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: +14.1% Premium; Given Latest Market Weakness, Safest to Wait for a Slightly Lower Premium Before Going Long</li>
<li>ASE: -1.8% Discount; Good Level to Go Long the Spread</li>
<li>ChipMOS: -6.8% Discount: Long the Spread, Historical Extreme Discount Level</li>
</ul>


TSMC: +14.1% Premium; Given Latest Market Weakness, Safest to Wait for a Slightly Lower Premium Before Going Long
ASE: -1.8% Discount; Good Level to Go Long the Spread
ChipMOS: -6.8% Discount: Long the Spread, Historical Extreme Discount Level


Taiwan Dual-Listings Monitor: TSMC Trading Range Breakdown? ChipMOS Discount Rare Long Opportunity

<ul>
<li>TSMC: +18.5% Premium; Wait for Lower Premium Before Going Long</li>
<li>ASE: +0.2% Premium; Near-Parity Premium is Opportunity to Long the Spread</li>
<li>ChipMOS: -3% Discount; Rare Discount is Opportunity to Long the Spread</li>
</ul>


TSMC: +18.5% Premium; Wait for Lower Premium Before Going Long
ASE: +0.2% Premium; Near-Parity Premium is Opportunity to Long the Spread
ChipMOS: -3% Discount; Rare Discount is Opportunity to Long the Spread


Taiwan Dual-Listings Monitor: TSMC's Range Declining; ASE Near Parity; ChipMOS Rare Discount

<ul>
<li>TSMC: +17.2% Premium; Wait for Lower Levels Before Going Long</li>
<li>UMC: -1.9% Discount; Can Consider Going Long the Spread at Current Level</li>
<li>ASE: -0.6% Discount; Discount is Opportunity to Long the Spread</li>
</ul>


TSMC: +17.2% Premium; Wait for Lower Levels Before Going Long
UMC: -1.9% Discount; Can Consider Going Long the Spread at Current Level
ASE: -0.6% Discount; Discount is Opportunity to Long the Spread


Taiwan Dual-Listings Monitor: TSMC Spread Falls From Elevated Level; UMC & ASE Discount Opportunity

<ul>
<li>TSMC: +22.2% Premium; Wait for Higher Level Before Fresh Short of Spread</li>
<li>UMC: 0% Premium (Parity) -- Massive Increase in ADR Headroom</li>
<li>ChipMOS: +0.5% Premium; Wait for More Extreme Levels; Earnings Ahead</li>
</ul>


TSMC: +22.2% Premium; Wait for Higher Level Before Fresh Short of Spread
UMC: 0% Premium (Parity) -- Massive Increase in ADR Headroom
ChipMOS: +0.5% Premium; Wait for More Extreme Levels; Earnings Ahead


Taiwan Dual-Listings Monitor: TSMC Premium Eases Down; Massive Change in UMC Headroom

<ul>
<li>TSMC: +24.7% Premium; Can Consider Shorting the Spread At Current Level</li>
<li>ASE: +2.6% Premium; Wait for Closer to Parity Before Going Long Again</li>
<li>ChipMOS: +1.8% Premium; Can Continue to Consider Shorting at Current Level</li>
</ul>


TSMC: +24.7% Premium; Can Consider Shorting the Spread At Current Level
ASE: +2.6% Premium; Wait for Closer to Parity Before Going Long Again
ChipMOS: +1.8% Premium; Can Continue to Consider Shorting at Current Level


Taiwan Dual-Listings Monitor: TSMC Spread Back to Extremes; ChipMOS Still High

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
Market Cap (USDm)	0.00
P/E	0.00
Dividend (Yield)	0.00

United Microelectronics Corp (2303 TT)

Taiwan Dual-Listings Monitor: TSMC Trading Range Breakdown? ChipMOS Discount Rare Long Opportunity

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's Range Declining; ASE Near Parity; ChipMOS Rare Discount

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 Falls From Elevated Level; UMC & ASE Discount Opportunity

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 Eases Down; Massive Change in UMC Headroom

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 Back to Extremes; ChipMOS Still High

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)