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

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)

<ul>
<li>
Major earnings week ahead: Taiwan names like Macronix, Lite-On, Delta, Mediatek report, while global tech giants Microsoft, Meta, Amazon, and Apple headline a critical week of results.</li>
<li>
 Apple’s India shift faces hurdles: Apple plans to move most U.S. iPhone assembly to India by 2026E, but analysts caution full supply chain relocation from China will be difficult.</li>
<li>
UMC and Intel: Strategy and Uncertainty in Focus: Recent updates from UMC and Intel reveal supply chain adaptations and market visibility challenges for 2025E and beyond.</li>
</ul>



Major earnings week ahead: Taiwan names like Macronix, Lite-On, Delta, Mediatek report, while global tech giants Microsoft, Meta, Amazon, and Apple headline a critical week of results.

 Apple’s India shift faces hurdles: Apple plans to move most U.S. iPhone assembly to India by 2026E, but analysts caution full supply chain relocation from China will be difficult.

UMC and Intel: Strategy and Uncertainty in Focus: Recent updates from UMC and Intel reveal supply chain adaptations and market visibility challenges for 2025E and beyond.


Taiwan Tech Weekly: Taiwan's Big Earnings Week and Apple's High-Stakes Shift to India

Delta Electronics Thailand  / Equity Bottom-Up

Delta Electronics (Thailand) PCL designs and manufactures electronic equipment. The Company produces power systems for telecommunications, medical equipment, and industrial automation.  Delta also produces fans, electromagnetic interference filters, and solenoids.

<ul>
<li>
Delta Thailand's rally looks sentiment-driven, not fundamental: 1Q25 results were decent but not a major beat.</li>
<li>
Valuation gap widened to unjustifiable levels: Delta Thailand trades at 52x trailing PER vs. Delta Taiwan at 25x.</li>
<li>
Delta Taiwan remains the structurally stronger,cheaper exposure to the group's long-term growth themes.</li>
</ul>



Delta Thailand's rally looks sentiment-driven, not fundamental: 1Q25 results were decent but not a major beat.

Valuation gap widened to unjustifiable levels: Delta Thailand trades at 52x trailing PER vs. Delta Taiwan at 25x.

Delta Taiwan remains the structurally stronger,cheaper exposure to the group's long-term growth themes.


Delta Taiwan Vs. Thailand Monitor: Delta Thai Rally Looks Overdone; Taiwan Remains Better Value

Korea/Asia, Events, IPOs, Douglas Research Advisory

Douglas Kim

Korea/Asia, Events, IPOs

Douglas Research Advisory

LG CNS Co., Ltd. provides information technology services and solutions. The Company offers consulting, system integration, outsourcing, convergence, video solutions, conditional access systems, and interactive digital television solutions. LG CNS serves customers worldwide.

<ul>
<li>LG CNS reported better than expected results in 1Q 2025 with sales of 1.2 trillion won (up 13.2% YoY) and operating profit of 78.9 billion won (up 144.3% YoY).</li>
<li>The company's sales, operating profit, and net profit were 5.5%, 16.5%, and 36.4% better than the consensus estimates, respectively in 1Q 2025. </li>
<li>The company's Cloud &amp; AI unit had sales of 717.3 billion won (up 30.1% YoY) in 1Q 2025.</li>
</ul>


LG CNS reported better than expected results in 1Q 2025 with sales of 1.2 trillion won (up 13.2% YoY) and operating profit of 78.9 billion won (up 144.3% YoY).
The company's sales, operating profit, and net profit were 5.5%, 16.5%, and 36.4% better than the consensus estimates, respectively in 1Q 2025. 
The company's Cloud &amp; AI unit had sales of 717.3 billion won (up 30.1% YoY) in 1Q 2025.


LG CNS: Better Than Expected Results in 1Q 2025 Led by Cloud & AI Unit

<ul>
<li>
TSMC: +19.5% Premium; Short Interest in ADRs Jumps to New Highs; Open Fresh Short of Spread at 20% or Higher</li>
<li>
ASE: +3.8% Premium; Wait for Higher Premium Before Opening New Short</li>
<li>
CHT: -1.0% Discount; Consider Going Long the Spread; ADR Short Interest Rises to New Highs</li>
</ul>



TSMC: +19.5% Premium; Short Interest in ADRs Jumps to New Highs; Open Fresh Short of Spread at 20% or Higher

ASE: +3.8% Premium; Wait for Higher Premium Before Opening New Short

CHT: -1.0% Discount; Consider Going Long the Spread; ADR Short Interest Rises to New Highs


Taiwan Dual-Listings Monitor: TSMC ADR Short Interest New Highs; Chunghwa Telecom Short Spike

Head of Research, Krungthai XSpring

Waraporn Wiboonkanarak

Head of Research

A full service Thai brokerage

Krungthai XSpring

Krungthai XSpring is a full service broker. The company provides a wide range of investment services such as Securities Brokerage, Derivative Agent Business, Securities Borrowing and Lending, Securities Trading, Underwriting, Financial Advisory, Wealth Advisory, Private Fund Management and International Markets Securities Trading. 

In terms of credibility, Fitch Ratings has assigned Krunghtai XSpring a long-term rating of AA- and a national short-term rating of F1+ with stable outlook.

<ul><li>DELTA reported 1Q25 core profit of Bt5bn (+31% YoY, +143% QoQ), 21% higher than market expectations, driven by a better-than-expected gross profit margin (GPM) and lower-than-forecast selling and administrative expenses.</li><li>We believe that the better-than-expected 1Q25 performance will support DELTA’s share price in the short term, as historical data over the past eight quarters shows that the share price tends to react positively to earnings beats.</li><li>We are in the process of revising our estimates, rating, and target price for DELTA.</li></ul>

DELTA reported 1Q25 core profit of Bt5bn (+31% YoY, +143% QoQ), 21% higher than market expectations, driven by a better-than-expected gross profit margin (GPM) and lower-than-forecast selling and administrative expenses.We believe that the better-than-expected 1Q25 performance will support DELTA’s share price in the short term, as historical data over the past eight quarters shows that the share price tends to react positively to earnings beats.We are in the process of revising our estimates, rating, and target price for DELTA.

Delta Electronics (Thailand) - Notably Upbeat 1Q25 Earnings

Insights in the Information Technology Space

Information Technology
Insights in the Information Technology Space

Taiwan Tech Weekly: Taiwan's Big Earnings Week and Apple's High-Stakes Shift to India

Upcoming earnings reports from Taiwan and global tech giants, Apple's India assembly shift faces challenges, UMC and Intel navigate supply chain...

Vincent Fernando, CFA

Delta Taiwan Vs. Thailand Monitor: Delta Thai Rally Looks Overdone; Taiwan Remains Better Value

Delta Thailand's rally created valuation gap widening to unjustifiable levels compared to Delta Taiwan. Delta Taiwan remains the stronger and...

Vincent Fernando, CFA

LG CNS: Better Than Expected Results in 1Q 2025 Led by Cloud & AI Unit

LG CNS reported better than expected results in 1Q 2025 with sales of 1.2 trillion won (up 13.2% YoY) and operating profit of 78.9 billion won (up...

Douglas Kim

Taiwan Dual-Listings Monitor: TSMC ADR Short Interest New Highs; Chunghwa Telecom Short Spike

We analyze the premium and discount levels of dual-listed Taiwan companies, suggesting potential spread trading levels based on historical trends.

Vincent Fernando, CFA

Delta Electronics (Thailand) - Notably Upbeat 1Q25 Earnings

DELTA reported 1Q25 core profit of Bt5bn (+31% YoY, +143% QoQ), 21% higher than market expectations, driven by a better-than-expected gross profit...

Krungthai XSpring

Taiwan Tech Weekly: Taiwan's Big Earnings Week and Apple's High-Stakes Shift to India

​Upcoming earnings reports from Taiwan and global tech giants, Apple's India assembly shift faces challenges, UMC and Intel navigate supply chain...

Vincent Fernando, CFA

Delta Taiwan Vs. Thailand Monitor: Delta Thai Rally Looks Overdone; Taiwan Remains Better Value

​Delta Thailand's rally created valuation gap widening to unjustifiable levels compared to Delta Taiwan. Delta Taiwan remains the stronger and...

Vincent Fernando, CFA

LG CNS: Better Than Expected Results in 1Q 2025 Led by Cloud & AI Unit

LG CNS reported better than expected results in 1Q 2025 with sales of 1.2 trillion won (up 13.2% YoY) and operating profit of 78.9 billion won (up...

Douglas Kim

Taiwan Dual-Listings Monitor: TSMC ADR Short Interest New Highs; Chunghwa Telecom Short Spike

We analyze the premium and discount levels of dual-listed Taiwan companies, suggesting potential spread trading levels based on historical trends.

Vincent Fernando, CFA

Delta Electronics (Thailand) - Notably Upbeat 1Q25 Earnings

DELTA reported 1Q25 core profit of Bt5bn (+31% YoY, +143% QoQ), 21% higher than market expectations, driven by a better-than-expected gross profit...

Krungthai XSpring

Upcoming earnings reports from Taiwan and global tech giants, Apple's India assembly shift faces challenges, UMC and Intel navigate supply chain...

Delta Thailand's rally created valuation gap widening to unjustifiable levels compared to Delta Taiwan. Delta Taiwan remains the stronger and...