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

Taiwan Tech Weekly: Rapidus Making Progress... TSMC Impact; Latest PC Results Support 2026E Up-Cycle

PC Monitor: Dell/HP Results Support PC Up-Cycle Into 2026E

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: +26.1% Premium; Remains at Level Rarely Maintained for More Than a Week; Good Level to Short the Spread</li>
<li>UMC: +2.5% Premium; Historically Rare Level is a Short Opportunity</li>
<li>ASE: +2.9% Premium; Wait Better Short Opportunity at Higher Levels</li>
</ul>


TSMC: +26.1% Premium; Remains at Level Rarely Maintained for More Than a Week; Good Level to Short the Spread
UMC: +2.5% Premium; Historically Rare Level is a Short Opportunity
ASE: +2.9% Premium; Wait Better Short Opportunity at Higher Levels


TSMC (Taiwan Semiconductor Manufacturing) (2330 TT)

TSMC (Taiwan Semiconductor Manufacturing)

Taiwan Dual-Listings Monitor: TSMC & UMC Spreads at Historically Rare Levels