Taiwan Semiconductor Manufacturing Co. Ltd. (ADR (TSM)

chouhung (99.33) Submitted: 6/19/07 6:40 PM : Start Price: $10.90 TSM Score: 11.55

PEG < 1 is certainly compelling, with price near 5 year high and P/E at historical low of 16, forward P/E of 13.9, 3.3% div. With Taiwan presidential election in 1.5 years and steady money outflow, it looks like funds have been exiting and waiting on the sidelines. Despite all the scandals surrounding the DPP and President Chen, it bodes to be a tight and rhetoric-full race between Ying-Jeou Ma of the KMT and Frank Hsieh of the DPP. However, imo both candidates are less antagonistic toward China than Chen, and the politically-oriented bears on the stock can't hold out forever against the fundamentalist bulls.

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