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 premium dropped to 8.8% but still historically high. The company has said it will send more Taiwan staff to get its U.S. production up and running.</li>
<li>ASE's ADR premium is high even for this usually-high premium range. ASE ADRs may be slightly behind the curve of the local shares' recent decline, hence the spread opened up.</li>
<li>Chunghwa Telecom is at a relatively high ADR premium for this tightly trading range.</li>
</ul>


TSMC's ADR premium dropped to 8.8% but still historically high. The company has said it will send more Taiwan staff to get its U.S. production up and running.
ASE's ADR premium is high even for this usually-high premium range. ASE ADRs may be slightly behind the curve of the local shares' recent decline, hence the spread opened up.
Chunghwa Telecom is at a relatively high ADR premium for this tightly trading range.


Taiwan Dual-Listings: TSMC Premium Drops But Still 8.8%; ASE Premium High & Looks Stretched

<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

Asia Pac IPO & Placement Research, China biotech, Aequitas Research

Ke Yan, CFA, FRM

Asia Pac IPO & Placement Research, China biotech

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.

Quantitative Analysis

<ul>
<li>We analyzed the changes in short interest of TWSE Stocks as of Jun 2nd which has an aggregated short interest worth USD14.5bn.</li>
<li>We tabulate league table for top short by value and short as multiple of ADT, as well as weekly increases &amp; decreases in short value, short as multiple of ADT.</li>
<li>We highlight short interest changes in Wistron, Mediatek, Gigabyte Tech, Lite-On Tech, Yageo, Global Unichip, Chunghwa Telecom, Eva Airways, Nanya Tech.</li>
</ul>


We analyzed the changes in short interest of TWSE Stocks as of Jun 2nd which has an aggregated short interest worth USD14.5bn.
We tabulate league table for top short by value and short as multiple of ADT, as well as weekly increases &amp; decreases in short value, short as multiple of ADT.
We highlight short interest changes in Wistron, Mediatek, Gigabyte Tech, Lite-On Tech, Yageo, Global Unichip, Chunghwa Telecom, Eva Airways, Nanya Tech.


TWSE Short Interest Weekly (Jun 2nd): Wistron, Mediatek, Gigabyte Tech, Lite-On Tech, Yageo

<ul>
<li>The semiconductor stock rally in the U.S. caused by Nvidia's monster results and guidance last week has caused multiple ADR premiums to surge to near all-time highs.</li>
<li>TSMC and UMC's ADR premiums don't appear sustainable given their trading history.</li>
<li>Telecom CHT wasn't affected by the Nvidia rally and now has one of the lowest ADR discounts in its history.</li>
</ul>


The semiconductor stock rally in the U.S. caused by Nvidia's monster results and guidance last week has caused multiple ADR premiums to surge to near all-time highs.
TSMC and UMC's ADR premiums don't appear sustainable given their trading history.
Telecom CHT wasn't affected by the Nvidia rally and now has one of the lowest ADR discounts in its history.


Taiwan Dual-Listings: ADR Premiums Surge to Near All-Time Highs on 'Nvidia-Rally'

<ul>
<li>We analyzed the changes in short interest of TWSE Stocks as of May 26th which has an aggregated short interest worth USD14.1bn.</li>
<li>We tabulate league table for top short by value and short as multiple of ADT, as well as weekly increases &amp; decreases in short value, short as multiple of ADT.</li>
<li>We highlight short interest changes in Wistron, Yageo, Chunghwa Telecom, Wiwynn, Global Unichip, Genius Elec, Nan Ya Printed, Lotus, Silergy.</li>
</ul>


We analyzed the changes in short interest of TWSE Stocks as of May 26th which has an aggregated short interest worth USD14.1bn.
We tabulate league table for top short by value and short as multiple of ADT, as well as weekly increases &amp; decreases in short value, short as multiple of ADT.
We highlight short interest changes in Wistron, Yageo, Chunghwa Telecom, Wiwynn, Global Unichip, Genius Elec, Nan Ya Printed, Lotus, Silergy.


TWSE Short Interest Weekly (May 26th): Wistron, Yageo, Chunghwa Telecom, Wiwynn, Global Unichip

Taiwan

Chunghwa Telecom Co., Ltd. provides local, domestic, and international long distance services. The Company also offers wireless telecommunication, paging, and Internet services.

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Chunghwa Telecom Co., Ltd (Adr) (CHT US)

Taiwan Dual-Listings: TSMC Premium Drops But Still 8.8%; ASE Premium High & Looks Stretched

ASE's ADR premium is high even for this usually-high premium range. ASE ADRs may be slightly behind the curve of the local shares' recent decline,...

Vincent Fernando, CFA

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

TWSE Short Interest Weekly (Jun 2nd): Wistron, Mediatek, Gigabyte Tech, Lite-On Tech, Yageo

We analyzed TWSE short interest report for the past week and highlight short interest changes in Wistron, Mediatek, Gigabyte Tech, Lite-On Tech,...

Ke Yan, CFA, FRM

Taiwan Dual-Listings: ADR Premiums Surge to Near All-Time Highs on 'Nvidia-Rally'

The semiconductor stock rally in the U.S. caused by Nvidia's monster results and guidance last week has caused multiple ADR premiums to surge to...

Vincent Fernando, CFA

TWSE Short Interest Weekly (May 26th): Wistron, Yageo, Chunghwa Telecom, Wiwynn, Global Unichip

We analyzed TWSE short interest report for the past week and highlight short interest changes in Wistron, Yageo, Chunghwa Telecom, Wiwynn, Global...

Ke Yan, CFA, FRM

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