T he DividendRank formula at Dividend Channel ranks a coverage universe of thousands of dividend stocks, according to a proprietary formula designed to identify those stocks that combine two important characteristics — strong fundamentals and a valuation that looks inexpensive. Taiwan Semiconductor Manufacturing Co., Ltd. (Symbol: TSM) presently has an excellent rank, in the top 25% of the coverage universe, which suggests it is among the top most "interesting" ideas that merit further research by investors. But making Taiwan Semiconductor Manufacturing Co., Ltd. an even more interesting and timely stock to look at, is the fact that in trading on…