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>TSMC Accelerates U.S. Expansion — New Arizona Fab to Be Built at 'Taiwan Speed'</li>
<li>Phison CEO Sees Decade-Long Boom for NAND Flash as AI Shifts to the Edge</li>
<li>Delta Taiwan Vs. Thailand Monitor: Delta Thailand Crash Closes Gap, But Still Relatively Expensive </li>
</ul>


TSMC Accelerates U.S. Expansion — New Arizona Fab to Be Built at 'Taiwan Speed'
Phison CEO Sees Decade-Long Boom for NAND Flash as AI Shifts to the Edge
Delta Taiwan Vs. Thailand Monitor: Delta Thailand Crash Closes Gap, But Still Relatively Expensive 


Taiwan Tech Weekly: TSMC Goes ‘Taiwan Speed’ in Arizona; Phison Predicts Edge AI Flash Memory Boom

Pan-Asia Index Rebalances/ Events/ Delta One, Periscope Analytics

Brian Freitas

Pan-Asia Index Rebalances/ Events/ Delta One

Periscope Analytics

Periscope Analytics focuses on event-driven trades across Asia Pacific and provides comprehensive, timely and systematic coverage of index changes to major Asia Pacific indices in a structured manner.

The analysis includes forecasted inclusions and exclusions to all major Asian indices that have significant amount of tracking assets, including estimates of passive buy/sell flow on the stocks. The service also provides commentary and impact of market consultations, ground rule changes, and other events (IPOs, spin-offs, M&A) that could lead to index changes and passive flow.

Periscope Analytics works with multi-strategy hedge funds, proprietary trading firms, stat arb trading groups and long-only investors that invest and trade in the Asia Pacific region with the data being used to trade index rebalances, avoid pre-positioning and passive flow, and to time entry into and exit from stocks.

Event-Driven Trades Across Asia Pacific

Index Rebalance

<ul>
<li>There are 8 changes a side for the TIP Customized Taiwan Select High Dividend Index in December. The TIP Taiwan Select High Dividend ETF (00919TW) has an AUM of US$9.3bn.</li>
<li>Estimated one-way turnover is 17.2% and that will result in a round-trip trade of US$3.2bn. All adds and deletes have over 5x ADV to trade from passive trackers.</li>
<li>The rebalance will be implemented over 8 trading days and the ETF started trading some stocks late last week and the rest from 17 December.</li>
</ul>


There are 8 changes a side for the TIP Customized Taiwan Select High Dividend Index in December. The TIP Taiwan Select High Dividend ETF (00919TW) has an AUM of US$9.3bn.
Estimated one-way turnover is 17.2% and that will result in a round-trip trade of US$3.2bn. All adds and deletes have over 5x ADV to trade from passive trackers.
The rebalance will be implemented over 8 trading days and the ETF started trading some stocks late last week and the rest from 17 December.


TIP Customized Taiwan Select High Dividend Index Rebalance: US$3.2bn Trade with BIG Impact

<ul>
<li>The TIP Taiwan Select High Dividend ETF (00919 TW) tracks the TIP Customized Taiwan Select High Dividend Index and has an AUM of TWD 285bn (US$8.75bn).</li>
<li>We forecast 8 changes a side at the December rebalance with an estimated one-way turnover of around 16% and a round-trip trade of around US$2.8bn.</li>
<li>An equal weighted basket of potential inclusions has outperformed an equal weighted basket of potential deletions since the start of July with most of the outperformance coming from September.</li>
</ul>


The TIP Taiwan Select High Dividend ETF (00919 TW) tracks the TIP Customized Taiwan Select High Dividend Index and has an AUM of TWD 285bn (US$8.75bn).
We forecast 8 changes a side at the December rebalance with an estimated one-way turnover of around 16% and a round-trip trade of around US$2.8bn.
An equal weighted basket of potential inclusions has outperformed an equal weighted basket of potential deletions since the start of July with most of the outperformance coming from September.


TIP Customized Taiwan Select High Div Index Rebalance Preview: US$2.8bn Trade as Adds Outperform

<ul>
<li>The TIP Taiwan Select High Dividend ETF (00919 TW) tracks the TIP Customized Taiwan Select High Dividend Index and has an AUM of TWD 284bn (US$8.7bn).</li>
<li>We forecast 8 changes a side at the December rebalance with an estimated one-way turnover of around 15.8% and a round-trip trade of around US$2.75bn.</li>
<li>An equal weighted basket of potential inclusions has outperformed an equal weighted basket of potential deletions since beginning September with a pick-up in pace over the last 2-3 weeks.</li>
</ul>


The TIP Taiwan Select High Dividend ETF (00919 TW) tracks the TIP Customized Taiwan Select High Dividend Index and has an AUM of TWD 284bn (US$8.7bn).
We forecast 8 changes a side at the December rebalance with an estimated one-way turnover of around 15.8% and a round-trip trade of around US$2.75bn.
An equal weighted basket of potential inclusions has outperformed an equal weighted basket of potential deletions since beginning September with a pick-up in pace over the last 2-3 weeks.


TIP Customized Taiwan Select High Div Index Rebalance Preview: 32% T/O; US$2.75bn Trade; HUGE Impact

<ul>
<li>Micron's latest results show a clear improvement in the Memory cycle. The company's gross margin increased and guided for a further strong margin increase next quarter.</li>
<li>Micron increased its overall DRAM industry growth forecast while maintaining its NAND flash forecast. Micron reiterated expectations for FY2025E to deliver record revenue for the company, with improving profitability.</li>
<li>Positive news for fallen Memory industry shares -- Within our Memory universe we have Structural Long ratings for Micron Technology (MU US), SK Hynix (000660 KS), and Silicon Motion Technology (SIMO US).</li>
</ul>


Micron's latest results show a clear improvement in the Memory cycle. The company's gross margin increased and guided for a further strong margin increase next quarter.
Micron increased its overall DRAM industry growth forecast while maintaining its NAND flash forecast. Micron reiterated expectations for FY2025E to deliver record revenue for the company, with improving profitability.
Positive news for fallen Memory industry shares -- Within our Memory universe we have Structural Long ratings for Micron Technology (MU US), SK Hynix (000660 KS), and Silicon Motion Technology (SIMO US).


Memory Monitor: Micron Results Show Clear Signs of Memory Market Upswing; DRAM Growth Upgraded

Taiwan

Phison Electronics Corp. manufactures and markets USB (Universal Serial Bus) flash pen drives, card readers, adapters, flash memory controllers, and integrated circuits (ICs).

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Phison Electronics (8299 TT)

Taiwan Tech Weekly: TSMC Goes ‘Taiwan Speed’ in Arizona; Phison Predicts Edge AI Flash Memory Boom

TSMC to build new fab in Arizona quickly, Phison CEO predicts long-term growth for NAND flash with AI shift to edge, Delta Thailand monitor...

Vincent Fernando, CFA

TIP Customized Taiwan Select High Dividend Index Rebalance: US$3.2bn Trade with BIG Impact

There are 8 changes for the index. Estimated one-way turnover is 17.2% and round-trip trade is US$3.2bn. All add/deletes have over 5x ADV to trade...

Brian Freitas

TIP Customized Taiwan Select High Div Index Rebalance Preview: US$2.8bn Trade as Adds Outperform

Announcement of the changes will made post market close today. The potential adds and deletes have performed in line since the end of the review...

Brian Freitas

TIP Customized Taiwan Select High Div Index Rebalance Preview: 32% T/O; US$2.75bn Trade; HUGE Impact

We forecast 8 changes a side in December. Estimated one-way turnover is 15.8% with a round-trip trade of US$2.75bn. The impact on the forecast...

Brian Freitas

Memory Monitor: Micron Results Show Clear Signs of Memory Market Upswing; DRAM Growth Upgraded

Micron's latest results show improved margins and growth forecasts, signaling positive news for Memory industry shares.

Vincent Fernando, CFA

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Taiwan Tech Weekly: TSMC Goes ‘Taiwan Speed’ in Arizona; Phison Predicts Edge AI Flash Memory Boom

​TSMC to build new fab in Arizona quickly, Phison CEO predicts long-term growth for NAND flash with AI shift to edge, Delta Thailand monitor...

Vincent Fernando, CFA

TIP Customized Taiwan Select High Dividend Index Rebalance: US$3.2bn Trade with BIG Impact

There are 8 changes for the index. Estimated one-way turnover is 17.2% and round-trip trade is US$3.2bn. All add/deletes have over 5x ADV to trade...

Brian Freitas

TIP Customized Taiwan Select High Div Index Rebalance Preview: US$2.8bn Trade as Adds Outperform

Announcement of the changes will made post market close today. The potential adds and deletes have performed in line since the end of the review...

Brian Freitas

TIP Customized Taiwan Select High Div Index Rebalance Preview: 32% T/O; US$2.75bn Trade; HUGE Impact

We forecast 8 changes a side in December. Estimated one-way turnover is 15.8% with a round-trip trade of US$2.75bn. The impact on the forecast...

Brian Freitas

Memory Monitor: Micron Results Show Clear Signs of Memory Market Upswing; DRAM Growth Upgraded

​Micron's latest results show improved margins and growth forecasts, signaling positive news for Memory industry shares.

Vincent Fernando, CFA

TSMC to build new fab in Arizona quickly, Phison CEO predicts long-term growth for NAND flash with AI shift to edge, Delta Thailand monitor...

Micron's latest results show improved margins and growth forecasts, signaling positive news for Memory industry shares.