Taiwan Semiconductor Mfg. Co. Ltd. (TSM) remains one of the few companies in the world able to stay at the bleeding edge of semiconductor manufacturing, manufacturing chips for customers across the board and generating significant cash flow, says Daisuke Nomoto, Director and Senior Portfolio Manager at Columbia Management Investment Advisers, LLC.
“TSMC is the largest independent semiconductor company in the world. The industry is characterized by process orientation and scale. TSMC is the only company in the industry with ample financial resources to continue to invest in process technologies, capital equipment throughout the business cycle. TSMC manufactures chips for hundreds of different customers globally with a wide variety of end-market applications, including automotive, cell phones, etc. Cash flow generation has been robust,” Nomoto said.
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Nomoto is positive on Asian equities overall in the longer term. As part of his strategy, he keeps an eye on the Chinese growth’s recovery, Japanese macroeconomic policy and the ASEAN countries, especially the Philippines and Thailand, saying the growth of the middle class could provide investors with opportunities in the whole region.
“We hold our positive stance on Asian equities overall from a long-term prospective given the region’s structural attractiveness relative to other geographies,” Nomoto said. “We remain very positive on Asia from a long-term prospective, but we think that the speed of share price appreciation will be somewhat moderated in the near term. What we are currently watching out for is how China’s growth recovers and how its continuing official commitment to rebalancing the economy plays out going forward.”
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