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 has outperformed INTC by 23% in just two weeks, which is an extreme divergence in a short period of time by historical standards.</li>
<li>Foreseeable company-specific events or news flow over the next 30 days appears limited.</li>
<li>Valuation remains supportive for INTC and we believe it could recover part of its recent underperformance in the next month.</li>
</ul>


TSMC has outperformed INTC by 23% in just two weeks, which is an extreme divergence in a short period of time by historical standards.
Foreseeable company-specific events or news flow over the next 30 days appears limited.
Valuation remains supportive for INTC and we believe it could recover part of its recent underperformance in the next month.


Intel Vs. TSMC Monitor: TSMC Soars on Buffett Investment, Why INTC Could Now Revert

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

Pan-Asia Index Rebalances/ Events/ Delta One, Periscope Analytics

Brian Freitas

Pan-Asia Index Rebalances/ Events/ Delta One

Periscope Analytics

Periscope Analytics focuses on event-driven trades across Asia Pacific and provides comprehensive, timely and systematic coverage of index changes to major Asia Pacific indices in a structured manner.

The analysis includes forecasted inclusions and exclusions to all major Asian indices that have significant amount of tracking assets, including estimates of passive buy/sell flow on the stocks. The service also provides commentary and impact of market consultations, ground rule changes, and other events (IPOs, spin-offs, M&A) that could lead to index changes and passive flow.

Periscope Analytics works with multi-strategy hedge funds, proprietary trading firms, stat arb trading groups and long-only investors that invest and trade in the Asia Pacific region with the data being used to trade index rebalances, avoid pre-positioning and passive flow, and to time entry into and exit from stocks.

Event-Driven Trades Across Asia Pacific

Event-Driven

TSMC (Taiwan Semiconductor Manufacturing) - ADR / Event-Driven

<ul>
<li>Overnight, <a href="https://www.smartkarma.com/entities/berkshire-hathaway-inc-cl-b" target="_blank" data-smartkarma-citation="entities:8635:1" rel="noopener">Berkshire Hathaway Inc Cl B (BRK/B US)</a> announced that it held 60.06m shares (US$4.43bn) of <a href="https://www.smartkarma.com/entities/taiwan-semiconductor-sp-adr" target="_blank" data-smartkarma-citation="entities:8587:1" rel="noopener">Taiwan Semiconductor (TSMC) - ADR (TSM US)</a> as of 30 September.</li>
<li>That caused the ADR to spike after-hours and the local shares have rallied 8% today to close the gap with the ADR.</li>
<li>The ADR premium is trading near the lows and with Berkshire buying up a substantial chunk, <a href="https://www.smartkarma.com/entities/taiwan-semiconductor-sp-adr" target="_blank" data-smartkarma-citation="entities:8587:1" rel="noopener">Taiwan Semiconductor (TSMC) - ADR</a> should trade at a bigger premium to <a href="https://www.smartkarma.com/entities/taiwan-semiconductor-manufacturing-company" target="_blank" data-smartkarma-citation="entities:11230:1" rel="noopener">Taiwan Semiconductor (2330)</a>.</li>
</ul>


Overnight, Berkshire Hathaway Inc Cl B (BRK/B US) announced that it held 60.06m shares (US$4.43bn) of Taiwan Semiconductor (TSMC) - ADR (TSM US) as of 30 September.
That caused the ADR to spike after-hours and the local shares have rallied 8% today to close the gap with the ADR.
The ADR premium is trading near the lows and with Berkshire buying up a substantial chunk, Taiwan Semiconductor (TSMC) - ADR should trade at a bigger premium to Taiwan Semiconductor (2330).


TSMC (TSM/2330 TT): Berkshire Buying Could Push ADR Premium Higher

<ul>
<li>Berkshire Hathaway Inc Cl B (BRK/B US) disclosed that it has acquired about 60.1m shares in Taiwan Semiconductor (TSMC) - ADR (TSM US).  </li>
<li>Hon Hai is receiving local government support to recruit/return workers in order to ease its crisis there. Meanwhile, it will also quadruple its India-based iPhone manufacturing staff.</li>
<li>UMC's ADR premium is 0% and could see a bounce given the surge in TSMC.</li>
</ul>


Berkshire Hathaway Inc Cl B (BRK/B US) disclosed that it has acquired about 60.1m shares in Taiwan Semiconductor (TSMC) - ADR (TSM US).  
Hon Hai is receiving local government support to recruit/return workers in order to ease its crisis there. Meanwhile, it will also quadruple its India-based iPhone manufacturing staff.
UMC's ADR premium is 0% and could see a bounce given the surge in TSMC.


Taiwan Tech Weekly: Buffet Invests in TSMC, Hon Hai Issues Improving, China Chip Imports Slump

Head of Research, IPOs & Placements, Aequitas Research

Sumeet Singh

Head of Research, IPOs & Placements

IPOs and Placements coverage across Asia Pacific

Aequitas Research

We cover all listing across the Asia Pacific along with follow-up placements. As of Dec 2020, our team had covered 539 IPOs with a hit rate of 73.5% and 685 placements with a hit rate of 66.8%.

We combine fundamental bottom-up views with our proprietary quantitative framework to provide a holistic coverage across new listings and placements. Our coverage includes pre-IPO notes before the deal is launched, follow-up analysis once the deal is live and post-listing trading analysis as well.

<ul>
<li>In Nov 2021, Paytm raised around US$2.2bn via selling a mix of primary and secondary shares in its IPO. </li>
<li>The company is backed by <a href="https://www.smartkarma.com/entities/alibaba-group-holding-ltd" target="_blank" data-smartkarma-citation="entities:787:1" rel="noopener">Alibaba (ADR) (BABA US)</a>, <a href="https://www.smartkarma.com/entities/softbank-group-corp" target="_blank" data-smartkarma-citation="entities:315:1" rel="noopener">Softbank Group (9984 JP)</a> and counts <a href="https://www.smartkarma.com/entities/berkshire-hathaway-inc-cl-a" target="_blank" data-smartkarma-citation="entities:1044:1" rel="noopener">Berkshire Hathaway Inc Cl A (BRK/A US)</a> among its investors. </li>
<li>In this note, we will talk about the upcoming lockup expiry.</li>
</ul>


In Nov 2021, Paytm raised around US$2.2bn via selling a mix of primary and secondary shares in its IPO. 
The company is backed by Alibaba (ADR) (BABA US), Softbank Group (9984 JP) and counts Berkshire Hathaway Inc Cl A (BRK/A US) among its investors. 
In this note, we will talk about the upcoming lockup expiry.


Paytm (One 97) Lockup - US$4bn+ Lockup Expiry, Some Large Shareholders Are Underwater, a Lot Aren’t

United States

Berkshire Hathaway Inc. is a holding company owning subsidiaries in a variety of business sectors.  The Company's principal operations are insurance business conducted nationwide on a primary basis and worldwide on a reinsurance basis. Berkshire's other operations include a railway company, a specialty chemical company, and an international association of diversified businesses.

Price Gauge
52-week Range	0.00 - 0.00
Market Cap (USDm)	0.00
P/E	0.00
Dividend (Yield)	0.00

Berkshire Hathaway Inc Cl B (BRK/B US)

Intel Vs. TSMC Monitor: TSMC Soars on Buffett Investment, Why INTC Could Now Revert

TSMC has outperformed INTC by 23% in just two weeks, which is an extreme divergence in a short period of time by historical standards.

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

TSMC (TSM/2330 TT): Berkshire Buying Could Push ADR Premium Higher

Berkshire buying 60m TSM US will reduce supply. A rising SOX could increase demand for TSM US at the same time. The ADR premium to the local shares...

Brian Freitas

Taiwan Tech Weekly: Buffet Invests in TSMC, Hon Hai Issues Improving, China Chip Imports Slump

Berkshire Hathaway Inc Cl B (BRK/B US) disclosed that it has acquired about 60.1m shares in Taiwan Semiconductor (TSMC) - ADR (TSM US).

Vincent Fernando, CFA

Paytm (One 97) Lockup - US$4bn+ Lockup Expiry, Some Large Shareholders Are Underwater, a Lot Aren’t

In Nov 2021, Paytm raised around US$2.2bn via selling a mix of primary and secondary shares in its IPO. In this note, we talk about the upcoming...

Sumeet Singh

Price Gauge

52-week Range

Market Cap (USDm)

P/E

Dividend (Yield)