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: +18.6% Premium; Near the Middle of Most Recent Trading Range</li>
<li>UMC: -1.4% Discount; Short Interest in Local Shares Continues to Surge</li>
<li>ASE: +2.0% Premium; Another Example of Surging Short Interest in Local Shares</li>
</ul>


TSMC: +18.6% Premium; Near the Middle of Most Recent Trading Range
UMC: -1.4% Discount; Short Interest in Local Shares Continues to Surge
ASE: +2.0% Premium; Another Example of Surging Short Interest in Local Shares


Taiwan Dual-Listings Monitor: Surging Short Interest in Local Shares of UMC and ASE

Tracking developments across tech supply chains, Tech Supply Chain Tracker

Tech Supply Chain Tracker

Tracking developments across tech supply chains

<ul><li>2024 Taiwan notebooks set for release in 3rd quarter, increasing competition in the tech market.</li><li>TSMC's October revenue surpasses NT$300 billion, fueled by orders from major clients, showcasing the company's strong performance.</li><li>Wafer Works establishes new 12-inch semiconductor fab in Taiwan to cater to AI and EV industries globally, highlighting the industry's growth and development.</li></ul>

2024 Taiwan notebooks set for release in 3rd quarter, increasing competition in the tech market.TSMC's October revenue surpasses NT$300 billion, fueled by orders from major clients, showcasing the company's strong performance.Wafer Works establishes new 12-inch semiconductor fab in Taiwan to cater to AI and EV industries globally, highlighting the industry's growth and development.

Tech Supply Chain Tracker (09-Nov-2024): Taiwan notebooks, Q3 2024

<ul>
<li>TSMC October Revenue Rises 29.2% YoY; Continued Strong Growth Despite Harder YoY Comparison</li>
<li>GlobalWafers (6488.TT): The Recovery Expectation Has Been Delayed from 2H24 to 2025.</li>
<li>UMC (2303.TT; UMC.US): 4Q24 Sales Might Reduce; GM Is Down Due to Inflation and Electricity Costs.</li>
</ul>


TSMC October Revenue Rises 29.2% YoY; Continued Strong Growth Despite Harder YoY Comparison
GlobalWafers (6488.TT): The Recovery Expectation Has Been Delayed from 2H24 to 2025.
UMC (2303.TT; UMC.US): 4Q24 Sales Might Reduce; GM Is Down Due to Inflation and Electricity Costs.


Taiwan Tech Weekly: TSMC Oct Revenue; GlobalWafers Recovery Pushed to 2025E; UMC 4Q24E Challenges

Taiwan Tech Focused Senior Analyst

Patrick Liao

Semiconductor Manufacturing International Corp (SMIC) / Equity Bottom-Up

Semiconductor Manufacturing International Corp (SMIC)

<ul>
<li>In 4Q24, the Company expects revenue to be flat to up 2% QoQ and gross margin to range from 18% to 20%.</li>
<li>2025 will expect AI to grow 10%+, others segment grows about single digits.  </li>
<li>SMIC's capex increase ~60k/8" equivalent capacity this year, and plan to increase around 50k per year.</li>
</ul>


In 4Q24, the Company expects revenue to be flat to up 2% QoQ and gross margin to range from 18% to 20%.
2025 will expect AI to grow 10%+, others segment grows about single digits.  
SMIC's capex increase ~60k/8" equivalent capacity this year, and plan to increase around 50k per year.


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>In a direct rebuttal of what former four former Intel board members recommend, Dr. Barrett claims splitting Intel in two would be bad for Intel and for the United States.</li>
<li>Cites example of AMD splitting out its manufacturing operations, noting that Globalfoundries has "little if any differentiated technology". Yet, GF is on track to deliver $1 billion FCF in 2024. </li>
<li>Strongly backs current CEO Pat Gelsinger, noting that he "<strong><em>has precisely the right strategy and attributes, and he is already driving the right changes". </em></strong>Many would beg to differ.</li>
</ul>


In a direct rebuttal of what former four former Intel board members recommend, Dr. Barrett claims splitting Intel in two would be bad for Intel and for the United States.
Cites example of AMD splitting out its manufacturing operations, noting that Globalfoundries has "little if any differentiated technology". Yet, GF is on track to deliver $1 billion FCF in 2024. 
Strongly backs current CEO Pat Gelsinger, noting that he "has precisely the right strategy and attributes, and he is already driving the right changes". Many would beg to differ.


Intel Former CEO Craig Barrett Says Splitting Intel In Two Is A Bad Idea & Backs Gelsinger

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 Monitor: Surging Short Interest in Local Shares of UMC and ASE

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

Vincent Fernando, CFA

Tech Supply Chain Tracker (09-Nov-2024): Taiwan notebooks, Q3 2024

Taiwan's semiconductor industry sees growth as TSMC's revenue surpasses NT$300 billion, Wafer Works opens new fab, SMIC targets global chip market,...

Tech Supply Chain Tracker

Taiwan Tech Weekly: TSMC Oct Revenue; GlobalWafers Recovery Pushed to 2025E; UMC 4Q24E Challenges

TSMC sees strong revenue growth in October, while GlobalWafers delays recovery expectations and UMC faces challenges with potential sales...

Vincent Fernando, CFA

SMIC (981.HK): Keeping a Steady Growth

Company forecasts steady revenue growth and gross margin improvement, with a focus on AI and capacity expansion, likely to grow around 50k/ 8"...

Patrick Liao

Intel Former CEO Craig Barrett Says Splitting Intel In Two Is A Bad Idea & Backs Gelsinger

Dr. Barrett claims splitting Intel in two would be bad for Intel & the US. Backs current CEO noting "he has precisely the right strategy and...

William Keating

Price Gauge

52-week Range

Market Cap (USDm)

P/E

Dividend (Yield)

Taiwan Dual-Listings Monitor: Surging Short Interest in Local Shares of UMC and ASE

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

Vincent Fernando, CFA

Tech Supply Chain Tracker (09-Nov-2024): Taiwan notebooks, Q3 2024

Taiwan's semiconductor industry sees growth as TSMC's revenue surpasses NT$300 billion, Wafer Works opens new fab, SMIC targets global chip market,...

Tech Supply Chain Tracker

Taiwan Tech Weekly: TSMC Oct Revenue; GlobalWafers Recovery Pushed to 2025E; UMC 4Q24E Challenges

​TSMC sees strong revenue growth in October, while GlobalWafers delays recovery expectations and UMC faces challenges with potential sales...

Vincent Fernando, CFA

SMIC (981.HK): Keeping a Steady Growth

​Company forecasts steady revenue growth and gross margin improvement, with a focus on AI and capacity expansion, likely to grow around 50k/ 8"...

Patrick Liao

Intel Former CEO Craig Barrett Says Splitting Intel In Two Is A Bad Idea & Backs Gelsinger

Dr. Barrett claims splitting Intel in two would be bad for Intel & the US. Backs current CEO noting "he has precisely the right strategy and...

William Keating

TSMC sees strong revenue growth in October, while GlobalWafers delays recovery expectations and UMC faces challenges with potential sales...

Company forecasts steady revenue growth and gross margin improvement, with a focus on AI and capacity expansion, likely to grow around 50k/ 8"...