TSMC recently held an earnings conference, showcasing impressive revenue figures. However, the stock price has seen minimal movement, influenced by U.S. President Trump's tariffs. Economic expert Ruan Mu-hua stated on Facebook that KGI Securities has set a target price of NT$1,000 for TSMC over the next 12 months, indicating that they believe there is limited upside potential for the stock. He emphasized that the market will reveal whether KGI's assessment is correct or not.

KGI's report estimates TSMC's revenue for the year to reach NT$3.652 trillion, representing a 26.2% year-on-year increase, which is more optimistic than TSMC's own forecast of 25%. By 2026, the revenue is projected to be NT$4.039 trillion, with a much lower year-on-year growth rate of only 10.6%, suggesting the company's growth is stabilizing.

Ruan Mu-hua also noted that the expected EPS for 2025 and 2026 will be NT$58.79 and NT$66.02, respectively, aligning with the forecasts of most analysts. Additionally, it is projected that the price-to-earnings ratios will drop to 14.4 and 12.8 times in 2025 and 2026, compared to a P/E ratio of 26.2 times for 2023.

According to TSMC's earnings call, the estimate for revenue in the second half of this year is NT$1.8302 trillion, but if the first half's revenue stands at NT$1.7877 trillion, there will be virtually no growth. The gradual dilution of gross margins presents a challenge that TSMC will have to face.