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: +22.8% Premium; ADR Spread Remains at Historically Extreme Levels</li>
<li>UMC: -0.8% Discount; Wait for More Extreme Levels; Short Interest in ADRs Falling</li>
<li>ASE: -0.1% Discount; Continued Opportunity to Go Long the ADR Spread</li>
</ul>


TSMC: +22.8% Premium; ADR Spread Remains at Historically Extreme Levels
UMC: -0.8% Discount; Wait for More Extreme Levels; Short Interest in ADRs Falling
ASE: -0.1% Discount; Continued Opportunity to Go Long the ADR Spread


Taiwan Dual-Listings Monitor: TSMC Spread Remains Extreme; UMC ADR Short Interest Falling

<ul>
<li>TSMC: +23.9% Premium; Continued Opportunity to Short the ADR Premium</li>
<li>UMC: -0.4% Discount; Wait for More Extreme Levels Before Going Long or Short</li>
<li>ASE: -1.5% Discount; Historically Rare Discount Presents Opportunity to Long the ADR Spread</li>
</ul>


TSMC: +23.9% Premium; Continued Opportunity to Short the ADR Premium
UMC: -0.4% Discount; Wait for More Extreme Levels Before Going Long or Short
ASE: -1.5% Discount; Historically Rare Discount Presents Opportunity to Long the ADR Spread


Taiwan Dual-Listings Monitor: TSMC Spread Short Setup, ASE ADR at Historically Rare Discount

Tracking developments across tech supply chains, Tech Supply Chain Tracker

Tech Supply Chain Tracker

Tracking developments across tech supply chains

<ul><li>Hyundai chief partners with Samsung and Hanwha in US tariff push, showing collaboration between major companies to address trade issues.</li><li>Arm CEO considers in-house chip production, signaling a strategic shift for the company towards more control over its manufacturing process.</li><li>BOE secures half of Apple's MacBook screen orders, displacing LG Display, showcasing the competitiveness in the display market.</li></ul>

Hyundai chief partners with Samsung and Hanwha in US tariff push, showing collaboration between major companies to address trade issues.Arm CEO considers in-house chip production, signaling a strategic shift for the company towards more control over its manufacturing process.BOE secures half of Apple's MacBook screen orders, displacing LG Display, showcasing the competitiveness in the display market.

Tech Supply Chain Tracker (01-Aug-2025): Hyundai chief joins Samsung, Hanwha in US tariff blitz.

<ul>
<li>TSMC: +26.3% Premium; Opportunity to Go Short the ADR Premium</li>
<li>UMC: -1.2% Discount; ADR Headroom Falls Yet Again by a Significant Amount</li>
<li>ASE: +0.7% Premium; Opportunity to Go Long the ADR Premium -- ADR Headroom Has First Change in a Long Time</li>
</ul>


TSMC: +26.3% Premium; Opportunity to Go Short the ADR Premium
UMC: -1.2% Discount; ADR Headroom Falls Yet Again by a Significant Amount
ASE: +0.7% Premium; Opportunity to Go Long the ADR Premium -- ADR Headroom Has First Change in a Long Time


Taiwan Dual-Listings Monitor: TSMC ADR Premium Remaining Unusually High; UMC & ASE Headroom Changes

Asia Pac IPO & Placement Research, China biotech, Aequitas Research

Ke Yan, CFA, FRM

Asia Pac IPO & Placement Research, China biotech

IPOs and Placements coverage across Asia Pacific

Aequitas Research

We cover all listing across the Asia Pacific along with follow-up placements. As of Dec 2020, our team had covered 539 IPOs with a hit rate of 73.5% and 685 placements with a hit rate of 66.8%.

We combine fundamental bottom-up views with our proprietary quantitative framework to provide a holistic coverage across new listings and placements. Our coverage includes pre-IPO notes before the deal is launched, follow-up analysis once the deal is live and post-listing trading analysis as well.

Quantitative Analysis

<ul>
<li>We analyzed the changes in foreign holdings of TWSE Stocks as of Jul 18th. The aggregated holding was USD1,172.9bn.</li>
<li>We estimate that foreign flows to be inflows of USD2,885mln. 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, Alchip Technologies, UMC, Asia Vital Components, Hon Hai Precision.</li>
</ul>


We analyzed the changes in foreign holdings of TWSE Stocks as of Jul 18th. The aggregated holding was USD1,172.9bn.
We estimate that foreign flows to be inflows of USD2,885mln. 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, Alchip Technologies, UMC, Asia Vital Components, Hon Hai Precision.


TWSE Foreign Holding Weekly (Jul 18th): TSMC, Alchip Technologies, UMC, Asia Vital Components

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 Spread Remains Extreme; UMC ADR Short Interest Falling

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 Short Setup, ASE ADR at Historically Rare Discount

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

Vincent Fernando, CFA

Tech Supply Chain Tracker (01-Aug-2025): Hyundai chief joins Samsung, Hanwha in US tariff blitz.

Hyundai, Samsung, and Hanwha team up on US tariffs. Arm CEO looks at making own chips. BOE wins Apple MacBook screen orders. MediaTek surpasses Q2...

Tech Supply Chain Tracker

Taiwan Dual-Listings Monitor: TSMC ADR Premium Remaining Unusually High; UMC & ASE Headroom Changes

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 (Jul 18th): TSMC, Alchip Technologies, UMC, Asia Vital Components

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

Ke Yan, CFA, FRM

Price Gauge

52-week Range

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