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) - ADR / Equity Bottom-Up

TSMC (Taiwan Semiconductor Manufacturing) - ADR

<ul>
<li>TSMC: +23% Premium; Has Broken Down from Historically High Level</li>
<li>ChipMOS: -3.0% Discount; Good Level to Go Long the ADR Spread</li>
<li>CHT: -1.1% Discount; Good Level to Go Long the ADR Spread</li>
</ul>


TSMC: +23% Premium; Has Broken Down from Historically High Level
ChipMOS: -3.0% Discount; Good Level to Go Long the ADR Spread
CHT: -1.1% Discount; Good Level to Go Long the ADR Spread


Taiwan Dual-Listings Monitor: TSMC Historically High Premium Cracks; ChipMOS & CHT Opportunities

<ul>
<li>Himax (HIMX US): Silicon Photonics Becomes Strategic Imperative for Foundries, Reinforcing Long View </li>
<li>Silicon Motion (SIMO US): Multiple Growth Drivers Converging Into 2026E </li>
<li>Taiwan Dual-Listings Monitor: TSMC &amp; UMC Spreads at Historically Rare Levels </li>
</ul>


Himax (HIMX US): Silicon Photonics Becomes Strategic Imperative for Foundries, Reinforcing Long View 
Silicon Motion (SIMO US): Multiple Growth Drivers Converging Into 2026E 
Taiwan Dual-Listings Monitor: TSMC &amp; UMC Spreads at Historically Rare Levels 


Taiwan Tech Weekly: Industry Moves Show Silicon Photonics Becoming Must-Have for Next Gen Compute

<ul>
<li>TSMC: +26.1% Premium; Remains at Level Rarely Maintained for More Than a Week; Good Level to Short the Spread</li>
<li>UMC: +2.5% Premium; Historically Rare Level is a Short Opportunity</li>
<li>ASE: +2.9% Premium; Wait Better Short Opportunity at Higher Levels</li>
</ul>


TSMC: +26.1% Premium; Remains at Level Rarely Maintained for More Than a Week; Good Level to Short the Spread
UMC: +2.5% Premium; Historically Rare Level is a Short Opportunity
ASE: +2.9% Premium; Wait Better Short Opportunity at Higher Levels


Taiwan Dual-Listings Monitor: TSMC & UMC Spreads at Historically Rare Levels

Pan-Asia Tactical Market Calls (Quant-Driven), MRM Research

Nico Rosti

Pan-Asia Tactical Market Calls (Quant-Driven)

MRM Research

Quantitative Research

Equity Derivatives

TSMC (Taiwan Semiconductor Manufacturing) / Equity Derivatives

TSMC (Taiwan Semiconductor Manufacturing)

<ul>
<li>A tactical snapshot of the Asian and US indices and stocks we cover.</li>
<li>Many Asian and US stocks are getting overbought. Wednesday's Fed meeting is a potential volatility trigger, consider hedging or short exposure.</li>
<li>
<a href="https://www.smartkarma.com/entities/china-mobile-ltd" target="_blank" data-smartkarma-citation="entities:27:1" rel="noopener">China Mobile (941 HK)</a>, <a href="https://www.smartkarma.com/entities/toyota-motor-corp" target="_blank" data-smartkarma-citation="entities:73:1" rel="noopener">Toyota Motor (7203 JP)</a> , <a href="https://www.smartkarma.com/entities/amazon-com-inc" target="_blank" data-smartkarma-citation="entities:409:1" rel="noopener">Amazon (AMZN US)</a> are the only stocks a bit oversold, possibly worth considering for LONG trades, at the moment.</li>
</ul>


A tactical snapshot of the Asian and US indices and stocks we cover.
Many Asian and US stocks are getting overbought. Wednesday's Fed meeting is a potential volatility trigger, consider hedging or short exposure.

China Mobile (941 HK), Toyota Motor (7203 JP) , Amazon (AMZN US) are the only stocks a bit oversold, possibly worth considering for LONG trades, at the moment.


Asian and US Stocks Tactical Outlook Before Fed Meeting

<ul>
<li>TSMC: +27.1% Premium; Increased to More Historically Extreme Level; Deeper in Short Range</li>
<li>UMC: +2.3% Premium; Good Level to Open a Short of The Spread</li>
<li>ASE: +2.3% Premium; Wait Better Long Opportunity Near Parity or Below</li>
</ul>


TSMC: +27.1% Premium; Increased to More Historically Extreme Level; Deeper in Short Range
UMC: +2.3% Premium; Good Level to Open a Short of The Spread
ASE: +2.3% Premium; Wait Better Long Opportunity Near Parity or Below


Taiwan Dual-Listings Monitor: TSMC ADR Spread Deeper in Historically Rare Zone

Taiwan

Taiwan Semiconductor Manufacturing Company Ltd. manufactures integrated circuits based on its proprietary designs.  The Company offers a comprehensive set of integrated circuit fabrication processes to manufacture CMOS logic, mixed-mode, volatile and non-volatile memory and BiCMOS chips.  Taiwan Semiconductor is an affiliate of Philips Electronics N.V.

TSMC (Taiwan Semiconductor Manufacturing) - ADR (TSM US)

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

TSMC (Taiwan Semiconductor Manufacturing) - ADR (TSM US)

Taiwan Dual-Listings Monitor: TSMC Historically High Premium Cracks; 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

Taiwan Tech Weekly: Industry Moves Show Silicon Photonics Becoming Must-Have for Next Gen Compute

Silicon photonics and multiple growth drivers are shaping the strategic imperatives for firms like Himax and Silicon Motion in Taiwan. TSMC and...

Vincent Fernando, CFA

Taiwan Dual-Listings Monitor: TSMC & UMC Spreads at Historically Rare Levels

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

Vincent Fernando, CFA

Asian and US Stocks Tactical Outlook Before Fed Meeting

Some Asian and US stocks are quite overbought according to our model. Wednesday's Fed meeting poses volatility risk, making hedging or short...

Nico Rosti

Taiwan Dual-Listings Monitor: TSMC ADR Spread Deeper in Historically Rare Zone

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)

Taiwan Dual-Listings Monitor: TSMC Historically High Premium Cracks; 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

Taiwan Tech Weekly: Industry Moves Show Silicon Photonics Becoming Must-Have for Next Gen Compute

​Silicon photonics and multiple growth drivers are shaping the strategic imperatives for firms like Himax and Silicon Motion in Taiwan. TSMC and...

Vincent Fernando, CFA

Taiwan Dual-Listings Monitor: TSMC & UMC Spreads at Historically Rare Levels

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

Vincent Fernando, CFA

Asian and US Stocks Tactical Outlook Before Fed Meeting

​Some Asian and US stocks are quite overbought according to our model. Wednesday's Fed meeting poses volatility risk, making hedging or short...

Nico Rosti

Taiwan Dual-Listings Monitor: TSMC ADR Spread Deeper in Historically Rare Zone

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

Vincent Fernando, CFA

Silicon photonics and multiple growth drivers are shaping the strategic imperatives for firms like Himax and Silicon Motion in Taiwan. TSMC and...

Some Asian and US stocks are quite overbought according to our model. Wednesday's Fed meeting poses volatility risk, making hedging or short...