Taiwan Tech Focused Senior Analyst

Patrick Liao

Equity Bottom-Up

ASE Technology Holding   / Equity Bottom-Up

<ul>
<li>4Q23F demand recovery will be broad-based thanks to customers’ new product launch.</li>
<li>ASEH has observed an increase in rush orders across the board as customers become more cautious about restocking.</li>
<li>The DPS payout ratio for 2023F is projected to be 60-65%.</li>
</ul>


4Q23F demand recovery will be broad-based thanks to customers’ new product launch.
ASEH has observed an increase in rush orders across the board as customers become more cautious about restocking.
The DPS payout ratio for 2023F is projected to be 60-65%.


ASEH (3711.TT; ASE.US): Demand Remains Soft in 4Q23F, but ASEH Observes the Recovery Is Broad-Based.

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>This week will see a wave of earnings releases for the industry including Intel, Microsofot, Mediatek, ASE, and UMC.</li>
<li>TSMC results last week provided positive color on the 2024E onwards outlook for the company as well as comments regarding a turn around for PC and mobile.</li>
<li>Taiwan AI names were some of the top losers across our Taiwan Tech universe last week.</li>
</ul>


This week will see a wave of earnings releases for the industry including Intel, Microsofot, Mediatek, ASE, and UMC.
TSMC results last week provided positive color on the 2024E onwards outlook for the company as well as comments regarding a turn around for PC and mobile.
Taiwan AI names were some of the top losers across our Taiwan Tech universe last week.


Taiwan Tech Weekly: Watch for Intel, Microsoft, Mediatek, ASE, UMC Results; AI Names Top Losers

<ul>
<li>Premiums have generally fallen sharply most recently, likely driven by weaker global markets.</li>
<li>Key earnings: TSMC reported last week; UMC and ASE to report this week.</li>
<li>We describe our latest recommended premium/discount levels to Long or Short the spreads.</li>
</ul>


Premiums have generally fallen sharply most recently, likely driven by weaker global markets.
Key earnings: TSMC reported last week; UMC and ASE to report this week.
We describe our latest recommended premium/discount levels to Long or Short the spreads.


Taiwan Dual Listings Monitor: Sharp Premium Drops Most Recently; Key Levels to Long or Short

<ul>
<li>Our range for TSMC's spread trading appears to be working. Premium has rebounded lately and we would Short if breaks above 9.8%.</li>
<li>Our UMC trading range also appears to be working. We should Short if the premium increases slightly further to break 1%.</li>
<li>One can consider Shorting ASE's ADR premium at the current 10.8% premium level. After latest premium spike, risk appears skewed to the downside in the coming weeks.</li>
</ul>


Our range for TSMC's spread trading appears to be working. Premium has rebounded lately and we would Short if breaks above 9.8%.
Our UMC trading range also appears to be working. We should Short if the premium increases slightly further to break 1%.
One can consider Shorting ASE's ADR premium at the current 10.8% premium level. After latest premium spike, risk appears skewed to the downside in the coming weeks.


Taiwan Dual Listings Monitor: TSMC & UMC Trading Ranges Working; Short ASE Spread at Latest Level

<ul>
<li>TSMC's ADR premium/discount appears to have shown a clear decline in trading range recently, down from the 10% level.</li>
<li>UMC &amp; ASE joined corporate days today in Taipei, which could be supportive of their premiums in the near-term.</li>
<li>We provide spread levels we view as compelling from a risk/reward perspective.</li>
</ul>


TSMC's ADR premium/discount appears to have shown a clear decline in trading range recently, down from the 10% level.
UMC &amp; ASE joined corporate days today in Taipei, which could be supportive of their premiums in the near-term.
We provide spread levels we view as compelling from a risk/reward perspective.


Taiwan Dual Listings Monitor: TSMC Spread In Clear Downtrend; UMC & ASE Corporate Days Could Support

Taiwan

ASE Technology Holding Co., Ltd. offers assembly and testing services. The Company provides outsourced assembly, semiconductor testing, semiconductor packaging, and other related services. ASE Technology Holding operates in Taiwan.

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ASE Technology Holding (ASX US)

ASEH (3711.TT; ASE.US): Demand Remains Soft in 4Q23F, but ASEH Observes the Recovery Is Broad-Based.

4Q23F demand recovery will be broad-based thanks to customers’ new product launch. ASEH has observed an increase in rush orders across the board as...

Patrick Liao

Taiwan Tech Weekly: Watch for Intel, Microsoft, Mediatek, ASE, UMC Results; AI Names Top Losers

TSMC results last week provided positive color on the 2024E onwards outlook for the company as well as comments regarding a turn around for PC and...

Vincent Fernando, CFA

Taiwan Dual Listings Monitor: Sharp Premium Drops Most Recently; Key Levels to Long or Short

TSMC results last week. UMC and ASE results this week. We describe our latest recommended premium/discount levels to Long or Short the spreads.

Vincent Fernando, CFA

Taiwan Dual Listings Monitor: TSMC & UMC Trading Ranges Working; Short ASE Spread at Latest Level

There has been a general bounce in ADR premiums recently. If they go a bit higher then one can consider shorting TSMC and UMC premiums; we provide...

Vincent Fernando, CFA

Taiwan Dual Listings Monitor: TSMC Spread In Clear Downtrend; UMC & ASE Corporate Days Could Support

UMC & ASE joined corporate days today, which could be supportive of their premiums in the near-term. We provide our view on spread ranges for Long...

Vincent Fernando, CFA

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