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: +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

<ul>
<li>TSMC: +19.2% Premium; Rebounded from Previous Lows, Consider Shorting ADR Spread at 20% or Higher</li>
<li>ASE: +6.0% Premium; Near Level to Go Short the ADR Spread</li>
<li>ChipMOS: +3.4% Premium; Good Level to Short the ADR Spread</li>
</ul>


TSMC: +19.2% Premium; Rebounded from Previous Lows, Consider Shorting ADR Spread at 20% or Higher
ASE: +6.0% Premium; Near Level to Go Short the ADR Spread
ChipMOS: +3.4% Premium; Good Level to Short the ADR Spread


Taiwan Dual-Listings Monitor: TSMC Spread Rebounds Back to Recent Highs; ChipMOS Premium at Extreme

<ul>
<li>
TSMC: +12.7% Premium; Consider Going Long the ADR Spread; Short Interest in Local Shares Approaching Highs</li>
<li>
ASE: +2.0% Premium; Continue to Wait for Near-Parity Before Going Long</li>
<li>
CHT: -0.8% Discount; Wait for More Extreme Level; Short Interest Continues to Spike in ADR</li>
</ul>



TSMC: +12.7% Premium; Consider Going Long the ADR Spread; Short Interest in Local Shares Approaching Highs

ASE: +2.0% Premium; Continue to Wait for Near-Parity Before Going Long

CHT: -0.8% Discount; Wait for More Extreme Level; Short Interest Continues to Spike in ADR


Taiwan Dual-Listings Monitor: TSMC Local Short Interest Approaching Highs; ASE Close to Parity

<ul>
<li>
TSMC: +15% Premium; Trading Near Level to Go Long the ADR Spread</li>
<li>
UMC: -1.8% Discount; Also Near a Level to Go Long the Spread</li>
<li>
CHT: -2.2% Discount; Good Level to Go Long the Spread</li>
</ul>



TSMC: +15% Premium; Trading Near Level to Go Long the ADR Spread

UMC: -1.8% Discount; Also Near a Level to Go Long the Spread

CHT: -2.2% Discount; Good Level to Go Long the Spread


Taiwan Dual-Listings Monitor: Market Volatility Has Opened Up Multiple Spread Trading Levels

<ul>
<li>
TSMC: +19.5% Premium; Short Interest in ADRs Jumps to New Highs; Open Fresh Short of Spread at 20% or Higher</li>
<li>
ASE: +3.8% Premium; Wait for Higher Premium Before Opening New Short</li>
<li>
CHT: -1.0% Discount; Consider Going Long the Spread; ADR Short Interest Rises to New Highs</li>
</ul>



TSMC: +19.5% Premium; Short Interest in ADRs Jumps to New Highs; Open Fresh Short of Spread at 20% or Higher

ASE: +3.8% Premium; Wait for Higher Premium Before Opening New Short

CHT: -1.0% Discount; Consider Going Long the Spread; ADR Short Interest Rises to New Highs


Taiwan Dual-Listings Monitor: TSMC ADR Short Interest New Highs; Chunghwa Telecom Short Spike

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)

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

Taiwan Dual-Listings Monitor: TSMC Spread Rebounds Back to Recent Highs; ChipMOS Premium at Extreme

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 Local Short Interest Approaching Highs; ASE Close to Parity

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: Market Volatility Has Opened Up Multiple Spread Trading Levels

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 Short Interest New Highs; Chunghwa Telecom Short Spike

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

Vincent Fernando, CFA

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52-week Range

Market Cap (USDm)

P/E

Dividend (Yield)