Managing Director, Zero One, Zero One

Vincent Fernando, CFA

Managing Director, Zero One

Equity Bottom-Up

Taiwan Semiconductor (TSMC) - ADR / Equity Bottom-Up

<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>We had a call with ChipMOS management about their latest long-term R&amp;D efforts and drivers. </li>
<li>We see many of the company's key clients' businesses turning a corner, hence see these developments likely to benefit ChipMOS.</li>
<li>The company will be reporting earnings on August 3rd, we have an Outperform rating for the shares. Could see some continued margin weakness, however we believe forward outlook is improving.</li>
</ul>


We had a call with ChipMOS management about their latest long-term R&amp;D efforts and drivers. 
We see many of the company's key clients' businesses turning a corner, hence see these developments likely to benefit ChipMOS.
The company will be reporting earnings on August 3rd, we have an Outperform rating for the shares. Could see some continued margin weakness, however we believe forward outlook is improving.


ChipMOS: Results Ahead & Key Clients for Display and Memory Signal a Turn Around Is Happening

<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

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 Jul 14th which has an aggregated short interest worth USD15.0bn.</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 Quanta Computer, Inventec, Lite-On Tech, Walsin Lihwa, ASE, Lotus.</li>
</ul>


We analyzed the changes in short interest of TWSE Stocks as of Jul 14th which has an aggregated short interest worth USD15.0bn.
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 Quanta Computer, Inventec, Lite-On Tech, Walsin Lihwa, ASE, Lotus.


TWSE Short Interest Weekly (Jul 14th): Quanta Computer, Inventec, Lite-On Tech, Walsin Lihwa, ASE

<ul>
<li>Netherlands expands range of semiconductor tech restricted for export; Tightening the vice further on China's semiconductor industry.</li>
<li>AI In The Family: Nvidia founder Jensen Huang a distant cousin of AMD CEO Lisa Su.</li>
<li>TSMC supplier hit by cyberattack, Hon Hai expanding EV in Vietnam, plus our recent research notes on Hon Hai, Nanya Tech, Himax, Yageo, and Delta.</li>
</ul>


Netherlands expands range of semiconductor tech restricted for export; Tightening the vice further on China's semiconductor industry.
AI In The Family: Nvidia founder Jensen Huang a distant cousin of AMD CEO Lisa Su.
TSMC supplier hit by cyberattack, Hon Hai expanding EV in Vietnam, plus our recent research notes on Hon Hai, Nanya Tech, Himax, Yageo, and Delta.


Taiwan Tech Weekly: New ASML Restrictions Tighten Vice Further on China; AI & The Nvidia/AMD Family

Taiwan

Everlight Electronics Co., Ltd. manufactures and markets optoelectronic components.  The Company's main products are surface mount devices light emitting diodes (LEDs), super bright LED lamps, special purpose LEDs, dot matrix displays, photo transistors, and infrared LEDs.

Ardentec Corporation develops and provides IC (integrated circuit) wafer test and IC final test services.

ITE Technology Inc. is a fabless IC design house.  The Company develops, manufactures, and markets various kinds of ICs (Integrated Circuits) for the use in PCs (Personal Computers), IAs (Internet Appliances), and LCDs (Liquid Crystal Displays).

Sitronix Technology Corp. designs MCU (Memory Control Unit) ICs (Integrated Circuits) and LCD (Liquid Crystal Display) driver ICs.

Shunsin Technology Holdings Ltd was established in 2008. The company engages in the semiconductor industry. ShunSin is a dedicated high-tech enterprise for electronic communication products and semiconductor packaging and testing services.

PixArt Imaging Inc. designs, develops, and markets image sensors.

Fitipower Integrated Technology Inc designs and manufactures digital & analog signal mix display drive integrated circuit(IC). The Company's products include Fitipwer Display Driver IC.

Fitipower Integrated Technology (4961 TT)

Elite Semiconductor Memory Technology Inc. manufactures, sells, designs, and develops DRAM (Dynamic Random Access Memory) and SRAM (Static Random Access Memory).  The Company also provides related services.

Elite Semiconductor Memory Technology (3006 TT)

Sigurd Microelectronics Corporation provides integrated circuit (IC) testing and packaging services.  The Company also designs and manufactures ICs.

Foxsemicon Integrated Technology Inc develops, designs, manufactures and sells semi-conductor equipment and system assemblies. The Company manufactures thin film transistor (TFT), liquid crystal displays (LCDs) and semiconductor wafers.

Hana Micron Inc. designs, develops, manufactures, and sells semiconductor packages for memory and non-memory semiconductor products.  The Company also produces USB flash drive (UFD), a mobile storage devices which can substitute floppy disk drives.

Grinm Advanced Materials Co Ltd. develops and manufactures semiconductor materia ls. The Company's products include monocrystalline silicon, germanium,  compound  semiconductor materials, and other related electronic materials. Grinm Advanced Materials also invests in technology development and provides technical  and processing services.

UT Group Co., Ltd. is a holding company.  The Group specializes in semiconductor and LCD (Liquid Crystal Display) related products and provides outsourcing services to electronics manufacturers.

Tri Chemical Laboratories Inc. develops, produces, and markets semiconductor and optic fiber materials.  The Company also designs and manufactures containers for chemicals.

D&O Green Technologies Bhd, through its subsidiary, manufactures semiconductor components. The Company manufactures and assembles semiconductor components under original equipment manufacturer contract manufacturing and captive line arrangements.  D&O serves multinational corporations.

Ferrotec Corporation develops, manufactures, and sells equipment that incorporates magnetic fluid (ferrofluid) technology. The Company manufactures and processes electronics components, manufactures machine tools, and cleans parts used in semiconductor manufacturing equipment as CMS (contract manufacturing service) business in China.

MIMASU SEMICONDUCTOR INDUSTRY CO., LTD. processes semiconductor materials such as silicon and gallium.  The Company also designs, manufactures, and sells semiconductor material processing machinery and sells various kinds of measuring and testing devices.

Eugene Technology Company Ltd. manufactures tools for wafer fabs.  The Company uses the wafer fabs to produce integrated circuits in volume.

JinkoSolar Holding Company Limited manufactures solar products. The Company produces silicon wafers, solar cells and solar modules.

SHIBAURA MECHATRONICS CORPORATION manufactures and markets manufacturing machines for semiconductors, liquid crystal displays (LCD), and sputtering systems.  The Company also makes industrial automated systems, laser processing equipment, cartesian robots, vending machines, and vacuum pumps.

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 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

ChipMOS: Results Ahead & Key Clients for Display and Memory Signal a Turn Around Is Happening

We had a call with ChipMOS management about the company's latest long-term research efforts and drivers. The shares appear well supported into an...

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

TWSE Short Interest Weekly (Jul 14th): Quanta Computer, Inventec, Lite-On Tech, Walsin Lihwa, ASE

We analyzed TWSE short interest report for the past week and highlight short interest changes in Quanta Computer, Inventec, Lite-On Tech, Walsin...

Ke Yan, CFA, FRM

Taiwan Tech Weekly: New ASML Restrictions Tighten Vice Further on China; AI & The Nvidia/AMD Family

Also -- TSMC supplier hit by cyberattack, Hon Hai expanding EV in Vietnam, plus our recent research notes on Hon Hai, Nanya Tech, Himax, Yageo, and...

Vincent Fernando, CFA

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