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>Apple supply chain names are falling due concerns about weak iPhone shipments. Global PC shipments returned to growth as per IDC data.</li>
<li>TSMC and ASML results this week and will be cruical for the market. Can TSMC rally again to achieve new highs or will it continue trading lower?</li>
<li>Nanya Technology sees DRAM Industry pricing rising through 2024E; but is underperforming financially.</li>
</ul>


Apple supply chain names are falling due concerns about weak iPhone shipments. Global PC shipments returned to growth as per IDC data.
TSMC and ASML results this week and will be cruical for the market. Can TSMC rally again to achieve new highs or will it continue trading lower?
Nanya Technology sees DRAM Industry pricing rising through 2024E; but is underperforming financially.


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

Blue Lotus China New Economy Research, Blue Lotus Research Institute

Eric Wen

Blue Lotus China New Economy Research

China growth and global non-US Internet equities

Blue Lotus Research Institute

Blue Lotus Research is a Hong Kong Type 4 Licensed investment advisory firm focusing on Chinese growth equities and global non-US Internet equities

Thematic (Sector/Industry)

<ul>
<li>Macro News Update: Our take from the decision draft of the CCP 3rd Plenary Session</li>
<li>1519 HK/ZTO US: Weekly parcel volume shows 31% y-o-y growth (+)</li>
<li>1810 HK/981 HK: Huawei’s mid-premium Nova 13 smartphone to be delayed (+//)</li>
</ul>


Macro News Update: Our take from the decision draft of the CCP 3rd Plenary Session
1519 HK/ZTO US: Weekly parcel volume shows 31% y-o-y growth (+)
1810 HK/981 HK: Huawei’s mid-premium Nova 13 smartphone to be delayed (+//)


[Blue Lotus Daily]:1519 HK/ZTO US/1810 HK/981 HK/XPEV US/LI US/NIO US/QCOM US/TSMC US

Asia and Global Semiconductor and Tech Research

Andrew Lu

Taiwan Semiconductor (TSMC) / Equity Bottom-Up

<ul>
<li>Chairman 69 years old Dr. Liu will retire and 70 years old CEO Dr. Wei will step up. What story do we believe? Will TSMC to regain its strong outperperformance?</li>
<li>Positive impacts: we expect Arizona fab equipment move-in and ramp up might be further delayed if no subsidies are granted; two teams competing to one voice/team/direction.</li>
<li>Three risks: 1. Dr. Wei at his age of 70 without a strong management backup; 2. Dr. Wei might make a wrong decision deeply; 3. absolute power corrupts.</li>
</ul>


Chairman 69 years old Dr. Liu will retire and 70 years old CEO Dr. Wei will step up. What story do we believe? Will TSMC to regain its strong outperperformance?
Positive impacts: we expect Arizona fab equipment move-in and ramp up might be further delayed if no subsidies are granted; two teams competing to one voice/team/direction.
Three risks: 1. Dr. Wei at his age of 70 without a strong management backup; 2. Dr. Wei might make a wrong decision deeply; 3. absolute power corrupts.


TSMC Chairman to Retire, + or — Impacts to Shareholders

Semiconductor & Technology Specialist, Ingenuity

William Keating

Semiconductor & Technology Specialist

Ingenuity

Our focus is exclusively on in-depth research & consulting in the broader semiconductor industry. We focus on the key players, namely Intel, Micron, Qualcomm, Apple, Samsung, NVIDIA, AMD, TSMC & Global Foundries - as well as some of the lesser known, but nonetheless critical, companies such as ASML (for EUV), Mellanox, Cavium, Xilinx etc. We specialise in their products, roadmaps, process technologies, competitive advantages & threats etc. We also help our clients understand the implications of new and emerging technologies, e.g. 3D X-Point, 3D NAND, Carbon Nanotubes, Autonomous Driving, Graphene, Silicon Photonics, Wafer-Level Optics, Artificial Intelligence, FPGA, GPU, ASIC etc. 

Semiconductor Analysis & Research

<ul>
<li>TSMC snags $6.6 billion in US CHIPS Act funding, along with loans up to $5 billion and tax credits up to 25% on eligible capital expenditures</li>
<li>TSMC has committed to building a third fab in Arizona, scheduled to begin operations around 2030</li>
<li>TSMC's reiteration of their world class CAGR, Gross Margin &amp; ROE numbers shines a light on Intel's vastly inferior performance outlook.</li>
</ul>


TSMC snags $6.6 billion in US CHIPS Act funding, along with loans up to $5 billion and tax credits up to 25% on eligible capital expenditures
TSMC has committed to building a third fab in Arizona, scheduled to begin operations around 2030
TSMC's reiteration of their world class CAGR, Gross Margin &amp; ROE numbers shines a light on Intel's vastly inferior performance outlook.


TSMC Snags US CHIPS Act Funding & Ups The Ante On Intel

Taiwan Tech Focused Senior Analyst

Patrick Liao

<ul>
<li>Today, the U.S. Department of Commerce and TSMC Arizona have signed a non-binding preliminary memorandum of terms for US$6.6 billion in direct funding under the CHIPS and Science Act.</li>
<li>We estimate the impact of the earthquake on April 3rd should result in a loss of within 0.5% in 2Q24F, which means it should not affect our 2Q24F revenue expectations.</li>
<li>TSMC's 1st Japan Fab is expected to commence pilot production in February, and the 2nd Fab is projected to begin production of N6/N7 in 2027F.</li>
</ul>


Today, the U.S. Department of Commerce and TSMC Arizona have signed a non-binding preliminary memorandum of terms for US$6.6 billion in direct funding under the CHIPS and Science Act.
We estimate the impact of the earthquake on April 3rd should result in a loss of within 0.5% in 2Q24F, which means it should not affect our 2Q24F revenue expectations.
TSMC's 1st Japan Fab is expected to commence pilot production in February, and the 2nd Fab is projected to begin production of N6/N7 in 2027F.


TSMC (2330.TT; TSM.US): US$6.6bn from US CHIPS Act; the Earthquake Impact and the 2nd Japanese Fab.

Taiwan

Taiwan Semiconductor Manufacturing Company, Ltd. manufactures and markets integrated circuits. The Company provides the following services: wafer manufacturing, wafer probing, assembly and testing, mask production, and design services. TSMC's ICs are used in computer, communication, consumer electronics, automotive, and industrial equipment industries.

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Taiwan Semiconductor (TSMC) (2330 TT)

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

Apple supply chain names are dropping due to weak iPhone shipments, while global PC shipments are growing. TSMC and ASML results will be crucial...

Vincent Fernando, CFA

[Blue Lotus Daily]:1519 HK/ZTO US/1810 HK/981 HK/XPEV US/LI US/NIO US/QCOM US/TSMC US

CCP 3rd Plenary Session decision draft analyzed; parcel volume growth for HK/ZTO and Huawei's Nova 13 smartphone delay.

Blue Lotus Research Institute

TSMC Chairman to Retire, + or — Impacts to Shareholders

TSMC Chairman to Retire, + or — Impacts to Shareholders; Chairman 69 years old Dr. Liu will retire and 70 years old CEO Dr. Wei will step up. What...

Andrew Lu

TSMC Snags US CHIPS Act Funding & Ups The Ante On Intel

TSMC gets $6.6 billion US CHIPS Act funding & will build a third fab in Arizona, scheduled to open in 2030. They also reminded us of their world...

William Keating

TSMC (2330.TT; TSM.US): US$6.6bn from US CHIPS Act; the Earthquake Impact and the 2nd Japanese Fab.

US Department of Commerce and TSMC Arizona sign $6.6 billion deal; earthquake impact minimal on TSMC revenue; TSMC's 1st Japan Fab to start...

Patrick Liao

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

​Apple supply chain names are dropping due to weak iPhone shipments, while global PC shipments are growing. TSMC and ASML results will be crucial...

Vincent Fernando, CFA

[Blue Lotus Daily]:1519 HK/ZTO US/1810 HK/981 HK/XPEV US/LI US/NIO US/QCOM US/TSMC US

​CCP 3rd Plenary Session decision draft analyzed; parcel volume growth for HK/ZTO and Huawei's Nova 13 smartphone delay.

Blue Lotus Research Institute

TSMC Chairman to Retire, + or — Impacts to Shareholders

TSMC Chairman to Retire, + or — Impacts to Shareholders; Chairman 69 years old Dr. Liu will retire and 70 years old CEO Dr. Wei will step up. What...

Andrew Lu

TSMC Snags US CHIPS Act Funding & Ups The Ante On Intel

TSMC gets $6.6 billion US CHIPS Act funding & will build a third fab in Arizona, scheduled to open in 2030. They also reminded us of their world...

William Keating

TSMC (2330.TT; TSM.US): US$6.6bn from US CHIPS Act; the Earthquake Impact and the 2nd Japanese Fab.

​US Department of Commerce and TSMC Arizona sign $6.6 billion deal; earthquake impact minimal on TSMC revenue; TSMC's 1st Japan Fab to start...

Patrick Liao

Apple supply chain names are dropping due to weak iPhone shipments, while global PC shipments are growing. TSMC and ASML results will be crucial...

CCP 3rd Plenary Session decision draft analyzed; parcel volume growth for HK/ZTO and Huawei's Nova 13 smartphone delay.

US Department of Commerce and TSMC Arizona sign $6.6 billion deal; earthquake impact minimal on TSMC revenue; TSMC's 1st Japan Fab to start...