Managing Director, Zero One, Zero One

Vincent Fernando, CFA

Managing Director, Zero One

Thematic (Sector/Industry)

<ul>
<li>A week that started negative was saved by a stronger outlook from Apple</li>
<li>Electric vehicles remain a source of strong demand for both hardware and semiconductors</li>
<li>Hardware earnings season is coming in stronger than that for semiconductors</li>
</ul>


A week that started negative was saved by a stronger outlook from Apple
Electric vehicles remain a source of strong demand for both hardware and semiconductors
Hardware earnings season is coming in stronger than that for semiconductors


Taiwan Tech Weekly - Buoyed by Apple Outlook

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: +12.0% Premium; Below -1 SD Band; Long the ADR Spread</li>
<li>ASE: +0.0% Premium (ADR at Parity); Long the ADR Spread</li>
<li>CHT: -1.3% Discount; Below -1 SD Band; Long the ADR Spread</li>
</ul>


TSMC: +12.0% Premium; Below -1 SD Band; Long the ADR Spread
ASE: +0.0% Premium (ADR at Parity); Long the ADR Spread
CHT: -1.3% Discount; Below -1 SD Band; Long the ADR Spread


Taiwan Dual-Listings Monitor: Multiple ADR Spreads Due for a Bounce

<ul>
<li>Taiwan's memory leaders tumbled after China's GigaDevice warned prices had peaked, and a US class action accused Samsung, SK Hynix and Micron of colluding to inflate DRAM prices.</li>
<li>A report that Meta will resell spare AI compute sparked a global chip selloff, with the Philadelphia Semiconductor Index down 6.27%, though Nomura called the shortage far from over.</li>
<li>Even so, pricing power spread to passives and timing chips, silicon-wafer and component makers led Taiwan's gainers, and Korea pledged another US$290bn into memory fabs.</li>
</ul>


Taiwan's memory leaders tumbled after China's GigaDevice warned prices had peaked, and a US class action accused Samsung, SK Hynix and Micron of colluding to inflate DRAM prices.
A report that Meta will resell spare AI compute sparked a global chip selloff, with the Philadelphia Semiconductor Index down 6.27%, though Nomura called the shortage far from over.
Even so, pricing power spread to passives and timing chips, silicon-wafer and component makers led Taiwan's gainers, and Korea pledged another US$290bn into memory fabs.


Taiwan Tech Weekly: Memory's Big Run Wobbles, But Other Supply Chain Shortages Keep Broadening

<ul>
<li>TSMC: +16.1% Premium; Within Historical Range; Can Stay Long the Spread</li>
<li>UMC: +2.5% Premium; Within Historical Range; Short Spread if Increases Further</li>
<li>ASE: +2.2% Premium; Within Historical Range; No Active Trade Signal</li>
</ul>


TSMC: +16.1% Premium; Within Historical Range; Can Stay Long the Spread
UMC: +2.5% Premium; Within Historical Range; Short Spread if Increases Further
ASE: +2.2% Premium; Within Historical Range; No Active Trade Signal


Taiwan Dual-Listings Monitor: ADR Spreads Staged Major Reversion

<ul>
<li>TSMC: +10.6% Premium; Fell Further on Market Weakness; But Likely to Remain Key Foundry Play for U.S. Investors</li>
<li>UMC: -5.6% Discount; Below -1 SD Band; Deep ADR Discount Unlikely to Persist</li>
<li>ASE: -7.1% Discount; Below -1 SD; Another Deep ADR Discount Unlikely to Persist</li>
</ul>


TSMC: +10.6% Premium; Fell Further on Market Weakness; But Likely to Remain Key Foundry Play for U.S. Investors
UMC: -5.6% Discount; Below -1 SD Band; Deep ADR Discount Unlikely to Persist
ASE: -7.1% Discount; Below -1 SD; Another Deep ADR Discount Unlikely to Persist


Taiwan Dual-Listings Monitor: Deep ADR Discounts Unlikely to Persist

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 Tech Weekly - Buoyed by Apple Outlook

How stronger Apple outlook has helped support the hardware and semiconducotor space and where the earnins season is performing best so far

Vincent Fernando, CFA

Taiwan Dual-Listings Monitor: Multiple ADR Spreads Due for a Bounce

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 Tech Weekly: Memory's Big Run Wobbles, But Other Supply Chain Shortages Keep Broadening

Taiwan's memory leaders face challenges, global chip selloff triggered by Meta's AI compute resell plan, but pricing power extends to other chip...

Vincent Fernando, CFA

Taiwan Dual-Listings Monitor: ADR Spreads Staged Major Reversion

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: Deep ADR Discounts Unlikely to Persist

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)

Taiwan Tech Weekly - Buoyed by Apple Outlook

How stronger Apple outlook has helped support the hardware and semiconducotor space and where the earnins season is performing best so far

Vincent Fernando, CFA

Taiwan Dual-Listings Monitor: Multiple ADR Spreads Due for a Bounce

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 Tech Weekly: Memory's Big Run Wobbles, But Other Supply Chain Shortages Keep Broadening

​Taiwan's memory leaders face challenges, global chip selloff triggered by Meta's AI compute resell plan, but pricing power extends to other chip...

Vincent Fernando, CFA

Taiwan Dual-Listings Monitor: ADR Spreads Staged Major Reversion

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: Deep ADR Discounts Unlikely to Persist

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's memory leaders face challenges, global chip selloff triggered by Meta's AI compute resell plan, but pricing power extends to other chip...