Managing Director, Zero One, Zero One

Vincent Fernando, CFA

Managing Director, Zero One

Equity Bottom-Up

Taiwan Semiconductor (TSMC) / Equity Bottom-Up

<ul>
<li>Biden makes the most definitive statement to date that the US will defend Taiwan.</li>
<li>Texas Instruments hikes dividend, annouces additional buyback. Will other cash rich semiconductor stocks follow suit?</li>
<li>Intel vs. TSMC/UMC Trade Monitor: We look at performance streaks for the pairs. Intel outperforming over the last trading sessions.</li>
</ul>


Biden makes the most definitive statement to date that the US will defend Taiwan.
Texas Instruments hikes dividend, annouces additional buyback. Will other cash rich semiconductor stocks follow suit?
Intel vs. TSMC/UMC Trade Monitor: We look at performance streaks for the pairs. Intel outperforming over the last trading sessions.


Taiwan Tech Weekly: Biden Says US Will Defend Taiwan, Texas Instruments Gives Hope

Asia Pac IPO & Placement Research, China biotech, Aequitas Research

Ke Yan, CFA, FRM

Asia Pac IPO & Placement Research, China biotech

IPOs and Placements coverage across Asia Pacific

Aequitas Research

We cover all listing across the Asia Pacific along with follow-up placements. As of Dec 2020, our team had covered 539 IPOs with a hit rate of 73.5% and 685 placements with a hit rate of 66.8%.

We combine fundamental bottom-up views with our proprietary quantitative framework to provide a holistic coverage across new listings and placements. Our coverage includes pre-IPO notes before the deal is launched, follow-up analysis once the deal is live and post-listing trading analysis as well.

Quantitative Analysis

<ul>
<li>We analyzed the changes in short interest of TWSE Stocks as of Sep 16th which has an aggregated short interest worth USD12.7bn.</li>
<li>We tabulate league table for top short by value and short as multiple of ADT, as well as weekly increases &amp; decreases in short value, short as multiple of ADT.</li>
<li>We highlight short interest changes in China Airlines, Powerchip, Formasa Plastics, Hon Hai, Alchip, Asustek, Yageo, Innolux.</li>
</ul>


We analyzed the changes in short interest of TWSE Stocks as of Sep 16th which has an aggregated short interest worth USD12.7bn.
We tabulate league table for top short by value and short as multiple of ADT, as well as weekly increases &amp; decreases in short value, short as multiple of ADT.
We highlight short interest changes in China Airlines, Powerchip, Formasa Plastics, Hon Hai, Alchip, Asustek, Yageo, Innolux.


TWSE Short Interest Weekly (Sep 16th): Short Spikes For Formosa Plastics, Hon Hai

Semiconductors, Memory and SSDs Specialist, Objective Analysis

Jim Handy

Semiconductors, Memory and SSDs Specialist

Objective Analysis

Objective Analysis offers third-party independent market research and data for the semiconductor industry and investors in the semiconductor industry.

Semiconductors, Memory and SSDs

Thematic (Sector/Industry)

<ul>
<li>Semiconductor revenues continue to fall. which appears to be a repeat of the collapse in 2019</li>
<li>Spot market prices, a leading indicator, are soft for both DRAM and NAND flash</li>
<li>It is likely that semiconductor revenues will end the year by returning to the trendline of their historical growth of 3.9%</li>
</ul>


Semiconductor revenues continue to fall. which appears to be a repeat of the collapse in 2019
Spot market prices, a leading indicator, are soft for both DRAM and NAND flash
It is likely that semiconductor revenues will end the year by returning to the trendline of their historical growth of 3.9%


Semiconductors Just Beginning a Long Slide

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

<ul>
<li>Taiwan ADR premiums vs. their local shares have generally decreased across the board.</li>
<li>Is TSMC's high ADR premium a thing of the past?</li>
<li>UMC and ChipMOS ADRs are both trading at historically rare discounts to their Taiwan shares.</li>
</ul>


Taiwan ADR premiums vs. their local shares have generally decreased across the board.
Is TSMC's high ADR premium a thing of the past?
UMC and ChipMOS ADRs are both trading at historically rare discounts to their Taiwan shares.


Taiwan Dual-Listings – TSMC Premium Almost Wiped Out, UMC & ChipMOS ADRs Trading at Discounts

<ul>
<li>Intel Corp (INTC US)'s upcoming Innovation conference is a potential catalyst for the stock, given we believe there is likelihood of positive product announcements.</li>
<li>Taiwan Semiconductor (TSMC) (2330 TT) and United Microelectronics Corp (2303 TT) have already released their August sales figures at the start of September, with next release not until early October.</li>
<li>Newsflow thus could be in Intel's favor through the end of the month. The stock is trading at an all-time low PBV.</li>
</ul>


Intel Corp (INTC US)'s upcoming Innovation conference is a potential catalyst for the stock, given we believe there is likelihood of positive product announcements.
Taiwan Semiconductor (TSMC) (2330 TT) and United Microelectronics Corp (2303 TT) have already released their August sales figures at the start of September, with next release not until early October.
Newsflow thus could be in Intel's favor through the end of the month. The stock is trading at an all-time low PBV.


Intel Vs. TSMC/​UMC Long/​Short Monitor: Upcoming Intel Conference Catalyst

Taiwan

United Microelectronics Corporation designs, manufactures, and markets integrated circuits (ICs) and related electronic products.  The Company's main products are consumer electronic ICs, memory ICs, personal computer peripheral ICs, and communication ICs.

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

United Microelectron Sp Adr (UMC US)

Taiwan Tech Weekly: Biden Says US Will Defend Taiwan, Texas Instruments Gives Hope

Also: Intel vs. TSMC/UMC Trade Monitor: We look at performance streaks for the pairs. Intel outperforming over the last trading sessions.

Vincent Fernando, CFA

TWSE Short Interest Weekly (Sep 16th): Short Spikes For Formosa Plastics, Hon Hai

We analyzed TWSE short interest report for the past week and highlight short interest changes in China Airlines, Powerchip, Formasa Plastics, Hon...

Ke Yan, CFA, FRM

Semiconductors Just Beginning a Long Slide

The semiconductor market is falling and is likely to continue to drop through the end of the year. This presents an opportunity for shorts.

Jim Handy

Taiwan Dual-Listings – TSMC Premium Almost Wiped Out, UMC & ChipMOS ADRs Trading at Discounts

Taiwan ADR premiums vs. their local shares have generally decreased across the board. TSMC's past high premium is interestingly linked to the top...

Vincent Fernando, CFA

Intel Vs. TSMC/UMC Long/Short Monitor: Upcoming Intel Conference Catalyst

Newsflow thus could be in Intel's favor through the end of the month with the potential for major product announcements September 27th and 28th....

Vincent Fernando, CFA

Price Gauge

52-week Range

Market Cap (USDm)

P/E

Dividend (Yield)

Taiwan Tech Weekly: Biden Says US Will Defend Taiwan, Texas Instruments Gives Hope

Also: Intel vs. TSMC/UMC Trade Monitor: We look at performance streaks for the pairs. Intel outperforming over the last trading sessions.

Vincent Fernando, CFA

TWSE Short Interest Weekly (Sep 16th): Short Spikes For Formosa Plastics, Hon Hai

We analyzed TWSE short interest report for the past week and highlight short interest changes in China Airlines, Powerchip, Formasa Plastics, Hon...

Ke Yan, CFA, FRM

Semiconductors Just Beginning a Long Slide

The semiconductor market is falling and is likely to continue to drop through the end of the year. This presents an opportunity for shorts.

Jim Handy

Taiwan Dual-Listings – TSMC Premium Almost Wiped Out, UMC & ChipMOS ADRs Trading at Discounts

Taiwan ADR premiums vs. their local shares have generally decreased across the board. TSMC's past high premium is interestingly linked to the top...

Vincent Fernando, CFA

Intel Vs. TSMC/​UMC Long/​Short Monitor: Upcoming Intel Conference Catalyst

Newsflow thus could be in Intel's favor through the end of the month with the potential for major product announcements September 27th and 28th....

Vincent Fernando, CFA

Intel Vs. TSMC/UMC Long/Short Monitor: Upcoming Intel Conference Catalyst