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 ADR premium has enjoyed a significant rally perhaps due to increased international attention driven by positive U.S. and Japan news flow.</li>
<li>ASE's ADR premium has dropped to one of the lower values in its most recent range since the start of 2023, representing a gradual decline in this persistent premium.</li>
<li>Chunghwa Telecom's ADR is trading at a discount that likely represents a decent set-up level for this tightly trading spread.</li>
</ul>


TSMC's ADR premium has enjoyed a significant rally perhaps due to increased international attention driven by positive U.S. and Japan news flow.
ASE's ADR premium has dropped to one of the lower values in its most recent range since the start of 2023, representing a gradual decline in this persistent premium.
Chunghwa Telecom's ADR is trading at a discount that likely represents a decent set-up level for this tightly trading spread.


Taiwan Dual-Listings: TSMC Premium Rallies as Japan & U.S. Entice Further Investment; CHT Discount

<ul>
<li>TSMC's ADR spread just experienced one of its largest one-period drops in recent history. The ADRs are now trading at a 2.3% premium after a 4.2% drop.</li>
<li>UMC ADR's are trading at a -1.1% discount to their Taiwan shares. The spread has mostly been trading in negative territory over the last month. UMC earnings coming this week.</li>
<li>ASE ADR's are trading at a 4.7% premium. ASE's Taiwan shares are down 10% since end-March, compared to a 5% drop for the TAIEX Semiconductor Index.</li>
</ul>


TSMC's ADR spread just experienced one of its largest one-period drops in recent history. The ADRs are now trading at a 2.3% premium after a 4.2% drop.
UMC ADR's are trading at a -1.1% discount to their Taiwan shares. The spread has mostly been trading in negative territory over the last month. UMC earnings coming this week.
ASE ADR's are trading at a 4.7% premium. ASE's Taiwan shares are down 10% since end-March, compared to a 5% drop for the TAIEX Semiconductor Index.


Taiwan Dual-Listings: TSMC ADR Premium Hit by Large 1-Period Drop, UMC Discount & Earnings This Week

<ul>
<li>Taiwan ADR premiums have continued to decline; a long holiday in Taiwan has opened up some rare opportunities given U.S. markets kept trading.</li>
<li>UMC ADR's are trading at a rare relatively deep discount and represent an opportunity.</li>
<li>ChipMOS ADRs are also trading a rare relatively deep discount and are another opportunity to long the ADR spread.</li>
</ul>


Taiwan ADR premiums have continued to decline; a long holiday in Taiwan has opened up some rare opportunities given U.S. markets kept trading.
UMC ADR's are trading at a rare relatively deep discount and represent an opportunity.
ChipMOS ADRs are also trading a rare relatively deep discount and are another opportunity to long the ADR spread.


Taiwan Dual-Listings: Deep Discounts Open Up in Two Names After Multi-Day Taiwan Holiday

<ul>
<li>ADR premiums for dual-listed Taiwan shares have overall been on the uptrend this week, as semiconductor industy optimism in the U.S. as increased.</li>
<li>TSMC's ADR premium appears to be trading at a new higher range in the last few months.</li>
<li>Other spreads have risen as well lately; it's probably best to wait for significant reversals, which usually happen within two weeks at most.</li>
</ul>


ADR premiums for dual-listed Taiwan shares have overall been on the uptrend this week, as semiconductor industy optimism in the U.S. as increased.
TSMC's ADR premium appears to be trading at a new higher range in the last few months.
Other spreads have risen as well lately; it's probably best to wait for significant reversals, which usually happen within two weeks at most.


Taiwan Dual-Listings: ADR Premiums on the Rise; TSMC Premium Persistently Higher Lately

Pan-Asia Index Flows & Special Situations, Quiddity Advisors

Janaghan Jeyakumar, CFA

Pan-Asia Index Flows & Special Situations

Quiddity Advisors

Pan-Asia Catalysts/Events

Event-Driven

Tong Hsing Electronic Industries Ltd / Event-Driven

<ul>
<li>In this insight, we take a look at the names leading the race to become ADDs/DELs for the T50 and T100 Indices for the June 2023 Rebalance.</li>
<li>As things stand, there do not seem to be any ADDs/DELs for the T50 index or the T100 index.</li>
<li>However, with multiple names close to the border and with two more months to the base date a lot of ranks could change.</li>
</ul>


In this insight, we take a look at the names leading the race to become ADDs/DELs for the T50 and T100 Indices for the June 2023 Rebalance.
As things stand, there do not seem to be any ADDs/DELs for the T50 index or the T100 index.
However, with multiple names close to the border and with two more months to the base date a lot of ranks could change.


Quiddity Leaderboard TWSE50/100 Jun 23: Tong Hsing in the Spotlight Again

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: TSMC Premium Rallies as Japan & U.S. Entice Further Investment; CHT Discount

Chunghwa Telecom's ADR is trading at a discount that likely represents a decent set-up level for this tightly trading spread.

Vincent Fernando, CFA

Taiwan Dual-Listings: TSMC ADR Premium Hit by Large 1-Period Drop, UMC Discount & Earnings This Week

UMC ADR's are trading at a -1.1% discount to their Taiwan shares. The spread has mostly been trading in negative territory over the last month. UMC...

Vincent Fernando, CFA

Taiwan Dual-Listings: Deep Discounts Open Up in Two Names After Multi-Day Taiwan Holiday

UMC ADR's are trading at a rare relatively deep discount and represent an opportunity. ChipMOS ADRs also at a deep discount.

Vincent Fernando, CFA

Taiwan Dual-Listings: ADR Premiums on the Rise; TSMC Premium Persistently Higher Lately

Other spreads have risen as well lately; it's probably best to wait for significant reversals, which usually happen within two weeks at most.

Vincent Fernando, CFA

Quiddity Leaderboard TWSE50/100 Jun 23: Tong Hsing in the Spotlight Again

Tong Hsing Electronic is close to becoming a T100 DEL which means it is also close to becoming a Div+ index DEL which might have significant index...

Janaghan Jeyakumar, CFA

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