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Hello, this is Chow. Today I will take a comprehensive look at TSMC's fourth-quarter performance, the complete sale of Jim Rogers' US shares, and the valuation issues at Big Tech. In the fourth quarter, TSMC's revenue increased year- over-year, and earnings per share (EPS) rose by a remarkable 7%. The company's gross profit margin was around 59%, and the operating margin was [missing value].
This can be seen as a result of the combination of technological superiority in the lead foundry area and economies of scale. In particular, the three-anode process accounted for 26% of revenue, and the fifth- anode process for 34%, meaning that more than 60% of total revenue came from advanced processes.
Since its IPO in 1994, TSMC's revenue has grown at an annual growth rate of not less than 18%, and EPS has also increased by approximately [missing value] annually. Despite this rapid growth, the company has continuously increased its dividend, which is very attractive to long-term investors. Although the company has factories for global production distribution in the USA, Japan, Germany, and other countries...
The company has built a facility that remains profitable because it has maintained high yield rates throughout the design and manufacturing phases. The market also predicts that TSMC's EPS will exceed $10 in 2025. Although some note that the P/E ratio is already around 24, it is still considered a reasonable valuation for a high-growth stock.
Now let's turn to the news about Jim Rogers and the complete sale of his US stocks. He is a master of global macro trading, so why has he adopted a negative stance towards the US market? He believes that various macroeconomic risks facing the US, such as budget deficits and interest rate and inflation volatility, interact in complex ways.
Yet, he has not yet taken a short position. Jim Rogers likes to hold dollar cash and commodities, especially silver, because he has repeatedly observed that the dollar is strengthening and global financial markets are faltering. It is also noted that big tech companies are in a state described as "priced for perfection," meaning their share prices are already a certain level.
Marello's future growth scenario reflects this: if growth falls short of expectations or valuation pressures increase, warnings are issued that stock prices could fluctuate sharply due to a sharp rise in government bond yields. On the other hand, one cannot ignore the fact that US consumer indicators are currently quite positive.
Credit and debit card spending in America increased year- over-year, and year-end retail sales rose by 4%, while online sales increased by 9%. This seems to be the result of solid purchasing power among the middle and upper classes, combined with factors such as stable oil prices. The major US banks also showed strong results in the fourth quarter.
However, it is repeatedly emphasized on Wall Street that if the bond market is shaken by rising long-term interest rates, increased volatility in the stock market is inevitable. Ultimately, semiconductor chips like TSMC, with their excellent technology and investments, have a high probability of securing growth.
But one should not disregard the macroeconomic risks affecting the entire US stock market. In summary, Jim Rogers' complete sale could signal serious concerns about the US market, while TSMC, conversely, has the opportunity to further increase its profitability. Big Tech continues to face accusations of being overvalued, and it should always be borne in mind that it can easily be shaken by external factors such as interest rates or macroeconomic uncertainty.
From an investor's perspective, it seems sensible to diversify the portfolio and maintain a balance between high-growth companies and defensive investments. That's all the news for today. If you found this helpful, please subscribe and like. Thank you very much.
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