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: +27.7% Premium; Short the ADR Spread Anywhere Above 24%</li>
<li>UMC: +1.3% Premium; Large Change in ADR Headroom, Premium Biased to Rise?</li>
<li>ASE: +1.5% Premium; Consider Going Long the Spread Given Semiconductor Rally</li>
</ul>


TSMC: +27.7% Premium; Short the ADR Spread Anywhere Above 24%
UMC: +1.3% Premium; Large Change in ADR Headroom, Premium Biased to Rise?
ASE: +1.5% Premium; Consider Going Long the Spread Given Semiconductor Rally


Taiwan Dual-Listings Monitor: TSMC Beat Drives Spread Surge; UMC Sharp Headroom Decline

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 Jan 9th. The aggregated holding was USD1,505.7bn.</li>
<li>We estimate that foreign flows to be outflows of USD1,877mln. 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, Hon Hai Precision, Delta Electronics, UMC, MediaTek.</li>
</ul>


We analyzed the changes in foreign holdings of TWSE Stocks as of Jan 9th. The aggregated holding was USD1,505.7bn.
We estimate that foreign flows to be outflows of USD1,877mln. 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, Hon Hai Precision, Delta Electronics, UMC, MediaTek.


TWSE Foreign Holding Weekly (Jan 9th): TSMC, Hon Hai Precision, Delta Electronics, UMC, MediaTek

<ul>
<li>TSMC: +19.1% Premium; Opportunity to Close Shorts, Set Up New Long</li>
<li>ASE: -1.6% Discount; Rare Opportunity to Long the Spread at a Discount</li>
<li>ChipMOS: -7.8% Discount; Short Term Fluke Creates Long the ADR Opportunity</li>
</ul>


TSMC: +19.1% Premium; Opportunity to Close Shorts, Set Up New Long
ASE: -1.6% Discount; Rare Opportunity to Long the Spread at a Discount
ChipMOS: -7.8% Discount; Short Term Fluke Creates Long the ADR Opportunity


Taiwan Dual-Listings Monitor: TSMC Major Spread Breakdown; ASE & ChipMOS Opportunities

<ul>
<li>TSMC: +23% Premium; Spread Falls Again from Previous Short Level; Could See Increased Volatility on Taiwan Market Open</li>
<li>ASE: +0.3% Premium; Great Level to Open a Fresh Long of the Spread</li>
<li>UMC: +0.4% Premium; Wait for More Extreme Levels Before Going Long or Short</li>
</ul>


TSMC: +23% Premium; Spread Falls Again from Previous Short Level; Could See Increased Volatility on Taiwan Market Open
ASE: +0.3% Premium; Great Level to Open a Fresh Long of the Spread
UMC: +0.4% Premium; Wait for More Extreme Levels Before Going Long or Short


Taiwan Dual-Listings Monitor: TSMC Premium Breaks Down Again; ASE Rare Near-Parity Level

<ul>
<li>TSMC: +26.3% Premium; Rebounded Back to a Level One Can Short the Spread</li>
<li>ChipMOS: -2.6% Discount; Opportunity to Go Long the ADR Spread</li>
<li>CHT: -0.9% Discount; Opportunity to Go Long the ADR Spread</li>
</ul>


TSMC: +26.3% Premium; Rebounded Back to a Level One Can Short the Spread
ChipMOS: -2.6% Discount; Opportunity to Go Long the ADR Spread
CHT: -0.9% Discount; Opportunity to Go Long the ADR Spread


Taiwan Dual-Listings Monitor: TSMC Spread Rebounds into Short Territory; ChipMOS & CHT Opportunities

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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52-week Range	0.00 - 0.00
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Chunghwa Telecom (2412 TT)

Taiwan Dual-Listings Monitor: TSMC Beat Drives Spread Surge; UMC Sharp Headroom Decline

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 (Jan 9th): TSMC, Hon Hai Precision, Delta Electronics, UMC, MediaTek

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

Ke Yan, CFA, FRM

Taiwan Dual-Listings Monitor: TSMC Major Spread Breakdown; ASE & ChipMOS 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 Premium Breaks Down Again; ASE Rare Near-Parity 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

Taiwan Dual-Listings Monitor: TSMC Spread Rebounds into Short Territory; 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

Price Gauge

52-week Range

Market Cap (USDm)

P/E

Dividend (Yield)