Taiwan's TSMC briefly tops Intel's market cap
Market optimism about world's top chip foundry pushes shares to all-time high
NORIKO OKEMOTO, NQN staff writer
HONG KONG -- Shares of Taiwan Semiconductor Manufacturing Co. (TSMC) continued to rise for the third consecutive trading day on Tuesday. Investors appeared to have high expectations for the future performance of the world's top chip-making foundry, amid the strong performance of the chip industry worldwide.
The shares temporarily hit 199 New Taiwan dollars, up 2.31% from their previous close on Friday, effectively renewing the all-time high it posted on March 21. Strong performance by high-tech shares in the U.S. market also helped push up the shares.
Based on the intra-day high, TSMC's market capitalization has expanded to NT$5.16 trillion ($172 billion), a historic high among all listed companies on the Taiwan Stock Exchange.
According to local media cnYES.com, the manufacturer's market value, calculated based on the price of its American depositary receipts as of Monday, came to $173 billion. The figure topped rival Intel's market cap on the same day at $171 billion, based on the QUICK-FactSet calculation. The two companies are competing for the top position in the industry. Most recently, the Taiwanese business beat the American tech giant in March.
TSMC on April 13 projected its April-June group sales to be NT$213 billion to NT$216 billion. Although the figure was a little down from the NT$221 billion posted a year earlier, the market appears to be optimistic that the outcome of robust orders from the foundry's major clients, including Apple, will become visible in the second half of the year.
On the Taiwanese stock market, shares of Hon Hai Precision Industry, better known as Foxconn, were also robust on Tuesday, briefly topping their NT$100 threshold.