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: +16.1% Premium; Within Historical Range; Can Stay Long the Spread</li>
<li>UMC: +2.5% Premium; Within Historical Range; Short Spread if Increases Further</li>
<li>ASE: +2.2% Premium; Within Historical Range; No Active Trade Signal</li>
</ul>


TSMC: +16.1% Premium; Within Historical Range; Can Stay Long the Spread
UMC: +2.5% Premium; Within Historical Range; Short Spread if Increases Further
ASE: +2.2% Premium; Within Historical Range; No Active Trade Signal


Taiwan Dual-Listings Monitor: ADR Spreads Staged Major Reversion

Technical Analyst, Vermilion Research

Joe Jasper

Technical Analyst

Technical and Quantitative Research

Vermilion Research

Vermilion’s objective is to deliver timely, actionable, and unique technical research to professional investors through the application of our various technical indicators.

Our research strategists seek to highlight securities which we believe are at major inflection points, based on our various technical and quantitative indicators, and offer asymmetric risk/return profiles. Our unique research methodology, centered on relative strength, enables our strategists to deliver superior investment recommendations.

Our process begins by organizing the universe of actively traded stocks into discrete sectors, then into industry groups. We then apply our technical and quantitative tools to identify developing price trends. Once attractive trends are identified within a selected sector or group, we screen for individual stocks which we believe offer the best risk/reward profile. We provide a historical perspective that often reveals, through our long-term charts, how price patterns often repeat themselves over time.

Technical Analysis

As we head into Q4 earnings season we remain bullish on the broad market. Our bullish outlook is supported by the themes highlighted in this report.  In addition, we highlight attractive Groups and stocks within Discretionary and Technology: Casinos &amp; Gaming, Large-Cap, Semiconductors, Mid-Cap, Semiconductors, Small-Cap, Software, Design Solutions.

As we head into Q4 earnings season we remain bullish on the broad market. Our bullish outlook is supported by the themes highlighted in this report.  In addition, we highlight attractive Groups and stocks within Discretionary and Technology: Casinos &amp; Gaming, Large-Cap, Semiconductors, Mid-Cap, Semiconductors, Small-Cap, Software, Design Solutions.

U.S. Equity Strategy: Growth Surging Relative to Value

In today’s report we reiterate our bullish U.S. investment thesis, recap significant technical levels across indexes, and highlight attractive Groups and stocks within Health Care and Technology: Biotech, Mid-Cap, Biotech, Small-Cap, Semiconductors, Large-Cap, and Semiconductors, Mid-Cap..

In today’s report we reiterate our bullish U.S. investment thesis, recap significant technical levels across indexes, and highlight attractive Groups and stocks within Health Care and Technology: Biotech, Mid-Cap, Biotech, Small-Cap, Semiconductors, Large-Cap, and Semiconductors, Mid-Cap..

MSCI ACWI, STOXX 600 Breaking Out, Adding Fuel for Further U.S. Equity Market Rally

<ul>
<li>TSMC: +11.5% Premium; Taiwan Relative Bullishness is Opportunity to Long the ADR Spread</li>
<li>UMC: -3.7% Discount; Persisting Discount = Opportunity to Long the ADR Spread</li>
<li>ASE: -1.6% Discount; Persisting Below Zero... Another Opportunity Long the ADR Spread</li>
</ul>


TSMC: +11.5% Premium; Taiwan Relative Bullishness is Opportunity to Long the ADR Spread
UMC: -3.7% Discount; Persisting Discount = Opportunity to Long the ADR Spread
ASE: -1.6% Discount; Persisting Below Zero... Another Opportunity Long the ADR Spread


Taiwan Dual-Listings Monitor: Taiwan Domestic Investors' Relative Bullishness Is an Opportunity

Macro & Asian equity Technical Strategies, BBSP Asia

Federico D'Inca

Macro & Asian equity Technical Strategies

BBSP Asia

Uni President Enterprises / Technical Analysis

Mid-Term Country Allocation (Tactical view) in terms of Relative Value vs MXAPWhat's new from last week • Taiwan (TWSE) and India (NIFTY) underperformed our benchmark (MXAP). Taiwan rating has already been downgraded from last week. India is now joining through a tactical downgrade from “Increase exposure” to “hold”. Therefore both countries are not the best pick (for now) within our global indices and long-term bullish scenario. • Outperformance of Japan (Nikkei), Korea (Kospi) in progress and HK…

Mid-Term Country Allocation (Tactical view) in terms of Relative Value vs MXAPWhat's new from last week • Taiwan (TWSE) and India (NIFTY) underperformed our benchmark (MXAP). Taiwan rating has already been downgraded from last week. India is now joining through a tactical downgrade from “Increase exposure” to “hold”. Therefore both countries are not the best pick (for now) within our global indices and long-term bullish scenario. • Outperformance of Japan (Nikkei), Korea (Kospi) in progress and HK…

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
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ASE Technology Holding (ASX US)

Taiwan Dual-Listings Monitor: ADR Spreads Staged Major Reversion

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

Vincent Fernando, CFA

U.S. Equity Strategy: Growth Surging Relative to Value

As we head into Q4 earnings season we remain bullish on the broad market. Our bullish outlook is supported by the themes highlighted in this...

Vermilion Research

MSCI ACWI, STOXX 600 Breaking Out, Adding Fuel for Further U.S. Equity Market Rally

In today’s report we reiterate our bullish U.S. investment thesis, recap significant technical levels across indexes, and highlight attractive...

Vermilion Research

Taiwan Dual-Listings Monitor: Taiwan Domestic Investors' Relative Bullishness Is an 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

BBSP Single Stock Asia Weekly

Mid-Term Country Allocation (Tactical view) in terms of Relative Value vs MXAPWhat's new from last week• Taiwan (TWSE) and India (NIFTY)...

BBSP Asia

Price Gauge

52-week Range

Market Cap (USDm)

P/E

Dividend (Yield)