Managing Director, Zero One, Zero One

Vincent Fernando, CFA

Managing Director, Zero One

Equity Bottom-Up

Taiwan Semiconductor (TSMC) / Equity Bottom-Up

<ul>
<li>There's been a major disconnect between performance of the Philly Semiconductor Index and the Taiwan market recently.</li>
<li>Semi optimism has picked up substantially in U.S. markets and institutional favor towards the Taiwan market could improve as a result.</li>
<li>We indentify US$1bn+  market cap stocks most under-held by institutions, as well as those who may be most at risk of a short squeeze.</li>
</ul>


There's been a major disconnect between performance of the Philly Semiconductor Index and the Taiwan market recently.
Semi optimism has picked up substantially in U.S. markets and institutional favor towards the Taiwan market could improve as a result.
We indentify US$1bn+  market cap stocks most under-held by institutions, as well as those who may be most at risk of a short squeeze.


Taiwan Short Squeeze Ahead? Taiwan Market Significantly Lagging Philly SOX Index

Tracking developments across tech supply chains, Tech Supply Chain Tracker

Tech Supply Chain Tracker

Tracking developments across tech supply chains

<ul><li>China's military drills near Taiwan causing concern, but local market still strong </li><li>Taiwan celebrates opening of first offshore wind farm in Asia-Pacific by CIP </li><li>US to increase tariffs on Chinese EVs, batteries, and steel starting August 1, affecting trade relations.</li></ul>

China's military drills near Taiwan causing concern, but local market still strong Taiwan celebrates opening of first offshore wind farm in Asia-Pacific by CIP US to increase tariffs on Chinese EVs, batteries, and steel starting August 1, affecting trade relations.

Tech Supply Chain Tracker (24-May-2024): China drills near Taiwan, market stable

<ul><li>Geopolitical shifts are impacting Taiwanese businesses in China, leading to strategic adjustments and shifts in orders to specialty IC foundries.</li><li>CHPT anticipates a surge in probe card orders in the second half of 2024, while SK Hynix expects high demand for HBM in 2025 with production nearly sold out.</li><li>Meredot's technology allows for micromobility vehicles and robots to charge wirelessly simultaneously, while Taiwan's Compal will have its first foreign CEO in the electronics industry.</li></ul>

Geopolitical shifts are impacting Taiwanese businesses in China, leading to strategic adjustments and shifts in orders to specialty IC foundries.CHPT anticipates a surge in probe card orders in the second half of 2024, while SK Hynix expects high demand for HBM in 2025 with production nearly sold out.Meredot's technology allows for micromobility vehicles and robots to charge wirelessly simultaneously, while Taiwan's Compal will have its first foreign CEO in the electronics industry.

Tech Supply Chain Tracker (02-May-2024): Global changes affect Taiwan-China relations; business strategies evolve.

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

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

<ul>
<li>Taiwan Tech Rebounds Sharply Alongside Major Nvidia/U.S. Tech Rebound Last Week. Wave of Major Earnings Releases This Week -- See Our Key Events Section.</li>
<li>Apple's Latest Supplier List Released Last Week -- Nanya Tech, Lotes, and Novatek Dropped. New List Shows Apple Struggling to Diversify from China.</li>
<li>Apple iOS 18 Will Heavily Feature Edge AI Running Locally on the iPhone for User' Privacy and Security -- We Believe This Could Be a Major Driver of Phone Upgrades</li>
</ul>


Taiwan Tech Rebounds Sharply Alongside Major Nvidia/U.S. Tech Rebound Last Week. Wave of Major Earnings Releases This Week -- See Our Key Events Section.
Apple's Latest Supplier List Released Last Week -- Nanya Tech, Lotes, and Novatek Dropped. New List Shows Apple Struggling to Diversify from China.
Apple iOS 18 Will Heavily Feature Edge AI Running Locally on the iPhone for User' Privacy and Security -- We Believe This Could Be a Major Driver of Phone Upgrades


Taiwan Tech Weekly: Major Week of Earnings; Apple's Edge AI Could Make Your Current IPhone Obsolete

<ul>
<li>PC Shares Soaring -- After 1) Intel's AI Everywhere AI chip launch, 2) Launch of First AI PCs, 3) Micron's positive outlook for PCs in its latest results</li>
<li>Micron Analysis, Industry Takeaways: Memory Market TAM New Highs into 2025; SK Hynix Trade</li>
<li>Taiwan Dual-Listings Monitor: TSMC Premium at a Decent Short Level; ASE Short Interest Declining</li>
</ul>


PC Shares Soaring -- After 1) Intel's AI Everywhere AI chip launch, 2) Launch of First AI PCs, 3) Micron's positive outlook for PCs in its latest results
Micron Analysis, Industry Takeaways: Memory Market TAM New Highs into 2025; SK Hynix Trade
Taiwan Dual-Listings Monitor: TSMC Premium at a Decent Short Level; ASE Short Interest Declining


Taiwan Tech Weekly: PC Shares Clearly On Santa's Nice List; Soaring After AI PC Releases; Dell Trade

Taiwan

Compal Electronics Inc. manufactures and markets notebook computers and color monitors.  The Company also produces liquid crystal displays and other computer related products.  Compal Electronics exports its products to the United States, Europe, and Asia.

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Compal Electronics (2324 TT)

Taiwan Short Squeeze Ahead? Taiwan Market Significantly Lagging Philly SOX Index

We indentify US$1bn+ market cap stocks most under-held by institutions, as well as those who may be most at risk of a short squeeze.

Vincent Fernando, CFA

Tech Supply Chain Tracker (24-May-2024): China drills near Taiwan, market stable

Taiwan celebrates completion of offshore wind farm as China conducts military drills nearby; US tariff hike on Chinese goods to start; interview on...

Tech Supply Chain Tracker

Tech Supply Chain Tracker (02-May-2024): Global changes affect Taiwan-China relations; business strategies evolve.

Geopolitical shifts affect Taiwanese businesses in China, leading to strategic adjustments; CHPT anticipates increased probe card orders, SK Hynix...

Tech Supply Chain Tracker

Taiwan Tech Weekly: Major Week of Earnings; Apple's Edge AI Could Make Your Current IPhone Obsolete

Taiwan rebounded strongly last week alongside Nvidia and U.S. tech. This week will be another major earnings week. Apple's edge AI for user privacy...

Vincent Fernando, CFA

Taiwan Tech Weekly: PC Shares Clearly On Santa's Nice List; Soaring After AI PC Releases; Dell Trade

PC Shares Soaring -- After 1) Intel's AI Everywhere AI chip launch, 2) Launch of First AI PCs, 3) Micron's positive outlook for PCs in its latest...

Vincent Fernando, CFA

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