Managing Director, Zero One, Zero One

Vincent Fernando, CFA

Managing Director, Zero One

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

<ul>
<li>TSMC: +15.9% Premium; Sales Rose 33% YoY in August &amp; Headroom Increased</li>
<li>UMC: +1.8% Premium; Largest Monthly Decrease in ADR Headroom, Has Consistently Been Decreasing Since May</li>
<li>ASE: +2.0% Premium; At Current Level Can Consider Going Long the Premium</li>
</ul>


TSMC: +15.9% Premium; Sales Rose 33% YoY in August &amp; Headroom Increased
UMC: +1.8% Premium; Largest Monthly Decrease in ADR Headroom, Has Consistently Been Decreasing Since May
ASE: +2.0% Premium; At Current Level Can Consider Going Long the Premium


Taiwan Dual-Listings Monitor: TSMC 33% Growth, UMC Headroom Decrease, ASE Historically Low Premium

<ul>
<li>TSMC: +23% Premium; Potential to Establish New Higher Trading Range?</li>
<li>UMC: -0.2% Discount; But ADR Headroom Continues to Aggressively Decrease</li>
<li>ASE: +2.2% Premium; Taiwan Shares' Short Interest Remains Near Highs</li>
</ul>


TSMC: +23% Premium; Potential to Establish New Higher Trading Range?
UMC: -0.2% Discount; But ADR Headroom Continues to Aggressively Decrease
ASE: +2.2% Premium; Taiwan Shares' Short Interest Remains Near Highs


Taiwan Dual-Listings Monitor: TSMC Establishing New Higher Range?; UMC's Aggressive Headroom Decline

<ul>
<li>TSMC Plans 2025E Price Hike of Up to 10% for Advanced Nodes—Exceeding Expectations</li>
<li>MediaTek Poised to Benefit from the ARM and Qualcomm Dispute</li>
<li>Is Splitting Intel Key for Its Survival? Intel Ex-Directors Pen Op-Ed Piece</li>
</ul>


TSMC Plans 2025E Price Hike of Up to 10% for Advanced Nodes—Exceeding Expectations
MediaTek Poised to Benefit from the ARM and Qualcomm Dispute
Is Splitting Intel Key for Its Survival? Intel Ex-Directors Pen Op-Ed Piece


Taiwan Tech Weekly: Wave of Earnings Imminent; New TSMC Price Hike; Mediatek Winner of QCOM/ARM Spat

<ul>
<li>TSMC: +18.7% Premium; Trading Range Sustaining at an Elevated Level</li>
<li>UMC: -1.8% Discount; Good Level to Go Long the Spread</li>
<li>ASE: 0.0% Premium; Good Level to Go Long the Spread</li>
</ul>


TSMC: +18.7% Premium; Trading Range Sustaining at an Elevated Level
UMC: -1.8% Discount; Good Level to Go Long the Spread
ASE: 0.0% Premium; Good Level to Go Long the Spread


Taiwan Dual-Listings Monitor: TSMC Premium Remains Elevated; ASE Domestic Short Interest Hits Highs

<ul>
<li>TSMC: +15.6% Premium; Relatively Aggressive Trade is to Long Premium</li>
<li>ASE: -3.0% Discount; Good Level to Go Long the Premium</li>
<li>CHT: -2.8% Discount; Good Level to Go Long the Premium</li>
</ul>


TSMC: +15.6% Premium; Relatively Aggressive Trade is to Long Premium
ASE: -3.0% Discount; Good Level to Go Long the Premium
CHT: -2.8% Discount; Good Level to Go Long the Premium


Taiwan Dual-Listings Monitor: TSMC Premium Holding Up; ASE & CHT See Sharp Drops

Taiwan

ASE Technology Holding Co., Ltd. offers assembly and testing services. The Company provides outsourced assembly, semiconductor testing, semiconductor packaging, and other related services. ASE Technology Holding operates in Taiwan.

Price Gauge
52-week Range	0.00 - 0.00
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ASE Technology Holding (ASX US)

Taiwan Dual-Listings Monitor: TSMC 33% Growth, UMC Headroom Decrease, ASE Historically Low Premium

We analyze the premium and discount levels of dual-listed Taiwan companies, suggesting potential spread trading levels based on historical trends.

Vincent Fernando, CFA

Taiwan Dual-Listings Monitor: TSMC Establishing New Higher Range?; UMC's Aggressive Headroom Decline

We analyze the premium and discount levels of dual-listed Taiwan companies, suggesting potential spread trading levels based on historical trends.

Vincent Fernando, CFA

Taiwan Tech Weekly: Wave of Earnings Imminent; New TSMC Price Hike; Mediatek Winner of QCOM/ARM Spat

TSMC to raise prices even higher, MediaTek to benefit from ARM and Qualcomm dispute, former Intel directors suggest splitting Intel for survival.

Vincent Fernando, CFA

Taiwan Dual-Listings Monitor: TSMC Premium Remains Elevated; ASE Domestic Short Interest Hits Highs

We analyze the premium and discount levels of dual-listed Taiwan companies, suggesting potential spread trading levels based on historical trends.

Vincent Fernando, CFA

Taiwan Dual-Listings Monitor: TSMC Premium Holding Up; ASE & CHT See Sharp Drops

We analyze the premium and discount levels of dual-listed Taiwan companies, suggesting potential spread trading levels based on historical trends.

Vincent Fernando, CFA

Price Gauge

52-week Range

Market Cap (USDm)

P/E

Dividend (Yield)

Taiwan Dual-Listings Monitor: TSMC 33% Growth, UMC Headroom Decrease, ASE Historically Low Premium

We analyze the premium and discount levels of dual-listed Taiwan companies, suggesting potential spread trading levels based on historical trends.

Vincent Fernando, CFA

Taiwan Dual-Listings Monitor: TSMC Establishing New Higher Range?; UMC's Aggressive Headroom Decline

We analyze the premium and discount levels of dual-listed Taiwan companies, suggesting potential spread trading levels based on historical trends.

Vincent Fernando, CFA

Taiwan Tech Weekly: Wave of Earnings Imminent; New TSMC Price Hike; Mediatek Winner of QCOM/ARM Spat

​TSMC to raise prices even higher, MediaTek to benefit from ARM and Qualcomm dispute, former Intel directors suggest splitting Intel for survival.

Vincent Fernando, CFA

Taiwan Dual-Listings Monitor: TSMC Premium Remains Elevated; ASE Domestic Short Interest Hits Highs

We analyze the premium and discount levels of dual-listed Taiwan companies, suggesting potential spread trading levels based on historical trends.

Vincent Fernando, CFA

Taiwan Dual-Listings Monitor: TSMC Premium Holding Up; ASE & CHT See Sharp Drops

We analyze the premium and discount levels of dual-listed Taiwan companies, suggesting potential spread trading levels based on historical trends.

Vincent Fernando, CFA

TSMC to raise prices even higher, MediaTek to benefit from ARM and Qualcomm dispute, former Intel directors suggest splitting Intel for survival.