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: +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

<ul>
<li>TSMC: +23.9% Premium; Fallen But Remains in Historically Extreme Territory</li>
<li>UMC: -3.6% Discount; Good Level to Go Long the ADR Spread</li>
<li>ASE: +0.3% Premium; Can Consider Going Long the Spread at Current Level</li>
</ul>


TSMC: +23.9% Premium; Fallen But Remains in Historically Extreme Territory
UMC: -3.6% Discount; Good Level to Go Long the ADR Spread
ASE: +0.3% Premium; Can Consider Going Long the Spread at Current Level


Taiwan Dual-Listings Monitor: TSMC Spread Down But Still Extreme; UMC Rare ADR Discount Level

<ul>
<li>TSMC: +28.4% Premium; Near-All-Time High, Good Level to Short the Spread</li>
<li>UMC: -0.4% Discount; Fifth Consecutive Month of Increase in ADR Headroom</li>
<li>CHT: -0.9% Discount; Good Level to Go Long the Spread</li>
</ul>


TSMC: +28.4% Premium; Near-All-Time High, Good Level to Short the Spread
UMC: -0.4% Discount; Fifth Consecutive Month of Increase in ADR Headroom
CHT: -0.9% Discount; Good Level to Go Long the Spread


Taiwan Dual-Listings Monitor: TSMC Premium Near All-Time Highs; CHT Rare Discount Level

<ul>
<li>TSMC: +21.1% Premium; Spread Has Fallen From Previous Short Levels, Remains Elevated</li>
<li>UMC: -0.3% Discount; Middle of the Historical Trading Range, Not Compelling</li>
<li>ChipMOS: -1.2% Discount; Wait for Deeper Discount Before Going Long</li>
</ul>


TSMC: +21.1% Premium; Spread Has Fallen From Previous Short Levels, Remains Elevated
UMC: -0.3% Discount; Middle of the Historical Trading Range, Not Compelling
ChipMOS: -1.2% Discount; Wait for Deeper Discount Before Going Long


Taiwan Dual-Listings Monitor: TSMC Spread Decline from Near Historical Highs; ChipMOS Discount

Taiwan

Chunghwa Telecom Co., Ltd. provides local, domestic, and international long distance services. The Company also offers wireless telecommunication, paging, and Internet services.

Price Gauge
52-week Range	0.00 - 0.00
Market Cap (USDm)	0.00
P/E	0.00
Dividend (Yield)	0.00

Chunghwa Telecom (2412 TT)

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

Taiwan Dual-Listings Monitor: TSMC Spread Down But Still Extreme; UMC Rare ADR Discount 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

Taiwan Dual-Listings Monitor: TSMC Premium Near All-Time Highs; CHT Rare Discount 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

Taiwan Dual-Listings Monitor: TSMC Spread Decline from Near Historical Highs; ChipMOS 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

Price Gauge

52-week Range

Market Cap (USDm)

P/E

Dividend (Yield)