台积电(TSM.US)股价持续跑输对手联电 高股息ETF“冷落”成主因?

智通财经
Jun 20

智通财经APP获悉,因全球最大晶圆代工厂台积电(TSM.US)被台湾多家头部高股息交易所交易基金(ETF)"拒之门外",该股股价表现持续落后于竞争对手联华电子。彭博数据显示,台积电今年以来股价下跌3.7%,而联电同期涨幅达11%。联电超6%的股息率使其成为台湾规模超440亿美元高股息ETF的重仓股。

凯基投顾董事长Andrew Tsai指出:"联电受益于本土高股息ETF的资金流入,被动基金更看重收益率而非基本面。"他补充道,临近6月24日除息日,联电股价涨势进一步强化。

台湾三大高股息ETF均将联电列为前十大持仓,而股息率不足2%的台积电则不在其核心配置之列。这三只ETF今年吸引约100亿美元资金流入,成为亚太地区资金吸纳能力最强的股票型ETF之一。

分析师表示,联电的低估值与高流动性对寻求防御性配置的保守型投资者颇具吸引力,其与英特尔的合作更添一层魅力。但联电的超额表现可能难以持续——标普全球数据显示,其空头仓位占流通股比例已升至9%的历史高位,且股价已超越分析师12个月目标均价。

台积电基本面依然强劲,作为英伟达(NVDA.US)和苹果(AAPL.US)的关键芯片制造商,这家全球晶圆代工龙头5月营收达3205亿新台币(约合107亿美元),同比增幅达39.6%。此前 4 月,台积电营收同比增长 48%。分析师平均预期台积电第二季度销售额将增长 39%。

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