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 Falls From Elevated Level; UMC & ASE Discount Opportunity

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

Taiwan Tech Weekly: TSMC's Expansion Visualized; Implications of New U.S. Investment; New HBM Memory

Taiwan Tech Weekly: TSMC & Broadcom Exploring Intel Acquisition -- Implications

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

Japan's Semiconductor Gamble: Can Rapidus Challenge TSMC?

Himax Sees Chinese Automakers Far Ahead in Adopting Touch Displays; CoPackaged Optics Key for AI/HPC

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: +22.2% 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