TSMC 是全球最佳制造商；合理价值 647 美元，对比市场价格 451 美元，意味着 12-18 个月内存在超过 43% 的上行空间，支撑因素为产能售罄与多元化投资。
逐段跳播
我接下来要重点介绍的被低估的半导体股票是台湾积体电路制造公司（TSMC）。这就是把这些东西全部连接在一起的公司。如果你想到的是博通、Marvell、高通、Nvidia、AMD 和 Apple 这类公司，所有这些公司至少有一部分产品依赖台积电。
The next stock I will highlight as an undervalued semiconductor stock is Taiwan Semiconductor Manufacturing Company (TSMC). This is the company that connects all these things together.
If you are thinking of companies like Broadcom, Marvell, Qualcomm, Nvidia, AMD, and Apple, all of these companies rely on TSMC for at least some of their products.
在我看来，台积电是世界上最好的制造商，毫无疑问，无论它从事哪个领域。我认为它是有史以来最好的制造企业。这一成功已经得到二十多年的验证，这也是我前面提到的那几家极为成功的公司信任并依赖台湾积体电路制造公司的原因。
In my opinion, TSMC is the best manufacturer in the world, without a doubt, regardless of its field of work. I think it's the best manufacturing company ever. This success has been proven for more than two decades, which is why those highly successful companies I mentioned earlier trust and rely on Taiwan Semiconductor Manufacturing Company.
这使它能够实施一种基于轻资产的商业模式。这使它能够将制造外包，因为它可以依赖台积电。
It enables it to implement a business model based on lean assets. It enables it to outsource manufacturing because it can rely on TSMC.
我计算出这家公司的公允价值为每股 647 美元。我使用了我为博通重点介绍的同一套方法，并将其应用于台湾积体电路制造公司。
I calculated the fair value of this company at $647 per share. I used the same methodology that I highlighted for Broadcom and applied it to Taiwan Semiconductor Manufacturing Company.
台积电今年和明年为其生产的大部分产品也已完全售罄。该公司正在投资数百亿美元，以扩大和提升其制造产能。它也十分清楚自己所面临的最大危险，即来自中国的威胁以及中国愿意升级与台湾的紧张关系。
为应对这些风险，台积电正在投资于地域多元化。它正在美国投资，以在那里创造更多制造产能。它在欧洲和日本投资，因此其扩张远远超出其主要基地。
TSMC has also completely sold out of most of the products it manufactures for this year and next year. The company is investing tens of billions of dollars to expand and enhance its manufacturing capacity.
It is also aware of the greatest danger it faces, which is the threats from China and its willingness to escalate tensions with Taiwan. To counter these risks, TSMC is investing in geographic diversification.
It is investing in the United States to create more manufacturing capacity there. It invests in Europe and Japan, so it is expanding far beyond its main base.
综合以上所有因素，647 美元的公允价值估计显著高于 451 美元的市场价格，因此我计算出未来 12 至 18 个月台积电股票有超过 43% 的上涨空间。
With all of the above, the fair value estimate of $647 is significantly higher than the market price of $451, so I have calculated an upside of more than 43% for TSMC shares over the next 12 to 18 months.
这是一只我尚未在投资组合中持有的股票，但我非常有兴趣买入台积电股票。
This is a stock I don't yet own in my portfolio, but I am very interested in buying TSMC shares.
这个频道对 $TSM 的历次判断
Parkev Tatevosian, CFA 在这只股票上共 4 条判断，这里只列相邻的几条。