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

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

<ul>
<li>TSMC: +17.3% Premium, High Double Digit Level Persisting Since CNY</li>
<li>UMC: -1.5% Discount, We Believe Spread Biased to Go Positive</li>
<li>ChipMOS: +0.6% Premium, Collapsed from +4.6%. Now Within Typical Range.</li>
</ul>


TSMC: +17.3% Premium, High Double Digit Level Persisting Since CNY
UMC: -1.5% Discount, We Believe Spread Biased to Go Positive
ChipMOS: +0.6% Premium, Collapsed from +4.6%. Now Within Typical Range.


Taiwan Dual-Listings Monitor: TSMC Post-CNY Spread Persisting; Why UMC Discount Could Flip Positive

<ul>
<li>TSMC: +16.6% ADR Premium, Still High After CNY Multi-Day Taiwan Market Close</li>
<li>UMC: 1.3% ADR Premium, Still Historically High After CNY Break</li>
<li>ChipMOS: +4.2% Premium, Very Rare &amp; High Level, Not Sustainable</li>
</ul>


TSMC: +16.6% ADR Premium, Still High After CNY Multi-Day Taiwan Market Close
UMC: 1.3% ADR Premium, Still Historically High After CNY Break
ChipMOS: +4.2% Premium, Very Rare &amp; High Level, Not Sustainable


Taiwan Dual-Listings Monitor: High Spreads Persist After CNY Break

<ul>
<li>TSMC: +13.5% ADR Premium, Historically High Spread Represents Short Opportunity</li>
<li>UMC: -0.9% ADR Discount, Results Tomorrow Could Open Up Trade Opportunity</li>
<li>ASE: +9.1% Premium, Historically High But Likely Best to Wait for Higher Levels</li>
</ul>


TSMC: +13.5% ADR Premium, Historically High Spread Represents Short Opportunity
UMC: -0.9% ADR Discount, Results Tomorrow Could Open Up Trade Opportunity
ASE: +9.1% Premium, Historically High But Likely Best to Wait for Higher Levels


Taiwan Dual-Listings Monitor: Can TSMC Sustain Extreme ADR Spread?; UMC Results Catalyst Tomorrow

<ul>
<li>TSMC: Stock Prices Soared After Reporting Earnings, But ADR Rose Higher... Now +12.4% Premium, Shortable Level</li>
<li>ASE: ADR Spread Has Rebounded Substantially, Now +8.6%. Not Yet at Short Levels.</li>
<li>ChipMOS: ADR Spread Drops to -2.2%, Good Level to Go Long.</li>
</ul>


TSMC: Stock Prices Soared After Reporting Earnings, But ADR Rose Higher... Now +12.4% Premium, Shortable Level
ASE: ADR Spread Has Rebounded Substantially, Now +8.6%. Not Yet at Short Levels.
ChipMOS: ADR Spread Drops to -2.2%, Good Level to Go Long.


Taiwan Dual-Listings Monitor: TSMC ADRs Outpace Local, Extreme Spread; ChipMOS Good Long Level

<ul>
<li>TSMC: 7.7% Premium -- Spread Has Fallen Further, Likely Can Short a Bit Further</li>
<li>ASE: Drops to 5.1% Premium -- Can Consider Going Long at Current Level Due to Maxed Headroom &amp; ASE's Strong Advanced Chip Packaging Story</li>
<li>CHT: Trading at -0.9% Discount -- Good Level to Long the Spread, Rare Discount</li>
</ul>


TSMC: 7.7% Premium -- Spread Has Fallen Further, Likely Can Short a Bit Further
ASE: Drops to 5.1% Premium -- Can Consider Going Long at Current Level Due to Maxed Headroom &amp; ASE's Strong Advanced Chip Packaging Story
CHT: Trading at -0.9% Discount -- Good Level to Long the Spread, Rare Discount


Taiwan Dual-Listings Monitor: TSMC Contraction Continues; ASE & Chunghwa at Historically Rare Levels

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 (2412 TT)

Taiwan Dual-Listings Monitor: TSMC Post-CNY Spread Persisting; Why UMC Discount Could Flip Positive

TSMC maintaining a high premium, UMC is expected to shift to a positive spread, ChipMOS back within the typical range after premium collapse.

Vincent Fernando, CFA

Taiwan Dual-Listings Monitor: High Spreads Persist After CNY Break

Taiwan semiconductor companies TSMC, UMC, and ChipMOS continue to maintain high ADR premiums after the Chinese New Year break, with ChipMOS'...

Vincent Fernando, CFA

Taiwan Dual-Listings Monitor: Can TSMC Sustain Extreme ADR Spread?; UMC Results Catalyst Tomorrow

TSMC's ADR premium history suggests a short opportunity, while UMC's results tomorrow could open up a trade. Also, why waiting for ASE's premium...

Vincent Fernando, CFA

Taiwan Dual-Listings Monitor: TSMC ADRs Outpace Local, Extreme Spread; ChipMOS Good Long Level

Stock prices for TSMC surged after its earnings report, with its ADR spread expanding. ASE's ADR spread increased as well. ChipMOS's ADR spread...

Vincent Fernando, CFA

Taiwan Dual-Listings Monitor: TSMC Contraction Continues; ASE & Chunghwa at Historically Rare Levels

TSMC's premium contraction continues. ASE's premium has fallen substantially and offers potential for going long. CHT is at a rare discount,...

Vincent Fernando, CFA

Price Gauge

52-week Range

Market Cap (USDm)

P/E

Dividend (Yield)

Taiwan Dual-Listings Monitor: TSMC Post-CNY Spread Persisting; Why UMC Discount Could Flip Positive

​TSMC maintaining a high premium, UMC is expected to shift to a positive spread, ChipMOS back within the typical range after premium collapse.

Vincent Fernando, CFA

Taiwan Dual-Listings Monitor: High Spreads Persist After CNY Break

​Taiwan semiconductor companies TSMC, UMC, and ChipMOS continue to maintain high ADR premiums after the Chinese New Year break, with ChipMOS'...

Vincent Fernando, CFA

Taiwan Dual-Listings Monitor: Can TSMC Sustain Extreme ADR Spread?; UMC Results Catalyst Tomorrow

​TSMC's ADR premium history suggests a short opportunity, while UMC's results tomorrow could open up a trade. Also, why waiting for ASE's premium...

Vincent Fernando, CFA

Taiwan Dual-Listings Monitor: TSMC ADRs Outpace Local, Extreme Spread; ChipMOS Good Long Level

​Stock prices for TSMC surged after its earnings report, with its ADR spread expanding. ASE's ADR spread increased as well. ChipMOS's ADR spread...

Vincent Fernando, CFA

Taiwan Dual-Listings Monitor: TSMC Contraction Continues; ASE & Chunghwa at Historically Rare Levels

​TSMC's premium contraction continues. ASE's premium has fallen substantially and offers potential for going long. CHT is at a rare discount,...

Vincent Fernando, CFA

TSMC maintaining a high premium, UMC is expected to shift to a positive spread, ChipMOS back within the typical range after premium collapse.

Taiwan semiconductor companies TSMC, UMC, and ChipMOS continue to maintain high ADR premiums after the Chinese New Year break, with ChipMOS'...

TSMC's ADR premium history suggests a short opportunity, while UMC's results tomorrow could open up a trade. Also, why waiting for ASE's premium...

Stock prices for TSMC surged after its earnings report, with its ADR spread expanding. ASE's ADR spread increased as well. ChipMOS's ADR spread...

TSMC's premium contraction continues. ASE's premium has fallen substantially and offers potential for going long. CHT is at a rare discount,...