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>Latest Performance: Taiwan AI Names Keep Flying; ASE &amp; Mediatek Lose Steam After Reporting</li>
<li>Largest Display Driver Maker in the World's Guidance Implies Growth Reversal Coming in Feb &amp; March</li>
<li>TSMC and Samsung Will Keep Their Most Advanced Chipmaking at Home</li>
</ul>


Latest Performance: Taiwan AI Names Keep Flying; ASE &amp; Mediatek Lose Steam After Reporting
Largest Display Driver Maker in the World's Guidance Implies Growth Reversal Coming in Feb &amp; March
TSMC and Samsung Will Keep Their Most Advanced Chipmaking at Home


Taiwan Tech Weekly: TSMC Sales Ahead; Display Driver Growth Reversal; AI Names Keep Flying

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 Feb 2nd which has an aggregated holding worth USD3,458.5bn.</li>
<li>We estimate that foreign flows to be inflows of USD5,072mln. We tabulate the league table for top changes by value for 1W/4W/1Y and top stocks held by foreign instutions.</li>
<li>We highlight foreign changes in TSMC, Asia Vital, Quanta Computer, Unimicron Tech, Mega Financial, Umc, Alchip Tech, Delta Elec, Chailease, Asustek Computer.</li>
</ul>


We analyzed the changes in foreign holdings of TWSE Stocks as of Feb 2nd which has an aggregated holding worth USD3,458.5bn.
We estimate that foreign flows to be inflows of USD5,072mln. We tabulate the league table for top changes by value for 1W/4W/1Y and top stocks held by foreign instutions.
We highlight foreign changes in TSMC, Asia Vital, Quanta Computer, Unimicron Tech, Mega Financial, Umc, Alchip Tech, Delta Elec, Chailease, Asustek Computer.


TWSE Foreign Holding Weekly (Feb 2nd): TSMC, Asia Vital, Quanta Computer, Unimicron Tech, Umc

<ul>
<li>We analyzed the changes in foreign holdings of TWSE Stocks as of Jan 26th which has an aggregated holding worth USD3,475.7bn.</li>
<li>We estimate that foreign flows to be inflows of USD16,322mln. We tabulate the league table for top changes by value for 1W/4W/1Y and top stocks held by foreign instutions.</li>
<li>We highlight foreign changes in TSMC, Alchip Tech, Pharmaessentia, Asmedia Tech, Umc, Global Unichip, Wistron, Gigabyte Tech, Largan Precision, Delta Elec.</li>
</ul>


We analyzed the changes in foreign holdings of TWSE Stocks as of Jan 26th which has an aggregated holding worth USD3,475.7bn.
We estimate that foreign flows to be inflows of USD16,322mln. We tabulate the league table for top changes by value for 1W/4W/1Y and top stocks held by foreign instutions.
We highlight foreign changes in TSMC, Alchip Tech, Pharmaessentia, Asmedia Tech, Umc, Global Unichip, Wistron, Gigabyte Tech, Largan Precision, Delta Elec.


TWSE Foreign Holding Weekly (Jan 26th): TSMC, Alchip Tech, Pharmaessentia, Asmedia Tech, Umc

<ul>
<li>We analyzed the changes in foreign holdings of TWSE Stocks as of Jan 19th which has an aggregated holding worth USD714.3bn.</li>
<li>We estimate that foreign flows to be outflows of USD1,083mln. We tabulate the league table for top changes by value for 1W/4W/1Y and top stocks held by foreign instutions.</li>
<li>We highlight foreign changes in TSMC, Quanta Computer, Delta Elec, Global Unichip, Hon Hai, Umc, Alchip Tech.</li>
</ul>


We analyzed the changes in foreign holdings of TWSE Stocks as of Jan 19th which has an aggregated holding worth USD714.3bn.
We estimate that foreign flows to be outflows of USD1,083mln. We tabulate the league table for top changes by value for 1W/4W/1Y and top stocks held by foreign instutions.
We highlight foreign changes in TSMC, Quanta Computer, Delta Elec, Global Unichip, Hon Hai, Umc, Alchip Tech.


TWSE Foreign Holding Weekly (Jan 19th): TSMC, Quanta Computer, Delta Elec, Global Unichip, Hon Hai

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.

<ul>
<li>During 4Q2023, the 200 largest weighted companies in the GEM index reported average EPS growth of +10.1%y/y, significantly up from the +3.5% reported during 3Q2023.</li>
<li>63% of companies delivered positive EPS surprises, and only 55% delivered positive Sales surprises, continuing the reacceleration trend witnessed during 2023.</li>
<li>Historically, there has been a significant difference in relative share price performance between the largest positive versus negative surprise generators, for 3 months after the reporting date.</li>
</ul>


During 4Q2023, the 200 largest weighted companies in the GEM index reported average EPS growth of +10.1%y/y, significantly up from the +3.5% reported during 3Q2023.
63% of companies delivered positive EPS surprises, and only 55% delivered positive Sales surprises, continuing the reacceleration trend witnessed during 2023.
Historically, there has been a significant difference in relative share price performance between the largest positive versus negative surprise generators, for 3 months after the reporting date.


Global Emerging Markets: Reporting Season Summary, 4Q2023

Taiwan

Asustek Computer Inc. manufactures and markets computer motherboards, interface cards, notebook computers, and other related products.

Price Gauge
52-week Range	0.00 - 0.00
Market Cap (USDm)	0.00
P/E	0.00
Dividend (Yield)	0.00

Asustek Computer (2357 TT)

Taiwan Tech Weekly: TSMC Sales Ahead; Display Driver Growth Reversal; AI Names Keep Flying

Taiwan AI names soar, ASE and Mediatek stumble; world's largest display driver maker predicts growth decline; TSMC and Samsung prioritize domestic...

Vincent Fernando, CFA

TWSE Foreign Holding Weekly (Feb 2nd): TSMC, Asia Vital, Quanta Computer, Unimicron Tech, Umc

We analyzed TWSE foreign holding data for the past week and highlighted foreign holding changes in TSMC, Asia Vital, Quanta Computer, Unimicron...

Ke Yan, CFA, FRM

TWSE Foreign Holding Weekly (Jan 26th): TSMC, Alchip Tech, Pharmaessentia, Asmedia Tech, Umc

We analyzed TWSE foreign holding data for the past week and highlighted foreign holding changes in TSMC, Alchip Tech, Pharmaessentia, Asmedia Tech,...

Ke Yan, CFA, FRM

TWSE Foreign Holding Weekly (Jan 19th): TSMC, Quanta Computer, Delta Elec, Global Unichip, Hon Hai

We analyzed TWSE foreign holding data for the past week and highlighted foreign holding changes in TSMC, Quanta Computer, Delta Elec, Global...

Ke Yan, CFA, FRM

Global Emerging Markets: Reporting Season Summary, 4Q2023

In this quarterly insight, we analyse recent GEM reporting trends with reference to Sales and EPS growth, size and percentage of positive...

Wium Malan, CFA

Price Gauge

52-week Range

Market Cap (USDm)

P/E

Dividend (Yield)

Taiwan Tech Weekly: TSMC Sales Ahead; Display Driver Growth Reversal; AI Names Keep Flying

​Taiwan AI names soar, ASE and Mediatek stumble; world's largest display driver maker predicts growth decline; TSMC and Samsung prioritize domestic...

Vincent Fernando, CFA

TWSE Foreign Holding Weekly (Feb 2nd): TSMC, Asia Vital, Quanta Computer, Unimicron Tech, Umc

We analyzed TWSE foreign holding data for the past week and highlighted foreign holding changes in TSMC, Asia Vital, Quanta Computer, Unimicron...

Ke Yan, CFA, FRM

TWSE Foreign Holding Weekly (Jan 26th): TSMC, Alchip Tech, Pharmaessentia, Asmedia Tech, Umc

We analyzed TWSE foreign holding data for the past week and highlighted foreign holding changes in TSMC, Alchip Tech, Pharmaessentia, Asmedia Tech,...

Ke Yan, CFA, FRM

TWSE Foreign Holding Weekly (Jan 19th): TSMC, Quanta Computer, Delta Elec, Global Unichip, Hon Hai

We analyzed TWSE foreign holding data for the past week and highlighted foreign holding changes in TSMC, Quanta Computer, Delta Elec, Global...

Ke Yan, CFA, FRM

Global Emerging Markets: Reporting Season Summary, 4Q2023

In this quarterly insight, we analyse recent GEM reporting trends with reference to Sales and EPS growth, size and percentage of positive...

Wium Malan, CFA

Taiwan AI names soar, ASE and Mediatek stumble; world's largest display driver maker predicts growth decline; TSMC and Samsung prioritize domestic...