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TSMC (2330 TT) 3Q21 earnings call: implication to WAFER WORKS (6182 TT)

2021-10-14 Tech
* TSMC 4Q21 Guidance
Revenue: USD15.4bn-15.7bn (3.5% to 5.5% q-q growth)
GM 51-53%
OPM 39-41%
Vaccine expenses will be booked in 4Q21, impact OPM by 1 ppt.

* TSMC CAPEX
2021 30bn USD (unchanged)

* TSMC Profitability
GM higher than 50% is achievable

* TSMC Operational dynamics
2021 revenue to grow 24% y-y in USD
Inventory – customer will prepare higher level, higher than seasonal level, higher inventory level will last for longer time
Capacity remains tight in 2021 and 2022

Higher structural growth from 5G, HPC, IOT and automobile