TSMC 73% ↑ from last year, PER 28x
Samsung Electronics jumped 54%, but only 17 times
Undervalued than foreign competitors…
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Taiwan’s TSMC, the No. 1 market capitalization company in Taiwan and the top two companies in the world’s semiconductor consignment production (foundry), is soaring as the company’s TSMC recorded its record high. Domestic stock market’Daejang stock’ Samsung Electronics (005930)After the price exceeded 90,000 won, it is undergoing a slight adjustment along with concerns such as’overheating’, while its rival TSMC is continuing its high altitude with a relatively high appreciation.
According to the stock price on the 17th, TSMC’s stock price reached 601.00 Taiwan dollars as of the 15th. TSMC jumped 3.62% last week and 13.40% this year. The rate of increase last year reached a whopping 60.12%. In particular, it set a new record for 10 consecutive trading days after recording a record high on December 30 last year (525.00 Taiwan dollars).
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This is dominated by the analysis that a solid performance is backed up. On the 14th, TSMC announced that it posted sales of about 14.14 trillion won ($361.5 billion) in the fourth quarter of last year. This is a 14% increase over the same period last year. Net profit also increased by 23% from last year. Both sales and net profit are quarterly peaks. In addition, it has also made plans to accelerate growth by making large-scale facility investments of up to 30 trillion won this year. Thanks to this, the company expects to increase annual average sales of 10-15% by 2025.
It is an atmosphere of cheering from the’expedition ants’ who bought TSMC directly. According to the Korea Securities Depository, the TSMC Stock Depository (ADR) listed in the US was settled in net purchase of $70.66 million (approximately 78 billion won) in Korea this year. It is at the top 6 in net overseas stock purchases.
From the standpoint of Samsung Electronics, the top Australian of’Donghak Ant’, there are many analyzes that TSMC’s high altitude march is positive. This is because TSMC’s ransom is the benchmark for Samsung Electronics’ share price. Samsung Electronics rose 45.16% last year and 8.64% this year. Accordingly, the 12-month leading stock price-earnings ratio (PER) has also increased from about 13 times in the beginning of last year to about 17 times in recent years. However, TSMC, which has increased by 80% since last year, currently has a PER of 27-28x. According to Eugene Investment & Securities, TSMC’s PER is about 26x, even if it brings up the estimated profit for next year. In other words, it means that Samsung Electronics has risen a lot, but its valuation is still low compared to its overseas competitors. It can also be interpreted as meaning that upside potential remains as it is undervalued. Kim Kyung-min, a researcher at Hana Financial Investment, said, “TSMC’s leading PER has reached 20x from the end of 2019. If TSMC’s PER is high, it can have a positive effect on the relative value of Samsung Electronics.”
On the other hand, it was also raised that TSMC’s massive investment could put pressure on short-term earnings. According to CNBC, Sasquehanna Financial Group analyst Mehdi Hossini said, “The TSMC made an investment because of Samsung’s threat. The return on facility investment will not be realized until the end of 2022.” He then suggested TSMC’s target price of 425 Taiwan dollars.
/ Reporter Lee Wan [email protected]
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