In today’s briefing:
- Taiwan Dual-Listings Monitor: TSMC & ASE Premiums Drop Sharply; ChipMOS Extreme Discount
- Erajaya Swasembada (ERAA IJ) – Less New Stores with Higher Volumes
Taiwan Dual-Listings Monitor: TSMC & ASE Premiums Drop Sharply; ChipMOS Extreme Discount
- TSMC: +16.1% Premium, After Sharp Drop, Will Be Interesting to See If Spread Will Remain Within the Recent ~15-25% Range
- ASE: +7.4% Premium; Can Consider Going Long the Spread Given Recent Trading Range
- ChipMOS: -2.4% Discount Repesents Extreme Low of End of Range; Can Consider Going Long the Spread
Erajaya Swasembada (ERAA IJ) – Less New Stores with Higher Volumes
- Erajaya Swasembada (ERAA IJ) is back on track with its handset business, with stronger volume growth driven by more affordable models from Infinix and Techno brands.
- The company’s buildout of its electrical retailer Erablue, a JV with Mobile World, is gaining momentum and should become a significant growth driver along with Grand Lucky supermarket.
- Erajaya will slow its store buildout this year as it focuses on productivity ny it still expected to add 200 new stores over in Indonesia. Valuation is attractive.
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