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>Taiwan Tech and Nvidia Rally Ahead of Nvidia Earnings Next Week; Microsoft Build Conference Could Showcase Edge AI Copilot</li>
<li>Hon Hai: Traditional Server Market Now Adding to AI Growth; Expects Market Share Gains in 2024E </li>
<li>Asustek: Margin Beat, Guides More Upside; Qualcomm for AI PCs; Why Asus Confident in AI PC Up-Cycle </li>
</ul>


Taiwan Tech and Nvidia Rally Ahead of Nvidia Earnings Next Week; Microsoft Build Conference Could Showcase Edge AI Copilot
Hon Hai: Traditional Server Market Now Adding to AI Growth; Expects Market Share Gains in 2024E 
Asustek: Margin Beat, Guides More Upside; Qualcomm for AI PCs; Why Asus Confident in AI PC Up-Cycle 


Taiwan Tech Weekly: All Eyes on Nvidia Results Next Week; Microsoft Copilot Edge AI To Be Showcased?

Global Emerging Market Equities, Propitious Research

Wium Malan, CFA

Global Emerging Market Equities

Independent, Fundamental Quantitative Research

Propitious Research

Fully independent, fundamental and quantitative equity research, focused on companies in the Telecommunication, Media, Technology, Internet and Healthcare sectors in the Global Emerging Markets. Idea generation focused on Quality stocks, trading below their intrinsic Value, with sound Corporate Governance.

Taiwan Semiconductor (TSMC) / Equity Bottom-Up

<ul>
<li>
<a href="https://www.smartkarma.com/entities/taiwan-semiconductor-manufacturing-company" target="_blank" data-smartkarma-citation="entities:11230:1" rel="noopener">Taiwan Semiconductor (TSMC) (2330 TT)</a> has significantly outperformed this year, driven by a global AI-driven tailwind resulting in substantial revenue growth acceleration and a significant earnings upgrade cycle.</li>
<li>Record levels of FCF generation have supported dividend increases, and whilst future DPS expectations seem conservative, the current dividend yield suggests future increases have been priced in.</li>
<li>TSMC trades just above its 5-year historic average trading levels and at a premium to its key competitors, other smaller listed foundries, its main customers, and large suppliers.</li>
</ul>



Taiwan Semiconductor (TSMC) (2330 TT) has significantly outperformed this year, driven by a global AI-driven tailwind resulting in substantial revenue growth acceleration and a significant earnings upgrade cycle.
Record levels of FCF generation have supported dividend increases, and whilst future DPS expectations seem conservative, the current dividend yield suggests future increases have been priced in.
TSMC trades just above its 5-year historic average trading levels and at a premium to its key competitors, other smaller listed foundries, its main customers, and large suppliers.


TSMC (2330-TT): Revisiting Previous Bullish Themes Following Outperformance

<ul>
<li>Taiwan Tech Rallies Along With Rebound In Global Tech; Hon Hai, Asustek Top Gainers; KYEC a Top Loser After Announcing China Market Divestment</li>
<li>PC Monitor: The Next Version of MSFT CoPilot Will Be the Killer App for a Global AI PC Upgrade Cycle </li>
<li>ASMedia GDR Early Look - Momentum Has Been Strong, and Raising Would Grow Its Cash Base Almost 6x </li>
</ul>


Taiwan Tech Rallies Along With Rebound In Global Tech; Hon Hai, Asustek Top Gainers; KYEC a Top Loser After Announcing China Market Divestment
PC Monitor: The Next Version of MSFT CoPilot Will Be the Killer App for a Global AI PC Upgrade Cycle 
ASMedia GDR Early Look - Momentum Has Been Strong, and Raising Would Grow Its Cash Base Almost 6x 


Taiwan Tech Weekly: Hon Hai New All-Time Highs; Asustek Soars; Leading Chip Testing Firm Exits China

<ul>
<li>SK Reports Massive Margin Rebound; Nanya Tech's Financial Performance Appears Relatively Weak in Perspective</li>
<li>AI Applications Now Translating Into Rising Solid-State Memory (SSD) Demand</li>
<li>SK Povided Positive Color for Taiwan PC Names; New TSMC Collaboration Highlights TSMC Strength vs. Samsung</li>
</ul>


SK Reports Massive Margin Rebound; Nanya Tech's Financial Performance Appears Relatively Weak in Perspective
AI Applications Now Translating Into Rising Solid-State Memory (SSD) Demand
SK Povided Positive Color for Taiwan PC Names; New TSMC Collaboration Highlights TSMC Strength vs. Samsung


Memory Monitor: What SK Hynix Sees For PC and Server Markets Ahead; TSMC's Strength Vs. Samsung

Equity Long-Short, Semiconductors, Fabricated Knowledge

Douglas O'Laughlin

Equity Long-Short, Semiconductors

Fabricated Knowledge

Learn more about the world's most important manufactured product. Meaningful insight, timely analysis, and an occasional investment idea.

<ul><li>It’s time for the main event: earnings are upon us. As is customary, let’s start with TSMC, move to ASML and Alphawave, and then discuss VAT Group.</li><li>TSM revenue is above guidance, gross margins are a bit ahead of the midpoint, and operating margins are at the high end of guidance.</li><li>First, while this is a good result, semiconductors are due for a correction. I wrote about this in March, and SOXX has quietly crept downwards since then.</li></ul>

It’s time for the main event: earnings are upon us. As is customary, let’s start with TSMC, move to ASML and Alphawave, and then discuss VAT Group.TSM revenue is above guidance, gross margins are a bit ahead of the midpoint, and operating margins are at the high end of guidance.First, while this is a good result, semiconductors are due for a correction. I wrote about this in March, and SOXX has quietly crept downwards since then.

TSMC, ASML, VAT Group, and Alphawave Earnings

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: All Eyes on Nvidia Results Next Week; Microsoft Copilot Edge AI To Be Showcased?

Taiwan's earnings season is wrapping up but one of the most important companies for the market, Nvidia, is set to release results next week.

Vincent Fernando, CFA

TSMC (2330-TT): Revisiting Previous Bullish Themes Following Outperformance

In this insight, we revisit our bullish outlook for TSMC by analysing its revenue growth and margin prospects, Free Cash Flow generation outlook,...

Wium Malan, CFA

Taiwan Tech Weekly: Hon Hai New All-Time Highs; Asustek Soars; Leading Chip Testing Firm Exits China

Taiwan tech gains alongside global tech, with Hon Hai and Asustek leading. MSFT's next CoPilot expected to drive AI PC upgrades. ASMedia GDR shows...

Vincent Fernando, CFA

Memory Monitor: What SK Hynix Sees For PC and Server Markets Ahead; TSMC's Strength Vs. Samsung

Major take-aways from SK Hynix's latest industry visibility. The memory industry is likely to achieve a new all-time revenue level in 2025E.

Vincent Fernando, CFA

TSMC, ASML, VAT Group, and Alphawave Earnings

It’s time for the main event: earnings are upon us. As is customary, let’s start with TSMC, move to ASML and Alphawave, and then discuss VAT Group.

Fabricated Knowledge

Price Gauge

52-week Range

Market Cap (USDm)

P/E

Dividend (Yield)

Taiwan Tech Weekly: All Eyes on Nvidia Results Next Week; Microsoft Copilot Edge AI To Be Showcased?

​Taiwan's earnings season is wrapping up but one of the most important companies for the market, Nvidia, is set to release results next week.

Vincent Fernando, CFA

TSMC (2330-TT): Revisiting Previous Bullish Themes Following Outperformance

In this insight, we revisit our bullish outlook for TSMC by analysing its revenue growth and margin prospects, Free Cash Flow generation outlook,...

Wium Malan, CFA

Taiwan Tech Weekly: Hon Hai New All-Time Highs; Asustek Soars; Leading Chip Testing Firm Exits China

​Taiwan tech gains alongside global tech, with Hon Hai and Asustek leading. MSFT's next CoPilot expected to drive AI PC upgrades. ASMedia GDR shows...

Vincent Fernando, CFA

Memory Monitor: What SK Hynix Sees For PC and Server Markets Ahead; TSMC's Strength Vs. Samsung

Major take-aways from SK Hynix's latest industry visibility. The memory industry is likely to achieve a new all-time revenue level in 2025E.

Vincent Fernando, CFA

TSMC, ASML, VAT Group, and Alphawave Earnings

It’s time for the main event: earnings are upon us. As is customary, let’s start with TSMC, move to ASML and Alphawave, and then discuss VAT Group.

Fabricated Knowledge

Taiwan's earnings season is wrapping up but one of the most important companies for the market, Nvidia, is set to release results next week.

Taiwan tech gains alongside global tech, with Hon Hai and Asustek leading. MSFT's next CoPilot expected to drive AI PC upgrades. ASMedia GDR shows...