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 Tech Weekly: PC Shares Clearly On Santa's Nice List; Soaring After AI PC Releases; Dell Trade

Silicon Motion: Next Wave of the Memory Recovery; High-End NAND Prices More Than Doubled From Lows

Taiwan Dual-Listings Monitor: TSMC Premium Remains High; ADR Short Interest Spiked

Taiwan Tech Weekly: TSMC Extending Lead Vs. Samsung with 3nm Tech; Hon Hai Result Positive for Apple

TSMC: Defensive AI Play in Long Upward Re-Rating Trend?

Taiwan Tech Weekly: AI Plays Weak Despite Strong Taiwan Tech Market Performance

Battle Lines Drawn As BABA Builds Out First/Last-Mile Capacity; But Who Will Fund 75+ Bn CNY CapEx?

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: 10.5% Premium -- Still a Good Level to Short the Spread</li>
<li>UMC: Trading at -1.1% Discount -- Uncompelling, Wait for Deeper Discount</li>
<li>ASE: 8.8% Premium -- Still Wait for Lower Levels Before Going Long</li>
</ul>


TSMC: 10.5% Premium -- Still a Good Level to Short the Spread
UMC: Trading at -1.1% Discount -- Uncompelling, Wait for Deeper Discount
ASE: 8.8% Premium -- Still Wait for Lower Levels Before Going Long


Taiwan Dual-Listings Monitor: TSMC Premium at a Decent Short Level; ASE Short Interest Declining