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 Dual-Listings Monitor: TSMC Continues Falling from Extreme Level; CHT at Unusual Discount

Taiwan Dual-Listings Monitor: TSMC, ASE Spreads Bounce Back to Historically Extreme Highs

Taiwan Tech Weekly: Apple Suppliers Slump on IPhone; PC Volumes Back to Growth; TSMC & ASML Results

Taiwan Dual-Listings Monitor: Long TSMC Taiwan Shares Vs. ADR on Historically High Spread; UMC, ASE

Taiwan Tech Weekly: TSMC Surge Leads Taiwan Stocks Higher; Advanced Chip Packaging in Focus

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

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

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: +15% ADR Premium; Likely to Trend Further Lower Over Time</li>
<li>UMC: -2.3% Discount; Decent Level to Long the ADR vs. Short Local</li>
<li>ASE: +11.6% Premium; Continue to Advocate Shorting the Spread Here</li>
</ul>


TSMC: +15% ADR Premium; Likely to Trend Further Lower Over Time
UMC: -2.3% Discount; Decent Level to Long the ADR vs. Short Local
ASE: +11.6% Premium; Continue to Advocate Shorting the Spread Here


Taiwan Dual-Listings Monitor: TSMC Premium Slumped But Remains Extreme; UMC at a Discount