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: +9.2% Premium, Major Breakdown From Previous Historically Extreme High</li>
<li>UMC: -1.9% Discount, Is Near Low End of Historical Range</li>
<li>ASE: +10.4%; ADR Short Interest Jumps to Very High Level vs. History</li>
</ul>


TSMC: +9.2% Premium, Major Breakdown From Previous Historically Extreme High
UMC: -1.9% Discount, Is Near Low End of Historical Range
ASE: +10.4%; ADR Short Interest Jumps to Very High Level vs. History


Taiwan Dual-Listings Monitor: TSMC Breaks Down From Extreme, UMC Discount Near Historical Low

<ul>
<li>TSMC: +16.2%, Bounced Back to Historically Extreme Level, Consider Short</li>
<li>UMC: -0.3% Discount, Flipped to Positive and Now Negative Again</li>
<li>ASE: +15.3% Premium; Bounced Back to Extreme Highs, Short the Spread</li>
</ul>


TSMC: +16.2%, Bounced Back to Historically Extreme Level, Consider Short
UMC: -0.3% Discount, Flipped to Positive and Now Negative Again
ASE: +15.3% Premium; Bounced Back to Extreme Highs, Short the Spread


Taiwan Dual-Listings Monitor: TSMC, ASE Spreads Bounce Back to Historically Extreme Highs

<ul>
<li>TSMC: +11.8% Premium -- Falling Closer to Its Historical Range</li>
<li>ASE: +9.2% Premium; Further Breakdown Could Indicate Return to Previous Trading Range</li>
<li>CHT: -1.8% Discount -- Good Level to Long the Spread</li>
</ul>


TSMC: +11.8% Premium -- Falling Closer to Its Historical Range
ASE: +9.2% Premium; Further Breakdown Could Indicate Return to Previous Trading Range
CHT: -1.8% Discount -- Good Level to Long the Spread


Taiwan Dual-Listings Monitor: TSMC Continues Falling from Extreme Level; CHT at Unusual Discount

<ul>
<li>TSMC: +15% ADR Premium; Likely to Trend Further Lower Over Time</li>
<li>UMC: -2.3% Discount; Decent Level to Long the ADR vs. Short Local</li>
<li>ASE: +11.6% Premium; Continue to Advocate Shorting the Spread Here</li>
</ul>


TSMC: +15% ADR Premium; Likely to Trend Further Lower Over Time
UMC: -2.3% Discount; Decent Level to Long the ADR vs. Short Local
ASE: +11.6% Premium; Continue to Advocate Shorting the Spread Here


Taiwan Dual-Listings Monitor: TSMC Premium Slumped But Remains Extreme; UMC at a Discount

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 1st which has an aggregated holding worth USD3,699.8bn.</li>
<li>We estimate that foreign flows to be inflows of USD1,279mln. We tabulate the league table for top changes by value for 1W/4W/1Y and top stocks held by foreign instutions.</li>
<li>We highlight foreign changes in TSMC, Wiwynn, Mediatek, Asia Vital, Alchip Tech, Asustek Computer, Umc, Quanta Computer, Chunghwa Telecom, Lite-On Tech.</li>
</ul>


We analyzed the changes in foreign holdings of TWSE Stocks as of Mar 1st which has an aggregated holding worth USD3,699.8bn.
We estimate that foreign flows to be inflows of USD1,279mln. We tabulate the league table for top changes by value for 1W/4W/1Y and top stocks held by foreign instutions.
We highlight foreign changes in TSMC, Wiwynn, Mediatek, Asia Vital, Alchip Tech, Asustek Computer, Umc, Quanta Computer, Chunghwa Telecom, Lite-On Tech.


TWSE Foreign Holding Weekly (Mar 1st): TSMC, Wiwynn, Mediatek, Asia Vital, Alchip Tech

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: TSMC Breaks Down From Extreme, UMC Discount Near Historical Low

TSMC and ASE ADR premiums fall from extreme highs; ChipMOS and UMC ADR discounts are near the lower end of their historical trading ranges.

Vincent Fernando, CFA

Taiwan Dual-Listings Monitor: TSMC, ASE Spreads Bounce Back to Historically Extreme Highs

ADR spreads for TSMC and ASE have bounced back to historically high levels, opening potential shorting opportunities. CHT bounced back from...

Vincent Fernando, CFA

Taiwan Dual-Listings Monitor: TSMC Continues Falling from Extreme Level; CHT at Unusual Discount

TSMC's ADR premium continues to fall from historical highs; ASE's ADR premium has broken down substantially as well. In contrast, CHT's ADRs are at...

Vincent Fernando, CFA

Taiwan Dual-Listings Monitor: TSMC Premium Slumped But Remains Extreme; UMC at a Discount

TSMC's ADR premium has fallen but remains at a very high level relative to history. UMC ADR's have fallen to a discount and are at a decent level...

Vincent Fernando, CFA

TWSE Foreign Holding Weekly (Mar 1st): TSMC, Wiwynn, Mediatek, Asia Vital, Alchip Tech

We analyzed TWSE foreign holding data for the past week and highlighted foreign holding changes in TSMC, Wiwynn, Mediatek, Asia Vital, Alchip Tech,...

Ke Yan, CFA, FRM

Price Gauge

52-week Range

Market Cap (USDm)

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