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

Hon Hai Precision Industry / Equity Bottom-Up

<ul>
<li>This week is relatively in terms of earnings. <a href="https://www.smartkarma.com/entities/applied-materials-inc" target="_blank" data-smartkarma-citation="entities:283:1" rel="noopener">Applied Materials (AMAT US)</a> will however be reporting on the 18th U.S. time.</li>
<li>Hon Hai sees the PC market bottoming; Separately, we've closed our Long Acer vs. Short Asus and reversed it to Long Asus vs. Short Acer again.</li>
<li>Quant shares have surged post results, dramatically outperforming Apple and other key Apple suppliers.</li>
</ul>


This week is relatively in terms of earnings. Applied Materials (AMAT US) will however be reporting on the 18th U.S. time.
Hon Hai sees the PC market bottoming; Separately, we've closed our Long Acer vs. Short Asus and reversed it to Long Asus vs. Short Acer again.
Quant shares have surged post results, dramatically outperforming Apple and other key Apple suppliers.


Taiwan Tech Weekly: PC Market Bottoming, AMAT, Quanta Outperforms Peers, Samsung Tesla Meeting

<ul>
<li>Major earnings this week including Hon Hai, Novatek, Wistron, Asustek, and more.</li>
<li>We believe one can consider Long Acer vs. Short Asustek into Asustek's results this week.</li>
<li>Apple Suppliers -- Quanta has tracked Apple's success while others have lagged by a large margin.</li>
</ul>


Major earnings this week including Hon Hai, Novatek, Wistron, Asustek, and more.
We believe one can consider Long Acer vs. Short Asustek into Asustek's results this week.
Apple Suppliers -- Quanta has tracked Apple's success while others have lagged by a large margin.


Taiwan Tech Weekly: Hon Hai Earnings; Long/Short Into Asustek Results; Quanta Tracking Apple Shares

<ul>
<li>Another major earnings week with AMD, Qualcomm, Apple, Acer, Winbond, Wistron, Micro-Star, and more.</li>
<li>Hon Hai could terminate its investment deal in U.S.-based Lordstown Motors as per an exchange notice posted by Lordstown.</li>
<li>AMD reportedly transfers some 4nm chip business to Samsung from TSMC.</li>
</ul>


Another major earnings week with AMD, Qualcomm, Apple, Acer, Winbond, Wistron, Micro-Star, and more.
Hon Hai could terminate its investment deal in U.S.-based Lordstown Motors as per an exchange notice posted by Lordstown.
AMD reportedly transfers some 4nm chip business to Samsung from TSMC.


Taiwan Tech Weekly: Another Major Earnings Week; Hon Hai Deal Exit? AMD Transfers Orders to Samsung

Global Emerging Market Equities, Propitious Research

Wium Malan, CFA

Global Emerging Market Equities

Independent, Fundamental Quantitative Research

Propitious Research

Fully independent, fundamental and quantitative equity research, focused on companies in the Telecommunication, Media, Technology, Internet and Healthcare sectors in the Global Emerging Markets. Idea generation focused on Quality stocks, trading below their intrinsic Value, with sound Corporate Governance.

Quantitative Analysis

<ul>
<li>An overview (and output) of our machine learning-driven GEM screening model, which seeks to find the best medium-term long ideas within the top 100 stocks in the MSCI GEM Index.</li>
<li>The model is based on 1) a quantitative multifactor screening model, enhanced by two AI Technology-based approaches; 2) a Deep Neural Network model, and 3) a Recurrent Neural Network model.</li>
<li>Developed over roughly 4 years and implemented in its current state for over 3 years, the model has a solid real-world alpha-generating performance track record, discussed in detail below.</li>
</ul>


An overview (and output) of our machine learning-driven GEM screening model, which seeks to find the best medium-term long ideas within the top 100 stocks in the MSCI GEM Index.
The model is based on 1) a quantitative multifactor screening model, enhanced by two AI Technology-based approaches; 2) a Deep Neural Network model, and 3) a Recurrent Neural Network model.
Developed over roughly 4 years and implemented in its current state for over 3 years, the model has a solid real-world alpha-generating performance track record, discussed in detail below.


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)

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

Taiwan Semiconductor (TSMC) - ADR (TSM US)

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 Tech Weekly: PC Market Bottoming, AMAT, Quanta Outperforms Peers, Samsung Tesla Meeting

Quant shares have surged post results, dramatically outperforming Apple and other key Apple suppliers. WiWynn shares crashed post results despite...

Vincent Fernando, CFA

Taiwan Tech Weekly: Hon Hai Earnings; Long/Short Into Asustek Results; Quanta Tracking Apple Shares

Quanta has tracked Apple's share price success while many other suppliers have lagged by a large margin. Separately, one can consider going Long...

Vincent Fernando, CFA

Taiwan Tech Weekly: Another Major Earnings Week; Hon Hai Deal Exit? AMD Transfers Orders to Samsung

Hon Hai could terminate its investment deal in U.S.-based Lordstown Motors as per an exchange notice posted by Lordstown.

Vincent Fernando, CFA

Screening for GEMs: May 2023

This insight provides an overview of our, machine learning-driven, proprietary GEM screening model, based on a Multifactor model, a Deep Neural...

Wium Malan, CFA

Price Gauge

52-week Range

Market Cap (USDm)

P/E

Dividend (Yield)