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

<ul>
<li>ChipMOS Margin Rebound Sputters, Guidance Implies Margins Could Remain Under Pressure</li>
<li>Valuation Appears Precarious In Light of Latest Results and Guidance</li>
<li>Valuation Appears Precarious In Light of Latest Results and Guidance</li>
</ul>


ChipMOS Margin Rebound Sputters, Guidance Implies Margins Could Remain Under Pressure
Valuation Appears Precarious In Light of Latest Results and Guidance
Valuation Appears Precarious In Light of Latest Results and Guidance


ChipMOS: Valuation at Risk Given Latest Results; Short Interest Shows Sentiment Has Room to Shift

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

<ul>
<li>TSMC: +17% Premium; Has Remained Above 15% for Over Nearly Two Weeks</li>
<li>ASE: +11.8% Premium; We Continue to View 14%+ as Range to Short From</li>
<li>CHT: +0.6% Premium; Can Consider Shorting the Spread at Current Level</li>
</ul>


TSMC: +17% Premium; Has Remained Above 15% for Over Nearly Two Weeks
ASE: +11.8% Premium; We Continue to View 14%+ as Range to Short From
CHT: +0.6% Premium; Can Consider Shorting the Spread at Current Level


Taiwan Dual-Listings Monitor: TSMC Spread Trading at New High Range, CHT Spread at Short Levels

<ul>
<li>With the street relatively bearish on the stock and the display market overall, we had a call with ChipMOS management to learn if they can prove bears wrong.</li>
<li>We identify seven supportive factors that can help the company defy industry weakness.</li>
<li>Valuation has priced in a lot of negativity, we see downside support at 1x PBV and the stock appears inexpensive. Dual-listings are trading near parity.</li>
</ul>


With the street relatively bearish on the stock and the display market overall, we had a call with ChipMOS management to learn if they can prove bears wrong.
We identify seven supportive factors that can help the company defy industry weakness.
Valuation has priced in a lot of negativity, we see downside support at 1x PBV and the stock appears inexpensive. Dual-listings are trading near parity.


Display Industry Doom and Gloom? Management Call with ChipMOS

<ul>
<li>Taiwan Tech Rallies Along With Rebound In Global Tech; Hon Hai, Asustek Top Gainers; KYEC a Top Loser After Announcing China Market Divestment</li>
<li>PC Monitor: The Next Version of MSFT CoPilot Will Be the Killer App for a Global AI PC Upgrade Cycle </li>
<li>ASMedia GDR Early Look - Momentum Has Been Strong, and Raising Would Grow Its Cash Base Almost 6x </li>
</ul>


Taiwan Tech Rallies Along With Rebound In Global Tech; Hon Hai, Asustek Top Gainers; KYEC a Top Loser After Announcing China Market Divestment
PC Monitor: The Next Version of MSFT CoPilot Will Be the Killer App for a Global AI PC Upgrade Cycle 
ASMedia GDR Early Look - Momentum Has Been Strong, and Raising Would Grow Its Cash Base Almost 6x 


Taiwan Tech Weekly: Hon Hai New All-Time Highs; Asustek Soars; Leading Chip Testing Firm Exits China

<ul>
<li>We had a call with ChipMOS management about their latest long-term R&amp;D efforts and drivers. </li>
<li>We see many of the company's key clients' businesses turning a corner, hence see these developments likely to benefit ChipMOS.</li>
<li>The company will be reporting earnings on August 3rd, we have an Outperform rating for the shares. Could see some continued margin weakness, however we believe forward outlook is improving.</li>
</ul>


We had a call with ChipMOS management about their latest long-term R&amp;D efforts and drivers. 
We see many of the company's key clients' businesses turning a corner, hence see these developments likely to benefit ChipMOS.
The company will be reporting earnings on August 3rd, we have an Outperform rating for the shares. Could see some continued margin weakness, however we believe forward outlook is improving.


ChipMOS: Results Ahead & Key Clients for Display and Memory Signal a Turn Around Is Happening

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.

Price Gauge
52-week Range	0.00 - 0.00
Market Cap (USDm)	0.00
P/E	0.00
Dividend (Yield)	0.00

Chipmos Technologies (8150 TT)

ChipMOS: Valuation at Risk Given Latest Results; Short Interest Shows Sentiment Has Room to Shift

ChipMOS isn't cheap given a sputtering margin rebound. The market still has significant room to shift towards negative sentiment.

Vincent Fernando, CFA

Taiwan Dual-Listings Monitor: TSMC Spread Trading at New High Range, CHT Spread at Short Levels

TSMC now trading with a higher ADR premium than ASE, when before ASE had persistently always had a higher ADR premium. CHT is at the higher end of...

Vincent Fernando, CFA

Display Industry Doom and Gloom? Management Call with ChipMOS

With the street relatively bearish on the stock, we had a call with management to assess the company's ability to perform through an industry down...

Vincent Fernando, CFA

Taiwan Tech Weekly: Hon Hai New All-Time Highs; Asustek Soars; Leading Chip Testing Firm Exits China

Taiwan tech gains alongside global tech, with Hon Hai and Asustek leading. MSFT's next CoPilot expected to drive AI PC upgrades. ASMedia GDR shows...

Vincent Fernando, CFA

ChipMOS: Results Ahead & Key Clients for Display and Memory Signal a Turn Around Is Happening

We had a call with ChipMOS management about the company's latest long-term research efforts and drivers. The shares appear well supported into an...

Vincent Fernando, CFA

Price Gauge

52-week Range

Market Cap (USDm)

P/E

Dividend (Yield)

ChipMOS: Valuation at Risk Given Latest Results; Short Interest Shows Sentiment Has Room to Shift

ChipMOS isn't cheap given a sputtering margin rebound. The market still has significant room to shift towards negative sentiment.

Vincent Fernando, CFA

Taiwan Dual-Listings Monitor: TSMC Spread Trading at New High Range, CHT Spread at Short Levels

​TSMC now trading with a higher ADR premium than ASE, when before ASE had persistently always had a higher ADR premium. CHT is at the higher end of...

Vincent Fernando, CFA

Display Industry Doom and Gloom? Management Call with ChipMOS

With the street relatively bearish on the stock, we had a call with management to assess the company's ability to perform through an industry down...

Vincent Fernando, CFA

Taiwan Tech Weekly: Hon Hai New All-Time Highs; Asustek Soars; Leading Chip Testing Firm Exits China

​Taiwan tech gains alongside global tech, with Hon Hai and Asustek leading. MSFT's next CoPilot expected to drive AI PC upgrades. ASMedia GDR shows...

Vincent Fernando, CFA

ChipMOS: Results Ahead & Key Clients for Display and Memory Signal a Turn Around Is Happening

We had a call with ChipMOS management about the company's latest long-term research efforts and drivers. The shares appear well supported into an...

Vincent Fernando, CFA

TSMC now trading with a higher ADR premium than ASE, when before ASE had persistently always had a higher ADR premium. CHT is at the higher end of...

Taiwan tech gains alongside global tech, with Hon Hai and Asustek leading. MSFT's next CoPilot expected to drive AI PC upgrades. ASMedia GDR shows...