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 Remains Extreme; UMC ADR Short Interest Falling

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

Taiwan Dual-Listings Monitor: TSMC Premium Spike Opportunity; ASE Hard Bounce to Prem from Discount

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

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

Taiwan Tech Weekly: Mediatek Reportedly Bests Broadcom for Meta Custom Chip Win; Semi Key Indicators

Memory Monitor: SK Hynix Vs. Micron -- Different Speeds & Focus, Same Structural Shift

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: +23.9% Premium; Continued Opportunity to Short the ADR Premium</li>
<li>UMC: -0.4% Discount; Wait for More Extreme Levels Before Going Long or Short</li>
<li>ASE: -1.5% Discount; Historically Rare Discount Presents Opportunity to Long the ADR Spread</li>
</ul>


TSMC: +23.9% Premium; Continued Opportunity to Short the ADR Premium
UMC: -0.4% Discount; Wait for More Extreme Levels Before Going Long or Short
ASE: -1.5% Discount; Historically Rare Discount Presents Opportunity to Long the ADR Spread


TSMC (Taiwan Semiconductor Manufacturing) (2330 TT)

TSMC (Taiwan Semiconductor Manufacturing)

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