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 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

<ul>
<li>United Microelectronics ADRs trading at a discount, risk-reward appears compelling.</li>
<li>TSMC has normalized; and reports are that it may launch a Singapore-based 12-inch semiconductor fab.</li>
<li>ChipMOS discount still compelling; and we now have detailed coverage of the company.</li>
</ul>


United Microelectronics ADRs trading at a discount, risk-reward appears compelling.
TSMC has normalized; and reports are that it may launch a Singapore-based 12-inch semiconductor fab.
ChipMOS discount still compelling; and we now have detailed coverage of the company.


Taiwan Dual-Listings: TSMC Normalizes; UMC, ChipMOS Compelling Discounts

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 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

Taiwan Dual-Listings: TSMC Normalizes; UMC, ChipMOS Compelling Discounts

TSMC has normalized; and reports are that it may launch a Singapore-based 12-inch semiconductor fab. Chunghwa swings back from extreme discount.

Vincent Fernando, CFA

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