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) / Equity Bottom-Up

TSMC (Taiwan Semiconductor Manufacturing) (TSM US)

TSMC (Taiwan Semiconductor Manufacturing)

<ul>
<li>TSMC: +19.2% Premium; Rebounded from Previous Lows, Consider Shorting ADR Spread at 20% or Higher</li>
<li>ASE: +6.0% Premium; Near Level to Go Short the ADR Spread</li>
<li>ChipMOS: +3.4% Premium; Good Level to Short the ADR Spread</li>
</ul>


TSMC: +19.2% Premium; Rebounded from Previous Lows, Consider Shorting ADR Spread at 20% or Higher
ASE: +6.0% Premium; Near Level to Go Short the ADR Spread
ChipMOS: +3.4% Premium; Good Level to Short the ADR Spread


Taiwan Dual-Listings Monitor: TSMC Spread Rebounds Back to Recent Highs; ChipMOS Premium at Extreme

<ul>
<li>
TSMC: +12.7% Premium; Consider Going Long the ADR Spread; Short Interest in Local Shares Approaching Highs</li>
<li>
ASE: +2.0% Premium; Continue to Wait for Near-Parity Before Going Long</li>
<li>
CHT: -0.8% Discount; Wait for More Extreme Level; Short Interest Continues to Spike in ADR</li>
</ul>



TSMC: +12.7% Premium; Consider Going Long the ADR Spread; Short Interest in Local Shares Approaching Highs

ASE: +2.0% Premium; Continue to Wait for Near-Parity Before Going Long

CHT: -0.8% Discount; Wait for More Extreme Level; Short Interest Continues to Spike in ADR


Taiwan Dual-Listings Monitor: TSMC Local Short Interest Approaching Highs; ASE Close to Parity

<ul>
<li>
TSMC: +15% Premium; Trading Near Level to Go Long the ADR Spread</li>
<li>
UMC: -1.8% Discount; Also Near a Level to Go Long the Spread</li>
<li>
CHT: -2.2% Discount; Good Level to Go Long the Spread</li>
</ul>



TSMC: +15% Premium; Trading Near Level to Go Long the ADR Spread

UMC: -1.8% Discount; Also Near a Level to Go Long the Spread

CHT: -2.2% Discount; Good Level to Go Long the Spread


Taiwan Dual-Listings Monitor: Market Volatility Has Opened Up Multiple Spread Trading Levels

ASE Technology Holding   / Equity Bottom-Up

<ul>
<li>
ASE slightly missed 1Q25 profit expectations; operating margin slipped slightly due to seasonal ATM softness and higher opex from LEAP and test investments.</li>
<li>
LEAP advanced packaging and AI test continue to scale; but still make up only ~6% of revenue; ASE's exposure to vulnerable mature/legacy chip end-applications remains too high.</li>
<li>
We rate ASE Neutral, vulnerable to global slowdown; citing macro opacity, tariff-related pull-ins, and a non-cheap valuation relative to 2H25 growth uncertainty and risks of a market de-rating.</li>
</ul>



ASE slightly missed 1Q25 profit expectations; operating margin slipped slightly due to seasonal ATM softness and higher opex from LEAP and test investments.

LEAP advanced packaging and AI test continue to scale; but still make up only ~6% of revenue; ASE's exposure to vulnerable mature/legacy chip end-applications remains too high.

We rate ASE Neutral, vulnerable to global slowdown; citing macro opacity, tariff-related pull-ins, and a non-cheap valuation relative to 2H25 growth uncertainty and risks of a market de-rating.


ASE Technology: Demand Pull-Ins and Tariff Fears Create an Uneven Outlook for Backend Services

<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

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.

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ASE Technology Holding (ASX US)

Taiwan Dual-Listings Monitor: TSMC Spread Rebounds Back to Recent Highs; ChipMOS Premium at Extreme

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 Local Short Interest Approaching Highs; ASE Close to 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: Market Volatility Has Opened Up Multiple Spread Trading Levels

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

Vincent Fernando, CFA

ASE Technology: Demand Pull-Ins and Tariff Fears Create an Uneven Outlook for Backend Services

We rate ASE Neutral due to global slowdown risks, non-cheap valuation, and insufficient near-term exposure to AI/advanced packaging drivers.

Vincent Fernando, CFA

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

Price Gauge

52-week Range

Market Cap (USDm)

P/E

Dividend (Yield)