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: +18.5% Premium; Wait for Lower Premium Before Going Long</li>
<li>ASE: +0.2% Premium; Near-Parity Premium is Opportunity to Long the Spread</li>
<li>ChipMOS: -3% Discount; Rare Discount is Opportunity to Long the Spread</li>
</ul>


TSMC: +18.5% Premium; Wait for Lower Premium Before Going Long
ASE: +0.2% Premium; Near-Parity Premium is Opportunity to Long the Spread
ChipMOS: -3% Discount; Rare Discount is Opportunity to Long the Spread


Taiwan Dual-Listings Monitor: TSMC's Range Declining; ASE Near Parity; ChipMOS Rare Discount

<ul>
<li>TSMC: +17.2% Premium; Wait for Lower Levels Before Going Long</li>
<li>UMC: -1.9% Discount; Can Consider Going Long the Spread at Current Level</li>
<li>ASE: -0.6% Discount; Discount is Opportunity to Long the Spread</li>
</ul>


TSMC: +17.2% Premium; Wait for Lower Levels Before Going Long
UMC: -1.9% Discount; Can Consider Going Long the Spread at Current Level
ASE: -0.6% Discount; Discount is Opportunity to Long the Spread


Taiwan Dual-Listings Monitor: TSMC Spread Falls From Elevated Level; UMC & ASE Discount Opportunity

<ul>
<li>TSMC: +22.2% Premium; Wait for Higher Level Before Fresh Short of Spread</li>
<li>UMC: 0% Premium (Parity) -- Massive Increase in ADR Headroom</li>
<li>ChipMOS: +0.5% Premium; Wait for More Extreme Levels; Earnings Ahead</li>
</ul>


TSMC: +22.2% Premium; Wait for Higher Level Before Fresh Short of Spread
UMC: 0% Premium (Parity) -- Massive Increase in ADR Headroom
ChipMOS: +0.5% Premium; Wait for More Extreme Levels; Earnings Ahead


Taiwan Dual-Listings Monitor: TSMC Premium Eases Down; Massive Change in UMC Headroom

<ul>
<li>TSMC: +24.7% Premium; Can Consider Shorting the Spread At Current Level</li>
<li>ASE: +2.6% Premium; Wait for Closer to Parity Before Going Long Again</li>
<li>ChipMOS: +1.8% Premium; Can Continue to Consider Shorting at Current Level</li>
</ul>


TSMC: +24.7% Premium; Can Consider Shorting the Spread At Current Level
ASE: +2.6% Premium; Wait for Closer to Parity Before Going Long Again
ChipMOS: +1.8% Premium; Can Continue to Consider Shorting at Current Level


Taiwan Dual-Listings Monitor: TSMC Spread Back to Extremes; ChipMOS Still High

Taiwan Tech Focused Senior Analyst

Patrick Liao

Novatek Microelectronics Corp / Equity Bottom-Up

<ul>
<li>US-China trade war has led to tariff uncertainties. China's subsidy program has stimulated pre-purchasing by customers in 1Q25, resulting in increased demand for televisions, tablets, phones, and IT products. </li>
<li>All three major product lines have shown seasonal growth. which LDDI has shown the largest growth, SoC follows closely, and SMDDI has lower growth.</li>
<li>DeepSeek will accelerate the implementation and popularization of AI applications, benefiting the company.</li>
</ul>


US-China trade war has led to tariff uncertainties. China's subsidy program has stimulated pre-purchasing by customers in 1Q25, resulting in increased demand for televisions, tablets, phones, and IT products. 
All three major product lines have shown seasonal growth. which LDDI has shown the largest growth, SoC follows closely, and SMDDI has lower growth.
DeepSeek will accelerate the implementation and popularization of AI applications, benefiting the company.


Novatek (3034.TT): The Outlook 1Q25 Is Showing Surprising Upside Due to the China Subsidy Program.

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.

Price Gauge
52-week Range	0.00 - 0.00
Market Cap (USDm)	0.00
P/E	0.00
Dividend (Yield)	0.00

United Microelectron Sp Adr (UMC US)

Taiwan Dual-Listings Monitor: TSMC's Range Declining; ASE Near Parity; ChipMOS Rare 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

Taiwan Dual-Listings Monitor: TSMC Spread Falls From Elevated Level; UMC & ASE Discount Opportunity

We analyze the premium and discount levels of dual-listed Taiwan companies, suggesting potential spread trading levels based on historical trends.

Vincent Fernando, CFA

Taiwan Dual-Listings Monitor: TSMC Premium Eases Down; Massive Change in UMC Headroom

We analyze the premium and discount levels of dual-listed Taiwan companies, suggesting potential spread trading levels based on historical trends.

Vincent Fernando, CFA

Taiwan Dual-Listings Monitor: TSMC Spread Back to Extremes; ChipMOS Still High

We analyze the premium and discount levels of dual-listed Taiwan companies, suggesting potential spread trading levels based on historical trends.

Vincent Fernando, CFA

Novatek (3034.TT): The Outlook 1Q25 Is Showing Surprising Upside Due to the China Subsidy Program.

US-China trade war sparks tariff uncertainties, leading to increased demand for tech products in 1Q25. LDDI sees largest growth, SoC follows,...

Patrick Liao

Price Gauge

52-week Range

Market Cap (USDm)

P/E

Dividend (Yield)

Taiwan Dual-Listings Monitor: TSMC's Range Declining; ASE Near Parity; ChipMOS Rare 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

Taiwan Dual-Listings Monitor: TSMC Spread Falls From Elevated Level; UMC & ASE Discount Opportunity

We analyze the premium and discount levels of dual-listed Taiwan companies, suggesting potential spread trading levels based on historical trends.

Vincent Fernando, CFA

Taiwan Dual-Listings Monitor: TSMC Premium Eases Down; Massive Change in UMC Headroom

We analyze the premium and discount levels of dual-listed Taiwan companies, suggesting potential spread trading levels based on historical trends.

Vincent Fernando, CFA

Taiwan Dual-Listings Monitor: TSMC Spread Back to Extremes; ChipMOS Still High

We analyze the premium and discount levels of dual-listed Taiwan companies, suggesting potential spread trading levels based on historical trends.

Vincent Fernando, CFA

Novatek (3034.TT): The Outlook 1Q25 Is Showing Surprising Upside Due to the China Subsidy Program.

​US-China trade war sparks tariff uncertainties, leading to increased demand for tech products in 1Q25. LDDI sees largest growth, SoC follows,...

Patrick Liao

US-China trade war sparks tariff uncertainties, leading to increased demand for tech products in 1Q25. LDDI sees largest growth, SoC follows,...