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: +17.3% Premium, High Double Digit Level Persisting Since CNY</li>
<li>UMC: -1.5% Discount, We Believe Spread Biased to Go Positive</li>
<li>ChipMOS: +0.6% Premium, Collapsed from +4.6%. Now Within Typical Range.</li>
</ul>


TSMC: +17.3% Premium, High Double Digit Level Persisting Since CNY
UMC: -1.5% Discount, We Believe Spread Biased to Go Positive
ChipMOS: +0.6% Premium, Collapsed from +4.6%. Now Within Typical Range.


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

Taiwan Tech Focused Senior Analyst

Patrick Liao

Taiwan Semiconductor (TSMC) / Equity Bottom-Up

<ul>
<li>Usually, February is typically the month with the fewest working days of the year, and therefore, revenue is likely to be at its lowest as well.</li>
<li>We consider that the Taiwanese government may desire TSMC to build fabs in countries aligned with those who signed the "Wassenaar Arrangement." </li>
<li>The price hike of <a href="https://www.smartkarma.com/entities/nvidia-corp" target="_blank" data-smartkarma-citation="entities:5891:1" rel="noopener">NVIDIA Corp (NVDA US)</a> by US$785.38 on February 22 in the US market could signal an important development in the AI sector.</li>
</ul>


Usually, February is typically the month with the fewest working days of the year, and therefore, revenue is likely to be at its lowest as well.
We consider that the Taiwanese government may desire TSMC to build fabs in countries aligned with those who signed the "Wassenaar Arrangement." 
The price hike of NVIDIA Corp (NVDA US) by US$785.38 on February 22 in the US market could signal an important development in the AI sector.


TSMC (2330.TT; TSM.US): The Implications of Feb Sales, TSMC 2nd Japanese Fab and NVDA Stock Price.

<ul>
<li>Key Events: 1) Nvidia Results Coming Today in the U.S. 2) Elan &amp; ChipMOS Tomorrow in Taiwan 3) U.S. PC Maker Results Next Week</li>
<li>Why United Microelectronics Is Becoming a Great Long-Term Acquisition Target for Intel </li>
<li>Novatek a Top Gainer After Reports of Alliance with ARM to Build Neoverse V2 for AI</li>
</ul>


Key Events: 1) Nvidia Results Coming Today in the U.S. 2) Elan &amp; ChipMOS Tomorrow in Taiwan 3) U.S. PC Maker Results Next Week
Why United Microelectronics Is Becoming a Great Long-Term Acquisition Target for Intel 
Novatek a Top Gainer After Reports of Alliance with ARM to Build Neoverse V2 for AI


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

<ul>
<li>Taiwan Market Surges in Post-CNY Catch-Up, TSMC a Top Gainer Locally</li>
<li>Key Events Ahead: Nvidia Results Next Week, Key Taiwan Names Reporting</li>
<li>Taiwan Dual-Listings Monitor: High Spreads to Persist After CNY Break </li>
</ul>


Taiwan Market Surges in Post-CNY Catch-Up, TSMC a Top Gainer Locally
Key Events Ahead: Nvidia Results Next Week, Key Taiwan Names Reporting
Taiwan Dual-Listings Monitor: High Spreads to Persist After CNY Break 


Taiwan Tech Weekly: TSMC Playing Post-CNY Catch-Up; All Eyes on Upcoming Nvidia Results

<ul>
<li>TSMC: +16.6% ADR Premium, Still High After CNY Multi-Day Taiwan Market Close</li>
<li>UMC: 1.3% ADR Premium, Still Historically High After CNY Break</li>
<li>ChipMOS: +4.2% Premium, Very Rare &amp; High Level, Not Sustainable</li>
</ul>


TSMC: +16.6% ADR Premium, Still High After CNY Multi-Day Taiwan Market Close
UMC: 1.3% ADR Premium, Still Historically High After CNY Break
ChipMOS: +4.2% Premium, Very Rare &amp; High Level, Not Sustainable


Taiwan Dual-Listings Monitor: High Spreads Persist After CNY Break

Taiwan

Taiwan Semiconductor Manufacturing Company Ltd. manufactures integrated circuits based on its proprietary designs.  The Company offers a comprehensive set of integrated circuit fabrication processes to manufacture CMOS logic, mixed-mode, volatile and non-volatile memory and BiCMOS chips.  Taiwan Semiconductor is an affiliate of Philips Electronics N.V.

Taiwan Semiconductor (TSMC) - ADR (TSM US)

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Taiwan Semiconductor (TSMC) - ADR (TSM US)

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

TSMC maintaining a high premium, UMC is expected to shift to a positive spread, ChipMOS back within the typical range after premium collapse.

Vincent Fernando, CFA

TSMC (2330.TT; TSM.US): The Implications of Feb Sales, TSMC 2nd Japanese Fab and NVDA Stock Price.

February's few working days may lead to low revenue; Taiwanese government may want TSMC to build fabs in Wassenaar Arrangement countries; NVIDIA's...

Patrick Liao

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

Key developments: Nvidia results today, Elan & ChipMOS tomorrow, and U.S. PC maker results next week. UMC a potential acquisition for Intel?...

Vincent Fernando, CFA

Taiwan Tech Weekly: TSMC Playing Post-CNY Catch-Up; All Eyes on Upcoming Nvidia Results

Strong rebound after CNY with TSMC leading the gains. Nvidia results and key Taiwan companies reporting in the upcoming week. High spreads have...

Vincent Fernando, CFA

Taiwan Dual-Listings Monitor: High Spreads Persist After CNY Break

Taiwan semiconductor companies TSMC, UMC, and ChipMOS continue to maintain high ADR premiums after the Chinese New Year break, with ChipMOS'...

Vincent Fernando, CFA

Price Gauge

52-week Range

Market Cap (USDm)

P/E

Dividend (Yield)

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

​TSMC maintaining a high premium, UMC is expected to shift to a positive spread, ChipMOS back within the typical range after premium collapse.

Vincent Fernando, CFA

TSMC (2330.TT; TSM.US): The Implications of Feb Sales, TSMC 2nd Japanese Fab and NVDA Stock Price.

​February's few working days may lead to low revenue; Taiwanese government may want TSMC to build fabs in Wassenaar Arrangement countries; NVIDIA's...

Patrick Liao

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

Key developments: Nvidia results today, Elan & ChipMOS tomorrow, and U.S. PC maker results next week. UMC a potential acquisition for Intel?...

Vincent Fernando, CFA

Taiwan Tech Weekly: TSMC Playing Post-CNY Catch-Up; All Eyes on Upcoming Nvidia Results

Strong rebound after CNY with TSMC leading the gains. Nvidia results and key Taiwan companies reporting in the upcoming week. High spreads have...

Vincent Fernando, CFA

Taiwan Dual-Listings Monitor: High Spreads Persist After CNY Break

​Taiwan semiconductor companies TSMC, UMC, and ChipMOS continue to maintain high ADR premiums after the Chinese New Year break, with ChipMOS'...

Vincent Fernando, CFA

TSMC maintaining a high premium, UMC is expected to shift to a positive spread, ChipMOS back within the typical range after premium collapse.

February's few working days may lead to low revenue; Taiwanese government may want TSMC to build fabs in Wassenaar Arrangement countries; NVIDIA's...

Taiwan semiconductor companies TSMC, UMC, and ChipMOS continue to maintain high ADR premiums after the Chinese New Year break, with ChipMOS'...