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: +27.7% Premium; Short the ADR Spread Anywhere Above 24%</li>
<li>UMC: +1.3% Premium; Large Change in ADR Headroom, Premium Biased to Rise?</li>
<li>ASE: +1.5% Premium; Consider Going Long the Spread Given Semiconductor Rally</li>
</ul>


TSMC: +27.7% Premium; Short the ADR Spread Anywhere Above 24%
UMC: +1.3% Premium; Large Change in ADR Headroom, Premium Biased to Rise?
ASE: +1.5% Premium; Consider Going Long the Spread Given Semiconductor Rally


Taiwan Dual-Listings Monitor: TSMC Beat Drives Spread Surge; UMC Sharp Headroom Decline

<ul>
<li>TSMC: +19.1% Premium; Opportunity to Close Shorts, Set Up New Long</li>
<li>ASE: -1.6% Discount; Rare Opportunity to Long the Spread at a Discount</li>
<li>ChipMOS: -7.8% Discount; Short Term Fluke Creates Long the ADR Opportunity</li>
</ul>


TSMC: +19.1% Premium; Opportunity to Close Shorts, Set Up New Long
ASE: -1.6% Discount; Rare Opportunity to Long the Spread at a Discount
ChipMOS: -7.8% Discount; Short Term Fluke Creates Long the ADR Opportunity


Taiwan Dual-Listings Monitor: TSMC Major Spread Breakdown; ASE & ChipMOS Opportunities

<ul>
<li>TSMC: +23% Premium; Spread Falls Again from Previous Short Level; Could See Increased Volatility on Taiwan Market Open</li>
<li>ASE: +0.3% Premium; Great Level to Open a Fresh Long of the Spread</li>
<li>UMC: +0.4% Premium; Wait for More Extreme Levels Before Going Long or Short</li>
</ul>


TSMC: +23% Premium; Spread Falls Again from Previous Short Level; Could See Increased Volatility on Taiwan Market Open
ASE: +0.3% Premium; Great Level to Open a Fresh Long of the Spread
UMC: +0.4% Premium; Wait for More Extreme Levels Before Going Long or Short


Taiwan Dual-Listings Monitor: TSMC Premium Breaks Down Again; ASE Rare Near-Parity Level

<ul>
<li>TSMC: +26.3% Premium; Rebounded Back to a Level One Can Short the Spread</li>
<li>ChipMOS: -2.6% Discount; Opportunity to Go Long the ADR Spread</li>
<li>CHT: -0.9% Discount; Opportunity to Go Long the ADR Spread</li>
</ul>


TSMC: +26.3% Premium; Rebounded Back to a Level One Can Short the Spread
ChipMOS: -2.6% Discount; Opportunity to Go Long the ADR Spread
CHT: -0.9% Discount; Opportunity to Go Long the ADR Spread


Taiwan Dual-Listings Monitor: TSMC Spread Rebounds into Short Territory; ChipMOS & CHT Opportunities

<ul>
<li>TSMC: +23% Premium; Has Broken Down from Historically High Level</li>
<li>ChipMOS: -3.0% Discount; Good Level to Go Long the ADR Spread</li>
<li>CHT: -1.1% Discount; Good Level to Go Long the ADR Spread</li>
</ul>


TSMC: +23% Premium; Has Broken Down from Historically High Level
ChipMOS: -3.0% Discount; Good Level to Go Long the ADR Spread
CHT: -1.1% Discount; Good Level to Go Long the ADR Spread


Taiwan Dual-Listings Monitor: TSMC Historically High Premium Cracks; ChipMOS & CHT Opportunities

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 Beat Drives Spread Surge; UMC Sharp Headroom Decline

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 Major Spread Breakdown; ASE & ChipMOS Opportunities

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 Breaks Down Again; ASE Rare Near-Parity 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: TSMC Spread Rebounds into Short Territory; ChipMOS & CHT Opportunities

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 Historically High Premium Cracks; ChipMOS & CHT Opportunities

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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