9/24格隆汇｜taiwan semiconductor (TSM.US) pre-market trading up over 1.3%, at $177.1. On the news front, Morgan Stanley released a research report pointing out that taiwan semiconductor's capacity expansion in 2 nanometer and 3 nanometer chips and CoWos advanced packaging is progressing rapidly. It is expected that CoWos monthly capacity will increase to 0.08 million units next year. Morgan Stanley mentioned that the management has indicated during a brokerage conference that the company may directionally maintain a compound annual growth rate of revenue between 15% to 20% over the next 5 years. They believe that this commitment to long-term growth, combined with gross margin expansion, makes the company valuation far more attractive than other asian semiconductor companies. The brokerage raised the group's earnings forecasts for next year and 2026 by 4% and 5% respectively, raising the target price from NT$1,220 to NT$1,280, reiterating the "shareholding" rating as the top choice in the industry, bullish on the company's quality and defensive nature during the extended semiconductor downturn cycle.