Managing Director, Zero One, Zero One

Vincent Fernando, CFA

Managing Director, Zero One

Equity Bottom-Up

<ul>
<li>ASML and Lam Research beat estimates last week and provided some relief to the semiconductor space.</li>
<li>Major global industry earnings coming this week include -- Samsung, SK Hynix, Texas Instruments, KLA Tencor, Apple, and Intel.</li>
<li>Major Taiwan earnings this week -- AUO, UMC, ASE, Realtek, Delta Electronics, Mediatek.</li>
</ul>


ASML and Lam Research beat estimates last week and provided some relief to the semiconductor space.
Major global industry earnings coming this week include -- Samsung, SK Hynix, Texas Instruments, KLA Tencor, Apple, and Intel.
Major Taiwan earnings this week -- AUO, UMC, ASE, Realtek, Delta Electronics, Mediatek.


Taiwan Tech Weekly: ASML & Lam Provide Industry Optimism, Wave of Earnings This Week

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

TSMC (Taiwan Semiconductor Manufacturing) - ADR

<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

<ul>
<li>Taiwan’s tech space fell hard last week, with the tech sector down 5.4%, compared to a 4.9% drop for the overall market. Semiconductors performed the worst, down 6.2%.</li>
<li>Hon Hai, Delta, Lite-On -- EV a major theme for the first-ever Taiwan Expo USA coming October 12th.</li>
<li>Taiwan wafer exports were at an all-time high in August. We note that wafer names have underperformed TSMC.</li>
</ul>


Taiwan’s tech space fell hard last week, with the tech sector down 5.4%, compared to a 4.9% drop for the overall market. Semiconductors performed the worst, down 6.2%.
Hon Hai, Delta, Lite-On -- EV a major theme for the first-ever Taiwan Expo USA coming October 12th.
Taiwan wafer exports were at an all-time high in August. We note that wafer names have underperformed TSMC.


Taiwan Tech Weekly: Trying to Recover After a Week of Deep Declines

<ul>
<li>Taiwan ADR premiums vs. their local shares have generally rebounded across the board.</li>
<li>TSMC's premium has risen substantially but remains at the lower bound of its historical range.</li>
<li>ChipMOS &amp; UMC ADRs' previous rare discount to Taiwan shares has ended, returning to premiums.</li>
</ul>


Taiwan ADR premiums vs. their local shares have generally rebounded across the board.
TSMC's premium has risen substantially but remains at the lower bound of its historical range.
ChipMOS &amp; UMC ADRs' previous rare discount to Taiwan shares has ended, returning to premiums.


Taiwan Dual-Listings - TSMC Premium Rebounds While UMC, ChipMOS Discounts Disappear

<ul>
<li>Taiwan ADR premiums vs. their local shares have generally decreased across the board.</li>
<li>Is TSMC's high ADR premium a thing of the past?</li>
<li>UMC and ChipMOS ADRs are both trading at historically rare discounts to their Taiwan shares.</li>
</ul>


Taiwan ADR premiums vs. their local shares have generally decreased across the board.
Is TSMC's high ADR premium a thing of the past?
UMC and ChipMOS ADRs are both trading at historically rare discounts to their Taiwan shares.


Taiwan Dual-Listings – TSMC Premium Almost Wiped Out, UMC & ChipMOS ADRs Trading at Discounts

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)

Taiwan Tech Weekly: ASML & Lam Provide Industry Optimism, Wave of Earnings This Week

Earnings season is now in full swing with a wave of results to be released this week for both the global industry and within Taiwan.

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

Taiwan Tech Weekly: Trying to Recover After a Week of Deep Declines

AU Optronics stock suspended, Intel's Mobileye IPO is back, Samsung takes share from TSMC, Taiwan wafer exports are at an all-time high.

Vincent Fernando, CFA

Taiwan Dual-Listings - TSMC Premium Rebounds While UMC, ChipMOS Discounts Disappear

Premiums have rebounded across most of the Taiwan ADRs except for Chunghwa Telecom (CHT). US vs. Taiwan domestic investors' relative sentiment...

Vincent Fernando, CFA

Taiwan Dual-Listings – TSMC Premium Almost Wiped Out, UMC & ChipMOS ADRs Trading at Discounts

Taiwan ADR premiums vs. their local shares have generally decreased across the board. TSMC's past high premium is interestingly linked to the top...

Vincent Fernando, CFA

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