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>Micron results this week. The company is likely to call a trough for memory prices and highlight its development of the next most advanced type of HBM DRAM for AI. </li>
<li>Taiwan's market fell, with previous AI-rally beneficiaries continuing to be some of the top losers. Interestingly, Taiwan AI-names outperformed Nvidia over the last three months.</li>
<li>Intel's Innovation Conference wrapped up last week, with its new Meteor Lake PC CPUs launching Dec 14th, which is positive for the PC supply chain. Intel shares fell slightly however.</li>
</ul>


Micron results this week. The company is likely to call a trough for memory prices and highlight its development of the next most advanced type of HBM DRAM for AI. 
Taiwan's market fell, with previous AI-rally beneficiaries continuing to be some of the top losers. Interestingly, Taiwan AI-names outperformed Nvidia over the last three months.
Intel's Innovation Conference wrapped up last week, with its new Meteor Lake PC CPUs launching Dec 14th, which is positive for the PC supply chain. Intel shares fell slightly however.


Taiwan Tech Weekly: Micron Results Ahead; Taiwan AI Plays Slump But Still Beat Nvidia Last 3 Months

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 short interest of TWSE Stocks as of Sep 22nd which has an aggregated short interest worth USD13.6bn.</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 Accton Tech, Alchip Tech, Ap Memory Tech, Asmedia Tech, Bizlink Holding, Faraday Tech.</li>
</ul>


We analyzed the changes in short interest of TWSE Stocks as of Sep 22nd which has an aggregated short interest worth USD13.6bn.
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 Accton Tech, Alchip Tech, Ap Memory Tech, Asmedia Tech, Bizlink Holding, Faraday Tech.


TWSE Short Interest Weekly (Sep 22nd): Accton Tech, Alchip Tech, Ap Memory Tech, Asmedia Tech

<ul>
<li>Intel kicked off its Innovation conference and announced that its new PC processors with built-in AI coprocessors would launch December 14th. This is positive for the PC supply chain.</li>
<li>Many types of existing software that used to require expert users can become more valuable with AI capabilities; we believe tomorrow's AI PC killer apps could be in plain sight.</li>
<li>Himax Long vs. Novatek Short. Himax is at historically very cheap level relative to Novatek, yet both are exposed to similar display end-markets.</li>
</ul>


Intel kicked off its Innovation conference and announced that its new PC processors with built-in AI coprocessors would launch December 14th. This is positive for the PC supply chain.
Many types of existing software that used to require expert users can become more valuable with AI capabilities; we believe tomorrow's AI PC killer apps could be in plain sight.
Himax Long vs. Novatek Short. Himax is at historically very cheap level relative to Novatek, yet both are exposed to similar display end-markets.


Taiwan Tech Weekly: Intel 'AI PC' Chips On Track to Drive 2024E PC Supply Chain

<ul>
<li>We analyzed the changes in short interest of TWSE Stocks as of Sep 15th which has an aggregated short interest worth USD14.0bn.</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 Wiwynn, Alchip Tech, Realtek Semi.</li>
</ul>


We analyzed the changes in short interest of TWSE Stocks as of Sep 15th which has an aggregated short interest worth USD14.0bn.
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 Wiwynn, Alchip Tech, Realtek Semi.


TWSE Short Interest Weekly (Sep 15th): Wiwynn, Alchip Tech, Realtek Semi

<ul>
<li>India Supply Chain Rising -- Hon Hai is helping Apple launch with India-made iPhone 15's on Day 1. These days, Apple likely wants to diversify away from China even faster.</li>
<li>ARM IPO prices at high end of range, is backed by TSMC, Apple, Nvidia, Samsung, Intel.</li>
<li>We downgrade Mediatek: After rally, beware of Huawei/SMIC chip capabilities causing market to realize Mediatek could lose market share.</li>
</ul>


India Supply Chain Rising -- Hon Hai is helping Apple launch with India-made iPhone 15's on Day 1. These days, Apple likely wants to diversify away from China even faster.
ARM IPO prices at high end of range, is backed by TSMC, Apple, Nvidia, Samsung, Intel.
We downgrade Mediatek: After rally, beware of Huawei/SMIC chip capabilities causing market to realize Mediatek could lose market share.


Taiwan Tech Weekly: Apple Accelerating to India; ARM IPO; Huawei Mediatek Market Risk; Intel AI PCs

Taiwan

Gigabyte Technology Co., Ltd. manufactures and markets computer motherboards and other peripheral products.

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

Gigabyte Technology (2376 TT)

Taiwan Tech Weekly: Micron Results Ahead; Taiwan AI Plays Slump But Still Beat Nvidia Last 3 Months

Taiwan's market fell, with previous AI-rally beneficiaries continuing to be some of the top losers. Interestingly, Taiwan AI-names outperformed...

Vincent Fernando, CFA

TWSE Short Interest Weekly (Sep 22nd): Accton Tech, Alchip Tech, Ap Memory Tech, Asmedia Tech

We analyzed TWSE short interest report for the past week and highlight short interest changes in Accton Tech, Alchip Tech, Ap Memory Tech, Asmedia...

Ke Yan, CFA, FRM

Taiwan Tech Weekly: Intel 'AI PC' Chips On Track to Drive 2024E PC Supply Chain

Many types of existing software that used to require expert users can become more valuable with AI capabilities; we believe tomorrow's AI PC killer...

Vincent Fernando, CFA

TWSE Short Interest Weekly (Sep 15th): Wiwynn, Alchip Tech, Realtek Semi

We analyzed TWSE short interest report for the past week and highlight short interest changes in Wiwynn, Alchip Tech, Realtek Semi.

Ke Yan, CFA, FRM

Taiwan Tech Weekly: Apple Accelerating to India; ARM IPO; Huawei Mediatek Market Risk; Intel AI PCs

ARM IPO prices at high end of range, is backed by TSMC, Apple, Nvidia, Samsung, Intel. Apple is likely accelerating plans to shift its supply chain...

Vincent Fernando, CFA

Price Gauge

52-week Range

Market Cap (USDm)

P/E

Dividend (Yield)