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: +24.7% 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 Tech Focused Senior Analyst

Patrick Liao

Novatek Microelectronics Corp / Equity Bottom-Up

<ul>
<li>US-China trade war has led to tariff uncertainties. China's subsidy program has stimulated pre-purchasing by customers in 1Q25, resulting in increased demand for televisions, tablets, phones, and IT products. </li>
<li>All three major product lines have shown seasonal growth. which LDDI has shown the largest growth, SoC follows closely, and SMDDI has lower growth.</li>
<li>DeepSeek will accelerate the implementation and popularization of AI applications, benefiting the company.</li>
</ul>


US-China trade war has led to tariff uncertainties. China's subsidy program has stimulated pre-purchasing by customers in 1Q25, resulting in increased demand for televisions, tablets, phones, and IT products. 
All three major product lines have shown seasonal growth. which LDDI has shown the largest growth, SoC follows closely, and SMDDI has lower growth.
DeepSeek will accelerate the implementation and popularization of AI applications, benefiting the company.


Novatek (3034.TT): The Outlook 1Q25 Is Showing Surprising Upside Due to the China Subsidy Program.

<ul>
<li>TSMC Expands 2nm &amp; Advanced Packaging in Taiwan, Advances 1nm "GIGAFAB" in the South -- Despite U.S. Tariff Risks</li>
<li>Japan's Semiconductor Gamble: Can Rapidus Challenge TSMC? -- Maintain Structural Long for TSMC.</li>
<li>Apple Supply Chain Monitor -- Why Zhen Ding and Kinsus Interconnect Could Be in a Favorable Position Relative to Apple's AI Trajectory</li>
</ul>


TSMC Expands 2nm &amp; Advanced Packaging in Taiwan, Advances 1nm "GIGAFAB" in the South -- Despite U.S. Tariff Risks
Japan's Semiconductor Gamble: Can Rapidus Challenge TSMC? -- Maintain Structural Long for TSMC.
Apple Supply Chain Monitor -- Why Zhen Ding and Kinsus Interconnect Could Be in a Favorable Position Relative to Apple's AI Trajectory


Taiwan Tech Weekly: TSMC's Massive New 1nm GIGAFAB in Development; Can Japan Build the Next TSMC?

<ul>
<li>TSMC: +20.8% Premium; Wait for More Extreme Level vs. Relative Range; Comments from Morris Chang on Premium</li>
<li>ASE: +0.5% Premium; Good Level to Go Long the Premium</li>
<li>ChipMOS: 1.9% Premium; Can Consider Shorting Premium at Current Level</li>
</ul>


TSMC: +20.8% Premium; Wait for More Extreme Level vs. Relative Range; Comments from Morris Chang on Premium
ASE: +0.5% Premium; Good Level to Go Long the Premium
ChipMOS: 1.9% Premium; Can Consider Shorting Premium at Current Level


Taiwan Dual-Listings Monitor: TSMC Rebounds to Strong Premium; ASE Near Parity

<ul>
<li>TSMC: 10.8% Premium; Taiwanese Investors Likely to Be Less Shocked by DeepSeek News?</li>
<li>UMC: -7.3% Discount; The Latest Extreme Discount Cannot Be Sustained</li>
<li>ASE: -10.2% Discount; This Extreme Discount Also Cannot Be Sustained</li>
</ul>


TSMC: 10.8% Premium; Taiwanese Investors Likely to Be Less Shocked by DeepSeek News?
UMC: -7.3% Discount; The Latest Extreme Discount Cannot Be Sustained
ASE: -10.2% Discount; This Extreme Discount Also Cannot Be Sustained


Taiwan Dual-Listings Monitor: Dramatic Spreads Open Up After DeepSeek Rout & Taiwan Market Closure

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 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

Novatek (3034.TT): The Outlook 1Q25 Is Showing Surprising Upside Due to the China Subsidy Program.

US-China trade war sparks tariff uncertainties, leading to increased demand for tech products in 1Q25. LDDI sees largest growth, SoC follows,...

Patrick Liao

Taiwan Tech Weekly: TSMC's Massive New 1nm GIGAFAB in Development; Can Japan Build the Next TSMC?

TSMC expands in Taiwan and advances in South despite U.S. tariff risks, Japan's Rapidus challenges TSMC, Zhen Ding and Kinsus in favorable...

Vincent Fernando, CFA

Taiwan Dual-Listings Monitor: TSMC Rebounds to Strong Premium; ASE Near 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

Taiwan Dual-Listings Monitor: Dramatic Spreads Open Up After DeepSeek Rout & Taiwan Market Closure

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 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

Novatek (3034.TT): The Outlook 1Q25 Is Showing Surprising Upside Due to the China Subsidy Program.

​US-China trade war sparks tariff uncertainties, leading to increased demand for tech products in 1Q25. LDDI sees largest growth, SoC follows,...

Patrick Liao

Taiwan Tech Weekly: TSMC's Massive New 1nm GIGAFAB in Development; Can Japan Build the Next TSMC?

​TSMC expands in Taiwan and advances in South despite U.S. tariff risks, Japan's Rapidus challenges TSMC, Zhen Ding and Kinsus in favorable...

Vincent Fernando, CFA

Taiwan Dual-Listings Monitor: TSMC Rebounds to Strong Premium; ASE Near 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

Taiwan Dual-Listings Monitor: Dramatic Spreads Open Up After DeepSeek Rout & Taiwan Market Closure

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

Vincent Fernando, CFA

US-China trade war sparks tariff uncertainties, leading to increased demand for tech products in 1Q25. LDDI sees largest growth, SoC follows,...

TSMC expands in Taiwan and advances in South despite U.S. tariff risks, Japan's Rapidus challenges TSMC, Zhen Ding and Kinsus in favorable...