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; Within Historical Range; Can Stay Long the Spread</li>
<li>UMC: +2.5% Premium; Within Historical Range; Short Spread if Increases Further</li>
<li>ASE: +2.2% Premium; Within Historical Range; No Active Trade Signal</li>
</ul>


TSMC: +16.1% Premium; Within Historical Range; Can Stay Long the Spread
UMC: +2.5% Premium; Within Historical Range; Short Spread if Increases Further
ASE: +2.2% Premium; Within Historical Range; No Active Trade Signal


Taiwan Dual-Listings Monitor: ADR Spreads Staged Major Reversion

<ul>
<li>TSMC: +10.6% Premium; Fell Further on Market Weakness; But Likely to Remain Key Foundry Play for U.S. Investors</li>
<li>UMC: -5.6% Discount; Below -1 SD Band; Deep ADR Discount Unlikely to Persist</li>
<li>ASE: -7.1% Discount; Below -1 SD; Another Deep ADR Discount Unlikely to Persist</li>
</ul>


TSMC: +10.6% Premium; Fell Further on Market Weakness; But Likely to Remain Key Foundry Play for U.S. Investors
UMC: -5.6% Discount; Below -1 SD Band; Deep ADR Discount Unlikely to Persist
ASE: -7.1% Discount; Below -1 SD; Another Deep ADR Discount Unlikely to Persist


Taiwan Dual-Listings Monitor: Deep ADR Discounts Unlikely to Persist

<ul>
<li>TSMC: +11.5% Premium; Taiwan Relative Bullishness is Opportunity to Long the ADR Spread</li>
<li>UMC: -3.7% Discount; Persisting Discount = Opportunity to Long the ADR Spread</li>
<li>ASE: -1.6% Discount; Persisting Below Zero... Another Opportunity Long the ADR Spread</li>
</ul>


TSMC: +11.5% Premium; Taiwan Relative Bullishness is Opportunity to Long the ADR Spread
UMC: -3.7% Discount; Persisting Discount = Opportunity to Long the ADR Spread
ASE: -1.6% Discount; Persisting Below Zero... Another Opportunity Long the ADR Spread


Taiwan Dual-Listings Monitor: Taiwan Domestic Investors' Relative Bullishness Is an Opportunity

<ul>
<li>TSMC: +10.2% Premium; Below -1 SD Band; Long the ADR Spread</li>
<li>UMC: -8.3% Discount; Below -1 SD Band; Long the ADR Spread</li>
<li>ASE: -11.3% Discount; Below -1 SD Band; Long the ADR Spread</li>
</ul>


TSMC: +10.2% Premium; Below -1 SD Band; Long the ADR Spread
UMC: -8.3% Discount; Below -1 SD Band; Long the ADR Spread
ASE: -11.3% Discount; Below -1 SD Band; Long the ADR Spread


Taiwan Dual-Listings Monitor: TSMC, UMC, ASE and ChipMOS All Signal Long the ADR Spread

<ul>
<li>TSMC: +13.6% Premium; Strong Opportunity to Long the ADR Spread</li>
<li>UMC: +4.3% Premium; Above +1 SD Band; Opportunity to Short the ADR Spread</li>
<li>ASE: +1.5% Premium; Within Historical Range; No Active Trade Signal</li>
</ul>


TSMC: +13.6% Premium; Strong Opportunity to Long the ADR Spread
UMC: +4.3% Premium; Above +1 SD Band; Opportunity to Short the ADR Spread
ASE: +1.5% Premium; Within Historical Range; No Active Trade Signal


Taiwan Dual-Listings Monitor: Rare Opportunities Open Up in TSMC & UMC

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.

Price Gauge
52-week Range	0.00 - 0.00
Market Cap (USDm)	0.00
P/E	0.00
Dividend (Yield)	0.00

ChipMOS Technologies (IMOS US)

Taiwan Dual-Listings Monitor: ADR Spreads Staged Major Reversion

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: Deep ADR Discounts Unlikely to Persist

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: Taiwan Domestic Investors' Relative Bullishness Is an Opportunity

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, UMC, ASE and ChipMOS All Signal Long the ADR Spread

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: Rare Opportunities Open Up in TSMC & UMC

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)