Taiwan Tech Focused Senior Analyst

Patrick Liao

Equity Bottom-Up

<ul>
<li>2025 outlook Sales: up 20-30% YoY. More certain on China demand recovery. Gradually enters Mass-Production (MP) for Gen 3/4 products. Main growth drivers are consumer and Electric Vehicle.  </li>
<li>Silergy targets for auto sales contributed to reach 15% in 2025.  </li>
<li>Will witness a rebound in 2Q25 for computing and Consumer and auto will also grow QoQ given resumption for production in China.  </li>
</ul>


2025 outlook Sales: up 20-30% YoY. More certain on China demand recovery. Gradually enters Mass-Production (MP) for Gen 3/4 products. Main growth drivers are consumer and Electric Vehicle.  
Silergy targets for auto sales contributed to reach 15% in 2025.  
Will witness a rebound in 2Q25 for computing and Consumer and auto will also grow QoQ given resumption for production in China.  


Silergy (6147.TT): 1Q25 Outlook Sales: Down QoQ but up QoQ. 2025 Outlook Sales: Up 20-30% YoY.

Managing Director, Zero One, Zero One

Vincent Fernando, CFA

Managing Director, Zero One

Zero One

Founded in 2015, Zero One produces independent investment research and provides corporate finance advisory services with a focus on both listed and private technology companies. Founder Vincent Fernando has over 20 years of experience in US and Asia capital markets.

Independent Investment Research

TSMC (Taiwan Semiconductor Manufacturing) - ADR / Equity Bottom-Up

TSMC (Taiwan Semiconductor Manufacturing) - ADR

<ul>
<li>TSMC: +14.1% Premium; Given Latest Market Weakness, Safest to Wait for a Slightly Lower Premium Before Going Long</li>
<li>ASE: -1.8% Discount; Good Level to Go Long the Spread</li>
<li>ChipMOS: -6.8% Discount: Long the Spread, Historical Extreme Discount Level</li>
</ul>


TSMC: +14.1% Premium; Given Latest Market Weakness, Safest to Wait for a Slightly Lower Premium Before Going Long
ASE: -1.8% Discount; Good Level to Go Long the Spread
ChipMOS: -6.8% Discount: Long the Spread, Historical Extreme Discount Level


Taiwan Dual-Listings Monitor: TSMC Trading Range Breakdown? ChipMOS Discount Rare Long Opportunity

<ul>
<li>TSMC: +18.5% Premium; Wait for Lower Premium Before Going Long</li>
<li>ASE: +0.2% Premium; Near-Parity Premium is Opportunity to Long the Spread</li>
<li>ChipMOS: -3% Discount; Rare Discount is Opportunity to Long the Spread</li>
</ul>


TSMC: +18.5% Premium; Wait for Lower Premium Before Going Long
ASE: +0.2% Premium; Near-Parity Premium is Opportunity to Long the Spread
ChipMOS: -3% Discount; Rare Discount is Opportunity to Long the Spread


Taiwan Dual-Listings Monitor: TSMC's Range Declining; ASE Near Parity; ChipMOS Rare Discount

<ul>
<li>TSMC: +17.2% Premium; Wait for Lower Levels Before Going Long</li>
<li>UMC: -1.9% Discount; Can Consider Going Long the Spread at Current Level</li>
<li>ASE: -0.6% Discount; Discount is Opportunity to Long the Spread</li>
</ul>


TSMC: +17.2% Premium; Wait for Lower Levels Before Going Long
UMC: -1.9% Discount; Can Consider Going Long the Spread at Current Level
ASE: -0.6% Discount; Discount is Opportunity to Long the Spread


Taiwan Dual-Listings Monitor: TSMC Spread Falls From Elevated Level; UMC & ASE Discount Opportunity

<ul>
<li>TSMC: +22.2% Premium; Wait for Higher Level Before Fresh Short of Spread</li>
<li>UMC: 0% Premium (Parity) -- Massive Increase in ADR Headroom</li>
<li>ChipMOS: +0.5% Premium; Wait for More Extreme Levels; Earnings Ahead</li>
</ul>


TSMC: +22.2% Premium; Wait for Higher Level Before Fresh Short of Spread
UMC: 0% Premium (Parity) -- Massive Increase in ADR Headroom
ChipMOS: +0.5% Premium; Wait for More Extreme Levels; Earnings Ahead


Taiwan Dual-Listings Monitor: TSMC Premium Eases Down; Massive Change in UMC Headroom

Taiwan

United Microelectronics Corporation designs, manufactures, and markets integrated circuits (ICs) and related electronic products.  The Company's main products are consumer electronic ICs, memory ICs, personal computer peripheral ICs, and communication ICs.

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United Microelectronics Corp (2303 TT)

Silergy (6147.TT): 1Q25 Outlook Sales: Down QoQ but up QoQ. 2025 Outlook Sales: Up 20-30% YoY.

2025 sales outlook strong with 20-30% YoY growth, focusing on China demand recovery. Silergy targets 15% auto sales by 2025, expecting rebound in...

Patrick Liao

Taiwan Dual-Listings Monitor: TSMC Trading Range Breakdown? ChipMOS Discount Rare Long Opportunity

We analyze the premium and discount levels of dual-listed Taiwan companies, suggesting potential spread trading levels based on historical trends.

Vincent Fernando, CFA

Taiwan Dual-Listings Monitor: TSMC's Range Declining; ASE Near Parity; ChipMOS Rare Discount

We analyze the premium and discount levels of dual-listed Taiwan companies, suggesting potential spread trading levels based on historical trends.

Vincent Fernando, CFA

Taiwan Dual-Listings Monitor: TSMC Spread Falls From Elevated Level; UMC & ASE Discount Opportunity

We analyze the premium and discount levels of dual-listed Taiwan companies, suggesting potential spread trading levels based on historical trends.

Vincent Fernando, CFA

Taiwan Dual-Listings Monitor: TSMC Premium Eases Down; Massive Change in UMC Headroom

We analyze the premium and discount levels of dual-listed Taiwan companies, suggesting potential spread trading levels based on historical trends.

Vincent Fernando, CFA

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Silergy (6147.TT): 1Q25 Outlook Sales: Down QoQ but up QoQ. 2025 Outlook Sales: Up 20-30% YoY.

​2025 sales outlook strong with 20-30% YoY growth, focusing on China demand recovery. Silergy targets 15% auto sales by 2025, expecting rebound in...

Patrick Liao

Taiwan Dual-Listings Monitor: TSMC Trading Range Breakdown? ChipMOS Discount Rare Long Opportunity

We analyze the premium and discount levels of dual-listed Taiwan companies, suggesting potential spread trading levels based on historical trends.

Vincent Fernando, CFA

Taiwan Dual-Listings Monitor: TSMC's Range Declining; ASE Near Parity; ChipMOS Rare Discount

We analyze the premium and discount levels of dual-listed Taiwan companies, suggesting potential spread trading levels based on historical trends.

Vincent Fernando, CFA

Taiwan Dual-Listings Monitor: TSMC Spread Falls From Elevated Level; UMC & ASE Discount Opportunity

We analyze the premium and discount levels of dual-listed Taiwan companies, suggesting potential spread trading levels based on historical trends.

Vincent Fernando, CFA

Taiwan Dual-Listings Monitor: TSMC Premium Eases Down; Massive Change in UMC Headroom

We analyze the premium and discount levels of dual-listed Taiwan companies, suggesting potential spread trading levels based on historical trends.

Vincent Fernando, CFA

2025 sales outlook strong with 20-30% YoY growth, focusing on China demand recovery. Silergy targets 15% auto sales by 2025, expecting rebound in...