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

Asia Pac IPO & Placement Research, China biotech, Aequitas Research

Ke Yan, CFA, FRM

Asia Pac IPO & Placement Research, China biotech

IPOs and Placements coverage across Asia Pacific

Aequitas Research

We cover all listing across the Asia Pacific along with follow-up placements. As of Dec 2020, our team had covered 539 IPOs with a hit rate of 73.5% and 685 placements with a hit rate of 66.8%.

We combine fundamental bottom-up views with our proprietary quantitative framework to provide a holistic coverage across new listings and placements. Our coverage includes pre-IPO notes before the deal is launched, follow-up analysis once the deal is live and post-listing trading analysis as well.

Quantitative Analysis

<ul>
<li>We analyzed the changes in foreign holdings of TWSE Stocks as of Nov 17th which has an aggregated holding worth USD664.7bn.</li>
<li>We tabulate league table for top changes by value for 1 week, one 4 weeks, 1 year and top stocks held by foreign instutions by dollar value.</li>
<li>We estimate that foreign flows to be inflows of USD2,654mln and highlight foreign changes in TSMC, Wt, Evergreen Marine, Via Tech, Quanta Computer.</li>
</ul>


We analyzed the changes in foreign holdings of TWSE Stocks as of Nov 17th which has an aggregated holding worth USD664.7bn.
We tabulate league table for top changes by value for 1 week, one 4 weeks, 1 year and top stocks held by foreign instutions by dollar value.
We estimate that foreign flows to be inflows of USD2,654mln and highlight foreign changes in TSMC, Wt, Evergreen Marine, Via Tech, Quanta Computer.


TWSE Foreign Holding Weekly (Nov 17th): TSMC, WT, Evergreen Marine, Via Tech, Quanta Computer

Technical Analyst, Vermilion Research

Joe Jasper

Technical Analyst

Technical and Quantitative Research

Vermilion Research

Vermilion’s objective is to deliver timely, actionable, and unique technical research to professional investors through the application of our various technical indicators.

Our research strategists seek to highlight securities which we believe are at major inflection points, based on our various technical and quantitative indicators, and offer asymmetric risk/return profiles. Our unique research methodology, centered on relative strength, enables our strategists to deliver superior investment recommendations.

Our process begins by organizing the universe of actively traded stocks into discrete sectors, then into industry groups. We then apply our technical and quantitative tools to identify developing price trends. Once attractive trends are identified within a selected sector or group, we screen for individual stocks which we believe offer the best risk/reward profile. We provide a historical perspective that often reveals, through our long-term charts, how price patterns often repeat themselves over time.

Technical Analysis

Taiwan Semiconductor (TSMC) / Technical Analysis

<ul>
<li>We believe there is significant evidence that global equities (MSCI ACWI) have bottomed, and a year-end rally has begun. Buys highlighted in global Technology, Discretionary, Real Estate, and Steel/Mining.</li>
<li>We discussed in our prior Int'l Compass (11/2/23) how the false breakdown in MSCI ACWI (local currency) was bullish, and a potent rally has ensued. We expect more upside ahead.</li>
<li>Now getting bullish 3+ month downtrend reversals and false breakdowns in the EURO STOXX 50, ACWI-US, MSCI ACWI ex-US (ACWX-US), MSCI EM (EEM-US), and EAFE (EFA-US). Major risk-on signals everywhere.</li>
</ul>


We believe there is significant evidence that global equities (MSCI ACWI) have bottomed, and a year-end rally has begun. Buys highlighted in global Technology, Discretionary, Real Estate, and Steel/Mining.
We discussed in our prior Int'l Compass (11/2/23) how the false breakdown in MSCI ACWI (local currency) was bullish, and a potent rally has ensued. We expect more upside ahead.
Now getting bullish 3+ month downtrend reversals and false breakdowns in the EURO STOXX 50, ACWI-US, MSCI ACWI ex-US (ACWX-US), MSCI EM (EEM-US), and EAFE (EFA-US). Major risk-on signals everywhere.


Year-End Rally Underway; Many Bullish Reversals/False Breakdowns; Buys: Tech, Cons. Disc., RE, Steel

<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

<ul>
<li>We analyzed the changes in foreign holdings of TWSE Stocks as of Nov 10th which has an aggregated holding worth USD633.0bn.</li>
<li>We tabulate league table for top changes by value for 1 week, one 4 weeks, 1 year and top stocks held by foreign instutions by dollar value.</li>
<li>We estimate that foreign flows to be inflows of USD512mln and highlight foreign changes in TSMC, Taiwan Cement, Wistron.</li>
</ul>


We analyzed the changes in foreign holdings of TWSE Stocks as of Nov 10th which has an aggregated holding worth USD633.0bn.
We tabulate league table for top changes by value for 1 week, one 4 weeks, 1 year and top stocks held by foreign instutions by dollar value.
We estimate that foreign flows to be inflows of USD512mln and highlight foreign changes in TSMC, Taiwan Cement, Wistron.


TWSE Foreign Holding Weekly (Nov 10th): TSMC, Taiwan Cement, Wistron

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 (3711 TT)

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

TWSE Foreign Holding Weekly (Nov 17th): TSMC, WT, Evergreen Marine, Via Tech, Quanta Computer

We analyzed TWSE foreign holding data for the past week and highlight foreign holding changes in TSMC, Wt, Evergreen Marine, Via Tech, Quanta...

Ke Yan, CFA, FRM

Year-End Rally Underway; Many Bullish Reversals/False Breakdowns; Buys: Tech, Cons. Disc., RE, Steel

There is significant evidence that global equities $ACWI have bottomed, and a year-end rally has begun. It all started when we discussed that the...

Vermilion Research

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

TWSE Foreign Holding Weekly (Nov 10th): TSMC, Taiwan Cement, Wistron

We analyzed TWSE foreign holding data for the past week and highlight foreign holding changes in TSMC, Taiwan Cement, Wistron.

Ke Yan, CFA, FRM

Price Gauge

52-week Range

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