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: +21.1% Premium; Spread Has Fallen From Previous Short Levels, Remains Elevated</li>
<li>UMC: -0.3% Discount; Middle of the Historical Trading Range, Not Compelling</li>
<li>ChipMOS: -1.2% Discount; Wait for Deeper Discount Before Going Long</li>
</ul>


TSMC: +21.1% Premium; Spread Has Fallen From Previous Short Levels, Remains Elevated
UMC: -0.3% Discount; Middle of the Historical Trading Range, Not Compelling
ChipMOS: -1.2% Discount; Wait for Deeper Discount Before Going Long


Taiwan Dual-Listings Monitor: TSMC Spread Decline from Near Historical Highs; ChipMOS Discount

Taiwan Tech Focused Senior Analyst

Patrick Liao

<ul>
<li>
<a href="https://www.smartkarma.com/entities/sk-hynix-inc" target="_blank" data-smartkarma-citation="entities:16955:1" rel="noopener">SK Hynix (000660 KS)</a>'s key turning point is its dedication to developing High Bandwidth Memory (HBM) technology, which has finally paid off.</li>
<li>In the third quarter of 2024, <a href="https://www.smartkarma.com/entities/sk-hynix-inc" target="_blank" data-smartkarma-citation="entities:16955:1" rel="noopener">SK Hynix (000660 KS)</a> continued to surpass <a href="https://www.smartkarma.com/entities/samsung-electronics-co-ltd" target="_blank" data-smartkarma-citation="entities:191:1" rel="noopener">Samsung Electronics (005930 KS)</a> net earnings based on their financial results.   </li>
<li>
<a href="https://www.smartkarma.com/entities/samsung-electronics-co-ltd" target="_blank" data-smartkarma-citation="entities:191:1" rel="noopener">Samsung Electronics (005930 KS)</a> is reportedly exploring partnership opportunities with Taiwan Semiconductor (TSMC) - ADR (TSM US) in the realm of HBM, aiming to strengthen its ties with NVIDIA.</li>
</ul>



SK Hynix (000660 KS)'s key turning point is its dedication to developing High Bandwidth Memory (HBM) technology, which has finally paid off.
In the third quarter of 2024, SK Hynix (000660 KS) continued to surpass Samsung Electronics (005930 KS) net earnings based on their financial results.   

Samsung Electronics (005930 KS) is reportedly exploring partnership opportunities with Taiwan Semiconductor (TSMC) - ADR (TSM US) in the realm of HBM, aiming to strengthen its ties with NVIDIA.


SK Hynix(000660.KS): Insisting on HBM Technology and Continuing to Surpass Samsung in Net Earnings

Tracking developments across tech supply chains, Tech Supply Chain Tracker

Tech Supply Chain Tracker

Tracking developments across tech supply chains

<ul><li>TSMC begins mass production at Kumamoto fab as plans for third fab expansion remain uncertain.</li><li>Broadcom CEO foresees million-chip clusters as the future of AI investment frenzy.</li><li>Tata Group announces plan to generate 50,000 manufacturing jobs in EMS and semiconductor sectors.</li></ul>

TSMC begins mass production at Kumamoto fab as plans for third fab expansion remain uncertain.Broadcom CEO foresees million-chip clusters as the future of AI investment frenzy.Tata Group announces plan to generate 50,000 manufacturing jobs in EMS and semiconductor sectors.

Tech Supply Chain Tracker (28-Dec-2024): TSMC starts Kumamoto fab amid 3rd fab expansion uncertainty.

<ul><li>Taiwan government concerned about reducing foreign tech R&amp;D subsidies due to budget cuts, jeopardizing innovation in the industry.</li><li>Japan commits significant investment of $638 million into Rapidus chip mass production, aiming to strengthen its position in the semiconductor market.</li><li>South Korea proposing creation of KSMC based on TSMC's model to boost semiconductor production capabilities, following global trends in the industry.</li></ul>

Taiwan government concerned about reducing foreign tech R&amp;D subsidies due to budget cuts, jeopardizing innovation in the industry.Japan commits significant investment of $638 million into Rapidus chip mass production, aiming to strengthen its position in the semiconductor market.South Korea proposing creation of KSMC based on TSMC's model to boost semiconductor production capabilities, following global trends in the industry.

Tech Supply Chain Tracker (27-Dec-2024): Taiwan warns budget cuts imperil tech subsidies.

<ul>
<li>
<a href="https://www.smartkarma.com/entities/nvidia-corp" target="_blank" data-smartkarma-citation="entities:5891:1" rel="noopener">NVIDIA Corp (NVDA US)</a> CEO Mr. Jensen Huang announced plans to establish an offshore headquarters in Taipei during his visit this June.</li>
<li>From a geopolitical perspective, Taiwan is one of the focal points where the U.S. and China could potentially be in conflict. </li>
<li>Focusing on AI, <a href="https://www.smartkarma.com/entities/nvidia-corp" target="_blank" data-smartkarma-citation="entities:5891:1" rel="noopener">NVIDIA Corp (NVDA US)</a> is currently attracting significant attention, but the decision to establish an offshore headquarters in Taipei is raising curiosity.</li>
</ul>



NVIDIA Corp (NVDA US) CEO Mr. Jensen Huang announced plans to establish an offshore headquarters in Taipei during his visit this June.
From a geopolitical perspective, Taiwan is one of the focal points where the U.S. and China could potentially be in conflict. 
Focusing on AI, NVIDIA Corp (NVDA US) is currently attracting significant attention, but the decision to establish an offshore headquarters in Taipei is raising curiosity.


Nvidia (NVDA.US): To Establish Offshore Headquarter in Taiwan.

Taiwan

Taiwan Semiconductor Manufacturing Company, Ltd. manufactures and markets integrated circuits. The Company provides the following services: wafer manufacturing, wafer probing, assembly and testing, mask production, and design services. TSMC's ICs are used in computer, communication, consumer electronics, automotive, and industrial equipment industries.

TSMC (Taiwan Semiconductor Manufacturing) (2330 TT)

TSMC (Taiwan Semiconductor Manufacturing)

Price Gauge
52-week Range	0.00 - 0.00
Market Cap (USDm)	0.00
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TSMC (Taiwan Semiconductor Manufacturing) (2330 TT)

Taiwan Dual-Listings Monitor: TSMC Spread Decline from Near Historical Highs; ChipMOS 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

SK Hynix(000660.KS): Insisting on HBM Technology and Continuing to Surpass Samsung in Net Earnings

SK Hynix's focus on HBM technology pays off, surpassing Samsung Electronics in earnings. Samsung explores partnership with TSMC for HBM development.

Patrick Liao

Tech Supply Chain Tracker (28-Dec-2024): TSMC starts Kumamoto fab amid 3rd fab expansion uncertainty.

TSMC ramps up production at Kumamoto fab, uncertain on 3rd fab, Broadcom CEO predicts million-chip clusters for AI, Tata Group to create 50,000...

Tech Supply Chain Tracker

Tech Supply Chain Tracker (27-Dec-2024): Taiwan warns budget cuts imperil tech subsidies.

Taiwan warns of budget cuts impacting tech R&D subsidies; Japan invests in chip production; NVLink boosts GPU connectivity; S. Korea plans...

Tech Supply Chain Tracker

Nvidia (NVDA.US): To Establish Offshore Headquarter in Taiwan.

NVIDIA CEO plans to establish offshore headquarters in Taipei, raising geopolitical and AI industry interest. Taiwan is a focal point where the...

Patrick Liao

Price Gauge

52-week Range

Market Cap (USDm)

P/E

Dividend (Yield)

Taiwan Dual-Listings Monitor: TSMC Spread Decline from Near Historical Highs; ChipMOS 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

SK Hynix(000660.KS): Insisting on HBM Technology and Continuing to Surpass Samsung in Net Earnings

​SK Hynix's focus on HBM technology pays off, surpassing Samsung Electronics in earnings. Samsung explores partnership with TSMC for HBM development.

Patrick Liao

Tech Supply Chain Tracker (28-Dec-2024): TSMC starts Kumamoto fab amid 3rd fab expansion uncertainty.

TSMC ramps up production at Kumamoto fab, uncertain on 3rd fab, Broadcom CEO predicts million-chip clusters for AI, Tata Group to create 50,000...

Tech Supply Chain Tracker

Tech Supply Chain Tracker (27-Dec-2024): Taiwan warns budget cuts imperil tech subsidies.

Taiwan warns of budget cuts impacting tech R&D subsidies; Japan invests in chip production; NVLink boosts GPU connectivity; S. Korea plans...

Tech Supply Chain Tracker

Nvidia (NVDA.US): To Establish Offshore Headquarter in Taiwan.

​NVIDIA CEO plans to establish offshore headquarters in Taipei, raising geopolitical and AI industry interest. Taiwan is a focal point where the...

Patrick Liao

SK Hynix's focus on HBM technology pays off, surpassing Samsung Electronics in earnings. Samsung explores partnership with TSMC for HBM development.

NVIDIA CEO plans to establish offshore headquarters in Taipei, raising geopolitical and AI industry interest. Taiwan is a focal point where the...