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: +16.1% Premium; Within Historical Range; Can Stay Long the Spread</li>
<li>UMC: +2.5% Premium; Within Historical Range; Short Spread if Increases Further</li>
<li>ASE: +2.2% Premium; Within Historical Range; No Active Trade Signal</li>
</ul>


TSMC: +16.1% Premium; Within Historical Range; Can Stay Long the Spread
UMC: +2.5% Premium; Within Historical Range; Short Spread if Increases Further
ASE: +2.2% Premium; Within Historical Range; No Active Trade Signal


Taiwan Dual-Listings Monitor: ADR Spreads Staged Major Reversion

<ul>
<li>TSMC: +10.6% Premium; Fell Further on Market Weakness; But Likely to Remain Key Foundry Play for U.S. Investors</li>
<li>UMC: -5.6% Discount; Below -1 SD Band; Deep ADR Discount Unlikely to Persist</li>
<li>ASE: -7.1% Discount; Below -1 SD; Another Deep ADR Discount Unlikely to Persist</li>
</ul>


TSMC: +10.6% Premium; Fell Further on Market Weakness; But Likely to Remain Key Foundry Play for U.S. Investors
UMC: -5.6% Discount; Below -1 SD Band; Deep ADR Discount Unlikely to Persist
ASE: -7.1% Discount; Below -1 SD; Another Deep ADR Discount Unlikely to Persist


Taiwan Dual-Listings Monitor: Deep ADR Discounts Unlikely to Persist

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 May 29th. The aggregated holding was USD2,287.1bn.</li>
<li>We estimate that foreign flows to be inflows of USD6,743mln. 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 Hon Hai Precision, Zhen Ding Technology, Nanya Technology, Powerchip Semiconductor Manufacturing, Quanta Computer.</li>
</ul>


We analyzed the changes in foreign holdings of TWSE Stocks as of May 29th. The aggregated holding was USD2,287.1bn.
We estimate that foreign flows to be inflows of USD6,743mln. 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 Hon Hai Precision, Zhen Ding Technology, Nanya Technology, Powerchip Semiconductor Manufacturing, Quanta Computer.


TWSE Foreign Holding Weekly (May 29th): Hon Hai Precision, Zhen Ding Technology, Nanya Technology

<ul>
<li>TSMC: +11.5% Premium; Taiwan Relative Bullishness is Opportunity to Long the ADR Spread</li>
<li>UMC: -3.7% Discount; Persisting Discount = Opportunity to Long the ADR Spread</li>
<li>ASE: -1.6% Discount; Persisting Below Zero... Another Opportunity Long the ADR Spread</li>
</ul>


TSMC: +11.5% Premium; Taiwan Relative Bullishness is Opportunity to Long the ADR Spread
UMC: -3.7% Discount; Persisting Discount = Opportunity to Long the ADR Spread
ASE: -1.6% Discount; Persisting Below Zero... Another Opportunity Long the ADR Spread


Taiwan Dual-Listings Monitor: Taiwan Domestic Investors' Relative Bullishness Is an Opportunity

<ul>
<li>TSMC: +10.2% Premium; Below -1 SD Band; Long the ADR Spread</li>
<li>UMC: -8.3% Discount; Below -1 SD Band; Long the ADR Spread</li>
<li>ASE: -11.3% Discount; Below -1 SD Band; Long the ADR Spread</li>
</ul>


TSMC: +10.2% Premium; Below -1 SD Band; Long the ADR Spread
UMC: -8.3% Discount; Below -1 SD Band; Long the ADR Spread
ASE: -11.3% Discount; Below -1 SD Band; Long the ADR Spread


Taiwan Dual-Listings Monitor: TSMC, UMC, ASE and ChipMOS All Signal Long the ADR Spread

Taiwan

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

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

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

Taiwan Dual-Listings Monitor: ADR Spreads Staged Major Reversion

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: Deep ADR Discounts Unlikely to Persist

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 (May 29th): Hon Hai Precision, Zhen Ding Technology, Nanya Technology

We analyzed TWSE foreign holding data for the past week and highlighted foreign holding changes in Hon Hai Precision (2317 TT), Zhen Ding...

Ke Yan, CFA, FRM

Taiwan Dual-Listings Monitor: Taiwan Domestic Investors' Relative Bullishness Is an 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, UMC, ASE and ChipMOS All Signal Long the ADR Spread

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)