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>Apple supply chain names are falling due concerns about weak iPhone shipments. Global PC shipments returned to growth as per IDC data.</li>
<li>TSMC and ASML results this week and will be cruical for the market. Can TSMC rally again to achieve new highs or will it continue trading lower?</li>
<li>Nanya Technology sees DRAM Industry pricing rising through 2024E; but is underperforming financially.</li>
</ul>


Apple supply chain names are falling due concerns about weak iPhone shipments. Global PC shipments returned to growth as per IDC data.
TSMC and ASML results this week and will be cruical for the market. Can TSMC rally again to achieve new highs or will it continue trading lower?
Nanya Technology sees DRAM Industry pricing rising through 2024E; but is underperforming financially.


Taiwan Tech Weekly: Apple Suppliers Slump on IPhone; PC Volumes Back to Growth; TSMC & ASML Results

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 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 12th which has an aggregated holding worth USD701.3bn.</li>
<li>We estimate that foreign flows to be inflows of USD273mln. 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 Asia Vital, Alchip Tech, Wistron, Quanta Computer, Global Unichip, Hon Hai, Delta Elec, Yang Ming Marine.</li>
</ul>


We analyzed the changes in foreign holdings of TWSE Stocks as of Jan 12th which has an aggregated holding worth USD701.3bn.
We estimate that foreign flows to be inflows of USD273mln. 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 Asia Vital, Alchip Tech, Wistron, Quanta Computer, Global Unichip, Hon Hai, Delta Elec, Yang Ming Marine.


TWSE Foreign Holding Weekly (Jan 12th): Asia Vital, Alchip Tech, Wistron, Quanta Computer

<ul>
<li>Taiwan PC names have been the top losers over the recent period, after having previously been the top winners. Our Long Dell vs. Short Acer trade is doing well.</li>
<li>Nanya Tech was a top loser, falling along with its international Memory peers. Nevertheless, we note it underperformed Micron and SK Hynix. We continue to prefer SK Hynix for Memory.</li>
<li>CES is happening now and will be wrapping up Friday. We like our Dell vs. Taiwan PC names through the CES event. TSMC will be reporting results January 18th.</li>
</ul>


Taiwan PC names have been the top losers over the recent period, after having previously been the top winners. Our Long Dell vs. Short Acer trade is doing well.
Nanya Tech was a top loser, falling along with its international Memory peers. Nevertheless, we note it underperformed Micron and SK Hynix. We continue to prefer SK Hynix for Memory.
CES is happening now and will be wrapping up Friday. We like our Dell vs. Taiwan PC names through the CES event. TSMC will be reporting results January 18th.


Taiwan Tech Weekly: Dell Outperforms Taiwan PC Names; TSMC Results Coming After Taiwan Election

Taiwan

Largan Precision Company Limited manufactures and markets optical lens modules and optoelectronic components. The Company offers lenses for liquid crystal display (LCD) projectors, scanners, optical mice, digital still cameras (DSCs), digital versatile discs (DVDs), light emitting diodes (LEDs), and photography mobile phones.

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Largan Precision (3008 TT)

Taiwan Tech Weekly: Apple Suppliers Slump on IPhone; PC Volumes Back to Growth; TSMC & ASML Results

Apple supply chain names are dropping due to weak iPhone shipments, while global PC shipments are growing. TSMC and ASML results will be crucial...

Vincent Fernando, CFA

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 (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 12th): Asia Vital, Alchip Tech, Wistron, Quanta Computer

We analyzed TWSE foreign holding data for the past week and highlighted foreign holding changes in Asia Vital, Alchip Tech, Wistron, Quanta...

Ke Yan, CFA, FRM

Taiwan Tech Weekly: Dell Outperforms Taiwan PC Names; TSMC Results Coming After Taiwan Election

Taiwan PC names have gone from being top winners to top losers, while Nanya Tech underperformed compared to Micron and SK Hynix. Could Microsoft...

Vincent Fernando, CFA

Price Gauge

52-week Range

Market Cap (USDm)

P/E

Dividend (Yield)

Taiwan Tech Weekly: Apple Suppliers Slump on IPhone; PC Volumes Back to Growth; TSMC & ASML Results

​Apple supply chain names are dropping due to weak iPhone shipments, while global PC shipments are growing. TSMC and ASML results will be crucial...

Vincent Fernando, CFA

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 (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 12th): Asia Vital, Alchip Tech, Wistron, Quanta Computer

We analyzed TWSE foreign holding data for the past week and highlighted foreign holding changes in Asia Vital, Alchip Tech, Wistron, Quanta...

Ke Yan, CFA, FRM

Taiwan Tech Weekly: Dell Outperforms Taiwan PC Names; TSMC Results Coming After Taiwan Election

​Taiwan PC names have gone from being top winners to top losers, while Nanya Tech underperformed compared to Micron and SK Hynix. Could Microsoft...

Vincent Fernando, CFA

Apple supply chain names are dropping due to weak iPhone shipments, while global PC shipments are growing. TSMC and ASML results will be crucial...

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

Taiwan PC names have gone from being top winners to top losers, while Nanya Tech underperformed compared to Micron and SK Hynix. Could Microsoft...