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

<ul>
<li>This assembly and testing leader provides fresh insight into the state of display, memory, consumer, enterprise, and industrial end markets.</li>
<li>ChipMOS: Memory Industry Strength Offsets Display Industry Weakness. Memory strength seen into 2026E. Company noted soft smartphone industry panel demand currently.</li>
<li>Management signals sustained memory upcycle; disciplined capex to serve multi-year AI and datacenter growth. We rate ChipMOS shares as a Structural Long.</li>
</ul>


This assembly and testing leader provides fresh insight into the state of display, memory, consumer, enterprise, and industrial end markets.
ChipMOS: Memory Industry Strength Offsets Display Industry Weakness. Memory strength seen into 2026E. Company noted soft smartphone industry panel demand currently.
Management signals sustained memory upcycle; disciplined capex to serve multi-year AI and datacenter growth. We rate ChipMOS shares as a Structural Long.


TechChain Insights: ChipMOS Indicates Memory Industry Surge into 2026E; Smartphones Currently Soft

TSMC (Taiwan Semiconductor Manufacturing) / Equity Bottom-Up

TSMC (Taiwan Semiconductor Manufacturing) (TSM US)

TSMC (Taiwan Semiconductor Manufacturing)

<ul>
<li>TSMC: +20.3% Premium; Rebounded from Our Long the ADR Level</li>
<li>UMC: +3.4% Premium; Above +1 SD Band; Short the ADR Spread</li>
<li>ASE: +5.8% Premium; Above +1 SD Band; Short the ADR Spread</li>
</ul>


TSMC: +20.3% Premium; Rebounded from Our Long the ADR Level
UMC: +3.4% Premium; Above +1 SD Band; Short the ADR Spread
ASE: +5.8% Premium; Above +1 SD Band; Short the ADR Spread


Taiwan Dual-Listings Monitor: UMC, ASE and ChipMOS Above +1 SD Band; Short the ADR Spread

Asia Pac ECM and Index Rebal, Shenton Research

Ke Yan, CFA, FRM

Asia Pac ECM and Index Rebal

Asia Pac IPO & Placement Research, China Biotech

Shenton Research

Shenton Research is an independent Asia Pacific equity specialist. Our quantitative research covers index rebalancing flows, alongside exchange data analytics accross Asia Pacific. On the equity capital markets side, we focus on Asia Pacific ECM, especially biotech and TMT. Our lead analyst is frequently cited by international media.

Quantitative Analysis

<ul>
<li>We analyzed the changes in foreign holdings of TWSE Stocks as of Sep 24th. The aggregated holding was USD2,357.7bn.</li>
<li>We estimate that foreign flows to be inflows of USD3,743mln. We tabulate the league tables for top changes by value for 1W/4W/1Y and top stocks held by foreign institutions.</li>
<li>We highlight changes of foreign holdings in MediaTek, Unimicron Technology, Kinsus Interconnect Technology, ASE Industrial, PharmaEssentia.</li>
</ul>


We analyzed the changes in foreign holdings of TWSE Stocks as of Sep 24th. The aggregated holding was USD2,357.7bn.
We estimate that foreign flows to be inflows of USD3,743mln. We tabulate the league tables for top changes by value for 1W/4W/1Y and top stocks held by foreign institutions.
We highlight changes of foreign holdings in MediaTek, Unimicron Technology, Kinsus Interconnect Technology, ASE Industrial, PharmaEssentia.


TWSE Foreign Holding Weekly (Sep 24th): MediaTek, Unimicron Technology, ASE Industrial

<ul>
<li>TSMC: +9.9% Premium; Below -1 SD Band; Long the ADR Spread</li>
<li>UMC: -2.9% Discount; Below -1 SD Band; Long the ADR Spread</li>
<li>ASE: +2.4% Premium; Within Recent Historical Range; No Active Trade Signal</li>
</ul>


TSMC: +9.9% Premium; Below -1 SD Band; Long the ADR Spread
UMC: -2.9% Discount; Below -1 SD Band; Long the ADR Spread
ASE: +2.4% Premium; Within Recent Historical Range; No Active Trade Signal


Taiwan Dual-Listings Monitor: TSMC Spread Now Near Multi-Year Lows

Asset Allocation & Fund Positioning, Copley Fund Research

Steven Holden

Asset Allocation & Fund Positioning

Copley Fund Research

Copley Fund Research provide research and data on asset allocation among Global and Emerging Market equity funds.  The analysis details absolute and relative positioning across countries, sectors and industries together with highly granular data on single stock and single fund allocations.  The data is updated monthly with time series going back to January 2011.

Global Research - Analysis of 165 prominent Global equity funds, combined AUM $335bn
GEM Research - Analysis of 127 prominent global EM equity funds, combined AUM $250bn

Asset Allocation - Global and GEM Equity

Thematic (Sector/Industry)

<ul>
<li>GEM funds reduce exposure to Taiwanese Semiconductors, switching from overweight to their largest underweight in over a decade.</li>
<li>Absolute positioning levels still high, with Taiwanese Semiconductors the largest country/industry allocation for 61% of the managers in our analysis and a top 3 allocation for 78%.</li>
<li>Value investors moved first, switching from near equal weight in early 2020 to -1.95% underweight today.  All Style groups are now positioned underweight the MSCI EM benchmark, on average.</li>
</ul>


GEM funds reduce exposure to Taiwanese Semiconductors, switching from overweight to their largest underweight in over a decade.
Absolute positioning levels still high, with Taiwanese Semiconductors the largest country/industry allocation for 61% of the managers in our analysis and a top 3 allocation for 78%.
Value investors moved first, switching from near equal weight in early 2020 to -1.95% underweight today.  All Style groups are now positioned underweight the MSCI EM benchmark, on average.


Taiwan Semiconductors: Value Funds Drive Underweight

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)

TechChain Insights: ChipMOS Indicates Memory Industry Surge into 2026E; Smartphones Currently Soft

ChipMOS sees strength in memory industry offsetting weakness in display market, signaling sustained memory upcycle and disciplined capex for AI...

Vincent Fernando, CFA

Taiwan Dual-Listings Monitor: UMC, ASE and ChipMOS Above +1 SD Band; Short the ADR Spread

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

Vincent Fernando, CFA

TWSE Foreign Holding Weekly (Sep 24th): MediaTek, Unimicron Technology, ASE Industrial

We analyzed TWSE foreign holding data for the past week and highlighted foreign holding changes in MediaTek, Unimicron Technology, Kinsus...

Ke Yan, CFA, FRM

Taiwan Dual-Listings Monitor: TSMC Spread Now Near Multi-Year Lows

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 Semiconductors: Value Funds Drive Underweight

Taiwanese Semiconductor allocations among GEM active funds are well off the highs of 2021 as more funds scale back holdings and many move to an...

Steven Holden

Price Gauge

52-week Range

Market Cap (USDm)

P/E

Dividend (Yield)

TechChain Insights: ChipMOS Indicates Memory Industry Surge into 2026E; Smartphones Currently Soft

​ChipMOS sees strength in memory industry offsetting weakness in display market, signaling sustained memory upcycle and disciplined capex for AI...

Vincent Fernando, CFA

Taiwan Dual-Listings Monitor: UMC, ASE and ChipMOS Above +1 SD Band; Short the ADR Spread

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

Vincent Fernando, CFA

TWSE Foreign Holding Weekly (Sep 24th): MediaTek, Unimicron Technology, ASE Industrial

We analyzed TWSE foreign holding data for the past week and highlighted foreign holding changes in MediaTek, Unimicron Technology, Kinsus...

Ke Yan, CFA, FRM

Taiwan Dual-Listings Monitor: TSMC Spread Now Near Multi-Year Lows

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 Semiconductors: Value Funds Drive Underweight

Taiwanese Semiconductor allocations among GEM active funds are well off the highs of 2021 as more funds scale back holdings and many move to an...

Steven Holden

ChipMOS sees strength in memory industry offsetting weakness in display market, signaling sustained memory upcycle and disciplined capex for AI...