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 Extends Global Foundry Dominance Amid 33% Sales Surge – A Buy on Weakness Despite Market Concerns</li>
<li>Apple 'Glowtime' AI Announcements: Mixed Analyst and Media Reactions May Overlook Key Advantage — Apple Is Best Positioned to Seamlessly Integrate AI Into Your Smartphone Experience</li>
<li>Taiwan Market Gainers &amp; Losers: Consumer Electronics &amp; Memory Names Some of the Hardest Hit</li>
</ul>


TSMC Extends Global Foundry Dominance Amid 33% Sales Surge – A Buy on Weakness Despite Market Concerns
Apple 'Glowtime' AI Announcements: Mixed Analyst and Media Reactions May Overlook Key Advantage — Apple Is Best Positioned to Seamlessly Integrate AI Into Your Smartphone Experience
Taiwan Market Gainers &amp; Losers: Consumer Electronics &amp; Memory Names Some of the Hardest Hit


Taiwan Tech Weekly: TSMC Becoming More Dominant; Apple's AI Opportunity; Taiwan Market Hammered

Tracking developments across tech supply chains, Tech Supply Chain Tracker

Tech Supply Chain Tracker

Tracking developments across tech supply chains

Zhen Ding Technology Holding / Equity Bottom-Up

<ul><li>Nvidia expands beyond chips to offer various AI services, becoming a one-stop AI factory for customers.</li><li>Cobalt recycling gains popularity as speculation grows over export restrictions, driving the trend in the industry.</li><li>India and Singapore sign MoU on semiconductors, while UK delegation pursues closer ties with Taiwan for collaboration.</li></ul>

Nvidia expands beyond chips to offer various AI services, becoming a one-stop AI factory for customers.Cobalt recycling gains popularity as speculation grows over export restrictions, driving the trend in the industry.India and Singapore sign MoU on semiconductors, while UK delegation pursues closer ties with Taiwan for collaboration.

Tech Supply Chain Tracker (06-Sep-2024): Nvidia transforms into AI factory 🤖

Hon Hai Precision Industry / Equity Bottom-Up

<ul><li>Foxconn benefits from regionalized production with improved efficiency, reduced shipping costs, and better supply chain integration.</li><li>AMEC is confident in their lawsuit against the US Department of Defense, showing strong belief in the merit of their legal case.</li><li>Japan's economy faces uncertainty with financial resources at risk after Kishida's resignation, raising concerns amidst the country's economic landscape and supply chain players cautiously optimistic about AI server boom.</li></ul>

Foxconn benefits from regionalized production with improved efficiency, reduced shipping costs, and better supply chain integration.AMEC is confident in their lawsuit against the US Department of Defense, showing strong belief in the merit of their legal case.Japan's economy faces uncertainty with financial resources at risk after Kishida's resignation, raising concerns amidst the country's economic landscape and supply chain players cautiously optimistic about AI server boom.

Tech Supply Chain Tracker (20-Aug-2024): Regional production helps Foxconn.

Global Emerging Market Equities, Propitious Research

Wium Malan, CFA

Global Emerging Market Equities

Independent, Fundamental Quantitative Research

Propitious Research

Fully independent, fundamental and quantitative equity research, focused on companies in the Telecommunication, Media, Technology, Internet and Healthcare sectors in the Global Emerging Markets. Idea generation focused on Quality stocks, trading below their intrinsic Value, with sound Corporate Governance.

Taiwan Semiconductor (TSMC) / Equity Bottom-Up

<ul>
<li>
<a href="https://www.smartkarma.com/entities/taiwan-semiconductor-manufacturing-company" target="_blank" data-smartkarma-citation="entities:11230:1" rel="noopener">Taiwan Semiconductor (TSMC) (2330 TT)</a> has significantly outperformed this year, driven by a global AI-driven tailwind resulting in substantial revenue growth acceleration and a significant earnings upgrade cycle.</li>
<li>Record levels of FCF generation have supported dividend increases, and whilst future DPS expectations seem conservative, the current dividend yield suggests future increases have been priced in.</li>
<li>TSMC trades just above its 5-year historic average trading levels and at a premium to its key competitors, other smaller listed foundries, its main customers, and large suppliers.</li>
</ul>



Taiwan Semiconductor (TSMC) (2330 TT) has significantly outperformed this year, driven by a global AI-driven tailwind resulting in substantial revenue growth acceleration and a significant earnings upgrade cycle.
Record levels of FCF generation have supported dividend increases, and whilst future DPS expectations seem conservative, the current dividend yield suggests future increases have been priced in.
TSMC trades just above its 5-year historic average trading levels and at a premium to its key competitors, other smaller listed foundries, its main customers, and large suppliers.


TSMC (2330-TT): Revisiting Previous Bullish Themes Following Outperformance

US-EU Index Rebalances / Quantitative Researcher, Ortex

Dimitris Ioannidis

US-EU Index Rebalances / Quantitative Researcher

Global Financial Data and Analytics Platform

Ortex

ORTEX is a global financial data and analytics platform providing real-time securities lending and short interest data, index rebalance data, holdings and insider transactions, trading signals, corporate actions and news,  stock machine learning and factor scores and other analytics. The majority of the data are downloadable and accessible through APIs.

Event-Driven

<ul>
<li>
<a href="https://www.smartkarma.com/entities/cap-gemini-sa" target="_blank" data-smartkarma-citation="entities:21411:1" rel="noopener">Cap Gemini SA (CAP FP)</a> is estimated to be excluded from the selection list in the long-run due to being pushed way above 60% coverage in the Technology sector.</li>
<li>
<a href="https://www.smartkarma.com/entities/merck-kgaa" target="_blank" data-smartkarma-citation="entities:21676:1" rel="noopener">Merck KGaA (MRK GR)</a> switches between in and out of the selection list because it fluctuates close to the 60% coverage of the Health Care sector.</li>
<li>
<a href="https://www.smartkarma.com/entities/nokia-oyj" target="_blank" data-smartkarma-citation="entities:21754:1" rel="noopener">Nokia OYJ (NOKIA FH)</a> has a higher probability of deletion from SX5E if <a href="https://www.smartkarma.com/entities/merck-kgaa" target="_blank" data-smartkarma-citation="entities:21676:1" rel="noopener">Merck KGaA (MRK GR)</a>  qualifies to the selection list. Forecasted passive fund supply is  ~15 ADV.   </li>
</ul>



Cap Gemini SA (CAP FP) is estimated to be excluded from the selection list in the long-run due to being pushed way above 60% coverage in the Technology sector.

Merck KGaA (MRK GR) switches between in and out of the selection list because it fluctuates close to the 60% coverage of the Health Care sector.

Nokia OYJ (NOKIA FH) has a higher probability of deletion from SX5E if Merck KGaA (MRK GR)  qualifies to the selection list. Forecasted passive fund supply is  ~15 ADV.   


Netherlands

ASML Holding N.V. develops, produces, and markets semiconductor manufacturing equipment, specifically machines for the production of chips through lithography. The Company services clients world wide.

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ASML Holding NV (ASML NA)

Taiwan Tech Weekly: TSMC Becoming More Dominant; Apple's AI Opportunity; Taiwan Market Hammered

TSMC extending its lead in global foundry with Intel and Samsung needing help. Apple best positioned deliver the AI phone 'dream'. Taiwan market...

Vincent Fernando, CFA

Tech Supply Chain Tracker (06-Sep-2024): Nvidia transforms into AI factory 🤖

Nvidia expands into AI services, cobalt recycling in demand, India-Singapore semiconductor deal, UK-Taiwan collaboration at SEMICON, Zhen Ding...

Tech Supply Chain Tracker

Tech Supply Chain Tracker (20-Aug-2024): Regional production helps Foxconn.

Regionalized production boosts efficiency for Foxconn, AMEC confident in lawsuit, Japan's financial resources in jeopardy, supply chain players...

Tech Supply Chain Tracker

TSMC (2330-TT): Revisiting Previous Bullish Themes Following Outperformance

In this insight, we revisit our bullish outlook for TSMC by analysing its revenue growth and margin prospects, Free Cash Flow generation outlook,...

Wium Malan, CFA

EURO STOXX 50: Exclusion by Sector

Merck KGaA's fluctuating ranking in the Health Care sector impacts the probability of Nokia's deletion from EURO STOXX 50 which can cause a passive...

Dimitris Ioannidis

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Taiwan Tech Weekly: TSMC Becoming More Dominant; Apple's AI Opportunity; Taiwan Market Hammered

​TSMC extending its lead in global foundry with Intel and Samsung needing help. Apple best positioned deliver the AI phone 'dream'. Taiwan market...

Vincent Fernando, CFA

Tech Supply Chain Tracker (06-Sep-2024): Nvidia transforms into AI factory 🤖

Nvidia expands into AI services, cobalt recycling in demand, India-Singapore semiconductor deal, UK-Taiwan collaboration at SEMICON, Zhen Ding...

Tech Supply Chain Tracker

Tech Supply Chain Tracker (20-Aug-2024): Regional production helps Foxconn.

Regionalized production boosts efficiency for Foxconn, AMEC confident in lawsuit, Japan's financial resources in jeopardy, supply chain players...

Tech Supply Chain Tracker

TSMC (2330-TT): Revisiting Previous Bullish Themes Following Outperformance

In this insight, we revisit our bullish outlook for TSMC by analysing its revenue growth and margin prospects, Free Cash Flow generation outlook,...

Wium Malan, CFA

EURO STOXX 50: Exclusion by Sector

Merck KGaA's fluctuating ranking in the Health Care sector impacts the probability of Nokia's deletion from EURO STOXX 50 which can cause a passive...

Dimitris Ioannidis

TSMC extending its lead in global foundry with Intel and Samsung needing help. Apple best positioned deliver the AI phone 'dream'. Taiwan market...