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: 7.4% Premium -- Previous Short Has Worked, Now Wait For Better Levels</li>
<li>ChipMOS: -2.0% Discount -- Good Level to Go Long the Spread</li>
<li>CHT: -1.2% Discount -- Good Level to Go Long the Spread</li>
</ul>


TSMC: 7.4% Premium -- Previous Short Has Worked, Now Wait For Better Levels
ChipMOS: -2.0% Discount -- Good Level to Go Long the Spread
CHT: -1.2% Discount -- Good Level to Go Long the Spread


Taiwan Dual Listings Monitor: TSMC Premium Slumps; CHT & ChipMOS at Rare Opportunity Levels

<ul>
<li>TSMC's ADR premium is 10.4%, this is a decent level to short it based on the historical trading range.</li>
<li>UMC's ADR premium is near a good level to short the spread but one should wait for it to rise above 1.5% in our view.</li>
<li>UMC ADR short interest continues to trend higher; TSMC ADR short interest continues to fall.</li>
</ul>


TSMC's ADR premium is 10.4%, this is a decent level to short it based on the historical trading range.
UMC's ADR premium is near a good level to short the spread but one should wait for it to rise above 1.5% in our view.
UMC ADR short interest continues to trend higher; TSMC ADR short interest continues to fall.


Taiwan Dual Listings Monitor: TSMC ADR Spread at Decent Short Level; UMC ADR Short Interest Soaring

Taiwan Semiconductor (TSMC) / Equity Bottom-Up

<ul>
<li>Key Results This Week: Delta, Elan, ChipMOS, Nuvoton, AU Optronics in Taiwan... Plus Samsung, AMD, and Qualcomm.</li>
<li>Positive signs for the PC &amp; mobile space have come from recent Intel, UMC, Mediatek results.</li>
<li>Top Losers: Macronix Slumps on Weak Results and Outlook, Hon Hai Slumps on China Tax &amp; Land Probe</li>
</ul>


Key Results This Week: Delta, Elan, ChipMOS, Nuvoton, AU Optronics in Taiwan... Plus Samsung, AMD, and Qualcomm.
Positive signs for the PC &amp; mobile space have come from recent Intel, UMC, Mediatek results.
Top Losers: Macronix Slumps on Weak Results and Outlook, Hon Hai Slumps on China Tax &amp; Land Probe


Taiwan Tech Weekly: Wave of Key Taiwan Results; Heavyweights Samsung, AMD, Qualcomm Internationally

ASE Technology Holding   / Equity Bottom-Up

<ul>
<li>ASE's 3Q23 results came in in-line with analyst estimates, and showed gross margin ticking slightly higher QoQ.</li>
<li>Semiconductor Assembly, Testing, and Manufacturing (ATM) capacity utilization remains low, in the mid-60's percent.</li>
<li>Management is cautiously optimistic about an improving industry environment into next year, however was more guarded than what we gauged from TSMC or UMC in their recent results.</li>
</ul>


ASE's 3Q23 results came in in-line with analyst estimates, and showed gross margin ticking slightly higher QoQ.
Semiconductor Assembly, Testing, and Manufacturing (ATM) capacity utilization remains low, in the mid-60's percent.
Management is cautiously optimistic about an improving industry environment into next year, however was more guarded than what we gauged from TSMC or UMC in their recent results.


ASE's Results Shows Chip Packaging & Testing Utilization Is Still Low, However Improvement Expected

Taiwan Tech Focused Senior Analyst

Patrick Liao

<ul>
<li>4Q23F demand recovery will be broad-based thanks to customers’ new product launch.</li>
<li>ASEH has observed an increase in rush orders across the board as customers become more cautious about restocking.</li>
<li>The DPS payout ratio for 2023F is projected to be 60-65%.</li>
</ul>


4Q23F demand recovery will be broad-based thanks to customers’ new product launch.
ASEH has observed an increase in rush orders across the board as customers become more cautious about restocking.
The DPS payout ratio for 2023F is projected to be 60-65%.


ASEH (3711.TT; ASE.US): Demand Remains Soft in 4Q23F, but ASEH Observes the Recovery Is Broad-Based.

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.

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ASE Technology Holding (ASX US)

Taiwan Dual Listings Monitor: TSMC Premium Slumps; CHT & ChipMOS at Rare Opportunity Levels

In this piece we provide our long and short levels for each dual-listing spread. ChipMOS and CHT spreads are at historically rare levels.

Vincent Fernando, CFA

Taiwan Dual Listings Monitor: TSMC ADR Spread at Decent Short Level; UMC ADR Short Interest Soaring

TSMC's ADR premium is 10.4%, this is a decent level to short it based on the historical trading range. Short interest in TSMC ADRs has continued to...

Vincent Fernando, CFA

Taiwan Tech Weekly: Wave of Key Taiwan Results; Heavyweights Samsung, AMD, Qualcomm Internationally

This week's key results in Taiwan include Delta, Elan, ChipMOS, Nuvoton, and AU Optronics. Positive signs for the PC and mobile space have been...

Vincent Fernando, CFA

ASE's Results Shows Chip Packaging & Testing Utilization Is Still Low, However Improvement Expected

Management is cautiously optimistic about an improving industry environment into next year, however was more guarded than what we gauged from TSMC...

Vincent Fernando, CFA

ASEH (3711.TT; ASE.US): Demand Remains Soft in 4Q23F, but ASEH Observes the Recovery Is Broad-Based.

4Q23F demand recovery will be broad-based thanks to customers’ new product launch. ASEH has observed an increase in rush orders across the board as...

Patrick Liao

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