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 ADR Spread Deeper in Historically Rare Zone

Taiwan Tech Weekly: NVDA Results- Taiwan Supplier Winners; Silicon Valley's Substrate- TSMC Slayer?

TSMC (2330.TT; TSM.US): Retired Sr. VP Joins Intel; U.S. Fab Impact; Arizona Earnings Decline.

Taiwan Dual-Listings Monitor: TSMC and ASE Premiums Near Spead Short Levels

NVIDIA Results: Taiwan Take-Aways -- Demand Visibility Implies Strength for Key Suppliers

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: +25.8% Premium; Rebounded to High End of Range, Good Level to Open a Short of the ADR Spread</li>
<li>UMC: -2.2% Discount; Good Level to Open a Short of the ADR Spread</li>
<li>ASE: +3.2% Premium; Wait for More Extreme Level Before Going Long or Short</li>
</ul>


TSMC: +25.8% Premium; Rebounded to High End of Range, Good Level to Open a Short of the ADR Spread
UMC: -2.2% Discount; Good Level to Open a Short of the ADR Spread
ASE: +3.2% Premium; Wait for More Extreme Level Before Going Long or Short


TSMC (Taiwan Semiconductor Manufacturing) (2330 TT)

TSMC (Taiwan Semiconductor Manufacturing)

Taiwan Dual-Listings Monitor: TSMC Spread Back in Extreme Range, UMC Discount