Managing Director, Zero One, Zero One

Vincent Fernando, CFA

20 years of experience researching capital markets in Asia and the USA.

Managing Director, Zero One

Taiwan Tech Weekly: TSMC Packaging Tech Ahead of Samsung; China Rare Earths Restrictions Plays; DRAM

Semiconductor Events Deserving Your Attention @ 16/7/23

Taiwan Dual-Listings Monitor: TSMC Premium Staying High Ahead of Earnings This Week; UMC at Par

Taiwan Tech Weekly: Nvidia Highlights Intel & Mediatek; AI Server DRAM Demand; Delta Price Surges

Taiwan Dual-Listings: TSMC Spread Opens Again for Opportunity; Others Have Swung Substantially

Taiwan Tech Weekly: Micron Results Key for Nanya; Hon Hai New 52-Week High; AI Leaders Basket

Battle Lines Drawn As BABA Builds Out First/Last-Mile Capacity; But Who Will Fund 75+ Bn CNY CapEx?

Equity Bottom-Up

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

Taiwan Semiconductor (TSMC) - ADR (TSM US)

<ul>
<li>TSMC's ADR premium dropped to 8.8% but still historically high. The company has said it will send more Taiwan staff to get its U.S. production up and running.</li>
<li>ASE's ADR premium is high even for this usually-high premium range. ASE ADRs may be slightly behind the curve of the local shares' recent decline, hence the spread opened up.</li>
<li>Chunghwa Telecom is at a relatively high ADR premium for this tightly trading range.</li>
</ul>


TSMC's ADR premium dropped to 8.8% but still historically high. The company has said it will send more Taiwan staff to get its U.S. production up and running.
ASE's ADR premium is high even for this usually-high premium range. ASE ADRs may be slightly behind the curve of the local shares' recent decline, hence the spread opened up.
Chunghwa Telecom is at a relatively high ADR premium for this tightly trading range.


Taiwan Dual-Listings: TSMC Premium Drops But Still 8.8%; ASE Premium High & Looks Stretched