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

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

<ul>
<li>TSMC: +25.8% Premium; Rebounded to High End of Range, Good Level to Open a Short of the ADR Spread</li>
<li>UMC: -2.2% Discount; Good Level to Open a Short of the ADR Spread</li>
<li>ASE: +3.2% Premium; Wait for More Extreme Level Before Going Long or Short</li>
</ul>


TSMC: +25.8% Premium; Rebounded to High End of Range, Good Level to Open a Short of the ADR Spread
UMC: -2.2% Discount; Good Level to Open a Short of the ADR Spread
ASE: +3.2% Premium; Wait for More Extreme Level Before Going Long or Short


Taiwan Dual-Listings Monitor: TSMC Spread Back in Extreme Range, 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: 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

Taiwan Dual-Listings Monitor: TSMC Spread Back in Extreme Range, 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: 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

Taiwan Dual-Listings Monitor: TSMC Spread Back in Extreme Range, 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...