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: +23.4% Premium; Consider Shorting ADR Spread at Current Level</li>
<li>UMC: 1.5% Premium; Wait for More Extreme Premium Before Going Short the Spread</li>
<li>ASE: +4.4% Premium; Wait for Higher Premium Before Going Short</li>
</ul>


TSMC: +23.4% Premium; Consider Shorting ADR Spread at Current Level
UMC: 1.5% Premium; Wait for More Extreme Premium Before Going Short the Spread
ASE: +4.4% Premium; Wait for Higher Premium Before Going Short


Taiwan Dual-Listings Monitor: TSMC Premium Break Out Is at Historically High End of Range

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 short interest of TWSE Stocks as of May 30th. The aggregated short interest was USD23.9bn.</li>
<li>We tabulate league tables for top short by value and short as multiple of ADT, as well as weekly increases &amp; decreases in short value, short as multiple of ADT.</li>
<li>We highlight short interest changes in Mediatek, Cathay Financial, Ctbc Financial, TSMC, Yang Ming Marine, Tatung, Asia Vital Components.</li>
</ul>


We analyzed the changes in short interest of TWSE Stocks as of May 30th. The aggregated short interest was USD23.9bn.
We tabulate league tables for top short by value and short as multiple of ADT, as well as weekly increases &amp; decreases in short value, short as multiple of ADT.
We highlight short interest changes in Mediatek, Cathay Financial, Ctbc Financial, TSMC, Yang Ming Marine, Tatung, Asia Vital Components.


TWSE Short Interest Weekly (May 30th): Mediatek, Cathay Financial, Ctbc Financial, TSMC

<ul>
<li>We analyzed the changes in foreign holdings of TWSE Stocks as of May 30th. The aggregated holding was USD1,003.0bn.</li>
<li>We estimate that foreign flows to be outflows of USD757mln. 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 Wiwynn, Asia Vital Components, TSMC, Wistron, Asustek Computer, Cathay Financial, Mediatek, Wan Hai Lines, Ctbc Financial, UMC.</li>
</ul>


We analyzed the changes in foreign holdings of TWSE Stocks as of May 30th. The aggregated holding was USD1,003.0bn.
We estimate that foreign flows to be outflows of USD757mln. 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 Wiwynn, Asia Vital Components, TSMC, Wistron, Asustek Computer, Cathay Financial, Mediatek, Wan Hai Lines, Ctbc Financial, UMC.


TWSE Foreign Holding Weekly (May 30th): Wiwynn, Asia Vital Components, TSMC, Wistron

<ul>
<li>TSMC: +22% Premium; Consider Shorting ADR Spread at Current Level</li>
<li>UMC: -1.4% Discount; Wait for More Extreme Discount Before Going Long the Spread</li>
<li>CHT: +0.9% Premium; Can Consider Shorting the Premium at This Level or Higher</li>
</ul>


TSMC: +22% Premium; Consider Shorting ADR Spread at Current Level
UMC: -1.4% Discount; Wait for More Extreme Discount Before Going Long the Spread
CHT: +0.9% Premium; Can Consider Shorting the Premium at This Level or Higher


Taiwan Dual-Listings Monitor: TSMC Premium Rises Further, to Short Level; UMC Discount

Taiwan Tech Focused Senior Analyst

Patrick Liao

<ul>
<li>Looking ahead to the second quarter, Silergy Corp (6415 TT) did not provide specific guidance targets but emphasized that uncertainty in customers’ decisions regarding chip production locations could impact seasonal demand.  </li>
<li>Despite short-term challenges, Silergy Corp (6415 TT) still anticipates 2025 to be a year of growth.  </li>
<li>In terms of profitability, Silergy Corp (6415 TT) expects that capacity at Chinese foundries will approach full utilization, leading to supply chain tightness and helping maintain stable gross margins.</li>
</ul>


Looking ahead to the second quarter, Silergy Corp (6415 TT) did not provide specific guidance targets but emphasized that uncertainty in customers’ decisions regarding chip production locations could impact seasonal demand.  
Despite short-term challenges, Silergy Corp (6415 TT) still anticipates 2025 to be a year of growth.  
In terms of profitability, Silergy Corp (6415 TT) expects that capacity at Chinese foundries will approach full utilization, leading to supply chain tightness and helping maintain stable gross margins.


Silergy (6415.TT): Annual Growth Could Be Lower Than Earlier Expectation Of 20-25%.

Taiwan

United Microelectronics Corporation designs, manufactures, and markets integrated circuits (ICs) and related electronic products.  The Company's main products are consumer electronic ICs, memory ICs, personal computer peripheral ICs, and communication ICs.

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52-week Range	0.00 - 0.00
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United Microelectron Sp Adr (UMC US)

Taiwan Dual-Listings Monitor: TSMC Premium Break Out Is at Historically High End of Range

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 Short Interest Weekly (May 30th): Mediatek, Cathay Financial, Ctbc Financial, TSMC

We analyzed TWSE short interest report for the past week and highlighted short interest changes in Mediatek, Cathay Financial, Ctbc Financial,...

Ke Yan, CFA, FRM

TWSE Foreign Holding Weekly (May 30th): Wiwynn, Asia Vital Components, TSMC, Wistron

We analyzed TWSE foreign holding data for the past week and highlighted foreign holding changes in Wiwynn (6669 TT), Asia Vital Components (3017...

Ke Yan, CFA, FRM

Taiwan Dual-Listings Monitor: TSMC Premium Rises Further, to Short Level; 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

Silergy (6415.TT): Annual Growth Could Be Lower Than Earlier Expectation Of 20-25%.

Silergy Corp (6415 TT) anticipates growth in 2025 despite uncertainty in customers' chip production decisions and expects supply chain tightness...

Patrick Liao

Price Gauge

52-week Range

Market Cap (USDm)

P/E

Dividend (Yield)

Taiwan Dual-Listings Monitor: TSMC Premium Break Out Is at Historically High End of Range

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 Short Interest Weekly (May 30th): Mediatek, Cathay Financial, Ctbc Financial, TSMC

We analyzed TWSE short interest report for the past week and highlighted short interest changes in Mediatek, Cathay Financial, Ctbc Financial,...

Ke Yan, CFA, FRM

TWSE Foreign Holding Weekly (May 30th): Wiwynn, Asia Vital Components, TSMC, Wistron

We analyzed TWSE foreign holding data for the past week and highlighted foreign holding changes in Wiwynn (6669 TT), Asia Vital Components (3017...

Ke Yan, CFA, FRM

Taiwan Dual-Listings Monitor: TSMC Premium Rises Further, to Short Level; 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

Silergy (6415.TT): Annual Growth Could Be Lower Than Earlier Expectation Of 20-25%.

​Silergy Corp (6415 TT) anticipates growth in 2025 despite uncertainty in customers' chip production decisions and expects supply chain tightness...

Patrick Liao

Silergy Corp (6415 TT) anticipates growth in 2025 despite uncertainty in customers' chip production decisions and expects supply chain tightness...