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

<ul>
<li>Premiums have generally fallen sharply most recently, likely driven by weaker global markets.</li>
<li>Key earnings: TSMC reported last week; UMC and ASE to report this week.</li>
<li>We describe our latest recommended premium/discount levels to Long or Short the spreads.</li>
</ul>


Premiums have generally fallen sharply most recently, likely driven by weaker global markets.
Key earnings: TSMC reported last week; UMC and ASE to report this week.
We describe our latest recommended premium/discount levels to Long or Short the spreads.


Taiwan Dual Listings Monitor: Sharp Premium Drops Most Recently; Key Levels to Long or Short

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

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)

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

Taiwan Dual Listings Monitor: Sharp Premium Drops Most Recently; Key Levels to Long or Short

TSMC results last week. UMC and ASE results this week. We describe our latest recommended premium/discount levels to Long or Short the spreads.

Vincent Fernando, CFA

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

Price Gauge

52-week Range

Market Cap (USDm)

P/E

Dividend (Yield)