQ, respectively. (2) 1Q10 consolidated revenue came in at NTD92.19bn (+0.1% QoQ and % YoY). Operating margin enhanced to 37% in 1Q10 from 36.5% in 4Q09 on account of decreased operating expense to sales ratio. Net profit arrived at NTD33.67bn or EPS of NTD1.3 in 1Q10. Capacity expansion (3) TSMC is expected to build Fab 15 in Taichung by mid FY10. We expect Fab 15 to focus on 40nm technology node in the future. (4) The company is expanding capacity of Fab 12 in Hsinchu and Fab 14 in Tainan. Overall capacity of Fab 12 and Fab 14 is forecasted to reach 100K pcs per month in FY10. (5) Revenue of the fab in Shanghai enjoyed CAGR of 63% in the past few years. Additionally, revenue from China exceeded revenue from Japan in FY09. Capacity of the fab in Shanghai is estimated to reach 50K pcs per month in FY10. Exhibit 1: TSMC s product breakdown by process technology in 1Q10 40nm 14% Process >0.5um 3% 0.25/0.35um 8% 65nm 27% 0.15/0.18um 18% 0.11/0.13um 13% 90nm 17% Source: Capital Securities 2
3 Promising outlook for the foundry sector in FY10 (1) Demand from IDM clients appeared sluggish in FY09 given the financial crisis. Nevertheless, output value of the foundry sector is expected to surpass output value of the overall semiconductor industry in FY10 thanks to demand recovery and rising orders from IDM clients. (2) TSMC s revenue derived from IDM clients enjoyed CAGR of 15.7% during FY However, revenue generated by IDM clients declined significantly by 42% YoY in FY09. (3) On account of demand recovery, we expect TSMC to experience robust demand from IDM clients in FY10. Revenue derived from the 40nm process technology is estimated to account for >20% of its overall revenue by FY10 year-end. (4) We estimate output value of the foundry sector to grow by 36% YoY in FY10 (vs. 19.9% YoY for the semiconductor industry). In particular, output value of the memory sector is forecasted to climb by 30% YoY in FY10. (5) Regarding demand for end-products, revenue growth for PC, handset and consumer electronics is estimated at 17% YoY, 13% YoY and 7% YoY, respectively, in FY10. Exhibit 2: TSMC s growth forecast by end-product in FY10 Segment FY10 Forecast as of 1Q10 FY10 Forecast as of 1Q10 Semiconductor 18% 22% (memory segment +30%YoY) (memory segment +30%YoY) Foundry 29% 36% PC 14% 17% Handset 12% 13% Consumer electronics 7% 7% Source: TSMC; Capital Securities 3
4 Balance sheet Assets 587, , , , ,023 Current assets 260, , , , ,329 equivalents 117,837 94, , , ,060 Accounts receivable 31,589 42,424 18,497 28,247 38,188 Inventories 21,431 23,862 14,877 18,349 24,419 L/T investments 15,001 22,517 18,907 19,853 20,845 Fixed assets 254, , , , ,731 Liabilities 78,347 80,180 78,544 69,868 95,947 Current liabilities 46,861 48,706 56,807 46,168 64,367 Accounts payable 39,846 48,176 48,499 41,446 58,802 Long-term liabilities 22,874 24,284 16,191 19,571 25,908 Other liabilities 8,613 7,189 5,546 5,824 6,115 Shareholders' equity 509, , , , ,075 Share capital 258, , , , ,254 Retained earnings 197, , , , ,036 Liabilities & shareholders' equity Cash flow statement 587, , , , ,023 Operating cash 204, , , , ,578 Net income 127, ,177 99,933 89, ,444 Depreciation & amortization Increase in working capital Other operating cash 73,715 80,005 81,512 77,588 90,102 1,823 (9,990) 25,878 (20,275) 1,345 75,511 82,701 91,217 83,143 85,687 Investing cash (119,723) (70,689) (8,042) (79,737) (141,791) Capital expenditures (78,737) (84,001) (59,223) (87,785) (150,991) Free cash flow 126,260 99, , , ,587 Other investing cash 4,594 5,483 14,069 8,048 9,200 Financing cash (63,783) (135,410) (115,393) (221,344) (120,935) Dividends paid (61,803) (77,476) (79,944) (63,296) (55,679) Other financing cash Increase in cash & cash equivalents equivalents - year begin equivalents - year end (8,174) (52,711) (46,462) (158,048) (65,256) 21,353 (22,851) 99,627 (71,406) 51,853 96, ,837 94, , , ,837 94, , , ,060 Income statement Revenue 317, , , , ,492 Cost of sales 161, , , , ,502 Gross profit 155, , , , ,990 Operating expenses 28,545 30,628 37,314 37,367 46,948 Operating profit 127, , ,435 91, ,042 EBITDA 123, , , , ,257 Non-operating items 6,098 9,920 7,037 3,501 (887) Pre-tax profit 133, , ,472 95, ,155 Income taxes 7,774 11,710 10,949 5,996 10,711 Net income 127, ,177 99,933 89, ,444 Basic EPS (NTD) Diluted EPS (NTD) Ratio analysis (%) FY06 FY07 FY08 FY09 FY10 Growth analysis Revenue 19.1% 1.6% 3.3% -11.2% 37.1% Gross profit 31.8% -8.6% -0.4% -8.8% 51.5% Operating profit 39.9% -12.2% -6.5% -11.9% 62.1% Net income 35.7% -14.0% -8.5% -10.7% 54.1% Profitability analysis Gross margin 49.1% 44.1% 42.5% 43.7% 48.3% EBITDA margin 39.0% 34.0% 31.0% 58.5% 58.8% Operating margin 40.1% 34.6% 31.3% 31.1% 36.8% Net margin 40.0% 33.8% 30.0% 30.2% 33.9% Return on asset 21.6% 19.1% 17.9% 17.6% 20.6% Return on equity 24.9% 22.2% 20.8% 20.4% 24.1% Debt & liquidity analysis Debt ratio 13.3% 14.0% 14.1% 13.8% 14.4% Debt-to-equity ratio 15.4% 16.3% 16.4% 16.0% 16.8% Current ratio 555.5% 512.9% 444.7% 500.5% 485.2% Activity analysis Inventory days Accounts receivable days
5 STOCK & SECTOR RATING STRONG BUY The stock or sector under our analyst's coverage is expected to generate a return exceeding or equal to 25% in three months. BUY The stock or sector under our analyst's coverage is expected to generate a return between 15% and 25% in three months. NEUTRAL The stock or sector under our analyst's coverage is expected to generate a return between 15% and -15% in three months. REDUCE The stock or sector under our analyst's coverage is expected to generate a return between -15% and -25% in three months. SELL The stock or sector under our analyst's coverage is expected to generate a return below or equal to -25% in three months. Disclosure This report is for circulation to Capital Securities Corp. clients only. This report or any portion hereof may not be reprinted, sold, or redistributed without the written consent of Capital Securities Corp. Readers of this report must understand and accept that their actions at the time that they access this report fall under the jurisdiction of the ROC law, even if viewed from outside of Taiwan, Republic of China. This report is written for information purposes only. Capital Securities Corp. makes every effort to use reliable, comprehensive information, but we make no representation that it is accurate or complete. We have no obligation to tell you when opinions or information in this report change apart from when we intend to discontinue research coverage of a subject company. This report does not provide individually tailored investment advice. It has been prepared without regard to the individual financial circumstances and objectives or persons who receive it and is provided with the understanding that Capital Securities Corp. is not acting in fiduciary capacities. The securities discussed in this report may not be suitable for all investors. Capital Securities Corp. recommends that investors independently evaluate particular investment or strategies. The appropriateness of a particular investment or strategy will depend on an investor s individual circumstances and objectives. This report is neither an offer, nor an invitation to buy or sell any security or to participate in any trading strategy. Investors should note that the value of and income from your investment may vary because of changes in interest rate or foreign exchange rates, securities prices or market indexes, operational or financial conditions of companies or other factors. Additionally, investors in securities such as ADRs, whose values are influenced by the currency of the underlying security, effectively assume currency risk. Estimates of future performance are based on assumptions that may not be realized and should not be relied upon as such. Additional information on recommended securities is available upon request. 5
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