Jan. 18 at 6:27 PM
$TSM [1] Alright, took a look at TSM's financials for the first time today to see what the hubbub is all about. Started with the balance sheet. The biggest component is cash. In fact, cash is the fastest growing BS item as TSM generates incredible amounts of net income and operating cash flow. Cash accounts for 40% of the BS, which is huge and is almost as large as the book value of its PP&E. Indeed, all of this is excess cash as TSM has negative working capital. Just like
$BKNG, TSM funds itself through contract prepayments and needs not set aside and fund working capital, even with all this cash. Cash is about 7% of TSM's share price: so out of
$343, we have TSM's operating value being 319 or 93%. But there could be other non-operating assets here.
https://investor.tsmc.com/english
