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 fallen substantially from early February and late January levels. Berkshire's U-turn on the shares is likely one contributing factor.</li>
<li>UMC and ChipMOS ADRs are trading at discounts that are unlikely to last much longer given the historical trading behavior.</li>
<li>Chunghwa Telecom ADRs are trading at a discount - If the ADRs drop in today's U.S. trading then will open up a historically rare discount.</li>
</ul>


TSMC's ADR premium has fallen substantially from early February and late January levels. Berkshire's U-turn on the shares is likely one contributing factor.
UMC and ChipMOS ADRs are trading at discounts that are unlikely to last much longer given the historical trading behavior.
Chunghwa Telecom ADRs are trading at a discount - If the ADRs drop in today's U.S. trading then will open up a historically rare discount.


Taiwan Dual-Listings: Taiwan Exchange Holiday Opens Up Potential Spread Opportunities

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 Feb 24th which has an aggregated short interest worth USD11.7bn.</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 Novatek, Unimicron Tech, Realtek Semi, Alchip Tech, Evergreen Marine.</li>
</ul>


We analyzed the changes in short interest of TWSE Stocks as of Feb 24th which has an aggregated short interest worth USD11.7bn.
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 Novatek, Unimicron Tech, Realtek Semi, Alchip Tech, Evergreen Marine.


TWSE Short Interest Weekly (Feb 24th): Novatek, Unimicron, Realtek, Alchip Tech, Evergreen Marine

<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

<ul>
<li>We analyzed the changes in short interest of TWSE Stocks as of Feb 17th which has an aggregated short interest worth USD11.5bn.</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 Yageo, Yulon Motor, Nuvoton Tech, Airtac.</li>
</ul>


We analyzed the changes in short interest of TWSE Stocks as of Feb 17th which has an aggregated short interest worth USD11.5bn.
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 Yageo, Yulon Motor, Nuvoton Tech, Airtac.


TWSE Short Interest Weekly (Feb 17th): Yageo, Yulon Motor, Nuvoton Tech, Airtac

<ul>
<li>We analyzed the changes in short interest of TWSE Stocks as of Feb 10th which has an aggregated short interest worth USD11.5bn.</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 Evergreen Marine, Unimicron Tech, Novatek.</li>
</ul>


We analyzed the changes in short interest of TWSE Stocks as of Feb 10th which has an aggregated short interest worth USD11.5bn.
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 Evergreen Marine, Unimicron Tech, Novatek.


TWSE Short Interest Weekly (Feb 10th): Evergreen Marine, Unimicron Tech, Novatek

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.

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United Microelectronics Corp (2303 TT)

Taiwan Dual-Listings: Taiwan Exchange Holiday Opens Up Potential Spread Opportunities

TSMC's ADR premium has fallen substantially from early February and late January levels. Berkshire's U-turn on the shares is likely one...

Vincent Fernando, CFA

TWSE Short Interest Weekly (Feb 24th): Novatek, Unimicron, Realtek, Alchip Tech, Evergreen Marine

We analyzed TWSE short interest report for the past week and highlight short interest changes in Novatek, Unimicron Tech, Realtek Semi, Alchip...

Ke Yan, CFA, FRM

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

TWSE Short Interest Weekly (Feb 17th): Yageo, Yulon Motor, Nuvoton Tech, Airtac

We analyzed TWSE short interest report for the past week and highlight short interest changes in Yageo, Yulon Motor, Nuvoton Tech, Airtac.

Ke Yan, CFA, FRM

TWSE Short Interest Weekly (Feb 10th): Evergreen Marine, Unimicron Tech, Novatek

We analyzed TWSE short interest report for the past week and highlight short interest changes in Evergreen Marine, Unimicron Tech, Novatek.

Ke Yan, CFA, FRM

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52-week Range

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