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To: Knighty Tin who wrote (71969)	12/16/1999 2:02:00 PM
From: CYC	Read Replies (1) of 132070

MB or anyone: I have a question regarding TSM, a well-known chip foundry powerhouse in Taiwan. The ADR (symbol TSM on NYSE) is trading at about $37 today. Each ADR is equivalent to 5 shares of TSM stock traded at Taiwan's exchange. The local share is currently priced at around NT$145. If I calculate the worth of the ADR with the currency exchange rate of NT$31.50 versus US$1.00, the ADR should be valued at $23, give or take a few percentage. You can see apparently there is a hefty premium (close to 60%). What factors could have contributed to such a big premium? BTW, a lot of institutions own this stock according to TSM's data on yahoo.

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