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Smartkarma Profile picture
@smartkarma
Jun 12, 2023 • 6 tweets • 3 min read • Read on X
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🧵Smartkarma #bottomup #threadoftheday

Taiwan Dual-Listings: TSMC Spread Opens Again for Opportunity; Others Have Swung Substantially
— Vincent Fernando, CFA

--
$TSM.US

1/ Image
TSMC is back to an 11.8% ADR premium after dropping to 8%... potentially another good Long/Short point.

2/ Image
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/ Image
ASE, ChipMOS, and CHT spreads have also experienced significant swings since our last dual-listings piece.

4/ Image
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/ Image
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Smartkarma Profile picture
Aug 15, 2023
🔴CHINA PROPERTY DEVELOPERS IN DISTRESS -

* Country Garden
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The company anticipates reporting a net loss ranging from 45 to 55 billion RMB for H1'23.

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Jun 12, 2023
🟢 Malaysian Banks Screener 🔴

@galliano_victor and his team screen 6 large and mid-cap Malaysian banks’ core profitability, and their credit quality metrics, to better identify banks with good earnings growth prospects, and the potential to deliver sustainably improved returns. Image
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Smartkarma Profile picture
Jun 12, 2023
🇰🇷 🟢 Lutronic Corp $085370.KS

Hahn & Company, a major PE firm in Korea, disclosed it plans to delist Lutronic Corp through a public tender offer.

The tendering period ends on 14 July, and the payment date is 18 July. twitter.com/i/web/status/1… Image
This deal is relatively straightforward with minimal preconditions, and there is little possibility of a proxy battle, so the spread will likely remain tight.
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Smartkarma Profile picture
Jun 12, 2023
🧵Smartkarma #macro #threadoftheday

How the Treasury Refresh May Not Be Catastrophic
— Cam Hui @HumbleStudent

1/ Image
The U.S. Treasury market is expected to see a flood of new issuance which would draw liquidity from the financial system and create headwinds for the price of risk assets.

2/ Image
Tthere may be a narrow benign liquidity path for the Treasury account reset if the assets parked at the Fed’s reverse repo facility shift into Treasury paper.

3/ Image
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Smartkarma Profile picture
Mar 28, 2023
LATAM BANK BREAKDOWN

The US banking crisis and the Credit Suisse rescue have put bank stocks in the spotlight, for all the wrong reasons.

LatAm banks are not looking bad at all. 1/
The smaller Mexican BanBajio and BanRegio have negligible AFS MtM hits and very healthy core capital.

At the other extreme, BCI of Chile is weak on CET1 and has a bigger MtM hit to core capital, along with Credicorp. 2/
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Smartkarma Profile picture
Mar 28, 2023
Smartkarma's weekly review

(Don't forget to share)

1. Global liquidity and world wealth (via @crossbordercap)
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