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>TSMC: +16.2%, Bounced Back to Historically Extreme Level, Consider Short</li>
<li>UMC: -0.3% Discount, Flipped to Positive and Now Negative Again</li>
<li>ASE: +15.3% Premium; Bounced Back to Extreme Highs, Short the Spread</li>
</ul>


TSMC: +16.2%, Bounced Back to Historically Extreme Level, Consider Short
UMC: -0.3% Discount, Flipped to Positive and Now Negative Again
ASE: +15.3% Premium; Bounced Back to Extreme Highs, Short the Spread


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

<ul>
<li>We believe TSMC represents defensive exposure to AI for investors concerned that many other AI-related stocks' valuations may be too high.</li>
<li>While one may think TSMC seems too obvious as a play, we note that the stock is up only 4.5% over the last six months.</li>
<li>We view TSMC as trading at an inexpensive valuation; even a cheap valuation should our hypothesis that the stock is structurally re-rating upwards turn out to be true.</li>
</ul>


We believe TSMC represents defensive exposure to AI for investors concerned that many other AI-related stocks' valuations may be too high.
While one may think TSMC seems too obvious as a play, we note that the stock is up only 4.5% over the last six months.
We view TSMC as trading at an inexpensive valuation; even a cheap valuation should our hypothesis that the stock is structurally re-rating upwards turn out to be true.


TSMC: Defensive AI Play in Long Upward Re-Rating Trend?

<ul>
<li>Nvidia Results Today U.S. Time -- Taiwan Market Surged Recently on Improving AI/Semiconductor Expectations and Potential for Easing U.S.-China Tensions.</li>
<li>Taiwan: Underowned, Yet Gaining on Peers. Our Fellow Insight Provider Analyzes Why Taiwan Might Still Be Underowned.</li>
<li>Asia Geopolitics: Following Biden-Xi Meeting, Asia Is a Safer Place For Now.</li>
</ul>


Nvidia Results Today U.S. Time -- Taiwan Market Surged Recently on Improving AI/Semiconductor Expectations and Potential for Easing U.S.-China Tensions.
Taiwan: Underowned, Yet Gaining on Peers. Our Fellow Insight Provider Analyzes Why Taiwan Might Still Be Underowned.
Asia Geopolitics: Following Biden-Xi Meeting, Asia Is a Safer Place For Now.


Taiwan Tech Weekly: Nvidia Results Today; Taiwan Market Surged But Why It Might Be Still Underowned

Taiwan Tech Focused Senior Analyst

Patrick Liao

Taiwan Semiconductor (TSMC) / Equity Bottom-Up

<ul>
<li>TSMC Q2 2024 outlook is expected to increase by approximately 5% QoQ, with 2024 projected Capex to see a slight uptick. </li>
<li>Intel is expected to adopt <a href="https://www.smartkarma.com/entities/taiwan-semiconductor-sp-adr" target="_blank" data-smartkarma-citation="entities:8587:1" rel="noopener">TSMC</a> N3B technology in 2Q24F, while we anticipate that MediaTek will transition to N3E by the end of 3Q24F.  </li>
<li>Intel has received financial assistance of US$8 billion through the US Chips and Science Act, and TSMC is also projected to receive around US$5 billion.</li>
</ul>


TSMC Q2 2024 outlook is expected to increase by approximately 5% QoQ, with 2024 projected Capex to see a slight uptick. 
Intel is expected to adopt TSMC N3B technology in 2Q24F, while we anticipate that MediaTek will transition to N3E by the end of 3Q24F.  
Intel has received financial assistance of US$8 billion through the US Chips and Science Act, and TSMC is also projected to receive around US$5 billion.


TSMC (2330.TT; TSM.US): 2Q24F Preview; TSMC Is Anticipated to Receive ~US$5Bn from the US Chip Act.

<ul>
<li>Quanta surged with major server wins from Meta, Alphabet, and Amazon. Nanya Tech results are two weeks ahead and Intel will host a webinar this week about its Foundry business.</li>
<li>Mediatek: Accelerating Momentum in Automotive, Data Center, and AI Memory Solutions </li>
<li>Hon Hai (Foxconn): After the 50% Surge, Where Can It Go From Here? </li>
</ul>


Quanta surged with major server wins from Meta, Alphabet, and Amazon. Nanya Tech results are two weeks ahead and Intel will host a webinar this week about its Foundry business.
Mediatek: Accelerating Momentum in Automotive, Data Center, and AI Memory Solutions 
Hon Hai (Foxconn): After the 50% Surge, Where Can It Go From Here? 


Taiwan Tech Weekly: Quanta Surging on Nvidia Server Orders; Nanya Results Ahead; Intel Foundry Event

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.

Price Gauge
52-week Range	0.00 - 0.00
Market Cap (USDm)	0.00
P/E	0.00
Dividend (Yield)	0.00

Taiwan Semiconductor (TSMC) (2330 TT)

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

ADR spreads for TSMC and ASE have bounced back to historically high levels, opening potential shorting opportunities. CHT bounced back from...

Vincent Fernando, CFA

TSMC: Defensive AI Play in Long Upward Re-Rating Trend?

We view TSMC as trading at an inexpensive valuation; even a cheap valuation should our hypothesis that the stock is structurally re-rating upwards...

Vincent Fernando, CFA

Taiwan Tech Weekly: Nvidia Results Today; Taiwan Market Surged But Why It Might Be Still Underowned

NVIDIA Corp (NVDA US) will report today U.S. time with its analyst call at 14:00 PDT, we are maintaining our Short basket of Taiwan AI names vs....

Vincent Fernando, CFA

TSMC (2330.TT; TSM.US): 2Q24F Preview; TSMC Is Anticipated to Receive ~US$5Bn from the US Chip Act.

TSMC's Q2 2024 outlook to increase by 5%, Intel to adopt TSMC N3B technology, and both companies to receive financial assistance through US Chips...

Patrick Liao

Taiwan Tech Weekly: Quanta Surging on Nvidia Server Orders; Nanya Results Ahead; Intel Foundry Event

Quanta sees stock surge with server wins, Mediatek accelerates expansion in automotive and data center solutions. Intel will host a webinar about...

Vincent Fernando, CFA

Price Gauge

52-week Range

Market Cap (USDm)

P/E

Dividend (Yield)

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

ADR spreads for TSMC and ASE have bounced back to historically high levels, opening potential shorting opportunities. CHT bounced back from...

Vincent Fernando, CFA

TSMC: Defensive AI Play in Long Upward Re-Rating Trend?

We view TSMC as trading at an inexpensive valuation; even a cheap valuation should our hypothesis that the stock is structurally re-rating upwards...

Vincent Fernando, CFA

Taiwan Tech Weekly: Nvidia Results Today; Taiwan Market Surged But Why It Might Be Still Underowned

NVIDIA Corp (NVDA US) will report today U.S. time with its analyst call at 14:00 PDT, we are maintaining our Short basket of Taiwan AI names vs....

Vincent Fernando, CFA

TSMC (2330.TT; TSM.US): 2Q24F Preview; TSMC Is Anticipated to Receive ~US$5Bn from the US Chip Act.

​TSMC's Q2 2024 outlook to increase by 5%, Intel to adopt TSMC N3B technology, and both companies to receive financial assistance through US Chips...

Patrick Liao

Taiwan Tech Weekly: Quanta Surging on Nvidia Server Orders; Nanya Results Ahead; Intel Foundry Event

​Quanta sees stock surge with server wins, Mediatek accelerates expansion in automotive and data center solutions. Intel will host a webinar about...

Vincent Fernando, CFA

TSMC's Q2 2024 outlook to increase by 5%, Intel to adopt TSMC N3B technology, and both companies to receive financial assistance through US Chips...

Quanta sees stock surge with server wins, Mediatek accelerates expansion in automotive and data center solutions. Intel will host a webinar about...