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: +16.1% Premium, After Sharp Drop, Will Be Interesting to See If Spread Will Remain Within the Recent ~15-25% Range</li>
<li>ASE: +7.4% Premium; Can Consider Going Long the Spread Given Recent Trading Range</li>
<li>ChipMOS: -2.4% Discount Repesents Extreme Low of End of Range; Can Consider Going Long the Spread</li>
</ul>


TSMC: +16.1% Premium, After Sharp Drop, Will Be Interesting to See If Spread Will Remain Within the Recent ~15-25% Range
ASE: +7.4% Premium; Can Consider Going Long the Spread Given Recent Trading Range
ChipMOS: -2.4% Discount Repesents Extreme Low of End of Range; Can Consider Going Long the Spread


Taiwan Dual-Listings Monitor: TSMC & ASE Premiums Drop Sharply; ChipMOS Extreme Discount

<ul>
<li>TSMC: +21.3% Premium; Trading at New +15-25% Range This Year</li>
<li>ASE: +12.7% Premium; We Continue to View 14%+ as Fresh Short Level</li>
<li>CHT: +1.2% Premium; Good Level to Short Relative to History</li>
</ul>


TSMC: +21.3% Premium; Trading at New +15-25% Range This Year
ASE: +12.7% Premium; We Continue to View 14%+ as Fresh Short Level
CHT: +1.2% Premium; Good Level to Short Relative to History


Taiwan Dual-Listings Monitor: TSMC Historically Extreme Premium Continues; CHT at Short Level Again

<ul>
<li>We hosted a conference call recently with ChipMOS management; the company continues to view 1Q24 as having been the bottom for the memory and display markets.</li>
<li>Memory customers are increasing utilization further. Since ChipMOS does not significantly serve the HBM DRAM market, this indicates that previously softer non-HBM memory segments are now showing improvement.</li>
<li>Display industry increasing utilization on expectation for 2H24 large display demand strength driven by sporting events such as the Paris Olympics. ChipMOS remains well below March highs, rate as Outperform.</li>
</ul>


We hosted a conference call recently with ChipMOS management; the company continues to view 1Q24 as having been the bottom for the memory and display markets.
Memory customers are increasing utilization further. Since ChipMOS does not significantly serve the HBM DRAM market, this indicates that previously softer non-HBM memory segments are now showing improvement.
Display industry increasing utilization on expectation for 2H24 large display demand strength driven by sporting events such as the Paris Olympics. ChipMOS remains well below March highs, rate as Outperform.


TechChain Insights: Call with ChipMOS, Memory and Display Markets Color

<ul>
<li>TSMC: +17% Premium; Has Remained Above 15% for Over Nearly Two Weeks</li>
<li>ASE: +11.8% Premium; We Continue to View 14%+ as Range to Short From</li>
<li>CHT: +0.6% Premium; Can Consider Shorting the Spread at Current Level</li>
</ul>


TSMC: +17% Premium; Has Remained Above 15% for Over Nearly Two Weeks
ASE: +11.8% Premium; We Continue to View 14%+ as Range to Short From
CHT: +0.6% Premium; Can Consider Shorting the Spread at Current Level


Taiwan Dual-Listings Monitor: TSMC Spread Trading at New High Range, CHT Spread at Short Levels

<ul>
<li>TSMC: Premium Fell and Then Rebounded, Now +15.6%; Can Consider Shorting Again</li>
<li>ASE: Falls to +12.3%; Wait for Higher Level Before Considering a New Short Again</li>
<li>ChipMOS: -0.6% Discount; Massing of Short Interest Right Ahead of Earnings</li>
</ul>


TSMC: Premium Fell and Then Rebounded, Now +15.6%; Can Consider Shorting Again
ASE: Falls to +12.3%; Wait for Higher Level Before Considering a New Short Again
ChipMOS: -0.6% Discount; Massing of Short Interest Right Ahead of Earnings


Taiwan Dual-Listings: TSMC Spread Slumps Then Fully Rebounds; Shorts Spiking Ahead of IMOS Results

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 & ASE Premiums Drop Sharply; ChipMOS Extreme Discount

TSMC and ASE's ADR premiums have both dropped sharply. It will be interesting to see if TSMC's premium will drop further to below 15%. ChipMOS's...

Vincent Fernando, CFA

Taiwan Dual-Listings Monitor: TSMC Historically Extreme Premium Continues; CHT at Short Level Again

Latest analysis for Taiwan ADR premiums including key levels to long or short the ADRs' premium or discount to their respective local Taiwan shares.

Vincent Fernando, CFA

TechChain Insights: Call with ChipMOS, Memory and Display Markets Color

Management sees 1Q24 as the bottom for memory and display markets, with clients increasing utilization. Expectation for stronger large display...

Vincent Fernando, CFA

Taiwan Dual-Listings Monitor: TSMC Spread Trading at New High Range, CHT Spread at Short Levels

TSMC now trading with a higher ADR premium than ASE, when before ASE had persistently always had a higher ADR premium. CHT is at the higher end of...

Vincent Fernando, CFA

Taiwan Dual-Listings: TSMC Spread Slumps Then Fully Rebounds; Shorts Spiking Ahead of IMOS Results

Potential trades to consider in TSMC and CHT. Notable surge in short interest right ahead of IMOS earnings today; with the shorts be proven right?

Vincent Fernando, CFA

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Taiwan Dual-Listings Monitor: TSMC & ASE Premiums Drop Sharply; ChipMOS Extreme Discount

TSMC and ASE's ADR premiums have both dropped sharply. It will be interesting to see if TSMC's premium will drop further to below 15%. ChipMOS's...

Vincent Fernando, CFA

Taiwan Dual-Listings Monitor: TSMC Historically Extreme Premium Continues; CHT at Short Level Again

Latest analysis for Taiwan ADR premiums including key levels to long or short the ADRs' premium or discount to their respective local Taiwan shares.

Vincent Fernando, CFA

TechChain Insights: Call with ChipMOS, Memory and Display Markets Color

Management sees 1Q24 as the bottom for memory and display markets, with clients increasing utilization. Expectation for stronger large display...

Vincent Fernando, CFA

Taiwan Dual-Listings Monitor: TSMC Spread Trading at New High Range, CHT Spread at Short Levels

​TSMC now trading with a higher ADR premium than ASE, when before ASE had persistently always had a higher ADR premium. CHT is at the higher end of...

Vincent Fernando, CFA

Taiwan Dual-Listings: TSMC Spread Slumps Then Fully Rebounds; Shorts Spiking Ahead of IMOS Results

Potential trades to consider in TSMC and CHT. Notable surge in short interest right ahead of IMOS earnings today; with the shorts be proven right?

Vincent Fernando, CFA

TSMC now trading with a higher ADR premium than ASE, when before ASE had persistently always had a higher ADR premium. CHT is at the higher end of...