NEW YORK (TheStreet) -- Taiwan Semiconductor (TSM) shares are up 2.22% to $22.31 in trading on Monday after the the world's largest chipmaker reported a 56% increase in October sales over the previous year.
The company reported consolidated sales of $2.65 billion in October, a 7.9% increase over its September sales mark.
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Consolidated sales over the first 10 months of the year are up 23.5% over the same period in 2013.
On October 16, the company reported earnings of 2.94 New Taiwan dollars per diluted share, ahead of analysts 2.82 New Taiwan Dollars per diluted share estimates, while also reporting a 28.6% year-over-year growth in revenue to 209.05 billion New Taiwan Dollars, ahead of analysts' 208.23 billion expectations for the period.
TheStreet Ratings team rates TAIWAN SEMICONDUCTOR MFG CO as a Buy with a ratings score of A+. TheStreet Ratings Team has this to say about their recommendation:
"We rate TAIWAN SEMICONDUCTOR MFG CO (TSM) a BUY. This is based on the convergence of positive investment measures, which should help this stock outperform the majority of stocks that we rate. The company's strengths can be seen in multiple areas, such as its solid stock price performance, impressive record of earnings per share growth, compelling growth in net income, revenue growth and largely solid financial position with reasonable debt levels by most measures. We feel these strengths outweigh the fact that the company shows weak operating cash flow."