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>Taiwan ADR premiums vs. their local shares have generally decreased across the board.</li>
<li>Is TSMC's high ADR premium a thing of the past?</li>
<li>UMC and ChipMOS ADRs are both trading at historically rare discounts to their Taiwan shares.</li>
</ul>


Taiwan ADR premiums vs. their local shares have generally decreased across the board.
Is TSMC's high ADR premium a thing of the past?
UMC and ChipMOS ADRs are both trading at historically rare discounts to their Taiwan shares.


Taiwan Dual-Listings – TSMC Premium Almost Wiped Out, UMC & ChipMOS ADRs Trading at Discounts

<ul>
<li>Intel Corp (INTC US)'s upcoming Innovation conference is a potential catalyst for the stock, given we believe there is likelihood of positive product announcements.</li>
<li>Taiwan Semiconductor (TSMC) (2330 TT) and United Microelectronics Corp (2303 TT) have already released their August sales figures at the start of September, with next release not until early October.</li>
<li>Newsflow thus could be in Intel's favor through the end of the month. The stock is trading at an all-time low PBV.</li>
</ul>


Intel Corp (INTC US)'s upcoming Innovation conference is a potential catalyst for the stock, given we believe there is likelihood of positive product announcements.
Taiwan Semiconductor (TSMC) (2330 TT) and United Microelectronics Corp (2303 TT) have already released their August sales figures at the start of September, with next release not until early October.
Newsflow thus could be in Intel's favor through the end of the month. The stock is trading at an all-time low PBV.


Intel Vs. TSMC/​UMC Long/​Short Monitor: Upcoming Intel Conference Catalyst

TSMC (Taiwan Semiconductor Manufacturing) / Equity Bottom-Up

TSMC (Taiwan Semiconductor Manufacturing)

<ul>
<li>US bans high end chip sales to China, Nvidia shares sink in reaction, as do Nvida suppliers and the overall sector.</li>
<li>Broadcom's fiscal Q3 results beat expectations and its optimistic outlook bucks the industry trend.</li>
<li>Yulon motors soars 9%; its JV with Hon Hai has received 10,000 EV pre-orders in two days.</li>
</ul>


US bans high end chip sales to China, Nvidia shares sink in reaction, as do Nvida suppliers and the overall sector.
Broadcom's fiscal Q3 results beat expectations and its optimistic outlook bucks the industry trend.
Yulon motors soars 9%; its JV with Hon Hai has received 10,000 EV pre-orders in two days.


Taiwan Tech Weekly: More Nvidia Issues, Broadcom Surprises, Yulon Soars

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 Sep 2nd which has an aggregated short interest worth USD12.4bn.</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 Yang Ming, Alchip, Catcher, Faraday, Via Tech, Evergreen Marine, Largan. </li>
</ul>


We analyzed the changes in short interest of TWSE Stocks as of Sep 2nd which has an aggregated short interest worth USD12.4bn.
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 Yang Ming, Alchip, Catcher, Faraday, Via Tech, Evergreen Marine, Largan. 


TWSE Short Interest Weekly (Sep 2nd): Yang Ming, Evergreen, Largan

<ul>
<li>On August 31st, Intel’s GM of Data Center &amp; AI spoke at Deutsche Bank’s Technology Conference. On the same day, another executive spoke at Arete Research's fireside chat.</li>
<li>Q2 and Q3E should be the bottom for the business, implying a rebound in Q4. Consensus estimates a similar trend; the latest comments are a confirmation of Q2 results guidance.</li>
<li>We see opportunities for positive news flow in September and Q3 results, as Intel could make key product announcements and guide for Q4 to be a turnaround.</li>
</ul>


On August 31st, Intel’s GM of Data Center &amp; AI spoke at Deutsche Bank’s Technology Conference. On the same day, another executive spoke at Arete Research's fireside chat.
Q2 and Q3E should be the bottom for the business, implying a rebound in Q4. Consensus estimates a similar trend; the latest comments are a confirmation of Q2 results guidance.
We see opportunities for positive news flow in September and Q3 results, as Intel could make key product announcements and guide for Q4 to be a turnaround.


Intel Vs. TSMC/UMC Long/Short Monitor: Take-Aways from DB Conference & Fireside Chat

Taiwan

United Microelectronics Corporation designs, manufactures, and markets integrated circuits (ICs) and related electronic products.  The Company's main products are consumer electronic ICs, memory ICs, personal computer peripheral ICs, and communication ICs.

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United Microelectronics Corp (2303 TT)

Taiwan Dual-Listings – TSMC Premium Almost Wiped Out, UMC & ChipMOS ADRs Trading at Discounts

Taiwan ADR premiums vs. their local shares have generally decreased across the board. TSMC's past high premium is interestingly linked to the top...

Vincent Fernando, CFA

Intel Vs. TSMC/UMC Long/Short Monitor: Upcoming Intel Conference Catalyst

Newsflow thus could be in Intel's favor through the end of the month with the potential for major product announcements September 27th and 28th....

Vincent Fernando, CFA

Taiwan Tech Weekly: More Nvidia Issues, Broadcom Surprises, Yulon Soars

Nvidia shares sink in reaction to US banning high-end chip sales to China, Taiwan's Nvida suppliers and the overall sector fall as well. Broadcom...

Vincent Fernando, CFA

TWSE Short Interest Weekly (Sep 2nd): Yang Ming, Evergreen, Largan

We analyzed short interest in the TWSE market last week and highlight short interest changes in Yang Ming, Alchip, Catcher, Faraday, Via Tech,...

Ke Yan, CFA, FRM

Intel Vs. TSMC/UMC Long/Short Monitor: Take-Aways from DB Conference & Fireside Chat

Two Intel execs spoke at Deutsche Bank’s Technology Conference and a fireside chat, we find color on Intel's latest product milestone status and...

Vincent Fernando, CFA

Price Gauge

52-week Range

Market Cap (USDm)

P/E

Dividend (Yield)

Taiwan Dual-Listings – TSMC Premium Almost Wiped Out, UMC & ChipMOS ADRs Trading at Discounts

Taiwan ADR premiums vs. their local shares have generally decreased across the board. TSMC's past high premium is interestingly linked to the top...

Vincent Fernando, CFA

Intel Vs. TSMC/​UMC Long/​Short Monitor: Upcoming Intel Conference Catalyst

Newsflow thus could be in Intel's favor through the end of the month with the potential for major product announcements September 27th and 28th....

Vincent Fernando, CFA

Taiwan Tech Weekly: More Nvidia Issues, Broadcom Surprises, Yulon Soars

Nvidia shares sink in reaction to US banning high-end chip sales to China, Taiwan's Nvida suppliers and the overall sector fall as well. Broadcom...

Vincent Fernando, CFA

TWSE Short Interest Weekly (Sep 2nd): Yang Ming, Evergreen, Largan

We analyzed short interest in the TWSE market last week and highlight short interest changes in Yang Ming, Alchip, Catcher, Faraday, Via Tech,...

Ke Yan, CFA, FRM

Intel Vs. TSMC/UMC Long/Short Monitor: Take-Aways from DB Conference & Fireside Chat

Two Intel execs spoke at Deutsche Bank’s Technology Conference and a fireside chat, we find color on Intel's latest product milestone status and...

Vincent Fernando, CFA

Intel Vs. TSMC/UMC Long/Short Monitor: Upcoming Intel Conference Catalyst