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: +18.9% Premium; Soon at a Good Level to Short the Spread</li>
<li>ASE: +6.5% Premium; Good Level to Short the Spread Given Trading Range Breakdown</li>
<li>ChipMOS: +6.6% Premium; 2% And Higher Good Level to Short the Spread</li>
</ul>


TSMC: +18.9% Premium; Soon at a Good Level to Short the Spread
ASE: +6.5% Premium; Good Level to Short the Spread Given Trading Range Breakdown
ChipMOS: +6.6% Premium; 2% And Higher Good Level to Short the Spread


Taiwan Dual-Listings Monitor: TSMC Spread Near Short Level; ASE & ChipMOS Spreads Good Short Levels

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 Apr 4th which has an aggregated holding worth USD 888 bn. </li>
<li>We estimate that foreign flows to be outflows of USD1,173mln. We tabulate the league table 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 (2330 TT), Mediatek (2454 TT).</li>
</ul>


We analyzed the changes in foreign holdings of TWSE Stocks as of Apr 4th which has an aggregated holding worth USD 888 bn. 
We estimate that foreign flows to be outflows of USD1,173mln. We tabulate the league table for top changes by value for 1W/4W/1Y and top stocks held by foreign institutions.
We highlight changes of foreign holdings in TSMC (2330 TT), Mediatek (2454 TT).


TWSE Foreign Holding Weekly (Apr 4th): TSMC, Mediatek

<ul>
<li>We analyzed the changes in short interest of TWSE Stocks as of Apr 4th which has an aggregated short of USD 20.5bn. </li>
<li>We tabulate league table for top short by value and short as multiple of ADT.</li>
<li>We highlight short interest changes in Asustek Computer, Alchip Technologies, Yang Ming Marine, Unimicron Technology, King Yuan Electronics, Hiwin Technologies.</li>
</ul>


We analyzed the changes in short interest of TWSE Stocks as of Apr 4th which has an aggregated short of USD 20.5bn. 
We tabulate league table for top short by value and short as multiple of ADT.
We highlight short interest changes in Asustek Computer, Alchip Technologies, Yang Ming Marine, Unimicron Technology, King Yuan Electronics, Hiwin Technologies.


TWSE Short Interest Weekly (Apr 4th): Asustek Computer, Alchip Technologies, Yang Ming Marine

Taiwan Tech Focused Senior Analyst

Patrick Liao

<ul>
<li>We aim at nearly 0% growth QoQ for <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>'s revenue in 2Q25, but US tariff can be a changing factor since April, 2025.</li>
<li>Taiwan Financial Supervisory Commission is announcing on April 6th, 2025 with three temporary methods to prevent a sudden slump of Taiwan stock market today.  </li>
<li>
<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> is taking about 39.2% of Taiwan stock market value, which is the single largest stock in Taiwan.  </li>
</ul>


We aim at nearly 0% growth QoQ for Taiwan Semiconductor (TSMC) - ADR (TSM US)'s revenue in 2Q25, but US tariff can be a changing factor since April, 2025.
Taiwan Financial Supervisory Commission is announcing on April 6th, 2025 with three temporary methods to prevent a sudden slump of Taiwan stock market today.  

Taiwan Semiconductor (TSMC) - ADR (TSM US) is taking about 39.2% of Taiwan stock market value, which is the single largest stock in Taiwan.  


TSMC (2330.TT; TSM.US): Brace Yourself for the US Tariffs!

Technology / Semiconductor / Internet Research

Nicolas Baratte

TSMC (Taiwan Semiconductor Manufacturing) / Equity Bottom-Up

TSMC (Taiwan Semiconductor Manufacturing)

<ul>
<li>Media report 2nm “Customers Lined Up To Pay An Estimated $30,000 Per Unit”. Capacity is full but small. Wafer price at 28k. US$30bn revenue in 4Q25 is very likely.</li>
<li>UMC Singapore Fab expansion is nearing completion and will increase capacity in Singapore to 22% of total. UMC needs GlobalFoundries to diversify?</li>
<li>TSMC is trading just slightly below average PE at 15.0x forward EPS. Similarly for UMC trading at 12.3x forward EPS. As such, we’re far from valuations support levels.</li>
</ul>


Media report 2nm “Customers Lined Up To Pay An Estimated $30,000 Per Unit”. Capacity is full but small. Wafer price at 28k. US$30bn revenue in 4Q25 is very likely.
UMC Singapore Fab expansion is nearing completion and will increase capacity in Singapore to 22% of total. UMC needs GlobalFoundries to diversify?
TSMC is trading just slightly below average PE at 15.0x forward EPS. Similarly for UMC trading at 12.3x forward EPS. As such, we’re far from valuations support levels.


TSMC 2nm Capacity, Wafer Price. UMC Singapore Fab Starting. Both Stocks Trading Just Below Avg PEx

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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United Microelectron Sp Adr (UMC US)

Taiwan Dual-Listings Monitor: TSMC Spread Near Short Level; ASE & ChipMOS Spreads Good 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

TWSE Foreign Holding Weekly (Apr 4th): TSMC, Mediatek

We analyzed TWSE foreign holding data for the past week and highlighted foreign holding changes in TSMC (2330 TT), Mediatek (2454 TT).

Ke Yan, CFA, FRM

TWSE Short Interest Weekly (Apr 4th): Asustek Computer, Alchip Technologies, Yang Ming Marine

We analyzed TWSE short interest report for the past week and highlighted short interest changes in Asustek Computer, Alchip Technologies, Yang Ming...

Ke Yan, CFA, FRM

TSMC (2330.TT; TSM.US): Brace Yourself for the US Tariffs!

Taiwan Semiconductor (TSMC) aims for 0% revenue growth in 2Q25, but US tariffs could impact, as Taiwan takes measures to prevent stock market slump.

Patrick Liao

TSMC 2nm Capacity, Wafer Price. UMC Singapore Fab Starting. Both Stocks Trading Just Below Avg PEx

Customers are willing to pay top dollar for 2nm chips, UMC's Singapore expansion nears completion. TSMC and UMC trading below average PE ratios....

Nicolas Baratte

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52-week Range

Market Cap (USDm)

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Taiwan Dual-Listings Monitor: TSMC Spread Near Short Level; ASE & ChipMOS Spreads Good 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

TWSE Foreign Holding Weekly (Apr 4th): TSMC, Mediatek

We analyzed TWSE foreign holding data for the past week and highlighted foreign holding changes in TSMC (2330 TT), Mediatek (2454 TT).

Ke Yan, CFA, FRM

TWSE Short Interest Weekly (Apr 4th): Asustek Computer, Alchip Technologies, Yang Ming Marine

We analyzed TWSE short interest report for the past week and highlighted short interest changes in Asustek Computer, Alchip Technologies, Yang Ming...

Ke Yan, CFA, FRM

TSMC (2330.TT; TSM.US): Brace Yourself for the US Tariffs!

​Taiwan Semiconductor (TSMC) aims for 0% revenue growth in 2Q25, but US tariffs could impact, as Taiwan takes measures to prevent stock market slump.

Patrick Liao

TSMC 2nm Capacity, Wafer Price. UMC Singapore Fab Starting. Both Stocks Trading Just Below Avg PEx

​Customers are willing to pay top dollar for 2nm chips, UMC's Singapore expansion nears completion. TSMC and UMC trading below average PE ratios....

Nicolas Baratte

Taiwan Semiconductor (TSMC) aims for 0% revenue growth in 2Q25, but US tariffs could impact, as Taiwan takes measures to prevent stock market slump.

Customers are willing to pay top dollar for 2nm chips, UMC's Singapore expansion nears completion. TSMC and UMC trading below average PE ratios....