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

Taiwan Semiconductor (TSMC) - ADR / Equity Bottom-Up

<ul>
<li>TSMC: +20% Premium; Wait for Higher Premium Before Shorting, ADR Headroom Has Increased Further</li>
<li>UMC: -1.6% Discount; Wait for Lower Discount Before Going Long</li>
<li>ASE: -0.1% Discount; Discounts Are Good Level to Long the Spread Given Maxed Headroom</li>
</ul>


TSMC: +20% Premium; Wait for Higher Premium Before Shorting, ADR Headroom Has Increased Further
UMC: -1.6% Discount; Wait for Lower Discount Before Going Long
ASE: -0.1% Discount; Discounts Are Good Level to Long the Spread Given Maxed Headroom


Taiwan Dual-Listings Monitor: TSMC Headroom Increases Again; ASE at Discount a Long Opportunity

<ul>
<li>TSMC: +19.4% Premium; Consider Shorting if Spread Rises Above 20%</li>
<li>ASE: +0.5% Premium; Ideally Wait for Lower Level But Near-Zero Still a Long Opportunity</li>
<li>ChipMOS: -0.8% Discount; Wait for More Extreme Levels; Short Interest Spiking in Local Shares</li>
</ul>


TSMC: +19.4% Premium; Consider Shorting if Spread Rises Above 20%
ASE: +0.5% Premium; Ideally Wait for Lower Level But Near-Zero Still a Long Opportunity
ChipMOS: -0.8% Discount; Wait for More Extreme Levels; Short Interest Spiking in Local Shares


Taiwan Dual-Listings Monitor: TSMC Spread Rebounds; ChipMOS Local Short Interest Spiking

<ul>
<li>TSMC: +14.1% Premium; Given Latest Market Weakness, Safest to Wait for a Slightly Lower Premium Before Going Long</li>
<li>ASE: -1.8% Discount; Good Level to Go Long the Spread</li>
<li>ChipMOS: -6.8% Discount: Long the Spread, Historical Extreme Discount Level</li>
</ul>


TSMC: +14.1% Premium; Given Latest Market Weakness, Safest to Wait for a Slightly Lower Premium Before Going Long
ASE: -1.8% Discount; Good Level to Go Long the Spread
ChipMOS: -6.8% Discount: Long the Spread, Historical Extreme Discount Level


Taiwan Dual-Listings Monitor: TSMC Trading Range Breakdown? ChipMOS Discount Rare Long Opportunity

<ul>
<li>TSMC: +18.5% Premium; Wait for Lower Premium Before Going Long</li>
<li>ASE: +0.2% Premium; Near-Parity Premium is Opportunity to Long the Spread</li>
<li>ChipMOS: -3% Discount; Rare Discount is Opportunity to Long the Spread</li>
</ul>


TSMC: +18.5% Premium; Wait for Lower Premium Before Going Long
ASE: +0.2% Premium; Near-Parity Premium is Opportunity to Long the Spread
ChipMOS: -3% Discount; Rare Discount is Opportunity to Long the Spread


Taiwan Dual-Listings Monitor: TSMC's Range Declining; ASE Near Parity; ChipMOS Rare Discount

<ul>
<li>ChipMOS Revenue Growth for the 2024, but a Weak Fourth Quarter; Gross Margin Hammered</li>
<li>ChipMOS Sees Relative Weakness in Displays, Smartphones / Areas of Strength: Automotive and OLED</li>
<li>Underperform Rating -- Falling Utilization and Conservative Capex Signal OSAT Industry Challenges</li>
</ul>


ChipMOS Revenue Growth for the 2024, but a Weak Fourth Quarter; Gross Margin Hammered
ChipMOS Sees Relative Weakness in Displays, Smartphones / Areas of Strength: Automotive and OLED
Underperform Rating -- Falling Utilization and Conservative Capex Signal OSAT Industry Challenges


ChipMOS Results Shows Signs of a Shifting Semiconductor Market; Precarious Multiples: Underperform

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 Headroom Increases Again; ASE at Discount a 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 Rebounds; ChipMOS Local Short Interest Spiking

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 Trading Range Breakdown? ChipMOS Discount Rare 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's Range Declining; ASE Near Parity; 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

ChipMOS Results Shows Signs of a Shifting Semiconductor Market; Precarious Multiples: Underperform

ChipMOS struggled in the fourth quarter. Automotive and OLED sectors show strength, but falling margins and the stock's precarious valuation...

Vincent Fernando, CFA

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52-week Range

Market Cap (USDm)

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Taiwan Dual-Listings Monitor: TSMC Headroom Increases Again; ASE at Discount a 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 Rebounds; ChipMOS Local Short Interest Spiking

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 Trading Range Breakdown? ChipMOS Discount Rare 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's Range Declining; ASE Near Parity; 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

ChipMOS Results Shows Signs of a Shifting Semiconductor Market; Precarious Multiples: Underperform

​ChipMOS struggled in the fourth quarter. Automotive and OLED sectors show strength, but falling margins and the stock's precarious valuation...

Vincent Fernando, CFA

ChipMOS struggled in the fourth quarter. Automotive and OLED sectors show strength, but falling margins and the stock's precarious valuation...