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 Premium Slumped But Remains Extreme; UMC at a Discount

Taiwan Dual-Listings Monitor: TSMC Continues Falling from Extreme Level; CHT at Unusual Discount

Taiwan Dual-Listings Monitor: TSMC, ASE Spreads Bounce Back to Historically Extreme Highs

Taiwan Dual-Listings Monitor: TSMC Post-CNY Spread Persisting; Why UMC Discount Could Flip Positive

United Microelectronics Is Becoming a Great Long-Term Acquisition Target for Intel

Taiwan Tech Weekly: Mediatek Surges After Showcasing Breathtaking AI Capabilities; Novatek; Nanya

Taiwan Tech Weekly: AI Plays Weak Ahead of Nvidia Results Today; Intel & UMC; ARM & Novatek

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: +22.9% ADR Premium is Near an All-Time High; Long Taiwan Shares vs. Short the ADR</li>
<li>UMC: 2.2% Premium; Flipped Positive From a Discount; Likely to Contract</li>
<li>ASE: +13.3%; Short the Historically High Spread at the Current Level</li>
</ul>


TSMC: +22.9% ADR Premium is Near an All-Time High; Long Taiwan Shares vs. Short the ADR
UMC: 2.2% Premium; Flipped Positive From a Discount; Likely to Contract
ASE: +13.3%; Short the Historically High Spread at the Current Level


TSMC (Taiwan Semiconductor Manufacturing) (2330 TT)

TSMC (Taiwan Semiconductor Manufacturing)

台湾の二重上場監視：TSMC台湾株をADRに対して歴史的に高いスプレッドでロング、UMC、ASE