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 - Premium holding up despite Berkshire investment sale news. We maintain a model on the company.</li>
<li>UMC - ADR now trading at a discount. Pretty clear opportunity for a reversion back to a premium.</li>
<li>ChipMOS - At parity, results coming February 23rd. We maintain a model on the company.</li>
</ul>


TSMC - Premium holding up despite Berkshire investment sale news. We maintain a model on the company.
UMC - ADR now trading at a discount. Pretty clear opportunity for a reversion back to a premium.
ChipMOS - At parity, results coming February 23rd. We maintain a model on the company.


Taiwan Dual-Listings: TSMC Premium Holding Despite Buffett Exit, UMC Discount Opens Up

Technical Analysis / Chartered Market Technician, The Markets Academy

David Coloretti, CMT

Technical Analysis / Chartered Market Technician

The Markets Academy

TMA implements 2 strategies. 1) Tactical ... Trend Sustainability Score (TSS) allows TMA to identify exhaustion / reversal points in interim trends by utilising our proprietary analysis of ST momentum indicators. 2) Medium Term ... our 3 Pillars approach to technical analysis allows TMA to determine high probability medium term outcomes in markets.

Technical Analysis

Microstrategy Inc Cl A / Technical Analysis

<ul>
<li>MSTR US has rallied strongly in 2023 (+138%), peaking at a new 6 month high of 315.00 on 16 February 2023.</li>
<li>The 315.00 peak was plagued by extreme ST momentum failure and new highs were quick to fail and reverse.</li>
<li>Our TSS methodology triggered a TSS &lt; 10 at the high and justifies a further 10-13% decline in the coming 1-2 weeks.</li>
</ul>


MSTR US has rallied strongly in 2023 (+138%), peaking at a new 6 month high of 315.00 on 16 February 2023.
The 315.00 peak was plagued by extreme ST momentum failure and new highs were quick to fail and reverse.
Our TSS methodology triggered a TSS &lt; 10 at the high and justifies a further 10-13% decline in the coming 1-2 weeks.


MicroStrategy Inc (MSTR US): TSS < 10 - Target Tactical 10-13% Decline

Senior Equity Derivatives Trader

Simon Harris

Event-Driven

Taiwan Semiconductor (TSMC) - ADR / Event-Driven

<ul>
<li>We published last November about buying upside via selling call ratios and also about a vol pair trade idea versus AAPL US.</li>
<li>Buffet has surprisingly exited the bulk of his stake in the chip maker causing concern that the value investor no longer sees value</li>
<li>We update on the position and consider what to do next</li>
</ul>


We published last November about buying upside via selling call ratios and also about a vol pair trade idea versus AAPL US.
Buffet has surprisingly exited the bulk of his stake in the chip maker causing concern that the value investor no longer sees value
We update on the position and consider what to do next


EQD | TSMC (TSM US): Revisiting the Call Ratio and Vol Pair Trade with AAPL US

Korea/Asia, Events, IPOs, Douglas Research Advisory

Douglas Kim

Korea/Asia, Events, IPOs

<ul>
<li>Samsung C&amp;T announced the cancellation of its entire treasury shares over the next five years. It has 24.7 million shares of common shares (accounting for 13.2% of common shares outstanding).</li>
<li>We like a pair trade between Samsung C&amp;T (go long) and Samsung Electronics (go short). Samsung C&amp;T's share cancellation is likely to have a positive impact on its shares.</li>
<li>The recent sell-down of most of its shares in TSMC by Berkshire Hathaway is also likely to be viewed negatively by some investors in Samsung Electronics. </li>
</ul>


Samsung C&amp;T announced the cancellation of its entire treasury shares over the next five years. It has 24.7 million shares of common shares (accounting for 13.2% of common shares outstanding).
We like a pair trade between Samsung C&amp;T (go long) and Samsung Electronics (go short). Samsung C&amp;T's share cancellation is likely to have a positive impact on its shares.
The recent sell-down of most of its shares in TSMC by Berkshire Hathaway is also likely to be viewed negatively by some investors in Samsung Electronics. 


A Pair Trade Between Samsung C&T and Samsung Electronics Amid Big Share Cancellation at Samsung C&T

Taiwan Semiconductor (TSMC) - ADR / Technical Analysis

<ul>
<li>On 7 November 2022 we published a bullish TSS / tactical recommendation in TSM US. It was trading at 62.49. TSM US rallied 13.4% in 3 days. </li>
<li>On 15 February 2023 TSM US peaked at a new Q4/Q1 uptrend high of 98.99 amid similar extreme ST momentum failure and quickly reversed.</li>
<li>Our TSS methodology triggered a TSS &lt; 10 at the high and justifies a further 8-10% decline in the coming 1-2 weeks.</li>
</ul>


On 7 November 2022 we published a bullish TSS / tactical recommendation in TSM US. It was trading at 62.49. TSM US rallied 13.4% in 3 days. 
On 15 February 2023 TSM US peaked at a new Q4/Q1 uptrend high of 98.99 amid similar extreme ST momentum failure and quickly reversed.
Our TSS methodology triggered a TSS &lt; 10 at the high and justifies a further 8-10% decline in the coming 1-2 weeks.


Taiwan Semiconductor Manufacturing Co Ltd (TSM US): TSS < 10 - Target Tactical 8-10% Decline

Taiwan

Taiwan Semiconductor Manufacturing Company Ltd. manufactures integrated circuits based on its proprietary designs.  The Company offers a comprehensive set of integrated circuit fabrication processes to manufacture CMOS logic, mixed-mode, volatile and non-volatile memory and BiCMOS chips.  Taiwan Semiconductor is an affiliate of Philips Electronics N.V.

Taiwan Semiconductor (TSMC) - ADR (TSM US)

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Taiwan Semiconductor (TSMC) - ADR (TSM US)

Taiwan Dual-Listings: TSMC Premium Holding Despite Buffett Exit, UMC Discount Opens Up

TSMC - Premium holding up despite Berkshire investment sale news. We maintain a model on the company. UMC ADR discount represents a decent...

Vincent Fernando, CFA

MicroStrategy Inc (MSTR US): TSS < 10 - Target Tactical 10-13% Decline

30+ years as a technical analyst and a razor sharp focus on momentum confirmation delivered TMA a 75% unleveraged return on our 7 Smartkarma...

David Coloretti, CMT

EQD | TSMC (TSM US): Revisiting the Call Ratio and Vol Pair Trade with AAPL US

We revisit some trade ideas from November 2022 in TSM US following the news that Berkshire Hathaway have sold down the majority of their stake.

Simon Harris

Taiwan Semiconductor Manufacturing Co Ltd (TSM US): TSS < 10 - Target Tactical 8-10% Decline

30+ years as a technical analyst and a razor sharp focus on momentum confirmation delivered TMA a 75% unleveraged return on our 7 Smartkarma...

David Coloretti, CMT

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Taiwan Dual-Listings: TSMC Premium Holding Despite Buffett Exit, UMC Discount Opens Up

TSMC - Premium holding up despite Berkshire investment sale news. We maintain a model on the company. UMC ADR discount represents a decent...

Vincent Fernando, CFA

MicroStrategy Inc (MSTR US): TSS < 10 - Target Tactical 10-13% Decline

30+ years as a technical analyst and a razor sharp focus on momentum confirmation delivered TMA a 75% unleveraged return on our 7 Smartkarma...

David Coloretti, CMT

EQD | TSMC (TSM US): Revisiting the Call Ratio and Vol Pair Trade with AAPL US

We revisit some trade ideas from November 2022 in TSM US following the news that Berkshire Hathaway have sold down the majority of their stake.

Simon Harris

A Pair Trade Between Samsung C&T and Samsung Electronics Amid Big Share Cancellation at Samsung C&T

We like a pair trade between Samsung C&T (go long) and Samsung Electronics (go short). Samsung C&T's share cancellation is likely to have a...

Douglas Kim

Taiwan Semiconductor Manufacturing Co Ltd (TSM US): TSS < 10 - Target Tactical 8-10% Decline

30+ years as a technical analyst and a razor sharp focus on momentum confirmation delivered TMA a 75% unleveraged return on our 7 Smartkarma...

David Coloretti, CMT