Asia Pac ECM and Index Rebal, Shenton Research

Ke Yan, CFA, FRM

Asia Pac ECM and Index Rebal

Asia Pac IPO & Placement Research, China Biotech

DZT Research

DZT Research is an independent Asia Pacific equity specialist. Our quantitative research covers index rebalancing flows, alongside exchange data analytics accross Asia Pacific. On the equity capital markets side, we focus on Asia Pacific ECM, especially biotech and TMT. Our lead analyst is frequently cited by international media.

Quantitative Analysis

<ul>
<li>We analyzed the changes in foreign holdings of TWSE Stocks as of Mar 27th. The aggregated holding was USD1,623.1bn.</li>
<li>We estimate that foreign flows to be outflows of USD3,369mln. We tabulate the league tables for top changes by value for 1W/4W/1Y and top stocks held by foreign institutions.</li>
<li>We highlight changes of foreign holdings in TSMC, Compeq Manufacturing, MediaTek, Hon Hai Precision, King Yuan Electronics.</li>
</ul>


We analyzed the changes in foreign holdings of TWSE Stocks as of Mar 27th. The aggregated holding was USD1,623.1bn.
We estimate that foreign flows to be outflows of USD3,369mln. We tabulate the league tables for top changes by value for 1W/4W/1Y and top stocks held by foreign institutions.
We highlight changes of foreign holdings in TSMC, Compeq Manufacturing, MediaTek, Hon Hai Precision, King Yuan Electronics.


TWSE Foreign Holding Weekly (Mar 27th): TSMC, Compeq Manufacturing, MediaTek, Hon Hai Precision

<ul>
<li>We analyzed the changes in foreign holdings of TWSE Stocks as of Mar 20th. The aggregated holding was USD1,640.5bn.</li>
<li>We estimate that foreign flows to be outflows of USD4,164mln. We tabulate the league tables for top changes by value for 1W/4W/1Y and top stocks held by foreign institutions.</li>
<li>We highlight changes of foreign holdings in TSMC, Hon Hai Precision, Kinsus Interconnect Technology, Nanya Technology, Delta Electronics.</li>
</ul>


We analyzed the changes in foreign holdings of TWSE Stocks as of Mar 20th. The aggregated holding was USD1,640.5bn.
We estimate that foreign flows to be outflows of USD4,164mln. We tabulate the league tables for top changes by value for 1W/4W/1Y and top stocks held by foreign institutions.
We highlight changes of foreign holdings in TSMC, Hon Hai Precision, Kinsus Interconnect Technology, Nanya Technology, Delta Electronics.


TWSE Foreign Holding Weekly (Mar 20th): TSMC, Hon Hai Precision, Kinsus Interconnect Technology

<ul>
<li>We analyzed the changes in foreign holdings of TWSE Stocks as of Mar 13th. The aggregated holding was USD1,651.5bn.</li>
<li>We estimate that foreign flows to be outflows of USD7,413mln. We tabulate the league tables for top changes by value for 1W/4W/1Y and top stocks held by foreign institutions.</li>
<li>We highlight changes of foreign holdings in TSMC, MediaTek, Hon Hai Precision, Nanya Technology, Unimicron Technology.</li>
</ul>


We analyzed the changes in foreign holdings of TWSE Stocks as of Mar 13th. The aggregated holding was USD1,651.5bn.
We estimate that foreign flows to be outflows of USD7,413mln. We tabulate the league tables for top changes by value for 1W/4W/1Y and top stocks held by foreign institutions.
We highlight changes of foreign holdings in TSMC, MediaTek, Hon Hai Precision, Nanya Technology, Unimicron Technology.


TWSE Foreign Holding Weekly (Mar 13th): TSMC, MediaTek, Hon Hai Precision, Nanya Technology

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

Equity Bottom-Up

TSMC (Taiwan Semiconductor Manufacturing) / Equity Bottom-Up

TSMC (Taiwan Semiconductor Manufacturing) (TSM US)

TSMC (Taiwan Semiconductor Manufacturing)

<ul>
<li>
TSMC: +15.9% Premium; Spread Has Crashed Through Our Long Entry Level at 19%; Consider Going Long</li>
<li>
UMC: -0.5% Discount; Significant ADR Conversion (+28.8M Units); Spread Fully Unwound</li>
<li>
ASE: -0.5% Discount; Spread Collapsed from +4.5% Premium; Consider Going Long</li>
</ul>



TSMC: +15.9% Premium; Spread Has Crashed Through Our Long Entry Level at 19%; Consider Going Long

UMC: -0.5% Discount; Significant ADR Conversion (+28.8M Units); Spread Fully Unwound

ASE: -0.5% Discount; Spread Collapsed from +4.5% Premium; Consider Going Long


Taiwan Dual-Listings Monitor: Broad Spread Collapse Across the Board; TSMC Below Long Entry Level

<ul>
<li>We analyzed the changes in foreign holdings of TWSE Stocks as of Mar 6th. The aggregated holding was USD1,669.3bn.</li>
<li>We estimate that foreign flows to be outflows of USD9,833mln. We tabulate the league tables for top changes by value for 1W/4W/1Y and top stocks held by foreign institutions.</li>
<li>We highlight changes of foreign holdings in TSMC, MediaTek, Hon Hai Precision, Delta Electronics, Fubon Financial.</li>
</ul>


We analyzed the changes in foreign holdings of TWSE Stocks as of Mar 6th. The aggregated holding was USD1,669.3bn.
We estimate that foreign flows to be outflows of USD9,833mln. We tabulate the league tables for top changes by value for 1W/4W/1Y and top stocks held by foreign institutions.
We highlight changes of foreign holdings in TSMC, MediaTek, Hon Hai Precision, Delta Electronics, Fubon Financial.


TWSE Foreign Holding Weekly (Mar 6th): TSMC, MediaTek, Hon Hai Precision, Delta Electronics

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 (3711 TT)

TWSE Foreign Holding Weekly (Mar 27th): TSMC, Compeq Manufacturing, MediaTek, Hon Hai Precision

We analyzed TWSE foreign holding data for the past week and highlighted foreign holding changes in TSMC, Compeq Manufacturing, MediaTek, Hon Hai...

Ke Yan, CFA, FRM

TWSE Foreign Holding Weekly (Mar 20th): TSMC, Hon Hai Precision, Kinsus Interconnect Technology

We analyzed TWSE foreign holding data for the past week and highlighted foreign holding changes in TSMC, Hon Hai Precision, Kinsus Interconnect...

Ke Yan, CFA, FRM

TWSE Foreign Holding Weekly (Mar 13th): TSMC, MediaTek, Hon Hai Precision, Nanya Technology

We analyzed TWSE foreign holding data for the past week and highlighted foreign holding changes in TSMC, MediaTek, Hon Hai Precision, Nanya...

Ke Yan, CFA, FRM

Taiwan Dual-Listings Monitor: Broad Spread Collapse Across the Board; TSMC Below Long Entry Level

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

Vincent Fernando, CFA

TWSE Foreign Holding Weekly (Mar 6th): TSMC, MediaTek, Hon Hai Precision, Delta Electronics

We analyzed TWSE foreign holding data for the past week and highlighted foreign holding changes in TSMC, MediaTek, Hon Hai Precision, Delta...

Ke Yan, CFA, FRM

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52-week Range

Market Cap (USDm)

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