Managing Director, Zero One, Zero One

Vincent Fernando, CFA

Managing Director, Zero One

Equity Bottom-Up

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

TSMC (Taiwan Semiconductor Manufacturing) - ADR

<ul>
<li>TSMC ADRs are trading at a small premium; 4Q22 results will be released on January 12th.</li>
<li>UMC ADRs are trading at a discount; 4Q22 results will be released on January 16th.</li>
<li>ChipMOS ADRs are trading at a decent discount, opening a trade opportunity.</li>
</ul>


TSMC ADRs are trading at a small premium; 4Q22 results will be released on January 12th.
UMC ADRs are trading at a discount; 4Q22 results will be released on January 16th.
ChipMOS ADRs are trading at a decent discount, opening a trade opportunity.


Taiwan Dual-Listings: Premium/Discounts Mostly in the Middle, ChipMOS Opportunity

<ul>
<li>TSMC -- Small premium currently, recent trading range appears unaffected by Buffett investment</li>
<li>UMC -- Bounced from discount to premium, now at a discount again</li>
<li>ChipMOS -- Bounced from discount to premium, now back to a decent discount</li>
</ul>


TSMC -- Small premium currently, recent trading range appears unaffected by Buffett investment
UMC -- Bounced from discount to premium, now at a discount again
ChipMOS -- Bounced from discount to premium, now back to a decent discount


Taiwan Dual-Listings: Premiums Bounced... And Have Now Declined Again

<ul>
<li>TSMC -- Trading near parity, decent setup opportunity at the current level.</li>
<li>UMC -- Trading at a discount, another decent setup opportunity.</li>
<li>Chunghwa Telecom -- Rare opportunity here, trading at a steep discount compared to the tight historical range.</li>
</ul>


TSMC -- Trading near parity, decent setup opportunity at the current level.
UMC -- Trading at a discount, another decent setup opportunity.
Chunghwa Telecom -- Rare opportunity here, trading at a steep discount compared to the tight historical range.


Taiwan Dual-Listings: TSMC & UMC Nice Setup Opportunities, Chunghwa Rare Deep Discount

TSMC (Taiwan Semiconductor Manufacturing) / Equity Bottom-Up

TSMC (Taiwan Semiconductor Manufacturing)

<ul>
<li>TSMC ADR's premium has reverted after going as high as 10.9%.</li>
<li>Hon Hai's London-listed GDRs are trading at a historically rare discount.</li>
<li>UMC ADRs also look interesting relative to the Taiwan shares given their rare discount.</li>
</ul>


TSMC ADR's premium has reverted after going as high as 10.9%.
Hon Hai's London-listed GDRs are trading at a historically rare discount.
UMC ADRs also look interesting relative to the Taiwan shares given their rare discount.


Taiwan Dual-Listings: TSMC Premium Reverts, Rare Hon Hai & UMC Discounts

<ul>
<li>TSMC's ADR premium has rebounded and is high relative to its recent trading range.</li>
<li>ASE Technology's ADR premium has spiked to a historically very high level.</li>
<li>UMC ADRs are also trading at a relatively high premium.</li>
</ul>


TSMC's ADR premium has rebounded and is high relative to its recent trading range.
ASE Technology's ADR premium has spiked to a historically very high level.
UMC ADRs are also trading at a relatively high premium.


Taiwan Dual-Listings: TSMC Premium Near-Term High, ASE Spikes, UMC High as Well

Taiwan

Chunghwa Telecom Co., Ltd. provides local, domestic, and international long distance services. The Company also offers wireless telecommunication, paging, and Internet services.

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Chunghwa Telecom (2412 TT)

Taiwan Dual-Listings: Premium/Discounts Mostly in the Middle, ChipMOS Opportunity

While most premium/discounts are relatively normal, ChipMOS ADRs are trading at a decent discount, representing a trade opportunity.

Vincent Fernando, CFA

Taiwan Dual-Listings: Premiums Bounced... And Have Now Declined Again

TSMC -- Small premium currently, recent trading range appears unaffected by Buffett investment. ChipMOS -- Decent entry point now.

Vincent Fernando, CFA

Taiwan Dual-Listings: TSMC & UMC Nice Setup Opportunities, Chunghwa Rare Deep Discount

Chunghwa Telecom -- Rare opportunity here, trading at a steep discount compared to the tight historical range. TSMC and UMC also present decent...

Vincent Fernando, CFA

Taiwan Dual-Listings: TSMC Premium Reverts, Rare Hon Hai & UMC Discounts

Hon Hai's London-listed GDRs are trading at a historically rare discount. UMC ADRs are also at a rare discount relative to history.

Vincent Fernando, CFA

Taiwan Dual-Listings: TSMC Premium Near-Term High, ASE Spikes, UMC High as Well

Taiwan ADR premiums have generally risen across the board recently. TSMC's premium is high if one looks at the most recent trading range.

Vincent Fernando, CFA

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