Liquidity & Technical
Liquidity & Technical
The order book is the easy decision: NT$5.6B trades hands in this name every session, which underwrites a five-percent position for funds up to roughly NT$114B and clears a 0.5%-of-market-cap stake in ten trading days at a 20%-ADV pace — liquidity is not the bottleneck. The tape is the harder read: a fresh golden cross from June 2025 is intact, price sits 29% above the 200-day and within 4% of the all-time high, but realized volatility has pushed into the stressed band and the MACD histogram just rolled negative — a constructive trend with near-term cooling pressure.
Portfolio implementation verdict
5-day capacity at 20% ADV
Largest 5-day position
Supported fund AUM (5% wt)
ADV 20d / mcap
Technical stance (+3/-3)
Institutionally tradable, size-aware — NT$5.6B daily turnover and 61% annual share turnover mean a mid-sized fund can build and exit a 5%-weight position without leaving footprints, but issuer-level stakes above roughly 0.3% of market cap need patient execution. The "illiquid" flag in the raw data file is a definitional artifact of measuring whether a 0.5%-mcap position clears in five days — at this market cap, that position alone is NT$10.5B, larger than a full day of trading. By any standard institutional yardstick this is one of the deepest order books in Asia.
Price snapshot
Current price (NT$)
YTD return (%)
1-year return (%)
52-week position (0-100)
30-day realized vol (%)
The critical chart — full-history price with 50 / 200 SMA
Most recent 50/200 golden cross: 2025-06-26 (still active). The prior signal was a death cross on 2025-04-08, so the current uptrend regime is roughly eleven months old.
Price is above the 200-day by 29.4% and within 4% of the all-time high of NT$419.50. This is an uptrend regime — not sideways, not consolidating — with price, the 20-day, the 50-day, the 100-day and the 200-day stacked in textbook bullish order.
Relative price performance
The rebased series shows price has compounded 4.7x over three years. Benchmark and sector overlays are not available in the staged data for this ticker, so a direct relative-strength read against SPY or a semiconductor index is omitted rather than fabricated; on absolute terms, a +375% three-year return in a name with NT$2T market cap is exceptional regardless of the comparison.
Momentum — RSI and MACD
RSI sits at 56 — neutral, with room to run before overbought territory. The MACD histogram, however, just rolled negative (-0.97) after spending most of the recent rally above the zero line. Read together: the medium-term trend is intact but the near-term impulse is fading. A clean tape would expect either RSI to push toward 65-70 on a fresh leg up, or to back off into the low-40s on a healthy pullback — the current reading offers no decisive 1-3 month edge.
Volume, volatility, and sponsorship
The top three volume spikes were all upside days (+9.8%, +12.0%, +5.3%) on 5–6x average volume — the buyer footprint is clean. The most recent comparable spike was 27 January 2025, a 13% down-day on 4.7x volume that marked the early-2025 selloff before the June golden cross. Catalyst tags are unavailable in the staged data; the dates align with major earnings cycles.
Realized volatility at 40.7% sits at the 80th percentile of the last decade — the stressed band. That is the cost of admission to a name that has compounded 250% over five years: the moves are large in both directions, and a recent +41% six-month run was paid for in expanded daily ranges. Risk teams should size accordingly.
Institutional liquidity
ADV 20d
ADV 20d
ADV 60d
ADV / mcap
Annual turnover
Fund-capacity table
Liquidation runway
Median daily range is 1.12% — comfortably below the 2% threshold that flags elevated impact cost for size orders. Read together: a fund can build or exit anything up to roughly 0.27% of market cap (NT$5.7B) within a five-day window at 20% ADV, or roughly 0.14% (NT$2.9B) at a more conservative 10% pace. Issuer stakes above 0.5% of market cap require two-to-four-week execution programmes — long but tractable.
Technical scorecard and stance
Stance — bullish on a 3-6 month horizon, with conviction tempered by stretched volatility. The structural setup is the kind that rewards holders: golden cross active, 200-day rising, all moving averages in bullish stack, volume spikes are buy-side. The near-term qualifier is that the tape is consolidating just below the all-time high (NT$419.50) with the MACD histogram negative for the first time in months — a 5-10% pullback toward NT$370 (the Bollinger lower band and roughly the 20-day SMA) would be normal price-action housekeeping inside a still-intact uptrend.
Confirmation level above: NT$425 — a daily close above the 52-week high opens the path to price discovery and confirms the AI-foundry leadership trade. Invalidation level below: NT$312 — a clean break of the 200-day SMA would mark the first material structural failure of the cycle and warrant trimming. Between those levels, the technical evidence supports holding existing positions and adding patiently into pullbacks rather than chasing strength near the highs. Liquidity is not the constraint — sizing decisions should be driven by portfolio risk budget and volatility, not by the order book.