Equity Research

TSMC (2330.TW): Growth outlook further reinforced by easing concern on AI order cuts and growing CoWoS adoption; reiterate Buy (on CL); TP to NT$1,210

We are raising our earnings forecast for TSMC by 2-6% for 2025-2027E as we raise our 1) wafer revenue forecast for 3nm/5nm, partially to factor in our easing concern over further AI order cuts, and 2) CoWoS (chip on wafer on substrate) forecast, driven by more customer adoption.

25 Jun 2025 | Research | Equity - Bruce Lu and others

Taiwan Semiconductors: Advanced packaging to embark on its next frontier; initiate All Ring/GPTC at Buy; TP NT$550/NT$2,000

The semiconductor packaging landscape is undergoing a new era of fundamental transformation. As traditional Moore's Law slows, the spotlight has shifted towards advanced packaging as the critical enabler of continued performance gains and heterogeneous integration. Not only is AI driving the adoption of advanced packaging, but we also see increasing demand in chiplet designs to further proliferate into non-AI segments starting late 2025, supporting a more sustained and diversified demand growth onward. This shift creates a compelling opportunity for local leading back-end equipment vendors in our view; we therefore initiate All Ring (6187.TWO) and GPTC (3131.TWO) with Buy ratings and 12m TPs of NT$550/NT$2,000, representing c.37%/25% upsides.

25 Jun 2025 | Research | Equity - Evelyn Yu and others

Also see: Aspeed (5274.TWO): Strength to further persist into 3Q25; reiterate Buy with TP up to NT$6,000

Bruce Lu Asia Pacific Technology | Taipei

Evelyn Yu Asia Pacific Technology | Taipei

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