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

ASE Technology Holding   / Equity Bottom-Up

<ul>
<li>ASE's 3Q23 results came in in-line with analyst estimates, and showed gross margin ticking slightly higher QoQ.</li>
<li>Semiconductor Assembly, Testing, and Manufacturing (ATM) capacity utilization remains low, in the mid-60's percent.</li>
<li>Management is cautiously optimistic about an improving industry environment into next year, however was more guarded than what we gauged from TSMC or UMC in their recent results.</li>
</ul>


ASE's 3Q23 results came in in-line with analyst estimates, and showed gross margin ticking slightly higher QoQ.
Semiconductor Assembly, Testing, and Manufacturing (ATM) capacity utilization remains low, in the mid-60's percent.
Management is cautiously optimistic about an improving industry environment into next year, however was more guarded than what we gauged from TSMC or UMC in their recent results.


ASE's Results Shows Chip Packaging & Testing Utilization Is Still Low, However Improvement Expected

Taiwan Tech Focused Senior Analyst

Patrick Liao

<ul>
<li>We estimate that the outlook is still moderate downward in 4Q23F, which is a typically seasonality.</li>
<li>SPIL, in ASEH group, is serving only limited on-Substrate (oW) of Chip-on-Wafer-on-Substrate (CoWoS).</li>
<li>We note that the major big clients of ASEH are not changing at all during this time downturn.</li>
</ul>


We estimate that the outlook is still moderate downward in 4Q23F, which is a typically seasonality.
SPIL, in ASEH group, is serving only limited on-Substrate (oW) of Chip-on-Wafer-on-Substrate (CoWoS).
We note that the major big clients of ASEH are not changing at all during this time downturn.


ASEH (3711.TT): 4Q23F Outlook Should Remain Decline for a Normal Seasonality.

Taiwan Semiconductor (TSMC) - ADR / Equity Bottom-Up

<ul>
<li>TSMC (2330.TT; TSM.US): US$6.6bn from US CHIPS Act; the Earthquake Impact and the 2nd Japanese Fab. </li>
<li>Memory Monitor: Nanya's Results to Provide Latest Color on DRAM Post Earthquake; Short Int Rising </li>
<li>UMC (2303.TT; UMC.US): Some Rush Orders Coming in and 2Q24F Could Post Positive QoQ. </li>
</ul>


TSMC (2330.TT; TSM.US): US$6.6bn from US CHIPS Act; the Earthquake Impact and the 2nd Japanese Fab. 
Memory Monitor: Nanya's Results to Provide Latest Color on DRAM Post Earthquake; Short Int Rising 
UMC (2303.TT; UMC.US): Some Rush Orders Coming in and 2Q24F Could Post Positive QoQ. 


Taiwan Tech Weekly: TSMC Wins Major U.S. Support; Nanya Results; UMC Rush Orders

Taiwan Semiconductor (TSMC) / Equity Bottom-Up

<ul>
<li>Nvidia GTC Conference This Week Likely to Create Newsflow for Many Tech Names</li>
<li>Samsung Could Hike NAND Flash Prices by 20%; Silicon Motion for Exposure</li>
<li>TSMC Reportedly Placing Orders for Additional Advanced Packaging Capacity, Likely In Response to Demand Strength</li>
</ul>


Nvidia GTC Conference This Week Likely to Create Newsflow for Many Tech Names
Samsung Could Hike NAND Flash Prices by 20%; Silicon Motion for Exposure
TSMC Reportedly Placing Orders for Additional Advanced Packaging Capacity, Likely In Response to Demand Strength


Taiwan Tech Weekly: Nvidia Conference; Samsung to Hike NAND Prices; TSMC Adding Capex Due to Demand

<ul>
<li>UMC &amp; Mediatek Results Today in Taiwan, Samsung Also Reporting; Taiwan AI Names Flying; Himax &amp; Novatek Top Losers Ahead of Results.</li>
<li>Semiconductor Surge: Southeast Asia Taking Center Stage Amid Taiwan's Geopolitical Shift</li>
<li>First Run of Tech/Semis' Guidance Tells Us What Industries and Companies to Avoid</li>
</ul>


UMC &amp; Mediatek Results Today in Taiwan, Samsung Also Reporting; Taiwan AI Names Flying; Himax &amp; Novatek Top Losers Ahead of Results.
Semiconductor Surge: Southeast Asia Taking Center Stage Amid Taiwan's Geopolitical Shift
First Run of Tech/Semis' Guidance Tells Us What Industries and Companies to Avoid


Taiwan Tech Weekly: Semiconductors Surging in Southeast Asia; UMC & Mediatek Results Today

Taiwan

ASE Technology Holding Co., Ltd. offers assembly and testing services. The Company provides outsourced assembly, semiconductor testing, semiconductor packaging, and other related services. ASE Technology Holding operates in Taiwan.

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ASE Technology Holding (3711 TT)

ASE's Results Shows Chip Packaging & Testing Utilization Is Still Low, However Improvement Expected

Management is cautiously optimistic about an improving industry environment into next year, however was more guarded than what we gauged from TSMC...

Vincent Fernando, CFA

ASEH (3711.TT): 4Q23F Outlook Should Remain Decline for a Normal Seasonality.

The outlook is still moderate downward in 4Q23F. SPIL, in ASEH group, is serving only limited in CoWoS demand. The major big clients of ASEH are...

Patrick Liao

Taiwan Tech Weekly: TSMC Wins Major U.S. Support; Nanya Results; UMC Rush Orders

TSMC receives $6.6bn from US CHIPS Act; also plans for 2nd Japanese fab; Nanya's results to shed light on DRAM post-earthquake; UMC sees rush...

Vincent Fernando, CFA

Taiwan Tech Weekly: Nvidia Conference; Samsung to Hike NAND Prices; TSMC Adding Capex Due to Demand

Many Taiwanese companies participating at Nvidia's GTC conference this week. Local reports say Samsung to hike NAND flash prices by 20%. Also,...

Vincent Fernando, CFA

Taiwan Tech Weekly: Semiconductors Surging in Southeast Asia; UMC & Mediatek Results Today

Key Taiwan results ahead include Mediatek, UMC, Realtek, Novatek, and Himax. Taiwan AI names have been flying lately while Novatek and Himax have...

Vincent Fernando, CFA

Price Gauge

52-week Range

Market Cap (USDm)

P/E

Dividend (Yield)

ASE's Results Shows Chip Packaging & Testing Utilization Is Still Low, However Improvement Expected

Management is cautiously optimistic about an improving industry environment into next year, however was more guarded than what we gauged from TSMC...

Vincent Fernando, CFA

ASEH (3711.TT): 4Q23F Outlook Should Remain Decline for a Normal Seasonality.

The outlook is still moderate downward in 4Q23F. SPIL, in ASEH group, is serving only limited in CoWoS demand. The major big clients of ASEH are...

Patrick Liao

Taiwan Tech Weekly: TSMC Wins Major U.S. Support; Nanya Results; UMC Rush Orders

​TSMC receives $6.6bn from US CHIPS Act; also plans for 2nd Japanese fab; Nanya's results to shed light on DRAM post-earthquake; UMC sees rush...

Vincent Fernando, CFA

Taiwan Tech Weekly: Nvidia Conference; Samsung to Hike NAND Prices; TSMC Adding Capex Due to Demand

​Many Taiwanese companies participating at Nvidia's GTC conference this week. Local reports say Samsung to hike NAND flash prices by 20%. Also,...

Vincent Fernando, CFA

Taiwan Tech Weekly: Semiconductors Surging in Southeast Asia; UMC & Mediatek Results Today

Key Taiwan results ahead include Mediatek, UMC, Realtek, Novatek, and Himax. Taiwan AI names have been flying lately while Novatek and Himax have...

Vincent Fernando, CFA

TSMC receives $6.6bn from US CHIPS Act; also plans for 2nd Japanese fab; Nanya's results to shed light on DRAM post-earthquake; UMC sees rush...

Many Taiwanese companies participating at Nvidia's GTC conference this week. Local reports say Samsung to hike NAND flash prices by 20%. Also,...