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 is back to an 11.8% ADR premium after dropping to 8%... potentially another good Long/Short point.</li>
<li>UMC has flipped to a -0.6% ADR discount, from a 5.6% Premium. If the discount ticks slightly more negative then a good setup level will open up.</li>
<li>ASE, ChipMOS, and CHT spreads have also experienced significant swings since our last dual-listings piece.</li>
</ul>


TSMC is back to an 11.8% ADR premium after dropping to 8%... potentially another good Long/Short point.
UMC has flipped to a -0.6% ADR discount, from a 5.6% Premium. If the discount ticks slightly more negative then a good setup level will open up.
ASE, ChipMOS, and CHT spreads have also experienced significant swings since our last dual-listings piece.


Taiwan Dual-Listings: TSMC Spread Opens Again for Opportunity; Others Have Swung Substantially

<ul>
<li>
<a href="https://www.smartkarma.com/entities/chipmos-technologies-inc" target="_blank" data-smartkarma-citation="entities:1864:1" rel="noopener">Chipmos Technologies (8150 TT)</a> reported results last week, beating expectations and showing an increase in capacity utilization QoQ.</li>
<li>The company reported notable strength in Display Driver related demand, and capacity utilization for the segment may have bottomed back in 3Q22.</li>
<li>Memory is expected to have a delayed recovery according to ChipMOS, potentially coming in 3Q23. Adjusted our model -- We continue to believe ChipMOS is cheap through the cycle.</li>
</ul>



Chipmos Technologies (8150 TT) reported results last week, beating expectations and showing an increase in capacity utilization QoQ.
The company reported notable strength in Display Driver related demand, and capacity utilization for the segment may have bottomed back in 3Q22.
Memory is expected to have a delayed recovery according to ChipMOS, potentially coming in 3Q23. Adjusted our model -- We continue to believe ChipMOS is cheap through the cycle.


ChipMOS Industry View: Display Downturn Rebounding, Memory Delayed, Guidance Proving Prescient

Taiwan

ChipMOS TECHNOLOGIES INC. offers semiconductor testing and packaging solutions to companies, integrated device manufacturers, and foundries. The Company provides a broad range of back-end testing services for high density memory, mixed-signal and liquid crystal display.

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ChipMOS Technologies (IMOS US)

Taiwan Dual-Listings: TSMC Spread Opens Again for Opportunity; Others Have Swung Substantially

TSMC's spread has fallen and then spiked again. ASE, ChipMOS, and CHT spreads have also experienced significant swings since our last dual-listings...

Vincent Fernando, CFA

ChipMOS Industry View: Display Downturn Rebounding, Memory Delayed, Guidance Proving Prescient

The company reported notable strength in Display Driver related demand, and capacity utilization for the segment may have bottomed back in 3Q22.

Vincent Fernando, CFA

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