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% Premium; Has Broken Down from Historically High Level</li>
<li>ChipMOS: -3.0% Discount; Good Level to Go Long the ADR Spread</li>
<li>CHT: -1.1% Discount; Good Level to Go Long the ADR Spread</li>
</ul>


TSMC: +23% Premium; Has Broken Down from Historically High Level
ChipMOS: -3.0% Discount; Good Level to Go Long the ADR Spread
CHT: -1.1% Discount; Good Level to Go Long the ADR Spread


Taiwan Dual-Listings Monitor: TSMC Historically High Premium Cracks; ChipMOS & CHT Opportunities

<ul>
<li>TSMC: +26.1% Premium; Remains at Level Rarely Maintained for More Than a Week; Good Level to Short the Spread</li>
<li>UMC: +2.5% Premium; Historically Rare Level is a Short Opportunity</li>
<li>ASE: +2.9% Premium; Wait Better Short Opportunity at Higher Levels</li>
</ul>


TSMC: +26.1% Premium; Remains at Level Rarely Maintained for More Than a Week; Good Level to Short the Spread
UMC: +2.5% Premium; Historically Rare Level is a Short Opportunity
ASE: +2.9% Premium; Wait Better Short Opportunity at Higher Levels


Taiwan Dual-Listings Monitor: TSMC & UMC Spreads at Historically Rare Levels

<ul>
<li>TSMC: +27.1% Premium; Increased to More Historically Extreme Level; Deeper in Short Range</li>
<li>UMC: +2.3% Premium; Good Level to Open a Short of The Spread</li>
<li>ASE: +2.3% Premium; Wait Better Long Opportunity Near Parity or Below</li>
</ul>


TSMC: +27.1% Premium; Increased to More Historically Extreme Level; Deeper in Short Range
UMC: +2.3% Premium; Good Level to Open a Short of The Spread
ASE: +2.3% Premium; Wait Better Long Opportunity Near Parity or Below


Taiwan Dual-Listings Monitor: TSMC ADR Spread Deeper in Historically Rare Zone

<ul>
<li>TSMC: +25.8% Premium; Rebounded to High End of Range, Good Level to Open a Short of the ADR Spread</li>
<li>UMC: -2.2% Discount; Good Level to Open a Short of the ADR Spread</li>
<li>ASE: +3.2% Premium; Wait for More Extreme Level Before Going Long or Short</li>
</ul>


TSMC: +25.8% Premium; Rebounded to High End of Range, Good Level to Open a Short of the ADR Spread
UMC: -2.2% Discount; Good Level to Open a Short of the ADR Spread
ASE: +3.2% Premium; Wait for More Extreme Level Before Going Long or Short


Taiwan Dual-Listings Monitor: TSMC Spread Back in Extreme Range, UMC Discount

<ul>
<li>TSMC: 24.5% Premium; Near Level to Open Fresh Short of ADR Spread</li>
<li>ASE: +5.7% Premium; Good Level to Short the ADR Spread</li>
<li>ChipMOS: -1.7% Discount; Near Discount Level to Go Long the ADR Spread</li>
</ul>


TSMC: 24.5% Premium; Near Level to Open Fresh Short of ADR Spread
ASE: +5.7% Premium; Good Level to Short the ADR Spread
ChipMOS: -1.7% Discount; Near Discount Level to Go Long the ADR Spread


Taiwan Dual-Listings Monitor: TSMC and ASE Premiums Near Spead Short Levels

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 Historically High Premium Cracks; ChipMOS & CHT Opportunities

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 & UMC Spreads at Historically Rare 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 ADR Spread Deeper in Historically Rare Zone

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 Back in Extreme Range, UMC 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 and ASE Premiums Near Spead Short 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

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