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: TSMC's 2nm Node to Generate Largest Revenue Ever; US Bottleneck in Adv Packaging

Marvell Expects Hyper-Growth in Data Center Custom Chips (ASIC) With a Higher Earnings Risk

Defense Tech: Taiwan Advanced Submarine Trial & Global Turmoil Puts CSBC in the Investor Spotlight

Taiwan Dual-Listings Monitor: TSMC Premium Break Out Is at Historically High End of Range

Taiwan Tech Weekly: 2026 Chip Forecasts Remain Robust; Robots as Taiwan's Next Driver; Memory 1Q25

TSMC: Review of Client Roadmaps, Rumored A16 Pricing Underscores Strategic Moat in Advanced Nodes

TSMC (2330.TT; TSM.US): Is the Cost of Advanced Wafers a Concern? We Believe It Isn’t.

TSMC, UMC Monthly Sales: A Tale of 2 Worlds

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: +21.5% Premium; Consider Shorting ADR Spread at Current Level</li>
<li>UMC: +2.3% Premium; Can Consider Shorting ADR Premium at Current Level</li>
<li>ASE: +3.8% Premium; Wait for More Extreme Premium Before Going Long or Short the Spread</li>
</ul>


TSMC: +21.5% Premium; Consider Shorting ADR Spread at Current Level
UMC: +2.3% Premium; Can Consider Shorting ADR Premium at Current Level
ASE: +3.8% Premium; Wait for More Extreme Premium Before Going Long or Short the Spread


Taiwan Dual-Listings Monitor: TSMC Spread Remains at Historically Extreme Level; UMC Breaks Higher