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

Taiwan Dual-Listings Monitor: TSMC Spread Short Setup, ASE ADR at Historically Rare Discount

Taiwan Dual-Listings Monitor: TSMC Spread Remains Extreme; UMC ADR Short Interest Falling

Taiwan Dual-Listings Monitor: TSMC ADR Premium Sees Small Breakdown; ASE Discount Long Opportunity

TSMC 2Q25 Takeways: Undervalued Op Leverage and Capacity Strain Setting Up 2026 N2 Growth Suprise

Taiwan Dual-Listings Monitor: TSMC Results Ahead; ASE Historically Rare Discount

Taiwan Tech Weekly: TSMC Preparing 5x 2nm Ramp into 2027; Altman 'Jokes' About Buying 100x More GPUs

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 (TSM US)

TSMC (Taiwan Semiconductor Manufacturing) - ADR

<ul>
<li>TSMC: +26.3% Premium; Opportunity to Go Short the ADR Premium</li>
<li>UMC: -1.2% Discount; ADR Headroom Falls Yet Again by a Significant Amount</li>
<li>ASE: +0.7% Premium; Opportunity to Go Long the ADR Premium -- ADR Headroom Has First Change in a Long Time</li>
</ul>


TSMC: +26.3% Premium; Opportunity to Go Short the ADR Premium
UMC: -1.2% Discount; ADR Headroom Falls Yet Again by a Significant Amount
ASE: +0.7% Premium; Opportunity to Go Long the ADR Premium -- ADR Headroom Has First Change in a Long Time


TSMC (Taiwan Semiconductor Manufacturing) (2330 TT)

TSMC (Taiwan Semiconductor Manufacturing)

Taiwan Dual-Listings Monitor: TSMC ADR Premium Remaining Unusually High; UMC & ASE Headroom Changes