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

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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

Taiwan Semiconductor (TSMC) - ADR (TSM US)

<ul>
<li>TSMC: +13.5% ADR Premium, Historically High Spread Represents Short Opportunity</li>
<li>UMC: -0.9% ADR Discount, Results Tomorrow Could Open Up Trade Opportunity</li>
<li>ASE: +9.1% Premium, Historically High But Likely Best to Wait for Higher Levels</li>
</ul>


TSMC: +13.5% ADR Premium, Historically High Spread Represents Short Opportunity
UMC: -0.9% ADR Discount, Results Tomorrow Could Open Up Trade Opportunity
ASE: +9.1% Premium, Historically High But Likely Best to Wait for Higher Levels


Taiwan Dual-Listings Monitor: Can TSMC Sustain Extreme ADR Spread?; UMC Results Catalyst Tomorrow