Taiwan Tech Focused Senior Analyst

Patrick Liao

Equity Bottom-Up

ASE Technology Holding   / Equity Bottom-Up

<ul>
<li>4Q23F demand recovery will be broad-based thanks to customers’ new product launch.</li>
<li>ASEH has observed an increase in rush orders across the board as customers become more cautious about restocking.</li>
<li>The DPS payout ratio for 2023F is projected to be 60-65%.</li>
</ul>


4Q23F demand recovery will be broad-based thanks to customers’ new product launch.
ASEH has observed an increase in rush orders across the board as customers become more cautious about restocking.
The DPS payout ratio for 2023F is projected to be 60-65%.


ASEH (3711.TT; ASE.US): Demand Remains Soft in 4Q23F, but ASEH Observes the Recovery Is Broad-Based.

Managing Director, Zero One, Zero One

Vincent Fernando, CFA

Managing Director, Zero One

Zero One

Founded in 2015, Zero One produces independent investment research and provides corporate finance advisory services with a focus on both listed and private technology companies. Founder Vincent Fernando has over 20 years of experience in US and Asia capital markets.

Independent Investment Research

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

<ul>
<li>TSMC: +17.9% Premium; Rebounds After Brief Breakdown; Wait for Better Levels</li>
<li>UMC: +1.8% Premium; Can Consider Shorting the Premium at Current Level</li>
<li>ASE: +5.5% Premium Represents a Major Breakdown; Can Consider Going Long</li>
</ul>


TSMC: +17.9% Premium; Rebounds After Brief Breakdown; Wait for Better Levels
UMC: +1.8% Premium; Can Consider Shorting the Premium at Current Level
ASE: +5.5% Premium Represents a Major Breakdown; Can Consider Going Long


Taiwan Dual-Listings Monitor: TSMC Rebounds After Sharp Breakdown; ASE Major Premium Breakdown

<ul>
<li>TSMC: +15.1% Premium; Will It Break Down to Lower Past Trading Levels?</li>
<li>UMC: +2.4% Premium; Can Consider Shorting This Historically High Level</li>
<li>ChipMOS: -3.1% Discount; Long The Spread Given Historically Extreme Discount</li>
</ul>


TSMC: +15.1% Premium; Will It Break Down to Lower Past Trading Levels?
UMC: +2.4% Premium; Can Consider Shorting This Historically High Level
ChipMOS: -3.1% Discount; Long The Spread Given Historically Extreme Discount


Taiwan Dual-Listings Monitor: TSMC Spread on Brink of Falling to Past Levels; UMC Extreme Premium

Technical Analyst, Vermilion Research

Joe Jasper

Technical Analyst

Technical and Quantitative Research

Vermilion Research

Vermilion’s objective is to deliver timely, actionable, and unique technical research to professional investors through the application of our various technical indicators.

Our research strategists seek to highlight securities which we believe are at major inflection points, based on our various technical and quantitative indicators, and offer asymmetric risk/return profiles. Our unique research methodology, centered on relative strength, enables our strategists to deliver superior investment recommendations.

Our process begins by organizing the universe of actively traded stocks into discrete sectors, then into industry groups. We then apply our technical and quantitative tools to identify developing price trends. Once attractive trends are identified within a selected sector or group, we screen for individual stocks which we believe offer the best risk/reward profile. We provide a historical perspective that often reveals, through our long-term charts, how price patterns often repeat themselves over time.

Technical Analysis

<ul>
<li>We continue to play the hand we have been dealt; i.e., riding the trend higher on the SPX and Nasdaq 100, and being overweight large-cap growth</li>
<li>Russell 1000 GrowthVs.Value ratio is breaking out from a 4-year base, suggesting growth's outperformance is likely to continue in the months ahead. Growth outperforming during bull markets is no surprise.</li>
<li>Latest bullish developments include the equal-weighted Nasdaq 100 (QQQE) breaking out from a 4-month base, while Discretionary (XLY) displays a 6-month base breakout and RS is reversing its YTD downtrend</li>
</ul>


We continue to play the hand we have been dealt; i.e., riding the trend higher on the SPX and Nasdaq 100, and being overweight large-cap growth
Russell 1000 GrowthVs.Value ratio is breaking out from a 4-year base, suggesting growth's outperformance is likely to continue in the months ahead. Growth outperforming during bull markets is no surprise.
Latest bullish developments include the equal-weighted Nasdaq 100 (QQQE) breaking out from a 4-month base, while Discretionary (XLY) displays a 6-month base breakout and RS is reversing its YTD downtrend


Play the Hand You're Dealt; Bullish Outlook Intact; Remain Overweight Large-Cap Growth; Tech Buys

<ul>
<li>TSMC: +16.7% Premium, Has Remained Rangebound; Watching for Over 20% or Under 15%</li>
<li>UMC: +2% Premium, Upper End of Trading Range, Can Consider Shorting</li>
<li>ASE: +9.9% Premium; Spread Could Have Further Room to Bounce Higher</li>
</ul>


TSMC: +16.7% Premium, Has Remained Rangebound; Watching for Over 20% or Under 15%
UMC: +2% Premium, Upper End of Trading Range, Can Consider Shorting
ASE: +9.9% Premium; Spread Could Have Further Room to Bounce Higher


Taiwan Dual-Listings Monitor: TSMC Premium Rangebound; UMC Hits Upper End of Range

Taiwan

ASE Technology Holding Co., Ltd. offers assembly and testing services. The Company provides outsourced assembly, semiconductor testing, semiconductor packaging, and other related services. ASE Technology Holding operates in Taiwan.

Price Gauge
52-week Range	0.00 - 0.00
Market Cap (USDm)	0.00
P/E	0.00
Dividend (Yield)	0.00

ASE Technology Holding (ASX US)

ASEH (3711.TT; ASE.US): Demand Remains Soft in 4Q23F, but ASEH Observes the Recovery Is Broad-Based.

4Q23F demand recovery will be broad-based thanks to customers’ new product launch. ASEH has observed an increase in rush orders across the board as...

Patrick Liao

Taiwan Dual-Listings Monitor: TSMC Rebounds After Sharp Breakdown; ASE Major Premium Breakdown

We analyze the premium and discount levels of dual-listed Taiwan companies, suggesting potential spread trading levels based on historical trends.

Vincent Fernando, CFA

Taiwan Dual-Listings Monitor: TSMC Spread on Brink of Falling to Past Levels; UMC Extreme Premium

We analyze the premium and discount levels of dual-listed Taiwan companies, suggesting potential spread trading levels based on historical trends.

Vincent Fernando, CFA

Play the Hand You're Dealt; Bullish Outlook Intact; Remain Overweight Large-Cap Growth; Tech Buys

Play the Hand You're Dealt; Bullish Outlook Intact $SPX $QQQ $IWM; Remain Overweight Large-Cap Growth $IWF $NVDA $AVGO $TSM $AMD $ASML $AAPL $MSFT...

Vermilion Research

Taiwan Dual-Listings Monitor: TSMC Premium Rangebound; UMC Hits Upper End of Range

ASE and ChipMOS premiums have bounced from the lower end of their trading ranges and could have further room to go higher. TSMC has remained...

Vincent Fernando, CFA

Price Gauge

52-week Range

Market Cap (USDm)

P/E

Dividend (Yield)