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

<ul>
<li>ChipMOS Revenue Growth for the 2024, but a Weak Fourth Quarter; Gross Margin Hammered</li>
<li>ChipMOS Sees Relative Weakness in Displays, Smartphones / Areas of Strength: Automotive and OLED</li>
<li>Underperform Rating -- Falling Utilization and Conservative Capex Signal OSAT Industry Challenges</li>
</ul>


ChipMOS Revenue Growth for the 2024, but a Weak Fourth Quarter; Gross Margin Hammered
ChipMOS Sees Relative Weakness in Displays, Smartphones / Areas of Strength: Automotive and OLED
Underperform Rating -- Falling Utilization and Conservative Capex Signal OSAT Industry Challenges


ChipMOS Results Shows Signs of a Shifting Semiconductor Market; Precarious Multiples: Underperform

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

<ul>
<li>TSMC: +21.5% Premium; Consider Shorting ADR Spread at Current Level</li>
<li>UMC: +2.3% Premium; Can Consider Shorting ADR Premium at Current Level</li>
<li>ASE: +3.8% Premium; Wait for More Extreme Premium Before Going Long or Short the Spread</li>
</ul>


TSMC: +21.5% Premium; Consider Shorting ADR Spread at Current Level
UMC: +2.3% Premium; Can Consider Shorting ADR Premium at Current Level
ASE: +3.8% Premium; Wait for More Extreme Premium Before Going Long or Short the Spread


Taiwan Dual-Listings Monitor: TSMC Spread Remains at Historically Extreme Level; UMC Breaks Higher

<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: +23.4% Premium; Consider Shorting ADR Spread at Current Level</li>
<li>UMC: 1.5% Premium; Wait for More Extreme Premium Before Going Short the Spread</li>
<li>ASE: +4.4% Premium; Wait for Higher Premium Before Going Short</li>
</ul>


TSMC: +23.4% Premium; Consider Shorting ADR Spread at Current Level
UMC: 1.5% Premium; Wait for More Extreme Premium Before Going Short the Spread
ASE: +4.4% Premium; Wait for Higher Premium Before Going Short


Taiwan Dual-Listings Monitor: TSMC Premium Break Out Is at Historically High End of Range

<ul>
<li>TSMC: +22% Premium; Consider Shorting ADR Spread at Current Level</li>
<li>UMC: -1.4% Discount; Wait for More Extreme Discount Before Going Long the Spread</li>
<li>CHT: +0.9% Premium; Can Consider Shorting the Premium at This Level or Higher</li>
</ul>


TSMC: +22% Premium; Consider Shorting ADR Spread at Current Level
UMC: -1.4% Discount; Wait for More Extreme Discount Before Going Long the Spread
CHT: +0.9% Premium; Can Consider Shorting the Premium at This Level or Higher


Taiwan Dual-Listings Monitor: TSMC Premium Rises Further, to Short Level; UMC Discount

Taiwan

ChipMOS TECHNOLOGIES INC. offers semiconductor testing and packaging solutions to companies, integrated device manufacturers, and foundries. The Company provides a broad range of back-end testing services for high density memory, mixed-signal and liquid crystal display.

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ChipMOS Technologies (IMOS US)

ChipMOS Results Shows Signs of a Shifting Semiconductor Market; Precarious Multiples: Underperform

ChipMOS struggled in the fourth quarter. Automotive and OLED sectors show strength, but falling margins and the stock's precarious valuation...

Vincent Fernando, CFA

Taiwan Dual-Listings Monitor: TSMC Spread Remains at Historically Extreme Level; UMC Breaks Higher

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 Premium Break Out Is at Historically High End of Range

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 Rises Further, to Short Level; UMC 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)

ChipMOS Results Shows Signs of a Shifting Semiconductor Market; Precarious Multiples: Underperform

​ChipMOS struggled in the fourth quarter. Automotive and OLED sectors show strength, but falling margins and the stock's precarious valuation...

Vincent Fernando, CFA

Taiwan Dual-Listings Monitor: TSMC Spread Remains at Historically Extreme Level; UMC Breaks Higher

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 Premium Break Out Is at Historically High End of Range

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 Rises Further, to Short Level; UMC 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

ChipMOS struggled in the fourth quarter. Automotive and OLED sectors show strength, but falling margins and the stock's precarious valuation...