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: +15% ADR Premium; Likely to Trend Further Lower Over Time</li>
<li>UMC: -2.3% Discount; Decent Level to Long the ADR vs. Short Local</li>
<li>ASE: +11.6% Premium; Continue to Advocate Shorting the Spread Here</li>
</ul>


TSMC: +15% ADR Premium; Likely to Trend Further Lower Over Time
UMC: -2.3% Discount; Decent Level to Long the ADR vs. Short Local
ASE: +11.6% Premium; Continue to Advocate Shorting the Spread Here


Taiwan Dual-Listings Monitor: TSMC Premium Slumped But Remains Extreme; UMC at a Discount

<ul>
<li>Massive TSMC Rises 13.8% in Just a Week; Mediatek a Top 10 Gainer for Second Week in a Row</li>
<li>TSMC (2330.TT; TSM.US): Sales Should Be Gradually Increasing QoQ in 2024F; IPhone 16 Is on Schedule. </li>
<li>PC Monitor: Long Dell Vs. Short Acer Update; Dell &amp; HPQ Results Indicate Opportunity in Asus </li>
</ul>


Massive TSMC Rises 13.8% in Just a Week; Mediatek a Top 10 Gainer for Second Week in a Row
TSMC (2330.TT; TSM.US): Sales Should Be Gradually Increasing QoQ in 2024F; IPhone 16 Is on Schedule. 
PC Monitor: Long Dell Vs. Short Acer Update; Dell &amp; HPQ Results Indicate Opportunity in Asus 


Taiwan Tech Weekly: TSMC Surge Leads Taiwan Stocks Higher; Advanced Chip Packaging in Focus

<ul>
<li>TSMC: +22.9% ADR Premium is Near an All-Time High; Long Taiwan Shares vs. Short the ADR</li>
<li>UMC: 2.2% Premium; Flipped Positive From a Discount; Likely to Contract</li>
<li>ASE: +13.3%; Short the Historically High Spread at the Current Level</li>
</ul>


TSMC: +22.9% ADR Premium is Near an All-Time High; Long Taiwan Shares vs. Short the ADR
UMC: 2.2% Premium; Flipped Positive From a Discount; Likely to Contract
ASE: +13.3%; Short the Historically High Spread at the Current Level


Taiwan Dual-Listings Monitor: Long TSMC Taiwan Shares Vs. ADR on Historically High Spread; UMC, ASE

<ul>
<li>ChipMOS Margin Rebound Sputters, Guidance Implies Margins Could Remain Under Pressure</li>
<li>Valuation Appears Precarious In Light of Latest Results and Guidance</li>
<li>Valuation Appears Precarious In Light of Latest Results and Guidance</li>
</ul>


ChipMOS Margin Rebound Sputters, Guidance Implies Margins Could Remain Under Pressure
Valuation Appears Precarious In Light of Latest Results and Guidance
Valuation Appears Precarious In Light of Latest Results and Guidance


ChipMOS: Valuation at Risk Given Latest Results; Short Interest Shows Sentiment Has Room to Shift

<ul>
<li>TSMC: +17.3% Premium, High Double Digit Level Persisting Since CNY</li>
<li>UMC: -1.5% Discount, We Believe Spread Biased to Go Positive</li>
<li>ChipMOS: +0.6% Premium, Collapsed from +4.6%. Now Within Typical Range.</li>
</ul>


TSMC: +17.3% Premium, High Double Digit Level Persisting Since CNY
UMC: -1.5% Discount, We Believe Spread Biased to Go Positive
ChipMOS: +0.6% Premium, Collapsed from +4.6%. Now Within Typical Range.


Taiwan Dual-Listings Monitor: TSMC Post-CNY Spread Persisting; Why UMC Discount Could Flip Positive

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 Slumped But Remains Extreme; UMC at a Discount

TSMC's ADR premium has fallen but remains at a very high level relative to history. UMC ADR's have fallen to a discount and are at a decent level...

Vincent Fernando, CFA

Taiwan Tech Weekly: TSMC Surge Leads Taiwan Stocks Higher; Advanced Chip Packaging in Focus

TSMC and Mediatek see significant stock gains, with TSMC ramping advanced packaging capacity and the iPhone 16 is on schedule. Dell and HPQ...

Vincent Fernando, CFA

Taiwan Dual-Listings Monitor: Long TSMC Taiwan Shares Vs. ADR on Historically High Spread; UMC, ASE

Investors are advised to Long TSMC's Taiwan shares vs. Short the ADR, while UMC's ADR premium has flipped positive and ASE's spread is...

Vincent Fernando, CFA

ChipMOS: Valuation at Risk Given Latest Results; Short Interest Shows Sentiment Has Room to Shift

ChipMOS isn't cheap given a sputtering margin rebound. The market still has significant room to shift towards negative sentiment.

Vincent Fernando, CFA

Taiwan Dual-Listings Monitor: TSMC Post-CNY Spread Persisting; Why UMC Discount Could Flip Positive

TSMC maintaining a high premium, UMC is expected to shift to a positive spread, ChipMOS back within the typical range after premium collapse.

Vincent Fernando, CFA

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52-week Range

Market Cap (USDm)

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Taiwan Dual-Listings Monitor: TSMC Premium Slumped But Remains Extreme; UMC at a Discount

TSMC's ADR premium has fallen but remains at a very high level relative to history. UMC ADR's have fallen to a discount and are at a decent level...

Vincent Fernando, CFA

Taiwan Tech Weekly: TSMC Surge Leads Taiwan Stocks Higher; Advanced Chip Packaging in Focus

​TSMC and Mediatek see significant stock gains, with TSMC ramping advanced packaging capacity and the iPhone 16 is on schedule. Dell and HPQ...

Vincent Fernando, CFA

Taiwan Dual-Listings Monitor: Long TSMC Taiwan Shares Vs. ADR on Historically High Spread; UMC, ASE

​Investors are advised to Long TSMC's Taiwan shares vs. Short the ADR, while UMC's ADR premium has flipped positive and ASE's spread is...

Vincent Fernando, CFA

ChipMOS: Valuation at Risk Given Latest Results; Short Interest Shows Sentiment Has Room to Shift

ChipMOS isn't cheap given a sputtering margin rebound. The market still has significant room to shift towards negative sentiment.

Vincent Fernando, CFA

Taiwan Dual-Listings Monitor: TSMC Post-CNY Spread Persisting; Why UMC Discount Could Flip Positive

​TSMC maintaining a high premium, UMC is expected to shift to a positive spread, ChipMOS back within the typical range after premium collapse.

Vincent Fernando, CFA

TSMC and Mediatek see significant stock gains, with TSMC ramping advanced packaging capacity and the iPhone 16 is on schedule. Dell and HPQ...

Investors are advised to Long TSMC's Taiwan shares vs. Short the ADR, while UMC's ADR premium has flipped positive and ASE's spread is...

TSMC maintaining a high premium, UMC is expected to shift to a positive spread, ChipMOS back within the typical range after premium collapse.