Managing Director, Zero One, Zero One

Vincent Fernando, CFA

20 years of experience researching capital markets in Asia and the USA.

Managing Director, Zero One

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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

Taiwan Semiconductor (TSMC) - ADR / Equity Bottom-Up

Taiwan Semiconductor (TSMC) - ADR (TSM US)

<ul>
<li>TSMC: +22.9% ADR Premium is Near an All-Time High; Long Taiwan Shares vs. Short the ADR</li>
<li>UMC: 2.2% Premium; Flipped Positive From a Discount; Likely to Contract</li>
<li>ASE: +13.3%; Short the Historically High Spread at the Current Level</li>
</ul>


TSMC: +22.9% ADR Premium is Near an All-Time High; Long Taiwan Shares vs. Short the ADR
UMC: 2.2% Premium; Flipped Positive From a Discount; Likely to Contract
ASE: +13.3%; Short the Historically High Spread at the Current Level


Taiwan Dual-Listings Monitor: Long TSMC Taiwan Shares Vs. ADR on Historically High Spread; UMC, ASE