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: +19.5% Premium; Short Interest in ADRs Jumps to New Highs; Open Fresh Short of Spread at 20% or Higher</li>
<li>
ASE: +3.8% Premium; Wait for Higher Premium Before Opening New Short</li>
<li>
CHT: -1.0% Discount; Consider Going Long the Spread; ADR Short Interest Rises to New Highs</li>
</ul>



TSMC: +19.5% Premium; Short Interest in ADRs Jumps to New Highs; Open Fresh Short of Spread at 20% or Higher

ASE: +3.8% Premium; Wait for Higher Premium Before Opening New Short

CHT: -1.0% Discount; Consider Going Long the Spread; ADR Short Interest Rises to New Highs


Taiwan Dual-Listings Monitor: TSMC ADR Short Interest New Highs; Chunghwa Telecom Short Spike

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 short interest of TWSE Stocks as of Apr 25th which has an aggregated short interest worth USD19.5bn.</li>
<li>We tabulate league table 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 Nanya Technology, Pharmaessentia, Micro-Star International.</li>
</ul>


We analyzed the changes in short interest of TWSE Stocks as of Apr 25th which has an aggregated short interest worth USD19.5bn.
We tabulate league table 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 Nanya Technology, Pharmaessentia, Micro-Star International.


TWSE Short Interest Weekly (Apr 25th): Nanya Technology, Pharmaessentia, MSI

United Microelectron Sp Adr / Equity Bottom-Up

<ul>
<li>
UMC guides for 2Q25 rebound, expecting 5–7% QoQ wafer shipment growth and margin recovery to ~30%, though 2H25 visibility remains low due to tariff and inventory uncertainty.</li>
<li>
<a href="https://www.smartkarma.com/entities/intel-corp" target="_blank" data-smartkarma-citation="entities:16764:1" rel="noopener">Intel Corp (INTC US)</a> 12nm project progressing; Initial client orders planned for 2026E, with management leaving the door open to future partnerships—including rumored <a href="https://www.smartkarma.com/entities/globalfoundries-inc" target="_blank" data-smartkarma-citation="entities:34513:1" rel="noopener">GLOBALFOUNDRIES (GFS US)</a> collaboration—amid strategic diversification efforts.</li>
<li>
Tariff-Driven pull-forward of orders IS happening but impact reportedly limited so far, with UMC noting mixed customer behavior; near-term demand strength appears broad-based. We have a Neutral rating for UMC.</li>
</ul>



UMC guides for 2Q25 rebound, expecting 5–7% QoQ wafer shipment growth and margin recovery to ~30%, though 2H25 visibility remains low due to tariff and inventory uncertainty.

Intel Corp (INTC US) 12nm project progressing; Initial client orders planned for 2026E, with management leaving the door open to future partnerships—including rumored GLOBALFOUNDRIES (GFS US) collaboration—amid strategic diversification efforts.

Tariff-Driven pull-forward of orders IS happening but impact reportedly limited so far, with UMC noting mixed customer behavior; near-term demand strength appears broad-based. We have a Neutral rating for UMC.


UMC Sees Broad Rebound in Demand Ahead But Is Demand Being Pulled Forward by Tariffs?

<ul>
<li>We analyzed the changes in short interest of TWSE Stocks as of Apr 18th which has an aggregated short interest worth USD19.1bn.</li>
<li>We tabulate league table 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 Yang Ming Marine, Hon Hai Precision, Global Unichip, Unimicron Technology.</li>
</ul>


We analyzed the changes in short interest of TWSE Stocks as of Apr 18th which has an aggregated short interest worth USD19.1bn.
We tabulate league table 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 Yang Ming Marine, Hon Hai Precision, Global Unichip, Unimicron Technology.


TWSE Short Interest Weekly (Apr 18th): Yang Ming Marine, Hon Hai Precision, Global Unichip

<ul>
<li>We analyzed the changes in foreign holdings of TWSE Stocks as of Apr 18th which has an aggregated holding worth USD815.1bn.</li>
<li>We estimate that foreign flows to be outflows of USD2,916mln. We tabulate the league table 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 SCSB, TSMC, Evergreen Marine, Quanta Computer, Hon Hai Precision.</li>
</ul>


We analyzed the changes in foreign holdings of TWSE Stocks as of Apr 18th which has an aggregated holding worth USD815.1bn.
We estimate that foreign flows to be outflows of USD2,916mln. We tabulate the league table for top changes by value for 1W/4W/1Y and top stocks held by foreign institutions.
We highlight changes of foreign holdings in SCSB, TSMC, Evergreen Marine, Quanta Computer, Hon Hai Precision.


TWSE Foreign Holding Weekly (Apr 18th): SCSB, TSMC, Evergreen Marine, Quanta Computer

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.

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United Microelectronics Corp (2303 TT)

Taiwan Dual-Listings Monitor: TSMC ADR Short Interest New Highs; Chunghwa Telecom Short Spike

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 Short Interest Weekly (Apr 25th): Nanya Technology, Pharmaessentia, MSI

We analyzed TWSE short interest report for the past week and highlighted short interest changes in Nanya Technology, Pharmaessentia, Micro-Star...

Ke Yan, CFA, FRM

UMC Sees Broad Rebound in Demand Ahead But Is Demand Being Pulled Forward by Tariffs?

UMC expects 2Q25 rebound with wafer shipment growth and margin recovery, but 2H25 visibility remains low due to tariff and inventory uncertainty.

Vincent Fernando, CFA

TWSE Short Interest Weekly (Apr 18th): Yang Ming Marine, Hon Hai Precision, Global Unichip

We analyzed TWSE short interest report for the past week and highlighted short interest changes in Yang Ming Marine, Hon Hai Precision, Global...

Ke Yan, CFA, FRM

TWSE Foreign Holding Weekly (Apr 18th): SCSB, TSMC, Evergreen Marine, Quanta Computer

We analyzed TWSE foreign holding data for the past week and highlighted foreign holding changes in SCSB, TSMC, Evergreen Marine, Quanta Computer,...

Ke Yan, CFA, FRM

Price Gauge

52-week Range

Market Cap (USDm)

P/E

Dividend (Yield)

Taiwan Dual-Listings Monitor: TSMC ADR Short Interest New Highs; Chunghwa Telecom Short Spike

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 Short Interest Weekly (Apr 25th): Nanya Technology, Pharmaessentia, MSI

We analyzed TWSE short interest report for the past week and highlighted short interest changes in Nanya Technology, Pharmaessentia, Micro-Star...

Ke Yan, CFA, FRM

UMC Sees Broad Rebound in Demand Ahead But Is Demand Being Pulled Forward by Tariffs?

​UMC expects 2Q25 rebound with wafer shipment growth and margin recovery, but 2H25 visibility remains low due to tariff and inventory uncertainty.

Vincent Fernando, CFA

TWSE Short Interest Weekly (Apr 18th): Yang Ming Marine, Hon Hai Precision, Global Unichip

We analyzed TWSE short interest report for the past week and highlighted short interest changes in Yang Ming Marine, Hon Hai Precision, Global...

Ke Yan, CFA, FRM

TWSE Foreign Holding Weekly (Apr 18th): SCSB, TSMC, Evergreen Marine, Quanta Computer

We analyzed TWSE foreign holding data for the past week and highlighted foreign holding changes in SCSB, TSMC, Evergreen Marine, Quanta Computer,...

Ke Yan, CFA, FRM

UMC expects 2Q25 rebound with wafer shipment growth and margin recovery, but 2H25 visibility remains low due to tariff and inventory uncertainty.