Taiwan Semiconductor Manufacturing Company Limited (TSMC) is a semiconductor foundry. The Company is engaged in the manufacturing, selling, packaging, testing and computer-aided design of integrated circuits and other semiconductor devices and the manufacturing of masks. It operates through foundry segment. The foundry segment is engaged in manufacturing, selling, packaging, testing and computer-aided design of integrated circuits (IC) and other semiconductor devices and the manufacturing of masks. It operates three 12-inch wafer fabs, four eight-inch wafer fabs, one six-inch wafer fab (fab 2) and two backend fabs (advanced backend fab 1 and 2). It also manages two eight-inch fabs at its subsidiaries, WaferTech, LLC in the United States and TSMC China Company Limited. Its exploratory work focuses on transistors and technologies, such as three dimensional (3D) structures, strained-layer complementary metal-oxide semiconductor (CMOS), high-mobility materials and 3D IC devices.
Industry, Sector and Symbol:
- Sector: Computer and Technology
- Industry: Semiconductors
- Sub-Industry: N/A
- Symbol: NYSE:TSM
- CUSIP: N/A
- Web: www.tsmc.com
Capitalization:- Market Cap: $195.88 billion
- Outstanding Shares: 5,186,076,000
Average Prices:- 50 Day Moving Avg: $36.77
- 200 Day Moving Avg: $34.95
- 52 Week Range: $28.34 - $38.43
P/E:- Trailing P/E Ratio: 16.90
- Foreward P/E Ratio: 16.28
- P/E Growth: 1.19
Sales & Book Value:- Annual Revenue: $32.32 billion
- Price / Sales: 6.06
- Book Value: $8.62 per share
- Price / Book: 4.38
Dividend:- Annual Dividend: $0.92
- Dividend Yield: 3.0%
Profitability:- EBIDTA: $20.86 billion
- Net Margins: 36.11%
- Return on Equity: 25.61%
- Return on Assets: 18.51%
Debt:- Debt-to-Equity Ratio: 0.07%
- Current Ratio: 1.60%
- Quick Ratio: 1.48%
Misc:- Average Volume: 5.51 million shs.
- Beta: 0.76
- Short Ratio: 3.11
Frequently Asked Questions for Taiwan Semiconductor Manufacturing Company (NYSE:TSM)
What is Taiwan Semiconductor Manufacturing Company's stock symbol?
Taiwan Semiconductor Manufacturing Company trades on the New York Stock Exchange (NYSE) under the ticker symbol "TSM."
How often does Taiwan Semiconductor Manufacturing Company pay dividends? What is the dividend yield for Taiwan Semiconductor Manufacturing Company?
Taiwan Semiconductor Manufacturing Company declared an annual dividend on Thursday, June 15th. Investors of record on Wednesday, June 28th will be paid a dividend of $0.927 per share on Thursday, July 20th. This represents a yield of 3.25%. The ex-dividend date of this dividend is Monday, June 26th. This is a boost from Taiwan Semiconductor Manufacturing Company's previous annual dividend of $0.74. View Taiwan Semiconductor Manufacturing Company's Dividend History.
How were Taiwan Semiconductor Manufacturing Company's earnings last quarter?
Taiwan Semiconductor Manufacturing Company Ltd. (NYSE:TSM) released its quarterly earnings results on Thursday, July, 13th. The company reported $0.42 EPS for the quarter, missing analysts' consensus estimates of $0.50 by $0.08. The business had revenue of $213.86 billion for the quarter, compared to analyst estimates of $214.25 billion. Taiwan Semiconductor Manufacturing Company had a return on equity of 25.61% and a net margin of 36.11%. The business's quarterly revenue was down 3.6% compared to the same quarter last year. During the same quarter last year, the firm earned $2.80 EPS. View Taiwan Semiconductor Manufacturing Company's Earnings History.
When will Taiwan Semiconductor Manufacturing Company make its next earnings announcement?
Where is Taiwan Semiconductor Manufacturing Company's stock going? Where will Taiwan Semiconductor Manufacturing Company's stock price be in 2017?
4 equities research analysts have issued 12-month price objectives for Taiwan Semiconductor Manufacturing Company's stock. Their predictions range from $27.00 to $28.00. On average, they expect Taiwan Semiconductor Manufacturing Company's stock price to reach $27.50 in the next twelve months. View Analyst Ratings for Taiwan Semiconductor Manufacturing Company.
Are investors shorting Taiwan Semiconductor Manufacturing Company?
Taiwan Semiconductor Manufacturing Company saw a drop in short interest in the month of August. As of August 31st, there was short interest totalling 18,930,026 shares, a drop of 14.1% from the August 15th total of 22,048,894 shares. Based on an average trading volume of 3,320,035 shares, the days-to-cover ratio is presently 5.7 days.
Who are some of Taiwan Semiconductor Manufacturing Company's key competitors?
Some companies that are related to Taiwan Semiconductor Manufacturing Company include Intel (INTC), NVIDIA Corporation (NVDA), Broadcom Limited (AVGO), Texas Instruments Incorporated (TXN), Micron Technology (MU), Analog Devices (ADI), NXP Semiconductors N.V. (NXPI), Microchip Technology Incorporated (MCHP), STMicroelectronics N.V. (STM), Xilinx (XLNX), Maxim Integrated Products (MXIM), Advanced Micro Devices (AMD), Freescale Semiconductor Ltd (FSL), Advanced Semiconductor Engineering (ASX), Flextronics International (FLEX), Marvell Technology Group (MRVL), ON Semiconductor Corporation (ON) and Arrow Electronics (ARW).
Who are Taiwan Semiconductor Manufacturing Company's key executives?
Taiwan Semiconductor Manufacturing Company's management team includes the folowing people:
- Morris Chang, Chairman of the Board
- Mark Liu, Co-Chief Executive Officer, General Manager, Director
- C.C. Wei, Co-Chief Executive Officer, General Manager, Director
- F.C. Tseng, Vice Chairman of the Board
- Lora Ho, Chief Financial Officer, Senior Deputy General Manager-Finance
- Jack Sun, Chief Technology Officer, Deputy General Manager-Research Development & Technology Development
- Stephen T. Tso, Chief Information Officer, Senior Deputy General Manager-Information Technology & Material & Risk Management
- Sylvia Fang, General Counsel, Deputy General Manager-Legal
- Rick Cassidy, Senior Deputy General Manager, General Manager - North America Subsidiary
- Y.P. Chin, Senior Deputy General Manager-Operations/Products Development
Who owns Taiwan Semiconductor Manufacturing Company stock?
Taiwan Semiconductor Manufacturing Company's stock is owned by a number of of retail and institutional investors. Top institutional shareholders include Capital World Investors (1.27%), JPMorgan Chase & Co. (0.94%), Vanguard Group Inc. (0.83%), Bank of New York Mellon Corp (0.79%), Fisher Asset Management LLC (0.66%) and Sanders Capital LLC (0.62%). View Institutional Ownership Trends for Taiwan Semiconductor Manufacturing Company.
Who sold Taiwan Semiconductor Manufacturing Company stock? Who is selling Taiwan Semiconductor Manufacturing Company stock?
Taiwan Semiconductor Manufacturing Company's stock was sold by a variety of institutional investors in the last quarter, including Veritas Asset Management LLP, Capital Guardian Trust Co., BlackRock Inc., JPMorgan Chase & Co., Schroder Investment Management Group, Russell Investments Group Ltd., Numeric Investors LLC and Bank of Montreal Can. View Insider Buying and Selling for Taiwan Semiconductor Manufacturing Company.
Who bought Taiwan Semiconductor Manufacturing Company stock? Who is buying Taiwan Semiconductor Manufacturing Company stock?
Taiwan Semiconductor Manufacturing Company's stock was purchased by a variety of institutional investors in the last quarter, including Fisher Asset Management LLC, Cornerstone Capital Management Holdings LLC., Vanguard Group Inc., Vontobel Asset Management Inc., Janus Henderson Group PLC, Principal Financial Group Inc., Harding Loevner LP and BT Investment Management Ltd. View Insider Buying and Selling for Taiwan Semiconductor Manufacturing Company.
How do I buy Taiwan Semiconductor Manufacturing Company stock?
Shares of Taiwan Semiconductor Manufacturing Company can be purchased through any online brokerage account. Popular online brokerages include Vanguard Brokerage Services, TD Ameritrade, E*TRADE, Scottrade, Fidelity and Charles Schwab.
What is Taiwan Semiconductor Manufacturing Company's stock price today?
One share of Taiwan Semiconductor Manufacturing Company stock can currently be purchased for approximately $37.77.
MarketBeat Community Rating for Taiwan Semiconductor Manufacturing Company (NYSE TSM)MarketBeat's community ratings are surveys of what our community members think about Taiwan Semiconductor Manufacturing Company and other stocks. Vote "Outperform" if you believe the stock will outperform the S&P 500 over the long term. Vote "Underperform" if you believe the stock will underperform the S&P 500 over the long term. You may vote once every thirty days.
Consensus Ratings for Taiwan Semiconductor Manufacturing Company (NYSE:TSM) (How are Consensus Ratings Calculated?) MarketBeat calculates consensus ratings using the most recent rating from each brokerage that has rated a stock within the last twelve months. Since brokers often use different ratings systems, each rating is normalized to a standardized rating score of 1 (sell), 2 (hold), 3 (buy) or 4 (strong buy). Consensus ratings scores are calculated using the mean average of the number of normalized sell, hold, buy and strong buy ratings. Each stock's consensus rating is derived from its calculated consensus ratings score (0-1.5 = Sell, 1.5-2.5 = Hold, 2.5-3.5 = Buy, >3.5 = Strong Buy). MarketBeat's consensus price targets are a mean average of the most recent available price targets set by each analyst that has set a price target for the stock in the last twelve months.
MarketBeat will no longer include ratings and price target data in its consensus calculation if a broker drops coverage and MarketBeat has received a report that coverage was dropped. Ratings from certain research firms that issue ratings using purely quantitative methods (such as Zacks, Vetr and ValuEngine) are not included in consensus calculations. MarketBeat's consensus ratings and consensus price targets may differ from those calculated by other firms due to differences in methodology and available data.
| Ratings Breakdown: | 3 Hold Ratings, 1 Buy Rating |
| Consensus Rating: | Hold (Score: 2.25) |
| Consensus Price Target: | $27.50 (27.19% downside) |
Analysts' Ratings History for Taiwan Semiconductor Manufacturing Company (NYSE:TSM)
Show:
| Date | Firm | Action | Rating | Price Target | Impact on Share Price | Details |
|---|
| 6/21/2017 | HSBC Holdings plc | Downgrade | Buy -> Hold | | Medium |  |
| 5/15/2017 | Credit Suisse Group | Downgrade | Outperform -> Neutral | | Low | |
| 4/15/2017 | Rosenblatt Securities | Set Price Target | Buy | $27.00 | Low | |
| 1/6/2017 | Susquehanna Bancshares Inc | Reiterated Rating | Neutral | | N/A | |
| 9/19/2016 | Bank of America Corporation | Reiterated Rating | Buy | | N/A | |
| 7/12/2016 | Nomura | Downgrade | Buy -> Neutral | | N/A | |
| 7/12/2016 | J P Morgan Chase & Co | Downgrade | Overweight -> Neutral | | N/A | |
| 6/28/2016 | Goldman Sachs Group, Inc. (The) | Downgrade | Buy -> Neutral | | N/A | |
| 6/3/2016 | Daiwa Capital Markets | Upgrade | Neutral -> Buy | | N/A | |
| 2/18/2016 | Morgan Stanley | Upgrade | Equal Weight -> Overweight | | N/A | |
| 12/21/2015 | Macquarie | Initiated Coverage | Outperform | | N/A | |
| 10/23/2015 | Sanford C. Bernstein | Boost Price Target | Market-Perform | $26.00 | N/A | |
(Data available from 9/24/2015 forward)
Earnings History for Taiwan Semiconductor Manufacturing Company (NYSE:TSM)Earnings History by Quarter for Taiwan Semiconductor Manufacturing Company (NYSE TSM)| Date | Quarter | Consensus Estimate | Actual EPS | Revenue Estimate | Actual Revenue | Release Link | Conference Call | Details |
|---|
| 10/12/2017 | | | | | | | | |
| 7/13/2017 | Q2 | $0.50 | $0.42 | $214.25 billion | $213.86 billion | View | N/A | |
| 4/13/2017 | Q1 | $0.53 | $0.54 | $237.12 billion | $233.91 billion | View | N/A | |
| 7/14/2016 | Q216 | $4.54 | $0.43 | | $6.84 billion | View | Listen | |
| 4/14/2016 | Q116 | $0.37 | $0.38 | | $203.50 billion | View | Listen | |
| 1/14/2016 | Q415 | $0.40 | $0.43 | | $6.24 billion | View | Listen | |
| 10/15/2015 | Q315 | $0.45 | $0.46 | $6.68 billion | $6.67 billion | View | Listen | |
| 7/16/2015 | Q215 | $0.37 | $0.50 | $205.77 billion | $205.44 billion | View | Listen | |
| 4/16/2015 | Q1 | $0.48 | $0.48 | $222.43 billion | $222.03 billion | View | N/A | |
| 1/15/2015 | Q4 | $3.00 | $3.08 | | $222.52 billion | View | N/A | |
| 10/16/2014 | Q3 | $0.49 | $0.49 | $208.23 billion | $209.05 billion | View | Listen | |
| 7/16/2014 | Q214 | $0.37 | $0.38 | $182.55 billion | $183.02 billion | View | N/A | |
| 4/17/2014 | Q114 | $0.30 | $0.31 | $147.78 billion | $148.22 billion | View | N/A | |
| 1/16/2014 | Q4 | $1.59 | $1.73 | $145.78 billion | $145.81 billion | View | N/A | |
| 10/17/2013 | Q313 | $0.33 | $2.00 | $5.23 billion | $162.58 billion | View | N/A | |
| 7/18/2013 | Q213 | $1.90 | $2.00 | $5.19 billion | $155.89 billion | View | N/A | |
| 4/18/2013 | | $1.48 | $1.53 | $130.56 billion | $132.76 billion | View | N/A | |
| 1/17/2013 | Q412 | $1.61 | $1.61 | $4.47 billion | $131.31 billion | View | N/A | |
| 7/19/2012 | | $1.62 | $1.61 | | | View | N/A | |
| 4/26/2012 | | $1.14 | $1.29 | | | View | N/A | |
| 1/18/2012 | | $1.18 | $1.22 | | | View | N/A | |
(Data available from 1/1/2011 forward)
Earnings Estimates for Taiwan Semiconductor Manufacturing Company (NYSE:TSM)2017 EPS Consensus Estimate: $1.17
2018 EPS Consensus Estimate: $2.34
| Quarter | Number of Estimates | Low Estimate | High Estimate | Average Estimate |
|---|
| Q3 2017 | 1 | $0.55 | $0.55 | $0.55 |
| Q4 2017 | 1 | $0.62 | $0.62 | $0.62 |
| Q1 2018 | 1 | $0.57 | $0.57 | $0.57 |
| Q2 2018 | 1 | $0.51 | $0.51 | $0.51 |
| Q3 2018 | 1 | $0.63 | $0.63 | $0.63 |
| Q4 2018 | 1 | $0.63 | $0.63 | $0.63 |
(Data provided by Zacks Investment Research)
Current Dividend Information for Taiwan Semiconductor Manufacturing Company (NYSE:TSM)| Most Recent Dividend: | 7/20/2017 |
| Annual Dividend: | $0.92 |
| Dividend Yield: | 2.44% |
| Dividend Growth: | 23.30% (3 Year Average) |
| Payout Ratio: | 42.59% (Trailing 12 Months of Earnings)
42.79% (Based on This Year's Estimates)
39.66% (Based on Next Year's Estimates)
|
| Track Record: | 2 Years of Consecutive Dividend Growth |
Dividend History by Quarter for Taiwan Semiconductor Manufacturing Company (NYSE TSM)| Announced | Period | Amount | Yield | Ex-Dividend Date | Record Date | Payable Date |
|---|
| 6/15/2017 | annual | $0.93 | 3.25% | 6/26/2017 | 6/28/2017 | 7/20/2017 |
| 6/10/2016 | | $0.74 | | 6/27/2016 | 6/29/2016 | 7/21/2016 |
| 6/19/2015 | annual | $0.73 | 3.11% | 6/29/2015 | 7/1/2015 | 7/23/2015 |
| 6/30/2014 | annual | $0.50 | 2.35% | 7/14/2014 | 7/16/2014 | 8/6/2014 |
| 6/19/2013 | annual | $0.50 | 2.79% | 7/3/2013 | 7/8/2013 | 7/29/2013 |
(Data available from 1/1/2013 forward)
Insider Trading History for Taiwan Semiconductor Manufacturing Company (NYSE:TSM)
No insider trades for this company have been tracked by MarketBeat.com
Headline Trends for Taiwan Semiconductor Manufacturing Company (NYSE:TSM)
Latest Headlines for Taiwan Semiconductor Manufacturing Company (NYSE:TSM)
| Source: |
|
| Date | Headline |
|---|
 | Taiwan Semiconductor Manufacturing Company Ltd. (TSM) Given Average Rating of "Hold" by Brokerages
www.americanbankingnews.com - September 24 at 9:00 AM |
| Financial Analysis: Taiwan Semiconductor Manufacturing (TSM) and Its Peers
www.americanbankingnews.com - September 24 at 4:08 AM |
 | Exclusive: Chipmaker GlobalFoundries asks EU to investigate bigger rival TSMC - source
finance.yahoo.com - September 23 at 10:17 AM |
| The Top 5 Cash-Rich Semiconductor Stocks Today
finance.yahoo.com - September 20 at 10:16 AM |
| Which Semiconductor Stock Leads the Pack in Earnings?
finance.yahoo.com - September 19 at 8:45 AM |
| Taiwan Semiconductor Manufacturing Company Ltd. (TSM) Short Interest Update
www.americanbankingnews.com - September 18 at 1:50 AM |
 | Taiwan Shares Likely To Remain Rangebound
www.rttnews.com - September 16 at 9:53 AM |
 | Broadcom Limited (AVGO) Ex-Dividend Date Scheduled for September 18,
www.nasdaq.com - September 15 at 10:23 AM |
| Zacks Investment Research Upgrades Taiwan Semiconductor Manufacturing Company Ltd. (TSM) to "Hold"
www.americanbankingnews.com - September 13 at 7:18 PM |
 | These Are the 27 Companies You Must Watch Ahead of Apple's Big Launch Event - TheStreet.com
www.thestreet.com - September 13 at 10:25 AM |
| Xilinx, Arm, Cadence, and TSMC Announce World's First CCIX Silicon Demonstration Vehicle in 7nm Process Technology
finance.yahoo.com - September 11 at 7:55 AM |
| A Peek at the VanEck Vectors Semiconductor ETF
finance.yahoo.com - September 8 at 3:32 PM |
 | Taiwan Semiconductor expects strong Q3 on Apple 10nm shipments
seekingalpha.com - September 8 at 9:30 AM |
| ETFs with exposure to Taiwan Semiconductor Manufacturing Co., Ltd. : September 7, 2017
finance.yahoo.com - September 8 at 9:30 AM |
 | Apple Inc. Dodged a Serious Bullet - Motley Fool
www.fool.com - September 7 at 10:17 AM |
| Notable ETF Inflow Detected - VWO, TSM, CHL, IDSA - Nasdaq
www.nasdaq.com - September 6 at 9:30 AM |
| Analog Devices, Inc. (ADI) Ex-Dividend Date Scheduled for September 07, 2017 - Nasdaq
www.nasdaq.com - September 6 at 9:30 AM |
| Taiwan Semiconductor Manufacturing Co., Ltd. :TSM-US: Earnings Analysis: Q2, 2017 By the Numbers : September 4, 2017
finance.yahoo.com - September 5 at 9:30 AM |
| Taiwan Semiconductor Manufacturing Company Ltd. (TSM) Receives Consensus Rating of "Hold" from Brokerages
www.americanbankingnews.com - August 30 at 9:12 AM |
| Apple's iPhone 8 Might Be So Hot That Taiwan's Largest Airline Stock Is Surging - TheStreet.com
www.thestreet.com - August 23 at 12:54 PM |
| Applied Materials, Inc. (AMAT) Ex-Dividend Date Scheduled for August 22, 2017 - Nasdaq
www.nasdaq.com - August 22 at 7:21 AM |
| NVIDIA Corporation (NVDA) Ex-Dividend Date Scheduled for August 22, 2017 - Nasdaq
www.nasdaq.com - August 22 at 7:21 AM |
| [$$] Apple suppliers boost Taiwan tech sector in July
finance.yahoo.com - August 20 at 11:23 PM |
| Taiwan probes massive power cut that affects millions of households
finance.yahoo.com - August 16 at 8:25 AM |
| Taiwan Semiconductor will enter 12nm volume production in Q4
seekingalpha.com - August 15 at 1:36 AM |
| Taiwan Semiconductor Manufacturing (NYSE:TSM) versus MoSys (MOSY) Head to Head Survey
www.americanbankingnews.com - August 11 at 6:06 PM |
| Taiwan Semiconductor's July revenues hit low, Q3 improvement expected
seekingalpha.com - August 11 at 8:57 AM |
| Taiwan Semiconductor Manufacturing Company Ltd. (TSM) Receives Consensus Recommendation of "Hold" from Brokerages
www.americanbankingnews.com - August 5 at 8:44 AM |
| Dow Stretches Record-Making Streak Into Day Seven With Small Gains - TheStreet.com
www.thestreet.com - August 4 at 9:17 AM |
| Taiwan Semiconductor switching server orders from Lenovo - Seeking Alpha
seekingalpha.com - August 2 at 8:04 AM |
| Critical Review: Cypress Semiconductor Corporation (CY) & Taiwan Semiconductor Manufacturing (NYSE:TSM)
www.americanbankingnews.com - August 2 at 7:18 AM |
 | Watch These 8 Huge Put Purchases In Tuesday Trade - Benzinga
www.benzinga.com - August 1 at 7:06 AM |
| Samsung Wants A Piece Of TSMC - Seeking Alpha
seekingalpha.com - July 26 at 9:13 AM |
| NVE Corporation (NVEC) Ex-Dividend Date Scheduled for July 27, 2017 - Nasdaq
www.nasdaq.com - July 26 at 9:13 AM |
| Texas Instruments Incorporated (TXN) Ex-Dividend Date Scheduled for July 27, 2017 - Nasdaq
www.nasdaq.com - July 26 at 9:13 AM |
| Himax Technologies, Inc. (HIMX) Ex-Dividend Date Scheduled for July 27, 2017 - Nasdaq
www.nasdaq.com - July 26 at 9:13 AM |
| Taiwan Semiconductor Mfg. Co. Ltd. Talks Competitive Advantages - Motley Fool
www.fool.com - July 26 at 9:13 AM |
| Taiwan Semiconductor Mfg. Co. Ltd. Talks Competitive Advantages
finance.yahoo.com - July 25 at 7:50 AM |
| Taiwan Semiconductor Manufacturing Company Ltd. (NYSE:TSM) Downgraded by BidaskClub
www.americanbankingnews.com - July 25 at 12:52 AM |
| Taiwan Semiconductor Manufacturing Company Ltd. (NYSE:TSM) Downgraded by Zacks Investment Research to "Sell"
www.americanbankingnews.com - July 18 at 11:59 AM |
 | Why Intel Is Falling as AMD, NVIDIA Surge - Investopedia
www.investopedia.com - July 17 at 8:31 AM |
| Q3 2017 EPS Estimates for Taiwan Semiconductor Manufacturing Company Ltd. Reduced by Analyst (NYSE:TSM)
www.americanbankingnews.com - July 17 at 8:11 AM |
| Apple Supplier Taiwan Semiconductor Weighs in With Crushing Numbers - TheStreet.com
www.thestreet.com - July 15 at 2:29 AM |
| Taiwan Shares May Extend Winning Streak
www.rttnews.com - July 14 at 9:26 PM |
 | Form 6-K TAIWAN SEMICONDUCTOR For: Jul 13
www.streetinsider.com - July 14 at 9:26 PM |
| Taiwan Semiconductor: Still A Good Buy
seekingalpha.com - July 14 at 9:26 PM |
| Taiwan Semi (TSM) Misses on Q2 Earnings, Guidance Dull
finance.yahoo.com - July 14 at 4:21 PM |
| Taiwan Semiconductor Manufacturing Company Ltd. (NYSE:TSM) Releases Quarterly Earnings Results
www.americanbankingnews.com - July 14 at 1:44 PM |
| How To Become A Billionaire In One Step: Sell Components To Apple
finance.yahoo.com - July 14 at 9:24 AM |
| Why Apple Investors and Others Aren't Panicking About Taiwan Semi's Soft Guidance
finance.yahoo.com - July 14 at 9:24 AM |
Taiwan Semiconductor Manufacturing Company (TSM) Chart for Sunday, September, 24, 2017
