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

<ul>
<li>Micron's earnings results will be released September 27th. We expect the company to describe a trough for memory pricing happening now and provide a positive outlook for rising prices.</li>
<li>Micron and Nanya Tech have outperformed SK Hynix recently. Our 'reversion catch up' trade has worked. Going forward we believe Micron looks compelling on a relative basis.</li>
<li>SK Hynix was ahead of peers developing HBM DRAM needed for AI. However, Micron could now convince the market it can catch up by focusing on the next advanced version.</li>
</ul>


Micron's earnings results will be released September 27th. We expect the company to describe a trough for memory pricing happening now and provide a positive outlook for rising prices.
Micron and Nanya Tech have outperformed SK Hynix recently. Our 'reversion catch up' trade has worked. Going forward we believe Micron looks compelling on a relative basis.
SK Hynix was ahead of peers developing HBM DRAM needed for AI. However, Micron could now convince the market it can catch up by focusing on the next advanced version.


Micron's Results Likely to Call a Memory Market Trough and Highlight New HBM DRAM for AI

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

<ul>
<li>Nvidia will report its earnings today U.S.-time, we outline the key Taiwan AI supply chain names to watch around the earnings.</li>
<li>TSMC has maintained its full-year revenue guidance despite media reports questioning whether a further downgrade was coming.</li>
<li>Hon Hai produces over 50% of Nvidia's AI hardware according to media reports.</li>
</ul>


Nvidia will report its earnings today U.S.-time, we outline the key Taiwan AI supply chain names to watch around the earnings.
TSMC has maintained its full-year revenue guidance despite media reports questioning whether a further downgrade was coming.
Hon Hai produces over 50% of Nvidia's AI hardware according to media reports.


Taiwan Tech Weekly: Key Supply Chain Names to Watch for Nvidia's Earnings Today

<ul>
<li>Intel's latest results imply a potential bottoming of its business &amp; nascent turn-around; however the greater take-away is that the PC industry is heading into a major AI-driven up-cycle.</li>
<li>PC industry inventories are now "healthy" and Intel's Client Computing segment (PCs) showed the strongest QoQ revenue growth. Management is guiding for continued improvement next quarter.</li>
<li>Edge AI will drive a major upgrade cycle for PCs worldwide and Intel's new Meteor Lake chip could be a catalyst. Invest ahead of AI PCs having their "ChatGPT Moment".</li>
</ul>


Intel's latest results imply a potential bottoming of its business &amp; nascent turn-around; however the greater take-away is that the PC industry is heading into a major AI-driven up-cycle.
PC industry inventories are now "healthy" and Intel's Client Computing segment (PCs) showed the strongest QoQ revenue growth. Management is guiding for continued improvement next quarter.
Edge AI will drive a major upgrade cycle for PCs worldwide and Intel's new Meteor Lake chip could be a catalyst. Invest ahead of AI PCs having their "ChatGPT Moment".


Intel Results #1 Take-Away: Major Readthrough for PC Upgrade Cycle and Edge AI

Equity Long-Short, Semiconductors, Fabricated Knowledge

Douglas O'Laughlin

Equity Long-Short, Semiconductors

Fabricated Knowledge

Learn more about the world's most important manufactured product. Meaningful insight, timely analysis, and an occasional investment idea.

<ul>
<li>TSMC reported earnings. They beat Q2 estimates, but importantly they guided down Q3 and FY 2023 estimates.</li>
<li>The Q2 beat was widely expected regarding revenue, given that TSMC reports monthly revenue, but the Q3 guide was not.</li>
<li>The midpoint of the guidance has the year-over-year decline decelerating, which I didn’t expect. Moreover, the -10% annual guide throws some water on the second-half recovery. Yes, the second half will be higher than the first, but the recovery is much more muted than historical. And what’s more, margins are looking worse for N3 than a typical node.</li>
</ul>


TSMC reported earnings. They beat Q2 estimates, but importantly they guided down Q3 and FY 2023 estimates.
The Q2 beat was widely expected regarding revenue, given that TSMC reports monthly revenue, but the Q3 guide was not.
The midpoint of the guidance has the year-over-year decline decelerating, which I didn’t expect. Moreover, the -10% annual guide throws some water on the second-half recovery. Yes, the second half will be higher than the first, but the recovery is much more muted than historical. And what’s more, margins are looking worse for N3 than a typical node.


TSMC Sees Continued Weakness, and EUV's Quandary (ASML)

Head of Research, IPOs & Placements, Aequitas Research

Sumeet Singh

Head of Research, IPOs & Placements

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.

Equity Capital Markets

<ul>
<li>Three shareholders of <a href="https://www.smartkarma.com/entities/socionext-inc" target="_blank" data-smartkarma-citation="entities:36351:1" rel="noopener">Socionext (6526 JP)</a> aim to raise around US$1.8bn via selling all of their shares in Socionext.</li>
<li>Socionext was listed on 12th Oct 2022, when it raised US$457m in its upsized Japan IPO. Its six-month lockup expired in Apr 2023. Its shares are up 6x since listing.</li>
<li>In this note, we talk about the deal dynamics and run the deal through our ECM framework.</li>
</ul>


Three shareholders of Socionext (6526 JP) aim to raise around US$1.8bn via selling all of their shares in Socionext.
Socionext was listed on 12th Oct 2022, when it raised US$457m in its upsized Japan IPO. Its six-month lockup expired in Apr 2023. Its shares are up 6x since listing.
In this note, we talk about the deal dynamics and run the deal through our ECM framework.


Socionext Placement - A US$1.8bn Cleanup, Will Have to Give up Some of Its 6x Listing Gains

United States

NVIDIA Corporation designs, develops, and markets three dimensional (3D) graphics processors and related software.  The Company's products provide interactive 3D graphics to the mainstream personal computer market.

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NVIDIA Corp (NVDA US)

Micron's Results Likely to Call a Memory Market Trough and Highlight New HBM DRAM for AI

SK Hynix was ahead of peers developing HBM DRAM needed for AI. However, Micron could now convince the market it can catch up by focusing on the...

Vincent Fernando, CFA

Taiwan Tech Weekly: Key Supply Chain Names to Watch for Nvidia's Earnings Today

Also -- TSMC has maintained its full-year revenue guidance and Hon Hai is said to produce over 50% of Nvidia's AI hardware.

Vincent Fernando, CFA

Intel Results #1 Take-Away: Major Readthrough for PC Upgrade Cycle and Edge AI

Edge AI will drive a major upgrade cycle for PCs worldwide -- We recommend getting ahead of PC's having their "ChatGPT Moment".

Vincent Fernando, CFA

TSMC Sees Continued Weakness, and EUV's Quandary (ASML)

TSMC sees further inventory correction, I see earnings disappointments. ASML has a quandary if the entire ecosystem is trying to use EUV.

Fabricated Knowledge

Socionext Placement - A US$1.8bn Cleanup, Will Have to Give up Some of Its 6x Listing Gains

Three shareholders of Socionext (6526 JP) aim to raise around US$1.8bn via selling shares in Socionext. In this note we talk about the deal...

Sumeet Singh

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