Earnings Report - Taiwan Semiconductor Manufacturing

LONDON, January 27, 2015 /PRNewswire/ --

Investor-Edge.com has issued free earnings report on Taiwan Semiconductor Manufacturing Co. Ltd (NYSE: TSM). On January 15, 2015, the company reported its Q4 FY14 and full-year FY14 financial results (period ended December 31, 2014). Click on http://get.Investor-Edge.com/pdf/?c=Taiwan%20Semiconductor%20Manufacturing&d=27-Jan-2015&s=TSM to read our free earnings review on Taiwan Semiconductor Manufacturing Co. Ltd (Taiwan Semiconductor or TSMC). The company's net revenue grew 52.6% Y-o-Y in Q4 FY14 and 27.8% Y-o-Y in FY14. Further, TSMC's net income attributable to shareholders of the parent company in Q4 FY14 and FY14 surged 78.5% Y-o-Y and 40.3% Y-o-Y, respectively. Our free coverage report can be accessed at:

http://get.Investor-Edge.com/pdf/?c=Taiwan%20Semiconductor%20Manufacturing&d=27-Jan-2015&s=TSM

Earnings Overview 

During Q4 FY14, TSMC's net revenue increased to NT$222.52 billion from NT$145.81 billion in Q4 FY13. Meanwhile, in US dollars, revenues increased 46.4% Y-o-Y in the reported quarter. In Q4 FY14, shipments of 20-nanometer process technology accounted for 21% of total wafer revenues, while that of 28-nanometer process technology accounted for 30% of total wafer revenues. Senior Vice President and Chief Financial Officer of TSMC, Lora Ho, said that the strong demand for TSMC's advanced technologies continued into Q4 of FY14. She informed that TSMC's 20-nanometer production was ramped up at record speed and reached 21 percent of its Q4 FY14 revenue. The free research on TSM can be downloaded as in PDF format at:

http://get.Investor-Edge.com/pdf/?c=Taiwan%20Semiconductor%20Manufacturing&d=27-Jan-2015&s=TSM

In Q4 FY14, TSMC's recorded gross margin of 49.7% compared to 44.5% in Q4 FY13. The company's Q4 FY14 operating margin came at 39.6%, above 32.8% in the comparable previous year quarter. Furthermore, TSMC reported net profit margin of 35.9% in Q4 FY14, compared with 30.7% in Q4 FY13. Taiwan Semiconductor's net income attributable to shareholders of the parent increased to NT$79.99 billion, or NT$3.08 per diluted share, in Q4 FY14, from NT$44.81 billion, or NT$1.73 per diluted share, in Q4 FY13.

For FY14, TSMC's announced net revenue of NT$762.81 billion, compared to NT$597.02 billion in FY13. During FY14, the company recorded gross margin of 49.5%, compared to 47.1% in FY13. TSMC's FY14 operating margin stood at 38.8% as opposed to 35.1% in FY13. Additionally, the company reported net profit margin of 34.6% in FY14, compared with 31.5% in FY13. Taiwan Semiconductor's net income attributable to shareholders of the parent improved to NT$263.90 billion, or NT$10.18 per diluted share, in FY14, from NT$188.15 billion, or NT$7.26 per diluted share, in FY13. Sign up and read the free analyst's notes on TSM at:

http://get.Investor-Edge.com/pdf/?c=Taiwan%20Semiconductor%20Manufacturing&d=27-Jan-2015&s=TSM

Ms. Ho stated that despite a slightly weaker demand due to seasonality, the company anticipates a more favorable exchange rate in the Q1 FY15 which will moderate the impact from seasonality. She added that based on the current business outlook and exchange rate assumption of US$1 to NT$31.80, TSMC's management expects Q1 FY15 revenue to be between NT$221 billion and NT$224 billion; gross profit margin to be in the range of 48.5% to 50.5%; and operating profit margin to range between 38.5% to 40.5%. Furthermore, TSMC expects capital expenditures to be between US$11.5 billion and US$12 billion in FY15.

Stock Performance 

On the day of the earnings release, January 15, 2015, TSMC's stock rallied 8.69% to end the session at $22.89. Since then, the stock has mostly witnessed a positive momentum. Further, on the last close, Monday, January 26, 2015, the company's shares finished at $24.16, up 0.71% for the day. The stock vacillated between $23.90 and $24.19 during the session. A total of 14.09 million shares were traded which was above its three months average volume of 11.46 million shares. Over the last one month and previous three months, TSMC's shares have gained 8.29% and 14.07%, respectively. Further, the stock has rallied 37.51% in the past one year. Shares in TSMC are trading above their 50-day and 200-day moving averages of $22.34 and $21.20, respectively. Furthermore, the stock has a Relative Strength Index (RSI) of 68.17. Visit Investor-Edge and access the latest research on TSM at:

http://get.Investor-Edge.com/pdf/?c=Taiwan%20Semiconductor%20Manufacturing&d=27-Jan-2015&s=TSM

Sneak Peek to Corporate Insider Trading 

In the last one month, Taiwan Semiconductor has not reported any share transactions by insiders to the U.S. Securities and Exchange Commission (SEC). Complimentary in-depth research on TSM is available at:

http://get.Investor-Edge.com/pdf/?c=Taiwan%20Semiconductor%20Manufacturing&d=27-Jan-2015&s=TSM

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