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) / Equity Bottom-Up

<ul>
<li>Key Results This Week: Delta, Elan, ChipMOS, Nuvoton, AU Optronics in Taiwan... Plus Samsung, AMD, and Qualcomm.</li>
<li>Positive signs for the PC &amp; mobile space have come from recent Intel, UMC, Mediatek results.</li>
<li>Top Losers: Macronix Slumps on Weak Results and Outlook, Hon Hai Slumps on China Tax &amp; Land Probe</li>
</ul>


Key Results This Week: Delta, Elan, ChipMOS, Nuvoton, AU Optronics in Taiwan... Plus Samsung, AMD, and Qualcomm.
Positive signs for the PC &amp; mobile space have come from recent Intel, UMC, Mediatek results.
Top Losers: Macronix Slumps on Weak Results and Outlook, Hon Hai Slumps on China Tax &amp; Land Probe


Taiwan Tech Weekly: Wave of Key Taiwan Results; Heavyweights Samsung, AMD, Qualcomm Internationally

Asset Allocation & Fund Positioning, Copley Fund Research

Steven Holden

Asset Allocation & Fund Positioning

Copley Fund Research

Copley Fund Research provide research and data on asset allocation among Global and Emerging Market equity funds.  The analysis details absolute and relative positioning across countries, sectors and industries together with highly granular data on single stock and single fund allocations.  The data is updated monthly with time series going back to January 2011.

Global Research - Analysis of 165 prominent Global equity funds, combined AUM $335bn
GEM Research - Analysis of 127 prominent global EM equity funds, combined AUM $250bn

Asset Allocation - Global and GEM Equity

Thematic (Sector/Industry)

<ul>
<li>Semiconductors are the 2nd largest industry allocation and the 6th largest overweight among EM active managers. However, the momentum witnessed between 2019 and 2021 has stalled.</li>
<li>EM Growth funds remain overweight, but Value and GARP funds switch from an equal weight to an underweight.</li>
<li>TSMC is the dominant stock holding whilst SK Hynix and Mediatek occupy a 2nd tier. Alchip Technologies has captured inflows, whilst EM funds are closing LONGi Green Energy Technology exposure</li>
</ul>


Semiconductors are the 2nd largest industry allocation and the 6th largest overweight among EM active managers. However, the momentum witnessed between 2019 and 2021 has stalled.
EM Growth funds remain overweight, but Value and GARP funds switch from an equal weight to an underweight.
TSMC is the dominant stock holding whilst SK Hynix and Mediatek occupy a 2nd tier. Alchip Technologies has captured inflows, whilst EM funds are closing LONGi Green Energy Technology exposure


EM Semiconductors:  Positioning Deep Dive

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 foreign holdings of TWSE Stocks as of Oct 20th which has an aggregated holding worth USD627.4bn.</li>
<li>We tabulate league table for top changes by value for 1 week, one 4 weeks, 1 year and top stocks held by foreign instutions by dollar value.</li>
<li>We estimate that foreign flows to be outflows of USD974mln and highlight foreign changes in Wistron, TSMC, Airoha Tech, Delta Elec, Taiwan Cement.</li>
</ul>


We analyzed the changes in foreign holdings of TWSE Stocks as of Oct 20th which has an aggregated holding worth USD627.4bn.
We tabulate league table for top changes by value for 1 week, one 4 weeks, 1 year and top stocks held by foreign instutions by dollar value.
We estimate that foreign flows to be outflows of USD974mln and highlight foreign changes in Wistron, TSMC, Airoha Tech, Delta Elec, Taiwan Cement.


TWSE Foreign Holding Weekly (Oct 20th): Wistron, TSMC, Airoha Tech, Delta Elec, Taiwan Cement

<ul>
<li>We analyzed the changes in short interest of TWSE Stocks as of Oct 20th which has an aggregated short interest worth USD14.2bn.</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 Quanta Computer, Alchip Tech, ASE, Largan Precision, Novatek, Lite-On Tech, Accton Tech.</li>
</ul>


We analyzed the changes in short interest of TWSE Stocks as of Oct 20th which has an aggregated short interest worth USD14.2bn.
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 Quanta Computer, Alchip Tech, ASE, Largan Precision, Novatek, Lite-On Tech, Accton Tech.


TWSE Short Interest Weekly (Oct 20th): Quanta Computer, Alchip Tech, ASE, Largan Precision, Novatek

<ul>
<li>We analyzed the changes in foreign holdings of TWSE Stocks as of Oct 13th which has an aggregated holding worth USD638.7bn.</li>
<li>We tabulate league table for top changes by value for 1 week, one 4 weeks, 1 year and top stocks held by foreign instutions by dollar value.</li>
<li>We estimate that foreign flows to be inflows of USD1,177mln and highlight foreign changes in TSMC, Mediatek, Quanta Computer, Wistron.</li>
</ul>


We analyzed the changes in foreign holdings of TWSE Stocks as of Oct 13th which has an aggregated holding worth USD638.7bn.
We tabulate league table for top changes by value for 1 week, one 4 weeks, 1 year and top stocks held by foreign instutions by dollar value.
We estimate that foreign flows to be inflows of USD1,177mln and highlight foreign changes in TSMC, Mediatek, Quanta Computer, Wistron.


TWSE Foreign Holding Weekly (Oct 13th): TSMC, Mediatek, Quanta Computer, Wistron

Taiwan

Alchip Technologies Ltd. provides silicon design and manufacturing services. The Company offers a range of system on chip (SoC) design solutions for low power, high performance, and cost considerations. Alchip produces SoC solutions for products including consumer electronics, optical networking, and medical imaging equipment. Alchip serves customers worldwide.

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Alchip Technologies (3661 TT)

Taiwan Tech Weekly: Wave of Key Taiwan Results; Heavyweights Samsung, AMD, Qualcomm Internationally

This week's key results in Taiwan include Delta, Elan, ChipMOS, Nuvoton, and AU Optronics. Positive signs for the PC and mobile space have been...

Vincent Fernando, CFA

EM Semiconductors: Positioning Deep Dive

The momentum in Semiconductor positioning witnessed between 2019 and 2021 has stalled. In this report we identifying the funds and the companies...

Steven Holden

TWSE Foreign Holding Weekly (Oct 20th): Wistron, TSMC, Airoha Tech, Delta Elec, Taiwan Cement

We analyzed TWSE foreign holding data for the past week and highlight foreign holding changes in Wistron, TSMC, Airoha Tech, Delta Elec, Taiwan...

Ke Yan, CFA, FRM

TWSE Short Interest Weekly (Oct 20th): Quanta Computer, Alchip Tech, ASE, Largan Precision, Novatek

We analyzed TWSE short interest report for the past week and highlight short interest changes in Quanta Computer, Alchip Tech, ASE, Largan...

Ke Yan, CFA, FRM

TWSE Foreign Holding Weekly (Oct 13th): TSMC, Mediatek, Quanta Computer, Wistron

We analyzed TWSE foreign holding data for the past week and highlight foreign holding changes in TSMC, Mediatek, Quanta Computer, Wistron.

Ke Yan, CFA, FRM

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