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

Independent research on the U.S. markets, Baptista Research

Baptista Research

Independent research on the U.S. markets

Baptista Research is an independent financial research house focused on the U.S. markets. We provide equity research as well as credit research reports on the top-listed U.S. companies with most of our focus on technology, consumer goods and services, automobiles, industrials, oil and gas, pharma, and healthcare. Our research has served more than 3000 institutional investors including mutual funds, hedge funds, banks, family offices, and various buy-side firms. We operate a research subscription service where institutions, as well as retail investors, can have priority access to all our research. We also have a wide distribution of our research reports across some of the top global financial platforms. Apart from equity research and credit research, we also provide advisory services with respect to mergers & acquisitions (M&A), private equity/ venture capital fundraising, valuation reports, and investment management services for corporates.
Baptista Research is owned and managed by Ishan Majumdar, an ex-Venture Capitalist/ Investment Banker, a Chartered Accountant, and a Masters’ degree holder in Management from HEC Paris. Ishan has nearly a decade of experience in Mergers and Acquisitions, Leveraged Buyouts (LBOs), Venture Capital Investing, Corporate Strategy, and Valuation in front-office roles at the likes of BNP Paribas CIB, Credit Agricole CIB, Groupe Danone, and TIW Private Equity. He has worked on and closed multiple acquisition deals, leveraged buyouts, and start-up investment transactions.

<ul>
<li>ASE Technology Holding Co., Ltd. delivered a robust performance in the second quarter of 2025, with advancements in several key business segments contributing to the company's overall growth.</li>
<li>The company reported an unconsolidated revenue increase of 9% year-over-year and 2% on a sequential basis, expressed in new Taiwan dollars.</li>
<li>On a U.S. dollar basis, revenues grew by 7% sequentially and 11% annually.</li>
</ul>


ASE Technology Holding Co., Ltd. delivered a robust performance in the second quarter of 2025, with advancements in several key business segments contributing to the company's overall growth.
The company reported an unconsolidated revenue increase of 9% year-over-year and 2% on a sequential basis, expressed in new Taiwan dollars.
On a U.S. dollar basis, revenues grew by 7% sequentially and 11% annually.


ASE Technology: Expanding Globally & Tackling Geopolitical Risks & Power AI Innovation!

TSMC (Taiwan Semiconductor Manufacturing) - ADR / Equity Bottom-Up

TSMC (Taiwan Semiconductor Manufacturing) - ADR

<ul>
<li>TSMC: +26.3% Premium; Near Record High After U.S. 4th of July Holiday</li>
<li>UMC: +4.7% Premium; One of the Highest Levels in History -- Short</li>
<li>ASE: +4.6% Premium; Wait for More Extreme Level Before Going Long or Short</li>
</ul>


TSMC: +26.3% Premium; Near Record High After U.S. 4th of July Holiday
UMC: +4.7% Premium; One of the Highest Levels in History -- Short
ASE: +4.6% Premium; Wait for More Extreme Level Before Going Long or Short


Taiwan Dual-Listings Monitor: Spreads Near Record Highs After U.S. Market Holiday

<ul>
<li>TSMC: +15.9% Premium; Sales Rose 33% YoY in August &amp; Headroom Increased</li>
<li>UMC: +1.8% Premium; Largest Monthly Decrease in ADR Headroom, Has Consistently Been Decreasing Since May</li>
<li>ASE: +2.0% Premium; At Current Level Can Consider Going Long the Premium</li>
</ul>


TSMC: +15.9% Premium; Sales Rose 33% YoY in August &amp; Headroom Increased
UMC: +1.8% Premium; Largest Monthly Decrease in ADR Headroom, Has Consistently Been Decreasing Since May
ASE: +2.0% Premium; At Current Level Can Consider Going Long the Premium


Taiwan Dual-Listings Monitor: TSMC 33% Growth, UMC Headroom Decrease, ASE Historically Low Premium

<ul>
<li>TSMC: +27.1% Premium; Increased to More Historically Extreme Level; Deeper in Short Range</li>
<li>UMC: +2.3% Premium; Good Level to Open a Short of The Spread</li>
<li>ASE: +2.3% Premium; Wait Better Long Opportunity Near Parity or Below</li>
</ul>


TSMC: +27.1% Premium; Increased to More Historically Extreme Level; Deeper in Short Range
UMC: +2.3% Premium; Good Level to Open a Short of The Spread
ASE: +2.3% Premium; Wait Better Long Opportunity Near Parity or Below


Taiwan Dual-Listings Monitor: TSMC ADR Spread Deeper in Historically Rare Zone

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
Market Cap (USDm)	0.00
P/E	0.00
Dividend (Yield)	0.00

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

ASE Technology: Expanding Globally & Tackling Geopolitical Risks & Power AI Innovation!

The company reported an unconsolidated revenue increase of 9% year-over-year and 2% on a sequential basis, expressed in new Taiwan dollars.

Baptista Research

Taiwan Dual-Listings Monitor: Spreads Near Record Highs After U.S. Market Holiday

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 33% Growth, UMC Headroom Decrease, ASE Historically Low Premium

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 Spread Deeper in Historically Rare Zone

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

ASE Technology: Expanding Globally & Tackling Geopolitical Risks & Power AI Innovation!

The company reported an unconsolidated revenue increase of 9% year-over-year and 2% on a sequential basis, expressed in new Taiwan dollars.

Baptista Research

Taiwan Dual-Listings Monitor: Spreads Near Record Highs After U.S. Market Holiday

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 33% Growth, UMC Headroom Decrease, ASE Historically Low Premium

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 Spread Deeper in Historically Rare Zone

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.