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

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

<ul>
<li>TSMC: +22.1% Premium; Continue to View 24% or Higher as Level to Short From</li>
<li>UMC: +0.4% Premium; Results Coming... Wait for More Extreme Spread Levels</li>
<li>ASE: +0.4% Premium; Near Good Level to Go Long the ADR Spread</li>
</ul>


TSMC: +22.1% Premium; Continue to View 24% or Higher as Level to Short From
UMC: +0.4% Premium; Results Coming... Wait for More Extreme Spread Levels
ASE: +0.4% Premium; Near Good Level to Go Long the ADR Spread


Taiwan Dual-Listings Monitor: TSMC Spread Sinks Sharply; ASE Near Parity Again

<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

<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: +27.3% Premium; Opportunity to Set Up ADR Spread Short During Taiwan Session</li>
<li>UMC: +2.0% Premium; Wait for Slightly Higher Premium Before Opening Spread Short</li>
<li>ASE: +2.6% Premium; Wait for More Extreme Swing Before Going Long or Short</li>
</ul>


TSMC: +27.3% Premium; Opportunity to Set Up ADR Spread Short During Taiwan Session
UMC: +2.0% Premium; Wait for Slightly Higher Premium Before Opening Spread Short
ASE: +2.6% Premium; Wait for More Extreme Swing Before Going Long or Short


Taiwan Dual-Listings Monitor: TSMC Set Up Opportunity During Taiwan Sesssion Ahead of Results Today

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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52-week Range	0.00 - 0.00
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ChipMOS Technologies (IMOS US)

Taiwan Dual-Listings Monitor: TSMC Spread Sinks Sharply; ASE Near Parity Again

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 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: 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 Set Up Opportunity During Taiwan Sesssion Ahead of Results Today

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)

Taiwan Dual-Listings Monitor: TSMC Spread Sinks Sharply; ASE Near Parity Again

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 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: 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 Set Up Opportunity During Taiwan Sesssion Ahead of Results Today

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...