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: +21.8% Premium; Wait for Higher Premium Before Fresh Short of the Spread</li>
<li>UMC: -0.6% Discount; Wait for More Extreme ADR Spread Level</li>
<li>ASE: +0.4% Premium; Good Level to Go Long the ADR Spread</li>
</ul>


TSMC: +21.8% Premium; Wait for Higher Premium Before Fresh Short of the Spread
UMC: -0.6% Discount; Wait for More Extreme ADR Spread Level
ASE: +0.4% Premium; Good Level to Go Long the ADR Spread


Taiwan Dual-Listings Monitor: TSMC Premium Remains Elevated; ASE Drops Down to Near Parity

<ul>
<li>TSMC: +25.6% Premium: Latest Spike is Opportunity to Short the ADR Spread</li>
<li>UMC: +2.0% Premium; Near Level to Go Short the ADR Spread</li>
<li>ASE: +5.1% Premium; Good Level to Take Profits on Previous Long Since Parity</li>
</ul>


TSMC: +25.6% Premium: Latest Spike is Opportunity to Short the ADR Spread
UMC: +2.0% Premium; Near Level to Go Short the ADR Spread
ASE: +5.1% Premium; Good Level to Take Profits on Previous Long Since Parity


Taiwan Dual-Listings Monitor: TSMC Premium Spike Opportunity; ASE Hard Bounce to Prem from Discount

<ul>
<li>TSMC: +21.5% Premium; Historically High Short Interest in the Local Begins to Drop?</li>
<li>ASE: -0.4% Discount; Opportunity to Go Long the ADR Premium</li>
<li>UMC: +0.2% Premium; Wait for More Extreme Levels Before Going Long or Short the Spread</li>
</ul>


TSMC: +21.5% Premium; Historically High Short Interest in the Local Begins to Drop?
ASE: -0.4% Discount; Opportunity to Go Long the ADR Premium
UMC: +0.2% Premium; Wait for More Extreme Levels Before Going Long or Short the Spread


Taiwan Dual-Listings Monitor: TSMC ADR Premium Sees Small Breakdown; ASE Discount Long Opportunity

<ul>
<li>TSMC: +22.8% Premium; ADR Spread Remains at Historically Extreme Levels</li>
<li>UMC: -0.8% Discount; Wait for More Extreme Levels; Short Interest in ADRs Falling</li>
<li>ASE: -0.1% Discount; Continued Opportunity to Go Long the ADR Spread</li>
</ul>


TSMC: +22.8% Premium; ADR Spread Remains at Historically Extreme Levels
UMC: -0.8% Discount; Wait for More Extreme Levels; Short Interest in ADRs Falling
ASE: -0.1% Discount; Continued Opportunity to Go Long the ADR Spread


Taiwan Dual-Listings Monitor: TSMC Spread Remains Extreme; UMC ADR Short Interest Falling

<ul>
<li>TSMC: +23.9% Premium; Continued Opportunity to Short the ADR Premium</li>
<li>UMC: -0.4% Discount; Wait for More Extreme Levels Before Going Long or Short</li>
<li>ASE: -1.5% Discount; Historically Rare Discount Presents Opportunity to Long the ADR Spread</li>
</ul>


TSMC: +23.9% Premium; Continued Opportunity to Short the ADR Premium
UMC: -0.4% Discount; Wait for More Extreme Levels Before Going Long or Short
ASE: -1.5% Discount; Historically Rare Discount Presents Opportunity to Long the ADR Spread


Taiwan Dual-Listings Monitor: TSMC Spread Short Setup, ASE ADR at Historically Rare Discount

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 Premium Remains Elevated; ASE Drops Down to Near Parity

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 Spike Opportunity; ASE Hard Bounce to Prem from 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 ADR Premium Sees Small Breakdown; ASE Discount Long Opportunity

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 Remains Extreme; UMC ADR Short Interest Falling

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 Short Setup, ASE ADR at Historically 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

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52-week Range

Market Cap (USDm)

P/E

Dividend (Yield)