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>We have seen a general easing in ADR premiums since end-July, coming down as global markets have fallen.</li>
<li>TSMC's premium is easing down from the highs of June.</li>
<li>UMC and ChipMos ADR discounts appear to be bottoming given their historical range.</li>
</ul>


We have seen a general easing in ADR premiums since end-July, coming down as global markets have fallen.
TSMC's premium is easing down from the highs of June.
UMC and ChipMos ADR discounts appear to be bottoming given their historical range.


Taiwan Dual Listings Monitor: ADR Premiums Easing Down With Markets

Taiwan Semiconductor (TSMC) / Equity Bottom-Up

<ul>
<li>U.S. has announced new bans on PE and VC investment into key Chinese tech industries.</li>
<li>Elan Microelectronics, ChipMOS reported good results, two longs to consider as we still see upside.</li>
<li>Apple earnings short-term trades update -- We're closing out both trades, one at a loss and one roughly flat.</li>
</ul>


U.S. has announced new bans on PE and VC investment into key Chinese tech industries.
Elan Microelectronics, ChipMOS reported good results, two longs to consider as we still see upside.
Apple earnings short-term trades update -- We're closing out both trades, one at a loss and one roughly flat.


Taiwan Tech Weekly: U.S. Announces New Bans on Investment into Chinese High Tech Industries

<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

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 Monitor: ADR Premiums Easing Down With Markets

TSMC's premium is easing from the highs of June. UMC and ChipMOS ADR discounts appear to be bottoming given their historical range.

Vincent Fernando, CFA

Taiwan Tech Weekly: U.S. Announces New Bans on Investment into Chinese High Tech Industries

Also, Elan Microelectronics and ChipMOS reported strong results. The two companies represent two Longs to consider, we still see upside.

Vincent Fernando, CFA

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

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