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

<ul>
<li>This assembly and testing leader provides fresh insight into the state of display, memory, consumer, enterprise, and industrial end markets.</li>
<li>ChipMOS: Memory Industry Strength Offsets Display Industry Weakness. Memory strength seen into 2026E. Company noted soft smartphone industry panel demand currently.</li>
<li>Management signals sustained memory upcycle; disciplined capex to serve multi-year AI and datacenter growth. We rate ChipMOS shares as a Structural Long.</li>
</ul>


This assembly and testing leader provides fresh insight into the state of display, memory, consumer, enterprise, and industrial end markets.
ChipMOS: Memory Industry Strength Offsets Display Industry Weakness. Memory strength seen into 2026E. Company noted soft smartphone industry panel demand currently.
Management signals sustained memory upcycle; disciplined capex to serve multi-year AI and datacenter growth. We rate ChipMOS shares as a Structural Long.


TechChain Insights: ChipMOS Indicates Memory Industry Surge into 2026E; Smartphones Currently Soft

TSMC (Taiwan Semiconductor Manufacturing) / Equity Bottom-Up

TSMC (Taiwan Semiconductor Manufacturing) (TSM US)

TSMC (Taiwan Semiconductor Manufacturing)

<ul>
<li>TSMC: +21.8% Premium; Wait for Lower Premium Before Fresh Long</li>
<li>UMC: +2.2% Premium; Good Level to Short the ADR Premium</li>
<li>CHT: -2.0% Discount; Near Level to Go Long the ADR Spread</li>
</ul>


TSMC: +21.8% Premium; Wait for Lower Premium Before Fresh Long
UMC: +2.2% Premium; Good Level to Short the ADR Premium
CHT: -2.0% Discount; Near Level to Go Long the ADR Spread


Taiwan Dual-Listings Monitor: TSMC Premium Eases Down; UMC & CHT Opportunity Levels

<ul>
<li>TSMC: +23.4% Premium; Near Levels to Open Fresh ADR Spread Short</li>
<li>ASE: +0.3% Premium; Good Level to Long the ADR Spread</li>
<li>ChipMOS: -7.5% Discount; Local Shares Rally Makes ADR Deeply Discounted</li>
</ul>


TSMC: +23.4% Premium; Near Levels to Open Fresh ADR Spread Short
ASE: +0.3% Premium; Good Level to Long the ADR Spread
ChipMOS: -7.5% Discount; Local Shares Rally Makes ADR Deeply Discounted


Taiwan Dual-Listings Monitor: TSMC Near Fresh Spread Short Level; ChipMOS Rare Discount

<ul>
<li>TSMC: +22.1% Premium; Continue to View 24% or Higher as Level to Short From</li>
<li>UMC: +0.4% Premium; Results Coming... Wait for More Extreme Spread Levels</li>
<li>ASE: +0.4% Premium; Near Good Level to Go Long the ADR Spread</li>
</ul>


TSMC: +22.1% Premium; Continue to View 24% or Higher as Level to Short From
UMC: +0.4% Premium; Results Coming... Wait for More Extreme Spread Levels
ASE: +0.4% Premium; Near Good Level to Go Long the ADR Spread


Taiwan Dual-Listings Monitor: TSMC Spread Sinks Sharply; ASE Near Parity Again

<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

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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52-week Range	0.00 - 0.00
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Dividend (Yield)	0.00

ChipMOS Technologies (IMOS US)

TechChain Insights: ChipMOS Indicates Memory Industry Surge into 2026E; Smartphones Currently Soft

ChipMOS sees strength in memory industry offsetting weakness in display market, signaling sustained memory upcycle and disciplined capex for AI...

Vincent Fernando, CFA

Taiwan Dual-Listings Monitor: TSMC Premium Eases Down; UMC & CHT Opportunity Levels

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 Near Fresh Spread Short Level; ChipMOS Rare 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 Spread Sinks Sharply; ASE Near Parity Again

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 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

Price Gauge

52-week Range

Market Cap (USDm)

P/E

Dividend (Yield)

TechChain Insights: ChipMOS Indicates Memory Industry Surge into 2026E; Smartphones Currently Soft

​ChipMOS sees strength in memory industry offsetting weakness in display market, signaling sustained memory upcycle and disciplined capex for AI...

Vincent Fernando, CFA

Taiwan Dual-Listings Monitor: TSMC Premium Eases Down; UMC & CHT Opportunity Levels

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 Near Fresh Spread Short Level; ChipMOS Rare 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 Spread Sinks Sharply; ASE Near Parity Again

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 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

ChipMOS sees strength in memory industry offsetting weakness in display market, signaling sustained memory upcycle and disciplined capex for AI...