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 Tech Weekly: Market Re-Opens After Long Holiday; U.S.-China Chip War Heats Up Further

Taiwan Tech Weekly: Samsung Finally Announces Chip Production Cuts; Hon Hai's New EV Factory

Samsung Q1 2023 Profit Collapse Triggers Memory Production Cut Promise In Regulatory Filing

Taiwan Dual-Listings: Post CNY Market Closure, Huge ADR Premiums

Taiwan Dual-Listings: ADR Premiums on the Rise; TSMC Premium Persistently Higher Lately

Taiwan Tech Earnings Season Analysis: Inventory Levels Appear to Have Peaked

Battle Lines Drawn As BABA Builds Out First/Last-Mile Capacity; But Who Will Fund 75+ Bn CNY CapEx?

Equity Bottom-Up

Taiwan Semiconductor (TSMC) - ADR / Equity Bottom-Up

Taiwan Semiconductor (TSMC) - ADR (TSM US)

<ul>
<li>Taiwan ADR premiums have continued to decline; a long holiday in Taiwan has opened up some rare opportunities given U.S. markets kept trading.</li>
<li>UMC ADR's are trading at a rare relatively deep discount and represent an opportunity.</li>
<li>ChipMOS ADRs are also trading a rare relatively deep discount and are another opportunity to long the ADR spread.</li>
</ul>


Taiwan ADR premiums have continued to decline; a long holiday in Taiwan has opened up some rare opportunities given U.S. markets kept trading.
UMC ADR's are trading at a rare relatively deep discount and represent an opportunity.
ChipMOS ADRs are also trading a rare relatively deep discount and are another opportunity to long the ADR spread.


Taiwan Dual-Listings: Deep Discounts Open Up in Two Names After Multi-Day Taiwan Holiday