Managing Director, Zero One, Zero One

Vincent Fernando, CFA

Managing Director, Zero One

Equity Bottom-Up

TSMC (Taiwan Semiconductor Manufacturing) / Equity Bottom-Up

TSMC (Taiwan Semiconductor Manufacturing) (TSM US)

TSMC (Taiwan Semiconductor Manufacturing)

<ul>
<li>TSMC's premium is trading at a historically high level after its recent results release, while ADR short interest has remained subdued.</li>
<li>ASE's ADR premium is at one of its highest levels in history, appears precarious in our view.</li>
<li>ChipMOS premium near middle of range; the company will report results this week.</li>
</ul>


TSMC's premium is trading at a historically high level after its recent results release, while ADR short interest has remained subdued.
ASE's ADR premium is at one of its highest levels in history, appears precarious in our view.
ChipMOS premium near middle of range; the company will report results this week.


Taiwan Dual-Listings Monitor: TSMC Premium High & Short Interest Down; ASE Premium Precarious

<ul>
<li>TSMC: 9.9% premium, continues to stay above one standard deviation from historical median... Earnings coming this week.</li>
<li>UMC: 0.0% ADR premium... Trading on par with local shares... Earnings next week.</li>
<li>Chunghwa Telecom: -0.8% discount represents relatively deep discount vs. history.</li>
</ul>


TSMC: 9.9% premium, continues to stay above one standard deviation from historical median... Earnings coming this week.
UMC: 0.0% ADR premium... Trading on par with local shares... Earnings next week.
Chunghwa Telecom: -0.8% discount represents relatively deep discount vs. history.


Taiwan Dual-Listings Monitor: TSMC Premium Staying High Ahead of Earnings This Week; UMC at Par

<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 ECM and Index Rebal, Shenton Research

Ke Yan, CFA, FRM

Asia Pac ECM and Index Rebal

Asia Pac IPO & Placement Research, China Biotech

DZT Research

DZT Research is an independent Asia Pacific equity specialist. Our quantitative research covers index rebalancing flows, alongside exchange data analytics accross Asia Pacific. On the equity capital markets side, we focus on Asia Pacific ECM, especially biotech and TMT. Our lead analyst is frequently cited by international media.

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

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 (2412 TT)

Taiwan Dual-Listings Monitor: TSMC Premium High & Short Interest Down; ASE Premium Precarious

TSMC's premium is trading at a historically high level after its recent results release, while ADR short interest has remained subdued.

Vincent Fernando, CFA

Taiwan Dual-Listings Monitor: TSMC Premium Staying High Ahead of Earnings This Week; UMC at Par

Earnings events will be coming over the next few weeks for all of our tracked names. UMC, CHT look interesting in terms of room for ADR spreads to...

Vincent Fernando, CFA

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

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