TSMC March Revenue Jumps 45.2%, Q1 Sales Hit NT$1.134 Trillion; Price Target Rises to $600
TSMC reported March revenue of NT$415.19 billion, up 45.2% year-on-year and 31% month-on-month, driving Q1 sales of NT$1.134 trillion, a 35.1% annual gain that slightly exceeded estimates. Aletheia Capital lifted its price target to $600 from $500, citing accelerated node rollouts and expecting 2028 profit to nearly triple 2025 levels.
1. March Sales and Q1 Growth
TSMC reported March revenue of NT$415.19 billion, marking a 45.2% increase from last year and a 31% rise from February. This contributed to first-quarter revenue of NT$1.134 trillion, up 35.1% year-on-year and slightly above market expectations, driven by higher shipments of advanced AI chips.
2. Analyst Price Target Raise
Aletheia Capital boosted its price target on TSMC to $600 from $500, implying about 64% upside from recent levels. The firm maintained its Buy rating and added TSMC to its high-conviction list, citing accelerated deployment of cutting-edge production nodes and advanced packaging technologies.
3. Investment Plans and Profit Outlook
TSMC plans to spend NT$220–230 billion through 2028 on capacity buildouts for next-generation nodes and packaging. Analysts forecast this investment could support a compound annual revenue growth rate above 30% through 2027 and drive 2028 profit to nearly triple 2025 levels, with cash flow expected to fund both expansion and shareholder returns.