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: +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

Quantitative Researcher, MRM Research

Nico Rosti

Quantitative Researcher

MRM Research

Quantitative Research

Equity Derivatives

TSMC (Taiwan Semiconductor Manufacturing) / Equity Derivatives

TSMC (Taiwan Semiconductor Manufacturing)

<ul>
<li>
<a href="https://www.smartkarma.com/entities/taiwan-semiconductor-manufacturing-company" target="_blank" data-smartkarma-citation="entities:11230:1" rel="noopener">TSMC (Taiwan Semiconductor Manufacturing) (2330 TT)</a> delivered stellar returns this year, but after peaking in early November and pulling back all month, we see downside risk persisting.</li>
<li>We hypothesize the current rally may be a bear rally. If correct, our models indicate TSMC has nearly depleted this rebound and downside risk looms.</li>
<li>If we are wrong, TSMC could continue this rally to 1483-1581, the details as always are discussed in the insight.</li>
</ul>



TSMC (Taiwan Semiconductor Manufacturing) (2330 TT) delivered stellar returns this year, but after peaking in early November and pulling back all month, we see downside risk persisting.
We hypothesize the current rally may be a bear rally. If correct, our models indicate TSMC has nearly depleted this rebound and downside risk looms.
If we are wrong, TSMC could continue this rally to 1483-1581, the details as always are discussed in the insight.


TSMC (2330 TT) Tactical Outlook After November's Pullback: Further Downside Risk Remains

<ul>
<li>Japan’s Rapidus Moves Ahead With 1.4nm Plans... TSMC Impact? -- Latest and Past Analysis</li>
<li>PC Monitor: Latest Dell/HP Results Support PC Up-Cycle Into 2026E </li>
<li>TechChain Insights: Factory Visit with One of Taiwan's Critical Battery Suppliers  </li>
</ul>


Japan’s Rapidus Moves Ahead With 1.4nm Plans... TSMC Impact? -- Latest and Past Analysis
PC Monitor: Latest Dell/HP Results Support PC Up-Cycle Into 2026E 
TechChain Insights: Factory Visit with One of Taiwan's Critical Battery Suppliers  


Taiwan Tech Weekly: Rapidus Making Progress... TSMC Impact; Latest PC Results Support 2026E Up-Cycle

Taiwan Tech Focused Senior Analyst

Patrick Liao

TSMC (Taiwan Semiconductor Manufacturing) / Equity Bottom-Up

<ul>
<li>Rapidus is currently moving in parallel with <a href="https://www.smartkarma.com/entities/taiwan-semiconductor-manufacturing-adr" target="_blank" data-smartkarma-citation="entities:8587:1" rel="noopener">TSMC (Taiwan Semiconductor Manufacturing) - ADR (TSM US)</a> in targeting the 2nm, and is regarded as Japan’s core force in the advanced-process arena.</li>
<li>Rapidus plans to build a second fab in Hokkaido in FY2027. The facility is scheduled to begin 1.4nm volume production in 2029 to accelerate the catch-up with global leader TSMC.</li>
<li>During its mid-October earnings briefing, TSMC stated that 2nm will enter volume production as scheduled in 4Q this year, and that it will begin 1.4nm mass production in 2028.</li>
</ul>


Rapidus is currently moving in parallel with TSMC (Taiwan Semiconductor Manufacturing) - ADR (TSM US) in targeting the 2nm, and is regarded as Japan’s core force in the advanced-process arena.
Rapidus plans to build a second fab in Hokkaido in FY2027. The facility is scheduled to begin 1.4nm volume production in 2029 to accelerate the catch-up with global leader TSMC.
During its mid-October earnings briefing, TSMC stated that 2nm will enter volume production as scheduled in 4Q this year, and that it will begin 1.4nm mass production in 2028.


TSMC (2330.TT; TSM.US): Rapidus Plans to Build a Second Fab to Begin 1.4nm Volume Production in 2029

<ul>
<li>TSMC: +25.8% Premium; Rebounded to High End of Range, Good Level to Open a Short of the ADR Spread</li>
<li>UMC: -2.2% Discount; Good Level to Open a Short of the ADR Spread</li>
<li>ASE: +3.2% Premium; Wait for More Extreme Level Before Going Long or Short</li>
</ul>


TSMC: +25.8% Premium; Rebounded to High End of Range, Good Level to Open a Short of the ADR Spread
UMC: -2.2% Discount; Good Level to Open a Short of the ADR Spread
ASE: +3.2% Premium; Wait for More Extreme Level Before Going Long or Short


Taiwan Dual-Listings Monitor: TSMC Spread Back in Extreme Range, UMC Discount

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)

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

TSMC (2330 TT) Tactical Outlook After November's Pullback: Further Downside Risk Remains

After stellar returns for the year, TSMC is now in a correction phase. The current rebound may be a short-lived bear rally, we suggest some...

Nico Rosti

Taiwan Tech Weekly: Rapidus Making Progress... TSMC Impact; Latest PC Results Support 2026E Up-Cycle

Japan's Rapidus plans for 1.4nm technology, Dell and HP results support PC up-cycle, and a factory visit with a critical battery supplier in Taiwan.

Vincent Fernando, CFA

TSMC (2330.TT; TSM.US): Rapidus Plans to Build a Second Fab to Begin 1.4nm Volume Production in 2029

Rapidus aims to catch up with TSMC by targeting 2nm and plans to build a second fab in Hokkaido for 1.4nm volume production in 2029.

Patrick Liao

Taiwan Dual-Listings Monitor: TSMC Spread Back in Extreme Range, UMC 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

Price Gauge

52-week Range

Market Cap (USDm)

P/E

Dividend (Yield)

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

TSMC (2330 TT) Tactical Outlook After November's Pullback: Further Downside Risk Remains

​After stellar returns for the year, TSMC is now in a correction phase. The current rebound may be a short-lived bear rally, we suggest some...

Nico Rosti

Taiwan Tech Weekly: Rapidus Making Progress... TSMC Impact; Latest PC Results Support 2026E Up-Cycle

​Japan's Rapidus plans for 1.4nm technology, Dell and HP results support PC up-cycle, and a factory visit with a critical battery supplier in Taiwan.

Vincent Fernando, CFA

TSMC (2330.TT; TSM.US): Rapidus Plans to Build a Second Fab to Begin 1.4nm Volume Production in 2029

​Rapidus aims to catch up with TSMC by targeting 2nm and plans to build a second fab in Hokkaido for 1.4nm volume production in 2029.

Patrick Liao

Taiwan Dual-Listings Monitor: TSMC Spread Back in Extreme Range, UMC 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

After stellar returns for the year, TSMC is now in a correction phase. The current rebound may be a short-lived bear rally, we suggest some...

Japan's Rapidus plans for 1.4nm technology, Dell and HP results support PC up-cycle, and a factory visit with a critical battery supplier in Taiwan.

Rapidus aims to catch up with TSMC by targeting 2nm and plans to build a second fab in Hokkaido for 1.4nm volume production in 2029.