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

ASE Technology Holding   / Equity Bottom-Up

<ul>
<li>Defining themes: Packaging, edge AI, and silicon photonics dominate SEMICON Taiwan 2025</li>
<li>Global heavyweights Applied Materials, Lam, and TEL anchor this year’s industry sponsorship</li>
<li>Taiwan’s next tier -- Zhen Ding, ASE, Advantech, ASPEED, Egis -- showcase critical AI enablers beyond TSMC</li>
</ul>


Defining themes: Packaging, edge AI, and silicon photonics dominate SEMICON Taiwan 2025
Global heavyweights Applied Materials, Lam, and TEL anchor this year’s industry sponsorship
Taiwan’s next tier -- Zhen Ding, ASE, Advantech, ASPEED, Egis -- showcase critical AI enablers beyond TSMC


From AI Packaging to AI Edge: Listed Names to Watch at SEMICON Taiwan 2025 Starting Today

TSMC (Taiwan Semiconductor Manufacturing) / Equity Bottom-Up

TSMC (Taiwan Semiconductor Manufacturing) (TSM US)

TSMC (Taiwan Semiconductor Manufacturing)

<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

<ul>
<li>TSMC: +21.8% Premium; Wait for Higher Premium Before Fresh Short of the Spread</li>
<li>UMC: -0.6% Discount; Wait for More Extreme ADR Spread Level</li>
<li>ASE: +0.4% Premium; Good Level to Go Long the ADR Spread</li>
</ul>


TSMC: +21.8% Premium; Wait for Higher Premium Before Fresh Short of the Spread
UMC: -0.6% Discount; Wait for More Extreme ADR Spread Level
ASE: +0.4% Premium; Good Level to Go Long the ADR Spread


Taiwan Dual-Listings Monitor: TSMC Premium Remains Elevated; ASE Drops Down to Near Parity

<ul>
<li>TSMC: +25.6% Premium: Latest Spike is Opportunity to Short the ADR Spread</li>
<li>UMC: +2.0% Premium; Near Level to Go Short the ADR Spread</li>
<li>ASE: +5.1% Premium; Good Level to Take Profits on Previous Long Since Parity</li>
</ul>


TSMC: +25.6% Premium: Latest Spike is Opportunity to Short the ADR Spread
UMC: +2.0% Premium; Near Level to Go Short the ADR Spread
ASE: +5.1% Premium; Good Level to Take Profits on Previous Long Since Parity


Taiwan Dual-Listings Monitor: TSMC Premium Spike Opportunity; ASE Hard Bounce to Prem from Discount

<ul>
<li>TSMC: +21.5% Premium; Historically High Short Interest in the Local Begins to Drop?</li>
<li>ASE: -0.4% Discount; Opportunity to Go Long the ADR Premium</li>
<li>UMC: +0.2% Premium; Wait for More Extreme Levels Before Going Long or Short the Spread</li>
</ul>


TSMC: +21.5% Premium; Historically High Short Interest in the Local Begins to Drop?
ASE: -0.4% Discount; Opportunity to Go Long the ADR Premium
UMC: +0.2% Premium; Wait for More Extreme Levels Before Going Long or Short the Spread


Taiwan Dual-Listings Monitor: TSMC ADR Premium Sees Small Breakdown; ASE Discount Long Opportunity

Taiwan

ASE Technology Holding Co., Ltd. offers assembly and testing services. The Company provides outsourced assembly, semiconductor testing, semiconductor packaging, and other related services. ASE Technology Holding operates in Taiwan.

Price Gauge
52-week Range	0.00 - 0.00
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ASE Technology Holding (ASX US)

From AI Packaging to AI Edge: Listed Names to Watch at SEMICON Taiwan 2025 Starting Today

Key themes and major industry sponsors at SEMICON Taiwan, with a focus on six lesser-known Taiwan companies showcasing new AI technology.

Vincent Fernando, CFA

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

Taiwan Dual-Listings Monitor: TSMC Premium Remains Elevated; ASE Drops Down to 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: TSMC Premium Spike Opportunity; ASE Hard Bounce to Prem from 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 ADR Premium Sees Small Breakdown; ASE Discount 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

Price Gauge

52-week Range

Market Cap (USDm)

P/E

Dividend (Yield)

From AI Packaging to AI Edge: Listed Names to Watch at SEMICON Taiwan 2025 Starting Today

​Key themes and major industry sponsors at SEMICON Taiwan, with a focus on six lesser-known Taiwan companies showcasing new AI technology.

Vincent Fernando, CFA

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

Taiwan Dual-Listings Monitor: TSMC Premium Remains Elevated; ASE Drops Down to 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: TSMC Premium Spike Opportunity; ASE Hard Bounce to Prem from 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 ADR Premium Sees Small Breakdown; ASE Discount 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

Key themes and major industry sponsors at SEMICON Taiwan, with a focus on six lesser-known Taiwan companies showcasing new AI technology.