🧵Smartkarma #bottomup #threadoftheday
Taiwan Dual-Listings: TSMC Spread Opens Again for Opportunity; Others Have Swung Substantially
— Vincent Fernando, CFA
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$TSM.US
1/
TSMC is back to an 11.8% ADR premium after dropping to 8%... potentially another good Long/Short point.
2/
UMC has flipped to a -0.6% ADR discount, from a 5.6% Premium. If the discount ticks slightly more negative then a good setup level will open up.
3/
ASE, ChipMOS, and CHT spreads have also experienced significant swings since our last dual-listings piece.
4/
In Conclusion:
"TSMC's spread has fallen and then spiked again. ASE, ChipMOS, and CHT spreads have also experienced significant swings since our last dual-listings piece." — Vincent Fernando, CFA
5/
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