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>Apple Increasing Chip Orders with TSMC -- Expecting iPhone 16 Sales to be Much Stronger Than iPhone 15 Thanks to AI</li>
<li>Google Said to be Shifting to TSMC from Samsung for Next Generation AI Mobile Phone Chips</li>
<li>This June 28th piece appears to be timely -- Memory Monitor: Micron's Shares May Be Falling But Results' Industry Implications Are Positive</li>
</ul>


Apple Increasing Chip Orders with TSMC -- Expecting iPhone 16 Sales to be Much Stronger Than iPhone 15 Thanks to AI
Google Said to be Shifting to TSMC from Samsung for Next Generation AI Mobile Phone Chips
This June 28th piece appears to be timely -- Memory Monitor: Micron's Shares May Be Falling But Results' Industry Implications Are Positive


Taiwan Tech Weekly: Apple Hikes TSMC Orders on Strong IPhone 16 Hopes; Google Shifts AI Chip to TSMC

Taiwan Semiconductor (TSMC) / Equity Bottom-Up

<ul>
<li>There's been a major disconnect between performance of the Philly Semiconductor Index and the Taiwan market recently.</li>
<li>Semi optimism has picked up substantially in U.S. markets and institutional favor towards the Taiwan market could improve as a result.</li>
<li>We indentify US$1bn+  market cap stocks most under-held by institutions, as well as those who may be most at risk of a short squeeze.</li>
</ul>


There's been a major disconnect between performance of the Philly Semiconductor Index and the Taiwan market recently.
Semi optimism has picked up substantially in U.S. markets and institutional favor towards the Taiwan market could improve as a result.
We indentify US$1bn+  market cap stocks most under-held by institutions, as well as those who may be most at risk of a short squeeze.


Taiwan Short Squeeze Ahead? Taiwan Market Significantly Lagging Philly SOX Index

<ul>
<li>
<a href="https://www.smartkarma.com/entities/elan-microelectronics-corp" target="_blank" data-smartkarma-citation="entities:19789:1" rel="noopener">Elan Microelectronics (2458 TT)</a> will be removed from the FTSE Taiwan Mid Cap 100 Index on September 16th. As a result, it could see 12+ days of volume of selling.</li>
<li>We had a call with management. Guidance and product performance implies the company has relative strength vs. its end-market demand weakness.</li>
<li>The stock has already underperformed notebook-related peers by a wide margin, hence a further underperformance caused by passive selling could open up a rebound opportunity,</li>
</ul>



Elan Microelectronics (2458 TT) will be removed from the FTSE Taiwan Mid Cap 100 Index on September 16th. As a result, it could see 12+ days of volume of selling.
We had a call with management. Guidance and product performance implies the company has relative strength vs. its end-market demand weakness.
The stock has already underperformed notebook-related peers by a wide margin, hence a further underperformance caused by passive selling could open up a rebound opportunity,


Elan Microelectronics Event: Index Removal Selling Could Exacerbate Price Divergence

Asia Pac IPO & Placement Research, China biotech, Aequitas Research

Ke Yan, CFA, FRM

Asia Pac IPO & Placement Research, China biotech

IPOs and Placements coverage across Asia Pacific

Aequitas Research

We cover all listing across the Asia Pacific along with follow-up placements. As of Dec 2020, our team had covered 539 IPOs with a hit rate of 73.5% and 685 placements with a hit rate of 66.8%.

We combine fundamental bottom-up views with our proprietary quantitative framework to provide a holistic coverage across new listings and placements. Our coverage includes pre-IPO notes before the deal is launched, follow-up analysis once the deal is live and post-listing trading analysis as well.

Quantitative Analysis

<ul>
<li>We analyzed the changes in short interest of TWSE Stocks as of Jun 28th which has an aggregated short interest worth USD100.9bn.</li>
<li>We tabulate league table for top short by value and short as multiple of ADT, as well as weekly increases &amp; decreases in short value, short as multiple of ADT.</li>
<li>We highlight short interest changes in Innolux, Evergreen Marine, Largan Precision, Ap Memory Tech, Wistron, Highwealth, Hon Hai, Synnex Tech Intl, Inventec.</li>
</ul>


We analyzed the changes in short interest of TWSE Stocks as of Jun 28th which has an aggregated short interest worth USD100.9bn.
We tabulate league table for top short by value and short as multiple of ADT, as well as weekly increases &amp; decreases in short value, short as multiple of ADT.
We highlight short interest changes in Innolux, Evergreen Marine, Largan Precision, Ap Memory Tech, Wistron, Highwealth, Hon Hai, Synnex Tech Intl, Inventec.


TWSE Short Interest Weekly (Jun 28th): Innolux, Evergreen Marine, Largan Precision, Ap Memory Tech

<ul>
<li>Taiwan Market Surges in Post-CNY Catch-Up, TSMC a Top Gainer Locally</li>
<li>Key Events Ahead: Nvidia Results Next Week, Key Taiwan Names Reporting</li>
<li>Taiwan Dual-Listings Monitor: High Spreads to Persist After CNY Break </li>
</ul>


Taiwan Market Surges in Post-CNY Catch-Up, TSMC a Top Gainer Locally
Key Events Ahead: Nvidia Results Next Week, Key Taiwan Names Reporting
Taiwan Dual-Listings Monitor: High Spreads to Persist After CNY Break 


Taiwan Tech Weekly: TSMC Playing Post-CNY Catch-Up; All Eyes on Upcoming Nvidia Results

Taiwan

Innolux Corporation manufactures TFT-LCD, LCD models and LCD monitors. The company also provides research, development, manufacturing and retails business.

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Innolux Corp (3481 TT)

Taiwan Tech Weekly: Apple Hikes TSMC Orders on Strong IPhone 16 Hopes; Google Shifts AI Chip to TSMC

Apple and Google are increasing chip orders with TSMC for AI capabilities. Micron's shares inititially fell after reporting results previously,...

Vincent Fernando, CFA

Taiwan Short Squeeze Ahead? Taiwan Market Significantly Lagging Philly SOX Index

We indentify US$1bn+ market cap stocks most under-held by institutions, as well as those who may be most at risk of a short squeeze.

Vincent Fernando, CFA

Elan Microelectronics Event: Index Removal Selling Could Exacerbate Price Divergence

We had a call with management. Guidance and product performance implies the company has relative strength vs. its end-market demand weakness.

Vincent Fernando, CFA

TWSE Short Interest Weekly (Jun 28th): Innolux, Evergreen Marine, Largan Precision, Ap Memory Tech

We analyzed TWSE short interest report for the past week and highlighted short interest changes in Innolux, Evergreen Marine, Largan Precision, Ap...

Ke Yan, CFA, FRM

Taiwan Tech Weekly: TSMC Playing Post-CNY Catch-Up; All Eyes on Upcoming Nvidia Results

Strong rebound after CNY with TSMC leading the gains. Nvidia results and key Taiwan companies reporting in the upcoming week. High spreads have...

Vincent Fernando, CFA

Price Gauge

52-week Range

Market Cap (USDm)

P/E

Dividend (Yield)

Taiwan Tech Weekly: Apple Hikes TSMC Orders on Strong IPhone 16 Hopes; Google Shifts AI Chip to TSMC

​Apple and Google are increasing chip orders with TSMC for AI capabilities. Micron's shares inititially fell after reporting results previously,...

Vincent Fernando, CFA

Taiwan Short Squeeze Ahead? Taiwan Market Significantly Lagging Philly SOX Index

We indentify US$1bn+ market cap stocks most under-held by institutions, as well as those who may be most at risk of a short squeeze.

Vincent Fernando, CFA

Elan Microelectronics Event: Index Removal Selling Could Exacerbate Price Divergence

We had a call with management. Guidance and product performance implies the company has relative strength vs. its end-market demand weakness.

Vincent Fernando, CFA

TWSE Short Interest Weekly (Jun 28th): Innolux, Evergreen Marine, Largan Precision, Ap Memory Tech

We analyzed TWSE short interest report for the past week and highlighted short interest changes in Innolux, Evergreen Marine, Largan Precision, Ap...

Ke Yan, CFA, FRM

Taiwan Tech Weekly: TSMC Playing Post-CNY Catch-Up; All Eyes on Upcoming Nvidia Results

Strong rebound after CNY with TSMC leading the gains. Nvidia results and key Taiwan companies reporting in the upcoming week. High spreads have...

Vincent Fernando, CFA

Apple and Google are increasing chip orders with TSMC for AI capabilities. Micron's shares inititially fell after reporting results previously,...