半導體庫存風險大!外資開出台積電降評?2 - 股票

By Charlotte
at 2020-08-28T10:40
at 2020-08-28T10:40
Table of Contents
半導體庫存風險大!外資開出台積電降評第一槍
2020-08-28 10:15 經濟日報 記者趙于萱/台北即時報導
https://www.google.com.tw/amp/s/udn.com/news/amp/story/7240/4816432
台積電(2330)基本面壯大,外資圈一面唱多後,大和資本最新報告,擔憂半導體庫存調
整將衝擊台積電明年第1季表現下滑,率先下調投資評級為「持有」,目標價調整至400元
,開出權王降評第一槍!利空衝擊加上亞股疲弱,台積電今天早盤一度大跌2%,拖累大盤
摜破月線12,750點。
大和報告中以「最後一個還沒被擊垮的巨人?」作為降評台積電主標,直指產業庫存風險
連權王都很難全身而退。半導體產業分析師徐禕成指出,前一波英特爾大單有望外包利多
,拉抬台積電強漲一波,但大和資本預期,英特爾訂單2022年才正式下給台積電,反觀半
導體庫存調整風險將在年底到明年顯現,前景可說是「長多卻中空」。
徐禕成指出,英特爾後年將採用台積電3奈米,生產自家旗艦級、外稱Meteor Lake的CPU
晶片,相關訂單可額外帶動台積年營收增加6%、大約26億美金,另外若英特爾全面外包,
潛在收入更上探130億美金,相當於台積電2020年營收三成之多。大和對此兩情境下的台
積電目標價,分別推估440元及520元。
但徐禕成分析,英特爾大單還沒到,台積電將先面臨半導體庫存調整風險。外資圈先前已
有不少探討華為禁令,可能導致智慧機銷售下滑及產業庫存拉高的狀況,但多數認為台積
電先進製程領先,應不致受到太大衝擊。
大和則認為,台積電第4季雖不會像其他半導體廠顯現庫存調整衝擊,但影響只是晚一點
浮現,明年第1季台積電展望恐低於預測,不過,後續在台積電5G、HPC訂單成長,仍會重
拾成長動能。為此大和上修今年台積電每股純益預測5%,下修明年預測5%。
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