Quantum leap

18 April 2019 By Robyn Mak Follow @mak_robyn

Quarterly earnings at Taiwan’s $220 bln semiconductor maker fell 32 pct to $2 bln. However, cutting-edge technology means TSMC will benefit first as 5G handsets come into use and its South Korean rival will struggle to catch up. That justifies the rich valuation gap.

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Taiwan's TSMC, the world's largest contract chipmaker, on April 18 said revenue in the three months to end-March was T$219 billion ($7.1 billion), a 12 percent decrease from the same period last year.

Earnings fell 32 percent to T$61.4 billion. That is lower than the average forecast of T$64.3 billion from analysts, but largely in line with Refinitiv’s SmartEstimate, which weights forecasts by the track record of the analysts.

Shares of TSMC closed up 1.2 percent at T$264.50 on April 18, ahead of the earnings release.

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