Taiwan Semiconductor Manufacturing Co (TSMC) , the world’s largest contract chipmaker, reported a 54% jump in quarterly profit , surpassing forecasts, thanks to soaring demand for AI-related chips . This robust performance underscores TSMC’s dominance in producing advanced chips for AI applications, with key customers like Apple and Nvidia . TSMC's net profit for 3Q2024 reached T$325.3 billion (US$10.11 billion) , exceeding the T$300.2 billion forecasted by analysts. The company's revenue rose 36% year-on-year to US$23.5 billion , driven by strong demand for smartphone and AI chips utilizing its cutting-edge 3nm and 5nm technologies . The AI boom has been a major growth driver, with AI processors expected to account for a mid-teens percentage of TSMC's overall revenue for 2024. TSMC's capital spending for the current quarter is set to more than double to US$11.5 billion , and it expects capital expenditure to increase further in 2025 as demand remains robust. Chai
TA Securities has urged the Malaysian government to explore the feasibility of establishing a second, larger-capacity renewable energy (RE) interconnection between Peninsular Malaysia and Singapore. This comes as the current 1GW interconnection is rapidly depleting, with only 100MW of capacity remaining for future use, according to the firm.
Singapore plans to import up to 6GW of clean electricity over the next decade, and Malaysia’s current interconnection with Singapore reserves half of the capacity for grid balancing, while other portions are allocated for various projects, including Tenaga Nasional Bhd’s export and the Laos-Thailand-Malaysia-Singapore Power Integration Project (LTMS-PIP).
Given Singapore's increasing demand for clean energy, TA Securities sees a second interconnection as essential. The firm also highlighted YTL Power Bhd as a key beneficiary of potential RE exports to Singapore, given its existing operations in the market and a strong balance sheet to support capacity expansion. Additionally, Tenaga could benefit from wheeling charges and investments in the proposed larger interconnector.
The research firm maintains an overweight stance on the Power and Utilities sector, backed by government policy and strong ESG profiles. Key players like Samaiden Group, Solarvest Holdings, Sunview Group, and Malakoff Corp are expected to lead in the country’s energy transition, which is driven by Malaysia’s Renewable Energy Roadmap (MyRER) and the National Energy Transition Roadmap (NETR).
Malaysia aims to achieve 9GW of RE capacity by 2025 and a 70% RE mix by 2050, predominantly from solar energy, as the country seeks to decarbonize its power sector and meet its Net-Zero 2050 goals.
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