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: +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

<ul>
<li>TSMC: +26.3% Premium; Opportunity to Go Short the ADR Premium</li>
<li>UMC: -1.2% Discount; ADR Headroom Falls Yet Again by a Significant Amount</li>
<li>ASE: +0.7% Premium; Opportunity to Go Long the ADR Premium -- ADR Headroom Has First Change in a Long Time</li>
</ul>


TSMC: +26.3% Premium; Opportunity to Go Short the ADR Premium
UMC: -1.2% Discount; ADR Headroom Falls Yet Again by a Significant Amount
ASE: +0.7% Premium; Opportunity to Go Long the ADR Premium -- ADR Headroom Has First Change in a Long Time


Taiwan Dual-Listings Monitor: TSMC ADR Premium Remaining Unusually High; UMC & ASE Headroom Changes

<ul>
<li>TSMC: +20.6% Premium; FY2Q25 Results This Week a Key Catalyst</li>
<li>UMC: 0.0% Premium (Parity); Wait for More Extreme Levels Before Going Long or Short</li>
<li>ASE: -0.8% Discount; Historically Rare Discount, Long the ADR Spread</li>
</ul>


TSMC: +20.6% Premium; FY2Q25 Results This Week a Key Catalyst
UMC: 0.0% Premium (Parity); Wait for More Extreme Levels Before Going Long or Short
ASE: -0.8% Discount; Historically Rare Discount, Long the ADR Spread


Taiwan Dual-Listings Monitor: TSMC Results Ahead; ASE Historically Rare Discount

<ul>
<li>TSMC: +23.4% Premium; Consider Shorting ADR Spread at Current Level; Record Short Interest in Local</li>
<li>UMC: +1.1% Premium; Wait for More Extreme Premium to Short</li>
<li>ASE: +2.9% Premium; Near Level to Go Long the ADR Spread</li>
</ul>


TSMC: +23.4% Premium; Consider Shorting ADR Spread at Current Level; Record Short Interest in Local
UMC: +1.1% Premium; Wait for More Extreme Premium to Short
ASE: +2.9% Premium; Near Level to Go Long the ADR Spread


Taiwan Dual-Listings Monitor: TSMC High Premium Persisting, Record Short Interest in Local

<ul>
<li>TSMC: +22.1% Premium; Consider Shorting ADR Spread at Current Level</li>
<li>UMC: +3.5% Premium; Extreme vs. History, Consider Shorting ADR Spread</li>
<li>ASE: +2.4% Premium; Approaching Level to Long the ADR Spread</li>
</ul>


TSMC: +22.1% Premium; Consider Shorting ADR Spread at Current Level
UMC: +3.5% Premium; Extreme vs. History, Consider Shorting ADR Spread
ASE: +2.4% Premium; Approaching Level to Long the ADR Spread


Taiwan Dual-Listings Monitor: TSMC Historically High Spread Persisting; UMC High Premium

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 (8150 TT)

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

Taiwan Dual-Listings Monitor: TSMC ADR Premium Remaining Unusually High; UMC & ASE Headroom Changes

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 Results Ahead; ASE 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

Taiwan Dual-Listings Monitor: TSMC High Premium Persisting, Record Short Interest in Local

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 Spread Persisting; UMC High Premium

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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