Company Briefs: TSMC

Taiwan Semiconductor Manufacturing (TSMC) projected quarterly revenue well ahead of estimates, underscoring the voracious demand for new iPhones and chips that power everything from TVs to cars. It foresees sales of US$16.6 billion (S$22.4 billion) to US$17.2 billion in the first quarter of the year, at least 5 per cent ahead of analysts' average projection.

Apple's most important chipmaker also intends to spend US$40 billion to US$44 billion expanding and upgrading capacity in 2022, up more than US$10 billion from last year, and the numbers affirm TSMC's pole position in the market.

BLOOMBERG

Japan's Fast Retailing, owner of Uniqlo clothing brand, said yesterday its first-quarter operating profit rose 5.6 per cent from a year ago, on sales in South Asia, North America and Europe. Profit rose to 119.4 billion yen (S$1.4 billion) in the three months to Nov 30. The market consensus forecast was 102.6 billion yen, an average of analysts' forecasts from Refinitiv showed. Uniqlo's international segment saw record first-quarter results, while revenue and profits fell at operations in Japan and China, a statement said. The company expects operating profit to climb 8.4 per cent to 270 billion yen in the fiscal year ending in August.

REUTERS

Australian casino operator Crown Resorts said yesterday its board was likely to back an improved A$8.9 billion (S$8.7 billion) buyout proposal from United States private equity firm Blackstone unless a higher offer emerged. It received a fourth non-binding offer of A$13.10 a share, having dismissed Blackstone's previous A$12.50 bid as not "compelling". The near 5 per cent price rise agreed after initial due diligence was backed by investors, including founder James Packer, who collectively own about 60 per cent of Crown stock, said a person with knowledge of the matter.

REUTERS