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: +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

<ul>
<li>TSMC: +17.6% Premium; Recovered from Lows, Still Just Within Long Level</li>
<li>ASE: +0.3% Premium; Recovered from Discount; Remains a Long Opportunity</li>
<li>ChipMOS: +5.7% Premium; Surged Through +1 SD; Consider Shorting the Spread</li>
</ul>


TSMC: +17.6% Premium; Recovered from Lows, Still Just Within Long Level
ASE: +0.3% Premium; Recovered from Discount; Remains a Long Opportunity
ChipMOS: +5.7% Premium; Surged Through +1 SD; Consider Shorting the Spread


Taiwan Dual-Listings Monitor: TSMC Recovers from Lows; ChipMOS Spike

<ul>
<li>
TSMC: +15.9% Premium; Spread Has Crashed Through Our Long Entry Level at 19%; Consider Going Long</li>
<li>
UMC: -0.5% Discount; Significant ADR Conversion (+28.8M Units); Spread Fully Unwound</li>
<li>
ASE: -0.5% Discount; Spread Collapsed from +4.5% Premium; Consider Going Long</li>
</ul>



TSMC: +15.9% Premium; Spread Has Crashed Through Our Long Entry Level at 19%; Consider Going Long

UMC: -0.5% Discount; Significant ADR Conversion (+28.8M Units); Spread Fully Unwound

ASE: -0.5% Discount; Spread Collapsed from +4.5% Premium; Consider Going Long


Taiwan Dual-Listings Monitor: Broad Spread Collapse Across the Board; TSMC Below Long Entry Level

<ul>
<li>TSMC: +21.9% Premium; Spread Rebounded from Previous Lows; Maintain Key Long/Short Levels</li>
<li>UMC: +4.4% Premium; Good Level to Short the Spread Despite Recent Premium Resilience</li>
<li>ASE: +4.5% Premium; Rebounded from Near-Parity, Near Level to Short the Spread</li>
</ul>


TSMC: +21.9% Premium; Spread Rebounded from Previous Lows; Maintain Key Long/Short Levels
UMC: +4.4% Premium; Good Level to Short the Spread Despite Recent Premium Resilience
ASE: +4.5% Premium; Rebounded from Near-Parity, Near Level to Short the Spread


Taiwan Dual-Listings Monitor: Key Spreads After Long CNY Closure in Taiwan

<ul>
<li>TSMC: +19.7% Premium; Rebounds from Near-Term Lows, Latest View on Levels</li>
<li>UMC: +4.2% Premium; Opportunity to Short the ADR Price Premium</li>
<li>ChipMOS: +2.7% Premium; Opportunity to Short the ADR Price Premium</li>
</ul>


TSMC: +19.7% Premium; Rebounds from Near-Term Lows, Latest View on Levels
UMC: +4.2% Premium; Opportunity to Short the ADR Price Premium
ChipMOS: +2.7% Premium; Opportunity to Short the ADR Price Premium


Taiwan Dual-Listings Monitor: Market Volatility Opens Up Multiple Historical Range Breakouts

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: 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

Taiwan Dual-Listings Monitor: TSMC Recovers from Lows; ChipMOS 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

Taiwan Dual-Listings Monitor: Broad Spread Collapse Across the Board; TSMC Below Long Entry 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

Taiwan Dual-Listings Monitor: Key Spreads After Long CNY Closure in Taiwan

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 Opens Up Multiple Historical Range Breakouts

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)

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