Managing Director, Zero One, Zero One

Vincent Fernando, CFA

Managing Director, Zero One

Zero One

Founded in 2015, Zero One produces independent investment research and provides corporate finance advisory services with a focus on both listed and private technology companies. Founder Vincent Fernando has over 20 years of experience in US and Asia capital markets.

Independent Investment Research

Equity Bottom-Up

TSMC (Taiwan Semiconductor Manufacturing) / Equity Bottom-Up

TSMC (Taiwan Semiconductor Manufacturing) (TSM US)

TSMC (Taiwan Semiconductor Manufacturing)

<ul>
<li>TSMC: +14.2% Premium; Can Consider Going Long at Current Level</li>
<li>UMC: +1.8% Premium; The ADR Headroom Has Decreased Yet Again</li>
<li>ASE: +5.4% Premium; Short Interest Surging for The Local Shares</li>
</ul>


TSMC: +14.2% Premium; Can Consider Going Long at Current Level
UMC: +1.8% Premium; The ADR Headroom Has Decreased Yet Again
ASE: +5.4% Premium; Short Interest Surging for The Local Shares


Taiwan Dual-Listings Monitor: TSMC Premium Back Below 15%; ASE Short Interest Surging

<ul>
<li>TSMC: +17.5% Premium; Recent Trading Back in the 15-20% Range</li>
<li>UMC: -0.3% Discount; Middle of the Range, Rising Short Interest in Taiwan</li>
<li>ASE: +2.2% Premium; Spiking Short Interest in Taiwan Listed Shares</li>
</ul>


TSMC: +17.5% Premium; Recent Trading Back in the 15-20% Range
UMC: -0.3% Discount; Middle of the Range, Rising Short Interest in Taiwan
ASE: +2.2% Premium; Spiking Short Interest in Taiwan Listed Shares


Taiwan Dual-Listings Monitor: TSMC Back to Higher Premium Range; ASE Premium Remains Collapsed

<ul>
<li>TSMC: +16.6% Premium; Returning to the 15 - 20% Trading Range?</li>
<li>UMC: +0.5% Premium; Near the Middle of the Historical Trading Range</li>
<li>ASE: +5.2% Premium; Participating in Two Investor Conferences in Next Two Weeks</li>
</ul>


TSMC: +16.6% Premium; Returning to the 15 - 20% Trading Range?
UMC: +0.5% Premium; Near the Middle of the Historical Trading Range
ASE: +5.2% Premium; Participating in Two Investor Conferences in Next Two Weeks


Taiwan Dual-Listings Monitor: TSMC Returning to Higher Trading Range? ASE's Two Upcoming Events

<ul>
<li>TSMC: +15.4% Premium; Wait for Closer to 20% Before Opening Fresh Short</li>
<li>UMC: +1.2% Premium; Can Consider Shorting at 1.5% or Higher; Headroom Continues to Decrease</li>
<li>ASE: +5.2% Premium; Wait for More Extreme Levels Before New Trade</li>
</ul>


TSMC: +15.4% Premium; Wait for Closer to 20% Before Opening Fresh Short
UMC: +1.2% Premium; Can Consider Shorting at 1.5% or Higher; Headroom Continues to Decrease
ASE: +5.2% Premium; Wait for More Extreme Levels Before New Trade


Taiwan Dual-Listings Monitor: TSMC Maintaining Strong Premium; UMC Headroom Continues to Decrease

<ul>
<li>TSMC: +16.3% Premium; Can Continue to Consider Shorting the Spread Here</li>
<li>UMC: +0.7% Premium; Wait for Higher Levels Again Before a Fresh Short</li>
<li>ASE: +4.6% Premium; Breakdown of Spread Could Persist Since History Indicates It's Now a Normal Level</li>
</ul>


TSMC: +16.3% Premium; Can Continue to Consider Shorting the Spread Here
UMC: +0.7% Premium; Wait for Higher Levels Again Before a Fresh Short
ASE: +4.6% Premium; Breakdown of Spread Could Persist Since History Indicates It's Now a Normal Level


Taiwan Dual-Listings Monitor: History Implies TSMC Spread to Trade Down; ASE Still Broken Down

Taiwan

ChipMOS TECHNOLOGIES INC. offers semiconductor testing and packaging solutions to companies, integrated device manufacturers, and foundries. The Company provides a broad range of back-end testing services for high density memory, mixed-signal and liquid crystal display.

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Chipmos Technologies (8150 TT)

Taiwan Dual-Listings Monitor: TSMC Premium Back Below 15%; ASE Short Interest Surging

We analyze the premium and discount levels of dual-listed Taiwan companies, suggesting potential spread trading levels based on historical trends.

Vincent Fernando, CFA

Taiwan Dual-Listings Monitor: TSMC Back to Higher Premium Range; ASE Premium Remains Collapsed

We analyze the premium and discount levels of dual-listed Taiwan companies, suggesting potential spread trading levels based on historical trends.

Vincent Fernando, CFA

Taiwan Dual-Listings Monitor: TSMC Returning to Higher Trading Range? ASE's Two Upcoming Events

We analyze the premium and discount levels of dual-listed Taiwan companies, suggesting potential spread trading levels based on historical trends.

Vincent Fernando, CFA

Taiwan Dual-Listings Monitor: TSMC Maintaining Strong Premium; UMC Headroom Continues to Decrease

We analyze the premium and discount levels of dual-listed Taiwan companies, suggesting potential spread trading levels based on historical trends.

Vincent Fernando, CFA

Taiwan Dual-Listings Monitor: History Implies TSMC Spread to Trade Down; ASE Still Broken Down

We analyze the premium and discount levels of dual-listed Taiwan companies, suggesting potential spread trading levels based on historical trends.

Vincent Fernando, CFA

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52-week Range

Market Cap (USDm)

P/E

Dividend (Yield)