Benzinga | Jul 13, 2021 12:31PM EDT

TSM To Announce Additional Fab Expansion Plans: Digitimes Asia

* Taiwan Semiconductor Manufacturing Co Ltd (NYSE:TSM) will shortly disclose plans to build additional 28nm, 12nm, and 16nm process fabrication lines at new fabs, in addition to its Nanjing fab expansion Digitimes Asia reports.

* Needham analyst Charles Shi initiated coverage on TSM with a Buy rating.

* The firm expects revenue CAGR of 15% despite industry downturn within two years. The introduction of the 3nm technology, which will be largely immune to the industry cyclicality, supports the growth thesis.

* TSM just reported a June revenue growth of 22.8% to NT$148.47 billion.

* Price action: TSM shares traded higher by 2.11% at $125.21 on the last check Tuesday.