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>Our range for TSMC's spread trading appears to be working. Premium has rebounded lately and we would Short if breaks above 9.8%.</li>
<li>Our UMC trading range also appears to be working. We should Short if the premium increases slightly further to break 1%.</li>
<li>One can consider Shorting ASE's ADR premium at the current 10.8% premium level. After latest premium spike, risk appears skewed to the downside in the coming weeks.</li>
</ul>


Our range for TSMC's spread trading appears to be working. Premium has rebounded lately and we would Short if breaks above 9.8%.
Our UMC trading range also appears to be working. We should Short if the premium increases slightly further to break 1%.
One can consider Shorting ASE's ADR premium at the current 10.8% premium level. After latest premium spike, risk appears skewed to the downside in the coming weeks.


Taiwan Dual Listings Monitor: TSMC & UMC Trading Ranges Working; Short ASE Spread at Latest Level

<ul>
<li>TSMC's ADR premium/discount appears to have shown a clear decline in trading range recently, down from the 10% level.</li>
<li>UMC &amp; ASE joined corporate days today in Taipei, which could be supportive of their premiums in the near-term.</li>
<li>We provide spread levels we view as compelling from a risk/reward perspective.</li>
</ul>


TSMC's ADR premium/discount appears to have shown a clear decline in trading range recently, down from the 10% level.
UMC &amp; ASE joined corporate days today in Taipei, which could be supportive of their premiums in the near-term.
We provide spread levels we view as compelling from a risk/reward perspective.


Taiwan Dual Listings Monitor: TSMC Spread In Clear Downtrend; UMC & ASE Corporate Days Could Support

<ul>
<li>TSMC: 9.2% premium -- Trending down, can consider shorting the ADR vs. the local.</li>
<li>ASE: 10.5% premium is historically high -- Short the ADR vs. the local.</li>
<li>ChipMOS: -0.4% discount, ADRs have lagged Taiwan shares -- Long ADR vs. local.</li>
</ul>


TSMC: 9.2% premium -- Trending down, can consider shorting the ADR vs. the local.
ASE: 10.5% premium is historically high -- Short the ADR vs. the local.
ChipMOS: -0.4% discount, ADRs have lagged Taiwan shares -- Long ADR vs. local.


Taiwan Dual Listings Monitor: TSMC, ASE Technology, and ChipMOS Opportunities

<ul>
<li>We have seen a general easing in ADR premiums since end-July, coming down as global markets have fallen.</li>
<li>TSMC's premium is easing down from the highs of June.</li>
<li>UMC and ChipMos ADR discounts appear to be bottoming given their historical range.</li>
</ul>


We have seen a general easing in ADR premiums since end-July, coming down as global markets have fallen.
TSMC's premium is easing down from the highs of June.
UMC and ChipMos ADR discounts appear to be bottoming given their historical range.


Taiwan Dual Listings Monitor: ADR Premiums Easing Down With Markets

TSMC (Taiwan Semiconductor Manufacturing) (2330 TT)

<ul>
<li>Wave of earnings this week -- AMD, Qualcomm, Apple internationally... and Delta, Advantech, Innolux, Winbond, Realtek, plus others in Taiwan.</li>
<li>We visited Micron’s A3 fab in Taiwan; SK Hynix gives strongest comments yet on Memory turn-around; Long Nanya Tech on DRAM turn-around.</li>
<li>Intel results readthrough: PC cycle improving and could be accelerated by AI-demand... We continue to see Elan Micro as a laggard play on rallying PC names.</li>
</ul>


Wave of earnings this week -- AMD, Qualcomm, Apple internationally... and Delta, Advantech, Innolux, Winbond, Realtek, plus others in Taiwan.
We visited Micron’s A3 fab in Taiwan; SK Hynix gives strongest comments yet on Memory turn-around; Long Nanya Tech on DRAM turn-around.
Intel results readthrough: PC cycle improving and could be accelerated by AI-demand... We continue to see Elan Micro as a laggard play on rallying PC names.


Taiwan Tech Weekly: Wave of Taiwan Earnings Plus AMD & Apple; AI Accelerating DRAM & PC Recovery

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 & UMC Trading Ranges Working; Short ASE Spread at Latest Level

There has been a general bounce in ADR premiums recently. If they go a bit higher then one can consider shorting TSMC and UMC premiums; we provide...

Vincent Fernando, CFA

Taiwan Dual Listings Monitor: TSMC Spread In Clear Downtrend; UMC & ASE Corporate Days Could Support

UMC & ASE joined corporate days today, which could be supportive of their premiums in the near-term. We provide our view on spread ranges for Long...

Vincent Fernando, CFA

Taiwan Dual Listings Monitor: TSMC, ASE Technology, and ChipMOS Opportunities

We analyze ADR premium/discounts vs. their historical ranges, relative to their latest related share price trends, and short interest.

Vincent Fernando, CFA

Taiwan Dual Listings Monitor: ADR Premiums Easing Down With Markets

TSMC's premium is easing from the highs of June. UMC and ChipMOS ADR discounts appear to be bottoming given their historical range.

Vincent Fernando, CFA

Taiwan Tech Weekly: Wave of Taiwan Earnings Plus AMD & Apple; AI Accelerating DRAM & PC Recovery

Wave of Taiwan earnings this week with Delta, Advantech, Innolux, Winbond, Realtek, Elan, ChipMOS plus others in Taiwan. Also -- We visited...

Vincent Fernando, CFA

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