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: +17.9% Premium; Rebounds After Brief Breakdown; Wait for Better Levels</li>
<li>UMC: +1.8% Premium; Can Consider Shorting the Premium at Current Level</li>
<li>ASE: +5.5% Premium Represents a Major Breakdown; Can Consider Going Long</li>
</ul>


TSMC: +17.9% Premium; Rebounds After Brief Breakdown; Wait for Better Levels
UMC: +1.8% Premium; Can Consider Shorting the Premium at Current Level
ASE: +5.5% Premium Represents a Major Breakdown; Can Consider Going Long


Taiwan Dual-Listings Monitor: TSMC Rebounds After Sharp Breakdown; ASE Major Premium Breakdown

<ul>
<li>TSMC: +15.1% Premium; Will It Break Down to Lower Past Trading Levels?</li>
<li>UMC: +2.4% Premium; Can Consider Shorting This Historically High Level</li>
<li>ChipMOS: -3.1% Discount; Long The Spread Given Historically Extreme Discount</li>
</ul>


TSMC: +15.1% Premium; Will It Break Down to Lower Past Trading Levels?
UMC: +2.4% Premium; Can Consider Shorting This Historically High Level
ChipMOS: -3.1% Discount; Long The Spread Given Historically Extreme Discount


Taiwan Dual-Listings Monitor: TSMC Spread on Brink of Falling to Past Levels; UMC Extreme Premium

<ul>
<li>TSMC: +16.7% Premium, Has Remained Rangebound; Watching for Over 20% or Under 15%</li>
<li>UMC: +2% Premium, Upper End of Trading Range, Can Consider Shorting</li>
<li>ASE: +9.9% Premium; Spread Could Have Further Room to Bounce Higher</li>
</ul>


TSMC: +16.7% Premium, Has Remained Rangebound; Watching for Over 20% or Under 15%
UMC: +2% Premium, Upper End of Trading Range, Can Consider Shorting
ASE: +9.9% Premium; Spread Could Have Further Room to Bounce Higher


Taiwan Dual-Listings Monitor: TSMC Premium Rangebound; UMC Hits Upper End of Range

<ul>
<li>TSMC: +16.1% Premium, After Sharp Drop, Will Be Interesting to See If Spread Will Remain Within the Recent ~15-25% Range</li>
<li>ASE: +7.4% Premium; Can Consider Going Long the Spread Given Recent Trading Range</li>
<li>ChipMOS: -2.4% Discount Repesents Extreme Low of End of Range; Can Consider Going Long the Spread</li>
</ul>


TSMC: +16.1% Premium, After Sharp Drop, Will Be Interesting to See If Spread Will Remain Within the Recent ~15-25% Range
ASE: +7.4% Premium; Can Consider Going Long the Spread Given Recent Trading Range
ChipMOS: -2.4% Discount Repesents Extreme Low of End of Range; Can Consider Going Long the Spread


Taiwan Dual-Listings Monitor: TSMC & ASE Premiums Drop Sharply; ChipMOS Extreme Discount

<ul>
<li>TSMC: +21.3% Premium; Trading at New +15-25% Range This Year</li>
<li>ASE: +12.7% Premium; We Continue to View 14%+ as Fresh Short Level</li>
<li>CHT: +1.2% Premium; Good Level to Short Relative to History</li>
</ul>


TSMC: +21.3% Premium; Trading at New +15-25% Range This Year
ASE: +12.7% Premium; We Continue to View 14%+ as Fresh Short Level
CHT: +1.2% Premium; Good Level to Short Relative to History


Taiwan Dual-Listings Monitor: TSMC Historically Extreme Premium Continues; CHT at Short Level Again

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 Rebounds After Sharp Breakdown; ASE Major Premium Breakdown

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 Spread on Brink of Falling to Past Levels; UMC Extreme Premium

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 Premium Rangebound; UMC Hits Upper End of Range

ASE and ChipMOS premiums have bounced from the lower end of their trading ranges and could have further room to go higher. TSMC has remained...

Vincent Fernando, CFA

Taiwan Dual-Listings Monitor: TSMC & ASE Premiums Drop Sharply; ChipMOS Extreme Discount

TSMC and ASE's ADR premiums have both dropped sharply. It will be interesting to see if TSMC's premium will drop further to below 15%. ChipMOS's...

Vincent Fernando, CFA

Taiwan Dual-Listings Monitor: TSMC Historically Extreme Premium Continues; CHT at Short Level Again

Latest analysis for Taiwan ADR premiums including key levels to long or short the ADRs' premium or discount to their respective local Taiwan shares.

Vincent Fernando, CFA

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