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 just held a press conference this evening in Taiwan regarding its expanded U.S. investment plans. TSMC said it won't impact Taiwan investments; it is actually accelerating its Taiwan investments.</li>
<li>Additionally, we see TSMC's aggressive U.S. expansion significantly weakening Intel's ability to compete, as it removes one of Intel’s major differentiators--domestic U.S. production.</li>
<li>Maintain Structural Long rating on TSMC -- Expanded U.S. investment fortifies the company’s global leadership. ALSO -- Positive news for semiconductor manufacturing equipment companies internationally and in Taiwan. ASML, etc.</li>
</ul>


TSMC just held a press conference this evening in Taiwan regarding its expanded U.S. investment plans. TSMC said it won't impact Taiwan investments; it is actually accelerating its Taiwan investments.
Additionally, we see TSMC's aggressive U.S. expansion significantly weakening Intel's ability to compete, as it removes one of Intel’s major differentiators--domestic U.S. production.
Maintain Structural Long rating on TSMC -- Expanded U.S. investment fortifies the company’s global leadership. ALSO -- Positive news for semiconductor manufacturing equipment companies internationally and in Taiwan. ASML, etc.


TSMC Addresses U.S. Expansion Concerns: Strengthens TSMC Position & Positive for Semi Industry Capex

Taiwan Tech Focused Senior Analyst

Patrick Liao

<ul>
<li>TSMC Chairman Dr. CC Wei pointed out that TSMC builds production lines everywhere to meet customers' demands. TSMC has never gone against this principle.  </li>
<li>On the 3rd of March, U.S. President Trump and TSMC Chairman jointly announced at the White House that TSMC would reinvest at least $100 billion in the U.S.</li>
<li>Regarding concerns from the public that TSMC might gradually shift its production focus to the U.S., TSMC made it clear that this would not happen.</li>
</ul>


TSMC Chairman Dr. CC Wei pointed out that TSMC builds production lines everywhere to meet customers' demands. TSMC has never gone against this principle.  
On the 3rd of March, U.S. President Trump and TSMC Chairman jointly announced at the White House that TSMC would reinvest at least $100 billion in the U.S.
Regarding concerns from the public that TSMC might gradually shift its production focus to the U.S., TSMC made it clear that this would not happen.


TSMC (2330.TT; TSM.US): TSMC Held Press Conference Regarding Further Investment of USD$100bn in US.

<ul>
<li>TSMC's Latest Global Expansion Plans, Visualized; Taiwan Manufacturing Will Continue to Remain One Generation Ahead of Overseas</li>
<li>TSMC (2330.TT; TSM.US): Invest Further in US up to 100bn; Intel Foundry Service Gets Direct Clients.</li>
<li>Memory Monitor: Nanya Tech Soared on DRAM Recovery and Custom HBM News </li>
</ul>


TSMC's Latest Global Expansion Plans, Visualized; Taiwan Manufacturing Will Continue to Remain One Generation Ahead of Overseas
TSMC (2330.TT; TSM.US): Invest Further in US up to 100bn; Intel Foundry Service Gets Direct Clients.
Memory Monitor: Nanya Tech Soared on DRAM Recovery and Custom HBM News 


Taiwan Tech Weekly: TSMC's Expansion Visualized; Implications of New U.S. Investment; New HBM Memory

<ul>
<li>TSMC: +18.5% Premium; Wait for Lower Premium Before Going Long</li>
<li>ASE: +0.2% Premium; Near-Parity Premium is Opportunity to Long the Spread</li>
<li>ChipMOS: -3% Discount; Rare Discount is Opportunity to Long the Spread</li>
</ul>


TSMC: +18.5% Premium; Wait for Lower Premium Before Going Long
ASE: +0.2% Premium; Near-Parity Premium is Opportunity to Long the Spread
ChipMOS: -3% Discount; Rare Discount is Opportunity to Long the Spread


Taiwan Dual-Listings Monitor: TSMC's Range Declining; ASE Near Parity; ChipMOS Rare Discount

<ul>
<li>On March 4th, <a href="https://www.smartkarma.com/entities/taiwan-semiconductor-sp-adr" target="_blank" data-smartkarma-citation="entities:8587:1" rel="noopener">Taiwan Semiconductor (TSMC) - ADR (TSM US)</a> announced that the company will further increase its investment up to $100 billion in the US.</li>
<li>The restructured case of <a href="https://www.smartkarma.com/entities/intel-corp" target="_blank" data-smartkarma-citation="entities:16764:1" rel="noopener">Intel Corp (INTC US)</a> has elicited different opinions, but a few companies may consider trying out Intel Foundry Service.</li>
<li>Currently, we find these developments acceptable, although we view them as the result of political interference, and time will tell.</li>
</ul>


On March 4th, Taiwan Semiconductor (TSMC) - ADR (TSM US) announced that the company will further increase its investment up to $100 billion in the US.
The restructured case of Intel Corp (INTC US) has elicited different opinions, but a few companies may consider trying out Intel Foundry Service.
Currently, we find these developments acceptable, although we view them as the result of political interference, and time will tell.


TSMC (2330.TT; TSM.US): Invest Further in US up to 100bn; Intel Foundry Service Gets Direct Clients.

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)

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

TSMC Addresses U.S. Expansion Concerns: Strengthens TSMC Position & Positive for Semi Industry Capex

TSMC explained how it is accelerating Taiwan investments while also increasing its expansion in the U.S.. Highly positive news for semiconductor...

Vincent Fernando, CFA

TSMC (2330.TT; TSM.US): TSMC Held Press Conference Regarding Further Investment of USD$100bn in US.

TSMC Chairman reaffirms commitment to meeting customer demands globally, including $100 billion reinvestment in the U.S. Production focus will not...

Patrick Liao

Taiwan Tech Weekly: TSMC's Expansion Visualized; Implications of New U.S. Investment; New HBM Memory

TSMC plans additional $100bn for the U.S., but Taiwan will remain one generation ahead of overseas manufacturing; Nanya targeting new custom High...

Vincent Fernando, CFA

Taiwan Dual-Listings Monitor: TSMC's Range Declining; ASE Near Parity; ChipMOS 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

TSMC (2330.TT; TSM.US): Invest Further in US up to 100bn; Intel Foundry Service Gets Direct Clients.

TSMC will invest further up to $100 billion in the US, Intel Corp's restructured case draws mixed opinions, potential for companies to try Intel...

Patrick Liao

Price Gauge

52-week Range

Market Cap (USDm)

P/E

Dividend (Yield)

TSMC Addresses U.S. Expansion Concerns: Strengthens TSMC Position & Positive for Semi Industry Capex

​TSMC explained how it is accelerating Taiwan investments while also increasing its expansion in the U.S.. Highly positive news for semiconductor...

Vincent Fernando, CFA

TSMC (2330.TT; TSM.US): TSMC Held Press Conference Regarding Further Investment of USD$100bn in US.

​TSMC Chairman reaffirms commitment to meeting customer demands globally, including $100 billion reinvestment in the U.S. Production focus will not...

Patrick Liao

Taiwan Tech Weekly: TSMC's Expansion Visualized; Implications of New U.S. Investment; New HBM Memory

​TSMC plans additional $100bn for the U.S., but Taiwan will remain one generation ahead of overseas manufacturing; Nanya targeting new custom High...

Vincent Fernando, CFA

Taiwan Dual-Listings Monitor: TSMC's Range Declining; ASE Near Parity; ChipMOS 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

TSMC (2330.TT; TSM.US): Invest Further in US up to 100bn; Intel Foundry Service Gets Direct Clients.

TSMC will invest further up to $100 billion in the US, Intel Corp's restructured case draws mixed opinions, potential for companies to try Intel...

Patrick Liao

TSMC explained how it is accelerating Taiwan investments while also increasing its expansion in the U.S.. Highly positive news for semiconductor...

TSMC Chairman reaffirms commitment to meeting customer demands globally, including $100 billion reinvestment in the U.S. Production focus will not...

TSMC plans additional $100bn for the U.S., but Taiwan will remain one generation ahead of overseas manufacturing; Nanya targeting new custom High...