Hold your breath! “Only” +32% yoy USD growth!
TSMC released July sales this morning at NT$ 467.6 bi, a record month, +44.7% year on year and +5.6% sequentially.
The New Taiwan dollar is about 9.7% weaker against the US dollar than a year ago, which flatters the NT$ print by roughly ten percentage points.
Convert July at average for July of US$ / NT$ 32.2 and you get about US$14.5bn, roughly +32% year on year.
More usefully: July is 31.9–32.8% of the NT$ equivalent of management’s US$44.6–45.8bn Q3 guide, below the 33.3% a flat quarter implies. August and September each need NT$480–499bn to land in range.
Given management’s US$44.6–45.8bn Q3 guide, representing a 12% sequential and 37% year-over-year increase at the midpoint, August and September each need NT$480–499bn to land in range! And we expect that to come!
One’s main focus in TSMC should no be only in the monthly revenues, but the resilience of profitable growth: Since March-24 the company is posting higher than >20% growth organically!
This is our Chip Machine!
Also check our lates post on TSMC!
Thank you,
CoreValue Research Team
