11.09.2001
Top foundry dazzles again

• TSMC reported Oct. revenue of NT$10.3bn, up 11% MoM and down 41% YoY, in line with our expectation. Company will continue to benefit from technology leadership by securing orders on advanced geometry and delivering sequential revenue growth toward end of the year. Rumor suggests that company recently obtained major orders from communication customers and thus expects further upside on 4Q01 revenue. We await verification, which may prompt further upward revision of our current 4Q01 and 2002 estimates. We maintain our Core Holding recommendation on this counter.