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) - ADR / Equity Bottom-Up

TSMC (Taiwan Semiconductor Manufacturing) - ADR

<ul>
<li>TSMC: +24.4% Premium: Remains at Level to Short the ADR Spread</li>
<li>ASE: 0.0% (Parity); Open Fresh Longs Here or at a Discount</li>
<li>ChipMOS: -1.9% Discount; Near Level to Go Long the Spread</li>
</ul>


TSMC: +24.4% Premium: Remains at Level to Short the ADR Spread
ASE: 0.0% (Parity); Open Fresh Longs Here or at a Discount
ChipMOS: -1.9% Discount; Near Level to Go Long the Spread


Taiwan Dual-Listings Monitor: TSMC Extreme Level; ASE Spread Hits Parity; ChipMOS Near Long Level

Taiwan Tech Focused Senior Analyst

Patrick Liao

<ul>
<li>Why does <a href="https://www.smartkarma.com/entities/intel-corp" target="_blank" data-smartkarma-citation="entities:16764:1" rel="noopener">Intel Corp (INTC US)</a>’s current CFO state “Intel will use TSMC basically forever”? </li>
<li>From <a href="https://www.smartkarma.com/entities/taiwan-semiconductor-sp-adr" target="_blank" data-smartkarma-citation="entities:8587:1" rel="noopener">Taiwan Semiconductor (TSMC) - ADR (TSM US)</a>’s perspective, they have always maintained a “no competition with customers” principle.  </li>
<li>Another question remains: who will adopt Intel’s 14A technology in 2027-28?  </li>
</ul>


Why does Intel Corp (INTC US)’s current CFO state “Intel will use TSMC basically forever”? 
From Taiwan Semiconductor (TSMC) - ADR (TSM US)’s perspective, they have always maintained a “no competition with customers” principle.  
Another question remains: who will adopt Intel’s 14A technology in 2027-28?  


Intel (INTC.US): Who Will Adopt Intel’s 14A Technology?

Asia Pac IPO & Placement Research, China biotech, Aequitas Research

Ke Yan, CFA, FRM

Asia Pac IPO & Placement Research, China biotech

IPOs and Placements coverage across Asia Pacific

Aequitas Research

We cover all listing across the Asia Pacific along with follow-up placements. As of Dec 2020, our team had covered 539 IPOs with a hit rate of 73.5% and 685 placements with a hit rate of 66.8%.

We combine fundamental bottom-up views with our proprietary quantitative framework to provide a holistic coverage across new listings and placements. Our coverage includes pre-IPO notes before the deal is launched, follow-up analysis once the deal is live and post-listing trading analysis as well.

Quantitative Analysis

<ul>
<li>We analyzed the changes in foreign holdings of TWSE Stocks as of Aug 29th. The aggregated holding was USD1,163.6bn.</li>
<li>We estimate that foreign flows to be inflows of USD428mln. 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 TSMC, Hon Hai Precision, Delta Electronics, Quanta Computer, Global Unichip, TSMC, Hon Hai Precision, Global Unichip, Delta Electronics, Quanta Computer.</li>
</ul>


We analyzed the changes in foreign holdings of TWSE Stocks as of Aug 29th. The aggregated holding was USD1,163.6bn.
We estimate that foreign flows to be inflows of USD428mln. 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 TSMC, Hon Hai Precision, Delta Electronics, Quanta Computer, Global Unichip, TSMC, Hon Hai Precision, Global Unichip, Delta Electronics, Quanta Computer.


TWSE Foreign Holding Weekly (Aug 29th): TSMC, Hon Hai Precision, Delta Electronics, Quanta Computer

<ul>
<li>We analyzed the changes in short interest of TWSE Stocks as of Sep 5th. The aggregated short interest was USD25.8bn.</li>
<li>We tabulate league tables for top short by value and short as multiple of ADT, as well as weekly increases &amp; decreases in short value, short as multiple of ADT.</li>
<li>We highlight short interest changes in Jentech Precision Industrial, Wiwynn, Realtek Semiconductor, Hon Hai Precision, Kaori Heat Treatment, Jentech Precision Industrial, Wiwynn, Realtek Semiconductor, Hon Hai Precision, Kaori Heat Treatment.</li>
</ul>


We analyzed the changes in short interest of TWSE Stocks as of Sep 5th. The aggregated short interest was USD25.8bn.
We tabulate league tables for top short by value and short as multiple of ADT, as well as weekly increases &amp; decreases in short value, short as multiple of ADT.
We highlight short interest changes in Jentech Precision Industrial, Wiwynn, Realtek Semiconductor, Hon Hai Precision, Kaori Heat Treatment, Jentech Precision Industrial, Wiwynn, Realtek Semiconductor, Hon Hai Precision, Kaori Heat Treatment.


TWSE Short Interest Weekly (Sep 5th): Jentech Precision Industrial, Wiwynn, Realtek Semiconductor

<ul>
<li>TSMC: 26.2% Premium; Historically Extreme Level to Open Fresh Short of the Spread</li>
<li>UMC: +1.0% Premium: Wait for More Extreme Level Before Going Long or Short</li>
<li>ASE: +2.7% Premium; Open Fresh Longs of ADR Spread Closer to Parity</li>
</ul>


TSMC: 26.2% Premium; Historically Extreme Level to Open Fresh Short of the Spread
UMC: +1.0% Premium: Wait for More Extreme Level Before Going Long or Short
ASE: +2.7% Premium; Open Fresh Longs of ADR Spread Closer to Parity


Taiwan Dual-Listings Monitor: TSMC Premium at Historically Extreme Level; ASE Bounces Off Parity

Taiwan

United Microelectronics Corporation designs, manufactures, and markets integrated circuits (ICs) and related electronic products.  The Company's main products are consumer electronic ICs, memory ICs, personal computer peripheral ICs, and communication ICs.

Price Gauge
52-week Range	0.00 - 0.00
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United Microelectronics Corp (2303 TT)

Taiwan Dual-Listings Monitor: TSMC Extreme Level; ASE Spread Hits Parity; ChipMOS Near Long Level

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

Vincent Fernando, CFA

Intel (INTC.US): Who Will Adopt Intel’s 14A Technology?

Intel's CFO plans to use TSMC long-term, as TSMC avoids competition with customers. The future adoption of Intel's 14A technology is uncertain.

Patrick Liao

TWSE Foreign Holding Weekly (Aug 29th): TSMC, Hon Hai Precision, Delta Electronics, Quanta Computer

We analyzed TWSE foreign holding data for the past week and highlighted foreign holding changes in TSMC (2330 TT), Hon Hai Precision (2317 TT),...

Ke Yan, CFA, FRM

TWSE Short Interest Weekly (Sep 5th): Jentech Precision Industrial, Wiwynn, Realtek Semiconductor

We analyzed TWSE short interest report for the past week and highlighted short interest changes in Jentech Precision Industrial (3653 TT), Wiwynn...

Ke Yan, CFA, FRM

Taiwan Dual-Listings Monitor: TSMC Premium at Historically Extreme Level; ASE Bounces Off Parity

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

Vincent Fernando, CFA

Price Gauge

52-week Range

Market Cap (USDm)

P/E

Dividend (Yield)

Taiwan Dual-Listings Monitor: TSMC Extreme Level; ASE Spread Hits Parity; ChipMOS Near Long Level

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

Vincent Fernando, CFA

Intel (INTC.US): Who Will Adopt Intel’s 14A Technology?

​Intel's CFO plans to use TSMC long-term, as TSMC avoids competition with customers. The future adoption of Intel's 14A technology is uncertain.

Patrick Liao

TWSE Foreign Holding Weekly (Aug 29th): TSMC, Hon Hai Precision, Delta Electronics, Quanta Computer

We analyzed TWSE foreign holding data for the past week and highlighted foreign holding changes in TSMC (2330 TT), Hon Hai Precision (2317 TT),...

Ke Yan, CFA, FRM

TWSE Short Interest Weekly (Sep 5th): Jentech Precision Industrial, Wiwynn, Realtek Semiconductor

We analyzed TWSE short interest report for the past week and highlighted short interest changes in Jentech Precision Industrial (3653 TT), Wiwynn...

Ke Yan, CFA, FRM

Taiwan Dual-Listings Monitor: TSMC Premium at Historically Extreme Level; ASE Bounces Off Parity

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

Vincent Fernando, CFA

Intel's CFO plans to use TSMC long-term, as TSMC avoids competition with customers. The future adoption of Intel's 14A technology is uncertain.