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: Premium Fell and Then Rebounded, Now +15.6%; Can Consider Shorting Again</li>
<li>ASE: Falls to +12.3%; Wait for Higher Level Before Considering a New Short Again</li>
<li>ChipMOS: -0.6% Discount; Massing of Short Interest Right Ahead of Earnings</li>
</ul>


TSMC: Premium Fell and Then Rebounded, Now +15.6%; Can Consider Shorting Again
ASE: Falls to +12.3%; Wait for Higher Level Before Considering a New Short Again
ChipMOS: -0.6% Discount; Massing of Short Interest Right Ahead of Earnings


Taiwan Dual-Listings: TSMC Spread Slumps Then Fully Rebounds; Shorts Spiking Ahead of IMOS Results

<ul>
<li>Samsung 1Q24 results beat consensus by a wide margin and the company gave strong guidance for its Memory segment, guiding for further strength driven by servers, PCs, &amp; phones needs.</li>
<li>Guided strong demand for PC/Mobile Memory in 2H24E driven by on-device AI, which supports the case of edge AI hardware beginning to drive demand in addition to cloud/server-based AI hardware.</li>
<li>Foundry segment's losses reduced, but still loss-making? Samsung's order backlog is at an all-time high but Samsung Foundry results suggest manufacturing yield performance likely well behind TSMC.</li>
</ul>


Samsung 1Q24 results beat consensus by a wide margin and the company gave strong guidance for its Memory segment, guiding for further strength driven by servers, PCs, &amp; phones needs.
Guided strong demand for PC/Mobile Memory in 2H24E driven by on-device AI, which supports the case of edge AI hardware beginning to drive demand in addition to cloud/server-based AI hardware.
Foundry segment's losses reduced, but still loss-making? Samsung's order backlog is at an all-time high but Samsung Foundry results suggest manufacturing yield performance likely well behind TSMC.


Deep Dive Into Samsung's Memory & Foundry Results: TSMC, AI PC, Server, AI Phone Implications

Independent research on the U.S. markets, Baptista Research

Baptista Research

Independent research on the U.S. markets

Baptista Research is an independent financial research house focused on the U.S. markets. We provide equity research as well as credit research reports on the top-listed U.S. companies with most of our focus on technology, consumer goods and services, automobiles, industrials, oil and gas, pharma, and healthcare. Our research has served more than 3000 institutional investors including mutual funds, hedge funds, banks, family offices, and various buy-side firms. We operate a research subscription service where institutions, as well as retail investors, can have priority access to all our research. We also have a wide distribution of our research reports across some of the top global financial platforms. Apart from equity research and credit research, we also provide advisory services with respect to mergers & acquisitions (M&A), private equity/ venture capital fundraising, valuation reports, and investment management services for corporates.
Baptista Research is owned and managed by Ishan Majumdar, an ex-Venture Capitalist/ Investment Banker, a Chartered Accountant, and a Masters’ degree holder in Management from HEC Paris. Ishan has nearly a decade of experience in Mergers and Acquisitions, Leveraged Buyouts (LBOs), Venture Capital Investing, Corporate Strategy, and Valuation in front-office roles at the likes of BNP Paribas CIB, Credit Agricole CIB, Groupe Danone, and TIW Private Equity. He has worked on and closed multiple acquisition deals, leveraged buyouts, and start-up investment transactions.

Taiwan Semiconductor (TSMC) / Equity Bottom-Up

<ul><li>Taiwan Semiconductor Manufacturing Company's (TSMC) Q1 2024 earnings presented several key details about the firm's current market standing and future performance.</li><li>For Q1 2024, they reported a 5.3% sequential decrease in revenue due to the impact of smartphone seasonality despite strong demand in high-performance computing (HPC).</li><li>Gross margin was also up to 53.1%, reflecting product mix changes, and the firm's operating margin increased to 42%.</li></ul>

Taiwan Semiconductor Manufacturing Company's (TSMC) Q1 2024 earnings presented several key details about the firm's current market standing and future performance.For Q1 2024, they reported a 5.3% sequential decrease in revenue due to the impact of smartphone seasonality despite strong demand in high-performance computing (HPC).Gross margin was also up to 53.1%, reflecting product mix changes, and the firm's operating margin increased to 42%.

Taiwan Semiconductor Manufacturing: Significant Artificial Intelligence (AI) Opportunities & The Returns That Lie Ahead! - Major Drivers

<ul>
<li>Taiwan Tech Rebounds Sharply Alongside Major Nvidia/U.S. Tech Rebound Last Week. Wave of Major Earnings Releases This Week -- See Our Key Events Section.</li>
<li>Apple's Latest Supplier List Released Last Week -- Nanya Tech, Lotes, and Novatek Dropped. New List Shows Apple Struggling to Diversify from China.</li>
<li>Apple iOS 18 Will Heavily Feature Edge AI Running Locally on the iPhone for User' Privacy and Security -- We Believe This Could Be a Major Driver of Phone Upgrades</li>
</ul>


Taiwan Tech Rebounds Sharply Alongside Major Nvidia/U.S. Tech Rebound Last Week. Wave of Major Earnings Releases This Week -- See Our Key Events Section.
Apple's Latest Supplier List Released Last Week -- Nanya Tech, Lotes, and Novatek Dropped. New List Shows Apple Struggling to Diversify from China.
Apple iOS 18 Will Heavily Feature Edge AI Running Locally on the iPhone for User' Privacy and Security -- We Believe This Could Be a Major Driver of Phone Upgrades


Taiwan Tech Weekly: Major Week of Earnings; Apple's Edge AI Could Make Your Current IPhone Obsolete

<ul>
<li>TSMC: Premium Soars to +15.2%, Good Level to Consider Shorting the Spread</li>
<li>UMC: Spread Bounces from Lows to Relatively Extreme High of +1.9%; Good Level to Short</li>
<li>ASE: Spread Soars to Near All-Time High of +15.5%; Consider Shorting the Spread</li>
</ul>


TSMC: Premium Soars to +15.2%, Good Level to Consider Shorting the Spread
UMC: Spread Bounces from Lows to Relatively Extreme High of +1.9%; Good Level to Short
ASE: Spread Soars to Near All-Time High of +15.5%; Consider Shorting the Spread


Taiwan Dual-Listings Monitor: TSMC & ASE Spreads Surge to Extremes; CHT Shorts Massing Pre-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 Dual-Listings: TSMC Spread Slumps Then Fully Rebounds; Shorts Spiking Ahead of IMOS Results

Potential trades to consider in TSMC and CHT. Notable surge in short interest right ahead of IMOS earnings today; with the shorts be proven right?

Vincent Fernando, CFA

Deep Dive Into Samsung's Memory & Foundry Results: TSMC, AI PC, Server, AI Phone Implications

Foundry segment's losses reduced, but still loss-making. Samsung's order backlog is at an all-time high but Samsung Foundry results suggest...

Vincent Fernando, CFA

Taiwan Semiconductor Manufacturing: Significant Artificial Intelligence (AI) Opportunities & The Returns That Lie Ahead! - Major Drivers

Taiwan Semiconductor Manufacturing Company's (TSMC) Q1 2024 earnings presented several key details about the firm's current market standing and...

Baptista Research

Taiwan Tech Weekly: Major Week of Earnings; Apple's Edge AI Could Make Your Current IPhone Obsolete

Taiwan rebounded strongly last week alongside Nvidia and U.S. tech. This week will be another major earnings week. Apple's edge AI for user privacy...

Vincent Fernando, CFA

Taiwan Dual-Listings Monitor: TSMC & ASE Spreads Surge to Extremes; CHT Shorts Massing Pre-Earnings

ADR spreads have surged to historically extreme levels for TSMC, ASE, and UMC. For CHT, we note a surge in short interest for its Taiwan shares...

Vincent Fernando, CFA

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