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>This week will see a wave of earnings releases for the industry including Intel, Microsofot, Mediatek, ASE, and UMC.</li>
<li>TSMC results last week provided positive color on the 2024E onwards outlook for the company as well as comments regarding a turn around for PC and mobile.</li>
<li>Taiwan AI names were some of the top losers across our Taiwan Tech universe last week.</li>
</ul>


This week will see a wave of earnings releases for the industry including Intel, Microsofot, Mediatek, ASE, and UMC.
TSMC results last week provided positive color on the 2024E onwards outlook for the company as well as comments regarding a turn around for PC and mobile.
Taiwan AI names were some of the top losers across our Taiwan Tech universe last week.


Taiwan Tech Weekly: Watch for Intel, Microsoft, Mediatek, ASE, UMC Results; AI Names Top Losers

Senior Credit Analyst, Lucror Analytics

Leonard Law, CFA

Senior Credit Analyst

High Yield Experts

Lucror Analytics

Lucror Analytics is a leading credit and ESG research specialist and a provider of technology solutions for differentiated fixed income strategies. Our roots are in bottom-up fundamental credit analysis with a specialization in high yield corporate credits from Europe, Asia and Latin America. We are one of few research specialists integrating ESG considerations with fundamental credit research through a dedicated ESG platform. Our ESG assessment covers five key criteria: Disclosure, E,S, & G Pillars, Controversies, ESG Impact on Credit and ESG Momentum.

Recognizing the importance and value-add of Factor Investing in fixed income, Lucror developed the Smart Quant Navigator (SQN), an intuitive platform that helps clients devise and implement factor-based strategies ranging from pure quant to active fundamental, with integrated ESG.

Our company has been at the forefront of developments in the fixed income markets, identifying opportunities and consistently delivering new products and value-adding solutions to clients. Lucror has close relationships with the largest and most reputable asset managers, family offices, hedge funds, investment and wealth managers globally.

Credit

<p>Lucror Analytics Weekly Wraps provide an overview of all Morning Views comments and reports published by our analyst team in the past week, and also showcase a list of the most-read reports.</p>In this Insight:<ol><li><a href='/entities/medco-energi-internasional-tbk-pt' target='_blank' rel='noopener'>Medco Energi</a></li><li><a href='/entities/nagacorp-ltd' target='_blank' rel='noopener'>NagaCorp Ltd</a></li><li><a href='/entities/china-vanke-co-ltd' target='_blank' rel='noopener'>China Vanke </a></li><li><a href='/entities/lippo-malls-indonesia-retail-trust' target='_blank' rel='noopener'>Lippo Malls Indonesia Retail Trust</a></li><li><a href='/entities/tata-motors-ltd' target='_blank' rel='noopener'>Tata Motors Ltd</a></li></ol>and more...

Lucror Analytics Weekly Wraps provide an overview of all Morning Views comments and reports published by our analyst team in the past week, and also showcase a list of the most-read reports.In this Insight:Medco EnergiNagaCorp LtdChina Vanke Lippo Malls Indonesia Retail TrustTata Motors Ltdand more...

Taiwan Semiconductor (TSMC) / Equity Bottom-Up

<ul>
<li>TSMC and ASML will report results this week. We may get additional detail about the scope of AI-related demand as a medium-term driver for the semiconductor industry.</li>
<li>Many Taiwan AI plays were top losers last week. Separately, the U.S. is expected to announce new tech restrictions for China this week.</li>
<li>SK Hynix is reportedly working closely with Mediatek to integrate some of its most advanced memory in Mediatek's flagship Dimensity chips. Mediatek was a top gainer last week.</li>
</ul>


TSMC and ASML will report results this week. We may get additional detail about the scope of AI-related demand as a medium-term driver for the semiconductor industry.
Many Taiwan AI plays were top losers last week. Separately, the U.S. is expected to announce new tech restrictions for China this week.
SK Hynix is reportedly working closely with Mediatek to integrate some of its most advanced memory in Mediatek's flagship Dimensity chips. Mediatek was a top gainer last week.


Taiwan Tech Weekly: TSMC & ASML Results This Week; Taiwan AI Plays Top Losers

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

Thematic (Sector/Industry)

<ul>
<li>Samsung's pre-earnings release indicates revenue increased 11.6% QoQ and operating profit has increased almost 4x QoQ.</li>
<li>According to Garner, Q323 PC unit shipments rose 7.7% QoQ. While this is the second such quarter of sequential growth, shipments in the third quarter were still down 9% YoY</li>
<li>ASPEED's monthly revenue grew 32% sequentially in September. After 8 months of flat to no growth, this marks a clear turn around in the server market. </li>
</ul>


Samsung's pre-earnings release indicates revenue increased 11.6% QoQ and operating profit has increased almost 4x QoQ.
According to Garner, Q323 PC unit shipments rose 7.7% QoQ. While this is the second such quarter of sequential growth, shipments in the third quarter were still down 9% YoY
ASPEED's monthly revenue grew 32% sequentially in September. After 8 months of flat to no growth, this marks a clear turn around in the server market. 


Semiconductor Events Deserving Your Attention @16/10/23

<ul>
<li>Nanya Technology's results missed expectations last week, showing a sharp decline in margin, underperforming the recent results performance of Micron &amp; SK Hynix.</li>
<li>The company was more conservative on a pricing recovery outlook for its memory ASPs than Micron &amp; SK, due to lacking DDR5 DRAM products and lacking High Bandwith Memory DRAM.</li>
<li>Nevertheless the company is cautiously reporting an improving environment and improved customer inventory levels, hence we believe the result still implies an improving memory industry pricing environment into year end.</li>
</ul>


Nanya Technology's results missed expectations last week, showing a sharp decline in margin, underperforming the recent results performance of Micron &amp; SK Hynix.
The company was more conservative on a pricing recovery outlook for its memory ASPs than Micron &amp; SK, due to lacking DDR5 DRAM products and lacking High Bandwith Memory DRAM.
Nevertheless the company is cautiously reporting an improving environment and improved customer inventory levels, hence we believe the result still implies an improving memory industry pricing environment into year end.


Nanya Tech: Sharply Worse Margin Performance Than Micron & SK Hynix, But Supports Memory Recovery

South Korea

SK Hynix Inc. provides products and services for the electronic components industry. The Company manufactures semiconductors, such as dynamic random access memory (DRAM), NAND flash memory, and static random access memory (SRAM) chips.

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SK Hynix (000660 KS)

Taiwan Tech Weekly: Watch for Intel, Microsoft, Mediatek, ASE, UMC Results; AI Names Top Losers

TSMC results last week provided positive color on the 2024E onwards outlook for the company as well as comments regarding a turn around for PC and...

Vincent Fernando, CFA

Weekly Wrap - 20 Oct 2023

Lucror Analytics Weekly Wraps provide an overview of all Morning Views comments and reports published by our analyst team in the past week, and...

Lucror Analytics

Taiwan Tech Weekly: TSMC & ASML Results This Week; Taiwan AI Plays Top Losers

SK Hynix is reportedly working closely with Mediatek to integrate some of its most advanced memory in Mediatek's flagship Dimensity chips. Mediatek...

Vincent Fernando, CFA

Semiconductor Events Deserving Your Attention @16/10/23

Samsung's pre-earnings release indicates revenue increased 11.6% QoQ & op profit has increased almost 4x QoQ. ASPEED's revenue grew 32% MoM in...

William Keating

Nanya Tech: Sharply Worse Margin Performance Than Micron & SK Hynix, But Supports Memory Recovery

The company was more conservative on a pricing recovery outlook for its memory ASPs than Micron and SK, due to lacking DDR5 DRAM products and...

Vincent Fernando, CFA

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