17 July 2026 | 7:19AM HKT Equity Research The 720: TSMC, Japan Industrials, Global PCs, XPeng, China Healthcare, BHP, US Energy Storage In Focus | TSMC TSMC – Earnings review: AI demand visibility into 2030 with stronger guidance and higher CapEx – Buy. We raise our 12m TP to NT$3,100 following an upbeat 2Q26 analyst meeting where management raised its 2026 revenue growth outlook to over 40% YoY and lifted 2026 CapEx guidance to US$60-64bn. We believe this stronger guidance and an additional US$100bn capaci ...