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) - ADR / Equity Bottom-Up

TSMC (Taiwan Semiconductor Manufacturing) - ADR

<ul>
<li>TSMC: +27.3% Premium; Opportunity to Set Up ADR Spread Short During Taiwan Session</li>
<li>UMC: +2.0% Premium; Wait for Slightly Higher Premium Before Opening Spread Short</li>
<li>ASE: +2.6% Premium; Wait for More Extreme Swing Before Going Long or Short</li>
</ul>


TSMC: +27.3% Premium; Opportunity to Set Up ADR Spread Short During Taiwan Session
UMC: +2.0% Premium; Wait for Slightly Higher Premium Before Opening Spread Short
ASE: +2.6% Premium; Wait for More Extreme Swing Before Going Long or Short


Taiwan Dual-Listings Monitor: TSMC Set Up Opportunity During Taiwan Sesssion Ahead of Results Today

<ul>
<li>TSMC: +19% Premium; Good Level to Close Out for Those Short the ADR Spread</li>
<li>UMC: -3.9% Discount; Rare Deep Discount Good Level to Long the ADR Spread</li>
<li>ASE: -5.5% Discount; Any Spread Below Parity a Good Level to Long the ADR Spread</li>
</ul>


TSMC: +19% Premium; Good Level to Close Out for Those Short the ADR Spread
UMC: -3.9% Discount; Rare Deep Discount Good Level to Long the ADR Spread
ASE: -5.5% Discount; Any Spread Below Parity a Good Level to Long the ADR Spread


Taiwan Dual-Listings Monitor: Weak US Friday Session Opens Up Wide Opportunities Across the Board

<ul>
<li>TSMC: +26.8% Premium; Remains at Historical Extreme; Earnings Release Ahead</li>
<li>ChipMOS: +1.3% Premium; Wait for Higher Level Before Shorting the Spread</li>
<li>CHT: -1.0% Discount; Good Level to Go Long the ADR Spread</li>
</ul>


TSMC: +26.8% Premium; Remains at Historical Extreme; Earnings Release Ahead
ChipMOS: +1.3% Premium; Wait for Higher Level Before Shorting the Spread
CHT: -1.0% Discount; Good Level to Go Long the ADR Spread


Taiwan Dual-Listings Monitor: TSMC Premium Remains High Ahead of 3Q Results; CHT Rare ADR Discount

<ul>
<li>TSMC: +28.3 Premium; Historically Extreme Level, Can Short the ADR Premium</li>
<li>UMC: +3.3% Premium; Historically Extreme Level, Short the ADR Premium </li>
<li>CHT: -0.7% Discount; Near Lower Bound, Consider Going Long the Spread</li>
</ul>


TSMC: +28.3 Premium; Historically Extreme Level, Can Short the ADR Premium
UMC: +3.3% Premium; Historically Extreme Level, Short the ADR Premium 
CHT: -0.7% Discount; Near Lower Bound, Consider Going Long the Spread


Taiwan Dual-Listings Monitor: TSMC & UMC Spreads Higher After Taiwan Market Holiday

<ul>
<li>TSMC: +24.4% Premium: Remains at Level to Short the ADR Spread</li>
<li>ASE: 0.0% (Parity); Open Fresh Longs Here or at a Discount</li>
<li>ChipMOS: -1.9% Discount; Near Level to Go Long the Spread</li>
</ul>


TSMC: +24.4% Premium: Remains at Level to Short the ADR Spread
ASE: 0.0% (Parity); Open Fresh Longs Here or at a Discount
ChipMOS: -1.9% Discount; Near Level to Go Long the Spread


Taiwan Dual-Listings Monitor: TSMC Extreme Level; ASE Spread Hits Parity; ChipMOS Near Long Level

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 Set Up Opportunity During Taiwan Sesssion Ahead of Results Today

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: Weak US Friday Session Opens Up Wide Opportunities Across the Board

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 Premium Remains High Ahead of 3Q Results; CHT Rare ADR 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 & UMC Spreads Higher After Taiwan 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 Extreme Level; ASE Spread Hits Parity; ChipMOS Near Long Level

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)