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>Is TSMC Leaving Samsung in the Dust with its New 3nm Process Technology?</li>
<li>Our Pick Himax a Top Loser... Apple Lens Supplier, Yageo Peer, and Taiwan AI Chip Designer Top Winners</li>
<li>Positive Sign for Apple Revenue -- Hon Hai November Revenue Higher Than Expected, Guides for Better December</li>
</ul>


Is TSMC Leaving Samsung in the Dust with its New 3nm Process Technology?
Our Pick Himax a Top Loser... Apple Lens Supplier, Yageo Peer, and Taiwan AI Chip Designer Top Winners
Positive Sign for Apple Revenue -- Hon Hai November Revenue Higher Than Expected, Guides for Better December


Taiwan Tech Weekly: TSMC Extending Lead Vs. Samsung with 3nm Tech; Hon Hai Result Positive for Apple

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 Dec 1st which has an aggregated holding worth USD684.7bn.</li>
<li>We tabulate league table for top changes by value for 1 week, one 4 weeks, 1 year and top stocks held by foreign instutions by dollar value.</li>
<li>We estimate that foreign flows to be inflows of USD1,077mln and highlight foreign changes in TSMC, Mediatek, Umc.</li>
</ul>


We analyzed the changes in foreign holdings of TWSE Stocks as of Dec 1st which has an aggregated holding worth USD684.7bn.
We tabulate league table for top changes by value for 1 week, one 4 weeks, 1 year and top stocks held by foreign instutions by dollar value.
We estimate that foreign flows to be inflows of USD1,077mln and highlight foreign changes in TSMC, Mediatek, Umc.


TWSE Foreign Holding Weekly (Dec 1st): TSMC, Mediatek, Umc

Taiwan Tech Focused Senior Analyst

Patrick Liao

United Microelectron Sp Adr / Equity Bottom-Up

<ul>
<li>Although it is still early to determine the extent of the utilization rate that could be reached in UMC for 2Q24F, there is a greater chance for a rebound.</li>
<li>UMC's high-end technology, specifically 28nm, has a utilization rate of over 80% in 4Q23F. </li>
<li>MediaTek is UMC's largest client, dominating in WiFi, TV SoC, Bluetooth, and other areas.</li>
</ul>


Although it is still early to determine the extent of the utilization rate that could be reached in UMC for 2Q24F, there is a greater chance for a rebound.
UMC's high-end technology, specifically 28nm, has a utilization rate of over 80% in 4Q23F. 
MediaTek is UMC's largest client, dominating in WiFi, TV SoC, Bluetooth, and other areas.


UMC (2303.TT; UMC.US): There Is a Greater Chance for a Rebound in 2Q24F.

<ul>
<li>Taiwan AI Plays Top Losers Recently, Dell Results Coming Today U.S. Time to Provide Color for PCs and Servers</li>
<li>Taiwan Tech Post-Earnings Takeaways: Semis Margins Underestimated? Hardware 2024E Forecasts Ramped</li>
<li>Nanya, Yageo Top Gainers; We Rate the Stocks Outperform and Structural Long Respectively</li>
</ul>


Taiwan AI Plays Top Losers Recently, Dell Results Coming Today U.S. Time to Provide Color for PCs and Servers
Taiwan Tech Post-Earnings Takeaways: Semis Margins Underestimated? Hardware 2024E Forecasts Ramped
Nanya, Yageo Top Gainers; We Rate the Stocks Outperform and Structural Long Respectively


Taiwan Tech Weekly: Taiwan AI Top Losers; Dell to Provide PC/Server Color; Post-3Q Results Takeaways

<ul>
<li>TSMC is expected to experience growth of ~15% YoY in 2024F.</li>
<li>TSMC's N3 is expected to dominate the market in 2024F, with applications in CPU, GPU, smartphone SoC, and more.</li>
<li>We also estimate that the N2 pilot run will begin in 4Q24.</li>
</ul>


TSMC is expected to experience growth of ~15% YoY in 2024F.
TSMC's N3 is expected to dominate the market in 2024F, with applications in CPU, GPU, smartphone SoC, and more.
We also estimate that the N2 pilot run will begin in 4Q24.


TSMC (2330.TT; TSM.US): 2024 High Conviction for Upside >15% YoY

Taiwan

MediaTek Inc. is a fabless semiconductor company for wireless communications and digital multimedia solutions. The company provides SOC system solutions for wireless communications, high-definition TV, optical storage, DVD and Blu-ray products.

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Mediatek Inc (2454 TT)

Taiwan Tech Weekly: TSMC Extending Lead Vs. Samsung with 3nm Tech; Hon Hai Result Positive for Apple

TSMC appears to be beating Samsung repeatedly when it comes to winning clients to produce leading-edge 3-nm chips. TSMC has repeatedly been chosen...

Vincent Fernando, CFA

TWSE Foreign Holding Weekly (Dec 1st): TSMC, Mediatek, Umc

We analyzed TWSE foreign holding data for the past week and we highlighted foreign holding changes in TSMC, Mediatek, Umc.

Ke Yan, CFA, FRM

UMC (2303.TT; UMC.US): There Is a Greater Chance for a Rebound in 2Q24F.

UMC's 28nm has a utilization rate of over 80% in 4Q23F. It is early to determine the utilization rate could be reached in 2Q24F, there is a greater...

Patrick Liao

Taiwan Tech Weekly: Taiwan AI Top Losers; Dell to Provide PC/Server Color; Post-3Q Results Takeaways

Nanya and Yageo have been top gainers recently with Yageo achieving new 52-week highs; We rate the stocks as Outperform and Structural Long...

Vincent Fernando, CFA

TSMC (2330.TT; TSM.US): 2024 High Conviction for Upside >15% YoY

TSMC is expected to experience growth of ~15% YoY in 2024F. TSMC's N3 is expected to dominate the market in 2024F, with applications in CPU, GPU,...

Patrick Liao

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