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: +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

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 Nov 21st. The aggregated holding was USD1,288.6bn.</li>
<li>We estimate that foreign flows to be outflows of USD4,241mln. 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, Hon Hai Precision, Fubon Financial, ASE Industrial, Alchip Technologies, Ase Industrial, TSMC, Hon Hai Precision, Fubon Financial, Alchip Technologies.</li>
</ul>


We analyzed the changes in foreign holdings of TWSE Stocks as of Nov 21st. The aggregated holding was USD1,288.6bn.
We estimate that foreign flows to be outflows of USD4,241mln. 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, Hon Hai Precision, Fubon Financial, ASE Industrial, Alchip Technologies, Ase Industrial, TSMC, Hon Hai Precision, Fubon Financial, Alchip Technologies.


TWSE Foreign Holding Weekly (Nov 21st): TSMC, Hon Hai Precision, Fubon Financial, ASE Industrial

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

Nico Rosti

Pan-Asia Tactical Market Calls (Quant-Driven)

MRM Research

Quantitative Research

Equity Derivatives

Shanghai Shenzhen CSI 300 Index / Equity Derivatives

<ul>
<li>A tactical snapshot of the Asian indices and stocks we cover.</li>
<li>Many Asian stocks we track are flashing <strong>very oversold signals</strong>—creating tactical long setups worth considering.</li>
<li>We find no overbought stocks or indices in Asia at present. US equities are aligned with this view, this is a global market pullback, probably about to end.</li>
</ul>


A tactical snapshot of the Asian indices and stocks we cover.
Many Asian stocks we track are flashing very oversold signals—creating tactical long setups worth considering.
We find no overbought stocks or indices in Asia at present. US equities are aligned with this view, this is a global market pullback, probably about to end.


Asian Stocks Tactical Outlook (Week Nov 24 – Nov 28)

<ul>
<li>NVIDIA’s AI Factory Buildout Signals Multi-Year Demand for Taiwan’s Supply Chain</li>
<li>TSMC’s Growth Outlook De-Risked by NVIDIA's Smooth Transition to GB300</li>
<li>NVIDIA's Networking Segment Surge Expands System-Level Product Integration Opportunity for Taiwan Ecosystem</li>
</ul>


NVIDIA’s AI Factory Buildout Signals Multi-Year Demand for Taiwan’s Supply Chain
TSMC’s Growth Outlook De-Risked by NVIDIA's Smooth Transition to GB300
NVIDIA's Networking Segment Surge Expands System-Level Product Integration Opportunity for Taiwan Ecosystem


NVIDIA Results: Taiwan Take-Aways -- Demand Visibility Implies Strength for Key Suppliers

<ul>
<li>TSMC: 24.5% Premium; Near Level to Open Fresh Short of ADR Spread</li>
<li>ASE: +5.7% Premium; Good Level to Short the ADR Spread</li>
<li>ChipMOS: -1.7% Discount; Near Discount Level to Go Long the ADR Spread</li>
</ul>


TSMC: 24.5% Premium; Near Level to Open Fresh Short of ADR Spread
ASE: +5.7% Premium; Good Level to Short the ADR Spread
ChipMOS: -1.7% Discount; Near Discount Level to Go Long the ADR Spread


Taiwan Dual-Listings Monitor: TSMC and ASE Premiums Near Spead Short Levels

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 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

TWSE Foreign Holding Weekly (Nov 21st): TSMC, Hon Hai Precision, Fubon Financial, ASE Industrial

We analyzed TWSE foreign holding data for the past week and highlighted foreign holding changes in TSMC (2330 TT), Hon Hai Precision (2317 TT),...

Ke Yan, CFA, FRM

Asian Stocks Tactical Outlook (Week Nov 24 – Nov 28)

Most Asian stocks are showing very oversold signals in our models, creating potential long setups. US equities are in line with this trend,...

Nico Rosti

NVIDIA Results: Taiwan Take-Aways -- Demand Visibility Implies Strength for Key Suppliers

NVIDIA's expansion and smooth transition to new products signal long-term demand for Taiwan's supply chain and growth opportunities for TSMC.

Vincent Fernando, CFA

Taiwan Dual-Listings Monitor: TSMC and ASE Premiums Near Spead Short 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

Price Gauge

52-week Range

Market Cap (USDm)

P/E

Dividend (Yield)

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

TWSE Foreign Holding Weekly (Nov 21st): TSMC, Hon Hai Precision, Fubon Financial, ASE Industrial

We analyzed TWSE foreign holding data for the past week and highlighted foreign holding changes in TSMC (2330 TT), Hon Hai Precision (2317 TT),...

Ke Yan, CFA, FRM

Asian Stocks Tactical Outlook (Week Nov 24 – Nov 28)

​Most Asian stocks are showing very oversold signals in our models, creating potential long setups. US equities are in line with this trend,...

Nico Rosti

NVIDIA Results: Taiwan Take-Aways -- Demand Visibility Implies Strength for Key Suppliers

​NVIDIA's expansion and smooth transition to new products signal long-term demand for Taiwan's supply chain and growth opportunities for TSMC.

Vincent Fernando, CFA

Taiwan Dual-Listings Monitor: TSMC and ASE Premiums Near Spead Short 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

Most Asian stocks are showing very oversold signals in our models, creating potential long setups. US equities are in line with this trend,...

NVIDIA's expansion and smooth transition to new products signal long-term demand for Taiwan's supply chain and growth opportunities for TSMC.