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 reported 3Q23 results yesterday -- Gross margin beat expectations and remains near historical highs.</li>
<li>TSMC maintains expectation of a 15-20% earnings CAGR through 2026E. Gross margin guided to remain near all-time highs.</li>
<li>Accumulate TSMC as a Structural Long position -- Undemanding multiple can drive Target Price NT$760 for ~40% Upside.</li>
</ul>


TSMC reported 3Q23 results yesterday -- Gross margin beat expectations and remains near historical highs.
TSMC maintains expectation of a 15-20% earnings CAGR through 2026E. Gross margin guided to remain near all-time highs.
Accumulate TSMC as a Structural Long position -- Undemanding multiple can drive Target Price NT$760 for ~40% Upside.


TSMC Results Highlight PC, Smartphone, Auto Turn-Arounds; Undemanding Valuation Can Drive 40% Upside

Agri | Weather | Energy Transition, Mint Finance

Srinidhi Raghavendra

Agri | Weather | Energy Transition

Deep Fundamental Analysis

Mint Finance

Mint Finance's investment research blends deep fundamental analysis with technical & quant insights. Investment strategies straddle across multiple asset classes with risk management embedded into every trade to deliver an outsized reward-to-risk ratio.

Mint Finance's research is centered around three key themes. First, energy transition and climate change. Second, artificial intelligence. Third, shifting world order with its impact across politics and monetary economics.

<ul>
<li>If you're an investor in any firm with some form of dominance in US markets, then you need to know who Ms Lina Khan is.</li>
<li>Corporate misbehavior is a topic of her interest. She shows zero tolerance towards large corporations who wield outsized market power.</li>
<li>FTC along with 17 US states filed a lawsuit against Amazon for illegally maintaining monopoly power. How will Amazon be impacted?</li>
</ul>


If you're an investor in any firm with some form of dominance in US markets, then you need to know who Ms Lina Khan is.
Corporate misbehavior is a topic of her interest. She shows zero tolerance towards large corporations who wield outsized market power.
FTC along with 17 US states filed a lawsuit against Amazon for illegally maintaining monopoly power. How will Amazon be impacted?


Who Is Lina Khan? Why Should Investors Bother?

Head of Research, IPOs & Placements, Aequitas Research

Sumeet Singh

Head of Research, IPOs & Placements

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.

Equity Capital Markets

Kokusai Electric  / Equity Capital Markets

<ul>
<li>KKR is looking to raise around US$730m via selling a stake in <a href="https://www.smartkarma.com/entities/kokusai-electric-corp" target="_blank" data-smartkarma-citation="entities:40152:1" rel="noopener">Kokusai Electric (6525 JP)</a> (KE) in its Japan IPO.</li>
<li>KE main business activities consist of the manufacturing, sales and maintenance service of semiconductor manufacturing equipment.</li>
<li>In our previous notes we have looked at the company’s past performance and undertook a peer comparison. In this note, we talk about valuations.</li>
</ul>


KKR is looking to raise around US$730m via selling a stake in Kokusai Electric (6525 JP) (KE) in its Japan IPO.
KE main business activities consist of the manufacturing, sales and maintenance service of semiconductor manufacturing equipment.
In our previous notes we have looked at the company’s past performance and undertook a peer comparison. In this note, we talk about valuations.


Kokusai Electric IPO - Not Wholly Convinced, One Needs to Look past the Cycle

Taiwan Semiconductor (TSMC) / Equity Bottom-Up

<ul>
<li>Samsung Electronics and Nanya Technology will report their results this week. Samsung could reportedly increase NAND prices this month, giving a potential hint to the memory outlook they will provide.</li>
<li>Hon Hai will begin mass production of its Model C electric car in 4Q23E in Taiwan. This will provide a proof point for Hon Hai's global EV platform business model.</li>
<li>Top gainers recently have included rebounding AI names -- One can consider using the bounce to find AI shorts to pair against an Nvidia long.</li>
</ul>


Samsung Electronics and Nanya Technology will report their results this week. Samsung could reportedly increase NAND prices this month, giving a potential hint to the memory outlook they will provide.
Hon Hai will begin mass production of its Model C electric car in 4Q23E in Taiwan. This will provide a proof point for Hon Hai's global EV platform business model.
Top gainers recently have included rebounding AI names -- One can consider using the bounce to find AI shorts to pair against an Nvidia long.


Taiwan Tech Weekly: Samsung & Nanya Earnings; AI Names Rebound Again

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>TSMC reported revenues for September 2023 of ~NT$180.43 billion, a decrease of 4.4% MoM and a decrease of 13.4 % YoY.</li>
<li>Intel announces intent to spin out its Altera division, its latest endeavour to unlock greater shareholder value</li>
<li>Anthropic seeks yet further billions in funding after just closing an AWS deal worth up to $4 billion</li>
</ul>


TSMC reported revenues for September 2023 of ~NT$180.43 billion, a decrease of 4.4% MoM and a decrease of 13.4 % YoY.
Intel announces intent to spin out its Altera division, its latest endeavour to unlock greater shareholder value
Anthropic seeks yet further billions in funding after just closing an AWS deal worth up to $4 billion


Semiconductor Events Deserving Your Attention @7/10/23

United States

Alphabet Inc. operates as a holding company. The Company, through its subsidiaries, provides web-based search, advertisements, maps, software applications, mobile operating systems, consumer content, enterprise solutions, commerce, and hardware products.

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Alphabet (GOOGL US)

TSMC Results Highlight PC, Smartphone, Auto Turn-Arounds; Undemanding Valuation Can Drive 40% Upside

TSMC maintained its expectation of a 15-20% earnings CAGR through 2026E. It also reiterated its view that it can maintain its gross margin near all...

Vincent Fernando, CFA

Who Is Lina Khan? Why Should Investors Bother?

Competition is good. For consumers. Not so for firms. It eats into profits. Regulatory action aimed at key elements of a model can impede earnings...

Mint Finance

Kokusai Electric IPO - Not Wholly Convinced, One Needs to Look past the Cycle

KKR is looking to raise around US$730m via selling a stake in Kokusai Electric (6525 JP) (KE) in its Japan IPO. In this note, we talk about the...

Sumeet Singh

Taiwan Tech Weekly: Samsung & Nanya Earnings; AI Names Rebound Again

Top gainers recently have included rebounding AI names -- One can consider using the bounce to find AI shorts to pair against an Nvidia long.

Vincent Fernando, CFA

Semiconductor Events Deserving Your Attention @7/10/23

TSMC revenues for September 2023 ~NT$180.43 billion, a decrease of 4.4% MoM and a decrease of 13.4 % YoY. Intel announces intent to spin out its...

William Keating

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