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>Taiwan Market Surges in Post-CNY Catch-Up, TSMC a Top Gainer Locally</li>
<li>Key Events Ahead: Nvidia Results Next Week, Key Taiwan Names Reporting</li>
<li>Taiwan Dual-Listings Monitor: High Spreads to Persist After CNY Break </li>
</ul>


Taiwan Market Surges in Post-CNY Catch-Up, TSMC a Top Gainer Locally
Key Events Ahead: Nvidia Results Next Week, Key Taiwan Names Reporting
Taiwan Dual-Listings Monitor: High Spreads to Persist After CNY Break 


Taiwan Tech Weekly: TSMC Playing Post-CNY Catch-Up; All Eyes on Upcoming Nvidia 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

Semiconductor & Technology Specialist, Ingenuity

William Keating

Semiconductor & Technology Specialist

Ingenuity

Our focus is exclusively on in-depth research & consulting in the broader semiconductor industry. We focus on the key players, namely Intel, Micron, Qualcomm, Apple, Samsung, NVIDIA, AMD, TSMC & Global Foundries - as well as some of the lesser known, but nonetheless critical, companies such as ASML (for EUV), Mellanox, Cavium, Xilinx etc. We specialise in their products, roadmaps, process technologies, competitive advantages & threats etc. We also help our clients understand the implications of new and emerging technologies, e.g. 3D X-Point, 3D NAND, Carbon Nanotubes, Autonomous Driving, Graphene, Silicon Photonics, Wafer-Level Optics, Artificial Intelligence, FPGA, GPU, ASIC etc. 

Semiconductor Analysis & Research

<ul>
<li>SK Hynix reported Q423 revenues of 11.31 trillion won, up 25% QoQ and up 47% YoY</li>
<li>Operating profit of 346 billion won, marking the first quarter of profit following four straight quarters of losses.</li>
<li>SK Hynix is investing heavily in custom memory solutions driven by AI-related demand. It's a far better and more profitable business model than the mainstream commodity one.</li>
</ul>


SK Hynix reported Q423 revenues of 11.31 trillion won, up 25% QoQ and up 47% YoY
Operating profit of 346 billion won, marking the first quarter of profit following four straight quarters of losses.
SK Hynix is investing heavily in custom memory solutions driven by AI-related demand. It's a far better and more profitable business model than the mainstream commodity one.


SK Hynix & The Dawn Of Custom Memory Solutions

<ul>
<li>SK Hynix results surpised consensus with a swing to positive operating profit; The company expects industry demand growth to exceed supply growth by a wide margin in 2024E.</li>
<li>Management suggests optimism not just for 2024E, but also for 2025E. 2025E is when a much larger positive demand impact from AI is expected as AI products will expand substantially.</li>
<li>SK Hynix comments regarding AI phones imply that consumers will most likely need to upgrade their phones, including iPhones, to take full advantage of AI capabilities</li>
</ul>


SK Hynix results surpised consensus with a swing to positive operating profit; The company expects industry demand growth to exceed supply growth by a wide margin in 2024E.
Management suggests optimism not just for 2024E, but also for 2025E. 2025E is when a much larger positive demand impact from AI is expected as AI products will expand substantially.
SK Hynix comments regarding AI phones imply that consumers will most likely need to upgrade their phones, including iPhones, to take full advantage of AI capabilities


What SK Hynix's Latest Results Indicate for PC & Mobile Makers into 2025E, Including Apple

<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

Nanya Technology Corp. manufactures and markets dynamic random access memories (DRAMs).  The Company sells its products in Taiwan and exports worldwide.

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

Nanya Technology (2408 TT)

Taiwan Tech Weekly: TSMC Playing Post-CNY Catch-Up; All Eyes on Upcoming Nvidia Results

Strong rebound after CNY with TSMC leading the gains. Nvidia results and key Taiwan companies reporting in the upcoming week. High spreads have...

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

SK Hynix & The Dawn Of Custom Memory Solutions

SK Hynix reported Q423 revenues of 11.31 trillion won, +25% QoQ, +47% YoY. Op profit 346 billion won, first in five quarters. A pivot to custom...

William Keating

What SK Hynix's Latest Results Indicate for PC & Mobile Makers into 2025E, Including Apple

SK Hynix expects strong industry demand growth in 2024 and beyond, particularly due to AI expansion. AI mobile phones will be a future driver and...

Vincent Fernando, CFA

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: TSMC Playing Post-CNY Catch-Up; All Eyes on Upcoming Nvidia Results

Strong rebound after CNY with TSMC leading the gains. Nvidia results and key Taiwan companies reporting in the upcoming week. High spreads have...

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

SK Hynix & The Dawn Of Custom Memory Solutions

SK Hynix reported Q423 revenues of 11.31 trillion won, +25% QoQ, +47% YoY. Op profit 346 billion won, first in five quarters. A pivot to custom...

William Keating

What SK Hynix's Latest Results Indicate for PC & Mobile Makers into 2025E, Including Apple

​SK Hynix expects strong industry demand growth in 2024 and beyond, particularly due to AI expansion. AI mobile phones will be a future driver and...

Vincent Fernando, CFA

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

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

SK Hynix expects strong industry demand growth in 2024 and beyond, particularly due to AI expansion. AI mobile phones will be a future driver and...

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