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: +15.9% Premium; Spread Has Crashed Through Our Long Entry Level at 19%; Consider Going Long</li>
<li>
UMC: -0.5% Discount; Significant ADR Conversion (+28.8M Units); Spread Fully Unwound</li>
<li>
ASE: -0.5% Discount; Spread Collapsed from +4.5% Premium; Consider Going Long</li>
</ul>



TSMC: +15.9% Premium; Spread Has Crashed Through Our Long Entry Level at 19%; Consider Going Long

UMC: -0.5% Discount; Significant ADR Conversion (+28.8M Units); Spread Fully Unwound

ASE: -0.5% Discount; Spread Collapsed from +4.5% Premium; Consider Going Long


Taiwan Dual-Listings Monitor: Broad Spread Collapse Across the Board; TSMC Below Long Entry Level

Asia Pac ECM and Index Rebal, Shenton Research

Ke Yan, CFA, FRM

Asia Pac ECM and Index Rebal

Asia Pac IPO & Placement Research, China Biotech

DZT Research

DZT Research is an independent Asia Pacific equity specialist. Our quantitative research covers index rebalancing flows, alongside exchange data analytics accross Asia Pacific. On the equity capital markets side, we focus on Asia Pacific ECM, especially biotech and TMT. Our lead analyst is frequently cited by international media.

Quantitative Analysis

<ul>
<li>We analyzed the changes in foreign holdings of TWSE Stocks as of Mar 6th. The aggregated holding was USD1,669.3bn.</li>
<li>We estimate that foreign flows to be outflows of USD9,833mln. We tabulate the league tables for top changes by value for 1W/4W/1Y and top stocks held by foreign institutions.</li>
<li>We highlight changes of foreign holdings in TSMC, MediaTek, Hon Hai Precision, Delta Electronics, Fubon Financial.</li>
</ul>


We analyzed the changes in foreign holdings of TWSE Stocks as of Mar 6th. The aggregated holding was USD1,669.3bn.
We estimate that foreign flows to be outflows of USD9,833mln. We tabulate the league tables for top changes by value for 1W/4W/1Y and top stocks held by foreign institutions.
We highlight changes of foreign holdings in TSMC, MediaTek, Hon Hai Precision, Delta Electronics, Fubon Financial.


TWSE Foreign Holding Weekly (Mar 6th): TSMC, MediaTek, Hon Hai Precision, Delta Electronics

<ul>
<li>TSMC: +21.9% Premium; Spread Rebounded from Previous Lows; Maintain Key Long/Short Levels</li>
<li>UMC: +4.4% Premium; Good Level to Short the Spread Despite Recent Premium Resilience</li>
<li>ASE: +4.5% Premium; Rebounded from Near-Parity, Near Level to Short the Spread</li>
</ul>


TSMC: +21.9% Premium; Spread Rebounded from Previous Lows; Maintain Key Long/Short Levels
UMC: +4.4% Premium; Good Level to Short the Spread Despite Recent Premium Resilience
ASE: +4.5% Premium; Rebounded from Near-Parity, Near Level to Short the Spread


Taiwan Dual-Listings Monitor: Key Spreads After Long CNY Closure in Taiwan

<ul>
<li>TSMC: +19.7% Premium; Rebounds from Near-Term Lows, Latest View on Levels</li>
<li>UMC: +4.2% Premium; Opportunity to Short the ADR Price Premium</li>
<li>ChipMOS: +2.7% Premium; Opportunity to Short the ADR Price Premium</li>
</ul>


TSMC: +19.7% Premium; Rebounds from Near-Term Lows, Latest View on Levels
UMC: +4.2% Premium; Opportunity to Short the ADR Price Premium
ChipMOS: +2.7% Premium; Opportunity to Short the ADR Price Premium


Taiwan Dual-Listings Monitor: Market Volatility Opens Up Multiple Historical Range Breakouts

<ul>
<li>TSMC: +17.2% Premium; Massive Spread Breakdown; Opens New Long Opportunity</li>
<li>UMC: +2.7% Premium; Historically Extreme Premium a Good Level to Short</li>
<li>ChipMOS: -3.0% Discount; Opportunity to Go Long the ADR Spread</li>
</ul>


TSMC: +17.2% Premium; Massive Spread Breakdown; Opens New Long Opportunity
UMC: +2.7% Premium; Historically Extreme Premium a Good Level to Short
ChipMOS: -3.0% Discount; Opportunity to Go Long the ADR Spread


Taiwan Dual-Listings Monitor: Massive TSMC Spread Breakdown

Taiwan

Chunghwa Telecom Co., Ltd. provides local, domestic, and international long distance services. The Company also offers wireless telecommunication, paging, and Internet services.

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Chunghwa Telecom Co., Ltd (Adr) (CHT US)

Taiwan Dual-Listings Monitor: Broad Spread Collapse Across the Board; TSMC Below Long Entry Level

We analyze the premium and discount levels of dual-listed Taiwan companies, suggesting potential spread trading levels based on historical trends.

Vincent Fernando, CFA

TWSE Foreign Holding Weekly (Mar 6th): TSMC, MediaTek, Hon Hai Precision, Delta Electronics

We analyzed TWSE foreign holding data for the past week and highlighted foreign holding changes in TSMC, MediaTek, Hon Hai Precision, Delta...

Ke Yan, CFA, FRM

Taiwan Dual-Listings Monitor: Key Spreads After Long CNY Closure in Taiwan

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: Market Volatility Opens Up Multiple Historical Range Breakouts

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: Massive TSMC Spread Breakdown

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)