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's ADR spread just experienced one of its largest one-period drops in recent history. The ADRs are now trading at a 2.3% premium after a 4.2% drop.</li>
<li>UMC ADR's are trading at a -1.1% discount to their Taiwan shares. The spread has mostly been trading in negative territory over the last month. UMC earnings coming this week.</li>
<li>ASE ADR's are trading at a 4.7% premium. ASE's Taiwan shares are down 10% since end-March, compared to a 5% drop for the TAIEX Semiconductor Index.</li>
</ul>


TSMC's ADR spread just experienced one of its largest one-period drops in recent history. The ADRs are now trading at a 2.3% premium after a 4.2% drop.
UMC ADR's are trading at a -1.1% discount to their Taiwan shares. The spread has mostly been trading in negative territory over the last month. UMC earnings coming this week.
ASE ADR's are trading at a 4.7% premium. ASE's Taiwan shares are down 10% since end-March, compared to a 5% drop for the TAIEX Semiconductor Index.


Taiwan Dual-Listings: TSMC ADR Premium Hit by Large 1-Period Drop, UMC Discount & Earnings This Week

<ul>
<li>Hon Hai reports start of production for electric tractors in the U.S., and separately its founder is seeking the support of Taiwan's KMT party to run for Taiwan president.</li>
<li>The extreme Delta Thailand vs. Delta Taiwan valuation disconnect has finally reverted hard; Delta Thailand shares have crashed recently relative to Delta Taiwan not trading.</li>
<li>The long holiday has opened up some rare ADR discounts for Taiwan dual-listed names.</li>
</ul>


Hon Hai reports start of production for electric tractors in the U.S., and separately its founder is seeking the support of Taiwan's KMT party to run for Taiwan president.
The extreme Delta Thailand vs. Delta Taiwan valuation disconnect has finally reverted hard; Delta Thailand shares have crashed recently relative to Delta Taiwan not trading.
The long holiday has opened up some rare ADR discounts for Taiwan dual-listed names.


Taiwan Tech Weekly: Market Re-Opens After Long Holiday; U.S.-China Chip War Heats Up Further

<ul>
<li>Taiwan ADR premiums have continued to decline; a long holiday in Taiwan has opened up some rare opportunities given U.S. markets kept trading.</li>
<li>UMC ADR's are trading at a rare relatively deep discount and represent an opportunity.</li>
<li>ChipMOS ADRs are also trading a rare relatively deep discount and are another opportunity to long the ADR spread.</li>
</ul>


Taiwan ADR premiums have continued to decline; a long holiday in Taiwan has opened up some rare opportunities given U.S. markets kept trading.
UMC ADR's are trading at a rare relatively deep discount and represent an opportunity.
ChipMOS ADRs are also trading a rare relatively deep discount and are another opportunity to long the ADR spread.


Taiwan Dual-Listings: Deep Discounts Open Up in Two Names After Multi-Day Taiwan Holiday

<ul>
<li>ADR premiums for dual-listed Taiwan shares have overall been on the uptrend this week, as semiconductor industy optimism in the U.S. as increased.</li>
<li>TSMC's ADR premium appears to be trading at a new higher range in the last few months.</li>
<li>Other spreads have risen as well lately; it's probably best to wait for significant reversals, which usually happen within two weeks at most.</li>
</ul>


ADR premiums for dual-listed Taiwan shares have overall been on the uptrend this week, as semiconductor industy optimism in the U.S. as increased.
TSMC's ADR premium appears to be trading at a new higher range in the last few months.
Other spreads have risen as well lately; it's probably best to wait for significant reversals, which usually happen within two weeks at most.


Taiwan Dual-Listings: ADR Premiums on the Rise; TSMC Premium Persistently Higher Lately

<ul>
<li>United Microelectronics ADRs trading at a discount, risk-reward appears compelling.</li>
<li>TSMC has normalized; and reports are that it may launch a Singapore-based 12-inch semiconductor fab.</li>
<li>ChipMOS discount still compelling; and we now have detailed coverage of the company.</li>
</ul>


United Microelectronics ADRs trading at a discount, risk-reward appears compelling.
TSMC has normalized; and reports are that it may launch a Singapore-based 12-inch semiconductor fab.
ChipMOS discount still compelling; and we now have detailed coverage of the company.


Taiwan Dual-Listings: TSMC Normalizes; UMC, ChipMOS Compelling Discounts

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 (8150 TT)

Taiwan Dual-Listings: TSMC ADR Premium Hit by Large 1-Period Drop, UMC Discount & Earnings This Week

UMC ADR's are trading at a -1.1% discount to their Taiwan shares. The spread has mostly been trading in negative territory over the last month. UMC...

Vincent Fernando, CFA

Taiwan Tech Weekly: Market Re-Opens After Long Holiday; U.S.-China Chip War Heats Up Further

Hon Hai reports start of production for electric tractors in the U.S., and separately its founder is seeking the support of Taiwan's KMT party to...

Vincent Fernando, CFA

Taiwan Dual-Listings: Deep Discounts Open Up in Two Names After Multi-Day Taiwan Holiday

UMC ADR's are trading at a rare relatively deep discount and represent an opportunity. ChipMOS ADRs also at a deep discount.

Vincent Fernando, CFA

Taiwan Dual-Listings: ADR Premiums on the Rise; TSMC Premium Persistently Higher Lately

Other spreads have risen as well lately; it's probably best to wait for significant reversals, which usually happen within two weeks at most.

Vincent Fernando, CFA

Taiwan Dual-Listings: TSMC Normalizes; UMC, ChipMOS Compelling Discounts

TSMC has normalized; and reports are that it may launch a Singapore-based 12-inch semiconductor fab. Chunghwa swings back from extreme discount.

Vincent Fernando, CFA

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