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 Tech Rallies Along With Rebound In Global Tech; Hon Hai, Asustek Top Gainers; KYEC a Top Loser After Announcing China Market Divestment</li>
<li>PC Monitor: The Next Version of MSFT CoPilot Will Be the Killer App for a Global AI PC Upgrade Cycle </li>
<li>ASMedia GDR Early Look - Momentum Has Been Strong, and Raising Would Grow Its Cash Base Almost 6x </li>
</ul>


Taiwan Tech Rallies Along With Rebound In Global Tech; Hon Hai, Asustek Top Gainers; KYEC a Top Loser After Announcing China Market Divestment
PC Monitor: The Next Version of MSFT CoPilot Will Be the Killer App for a Global AI PC Upgrade Cycle 
ASMedia GDR Early Look - Momentum Has Been Strong, and Raising Would Grow Its Cash Base Almost 6x 


Taiwan Tech Weekly: Hon Hai New All-Time Highs; Asustek Soars; Leading Chip Testing Firm Exits China

Asia and Global Semiconductor and Tech Research

Andrew Lu

Thematic (Sector/Industry)

<ul>
<li>Y/Y improvement for LCD, PMIC, GaAs RF, gaming card, cooling system, semi equipment&amp;material, semi fab construction, memory, and foundry vendors but more y/y deterioration for WiFi and CMOS sensor vendors</li>
<li>After 6 vendors beating consensus, we might see AI server supply chain, large panel LCD driver, WiFi/networking, and NAND flash vendors in US to report a better than expected 1Q24.</li>
<li>We might see 8"/12" raw wafer (like Shin Etsu, SUMCO , National Silicon Industry, Siltronic AG) vendors in Japan, China, and Germany to report a worse than expected 1Q24.</li>
</ul>


Y/Y improvement for LCD, PMIC, GaAs RF, gaming card, cooling system, semi equipment&amp;material, semi fab construction, memory, and foundry vendors but more y/y deterioration for WiFi and CMOS sensor vendors
After 6 vendors beating consensus, we might see AI server supply chain, large panel LCD driver, WiFi/networking, and NAND flash vendors in US to report a better than expected 1Q24.
We might see 8"/12" raw wafer (like Shin Etsu, SUMCO , National Silicon Industry, Siltronic AG) vendors in Japan, China, and Germany to report a worse than expected 1Q24.


Early Signs from the Reported March/1Q24 Taiwan Semi/Tech Sales

Taiwan Semiconductor (TSMC) / Equity Bottom-Up

<ul>
<li>Nvidia GTC Conference This Week Likely to Create Newsflow for Many Tech Names</li>
<li>Samsung Could Hike NAND Flash Prices by 20%; Silicon Motion for Exposure</li>
<li>TSMC Reportedly Placing Orders for Additional Advanced Packaging Capacity, Likely In Response to Demand Strength</li>
</ul>


Nvidia GTC Conference This Week Likely to Create Newsflow for Many Tech Names
Samsung Could Hike NAND Flash Prices by 20%; Silicon Motion for Exposure
TSMC Reportedly Placing Orders for Additional Advanced Packaging Capacity, Likely In Response to Demand Strength


Taiwan Tech Weekly: Nvidia Conference; Samsung to Hike NAND Prices; TSMC Adding Capex Due to Demand

<ul>
<li>Key Memory Names Have Rebounded; Micron and SK Hynix Lead</li>
<li>NAND Flash Memory Prices to Increase; NAND Flash Pricing to Improve in 2H25E</li>
<li>Memory Monitor Universe: NAND Flash Price Improvement Favors Long SK Hynix and Micron vs. Short Nanya Tech</li>
</ul>


Key Memory Names Have Rebounded; Micron and SK Hynix Lead
NAND Flash Memory Prices to Increase; NAND Flash Pricing to Improve in 2H25E
Memory Monitor Universe: NAND Flash Price Improvement Favors Long SK Hynix and Micron vs. Short Nanya Tech


Memory Monitor: Multiple Reports Indicate Rising NAND & DRAM Prices

<ul>
<li>Nanya Tech Soared in February on DRAM Recovery and Custom HBM News</li>
<li>Nanya’s Custom HBM Strategy &amp; the Positive DRAM Market Outlook</li>
<li>Memory Monitor Universe: SK Hynix &amp; Micron Still Have Strong FY2025E Expected Growth; Nanya Tech Still Negative</li>
</ul>


Nanya Tech Soared in February on DRAM Recovery and Custom HBM News
Nanya’s Custom HBM Strategy &amp; the Positive DRAM Market Outlook
Memory Monitor Universe: SK Hynix &amp; Micron Still Have Strong FY2025E Expected Growth; Nanya Tech Still Negative


Memory Monitor: Nanya Tech Soared on DRAM Recovery and Custom HBM News

Taiwan

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

Price Gauge
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Phison Electronics (8299 TT)

Taiwan Tech Weekly: Hon Hai New All-Time Highs; Asustek Soars; Leading Chip Testing Firm Exits China

Taiwan tech gains alongside global tech, with Hon Hai and Asustek leading. MSFT's next CoPilot expected to drive AI PC upgrades. ASMedia GDR shows...

Vincent Fernando, CFA

Early Signs from the Reported March/1Q24 Taiwan Semi/Tech Sales

Early Signs from the Reported March/1Q24 Taiwan Semi/Tech Sales; we might see AI server, WiFi/networking, and NAND vendors in US to beat 1Q24 but...

Andrew Lu

Taiwan Tech Weekly: Nvidia Conference; Samsung to Hike NAND Prices; TSMC Adding Capex Due to Demand

Many Taiwanese companies participating at Nvidia's GTC conference this week. Local reports say Samsung to hike NAND flash prices by 20%. Also,...

Vincent Fernando, CFA

Memory Monitor: Multiple Reports Indicate Rising NAND & DRAM Prices

Micron and SK Hynix lead rebound in key memory names, NAND flash prices expected to increase in 2H25E, favoring long positions in SK Hynix and...

Vincent Fernando, CFA

Memory Monitor: Nanya Tech Soared on DRAM Recovery and Custom HBM News

Nanya Tech sees growth in February from DRAM recovery and custom HBM strategy, but still lags behind SK Hynix and Micron in expected growth for 2025.

Vincent Fernando, CFA

Price Gauge

52-week Range

Market Cap (USDm)

P/E

Dividend (Yield)

Taiwan Tech Weekly: Hon Hai New All-Time Highs; Asustek Soars; Leading Chip Testing Firm Exits China

​Taiwan tech gains alongside global tech, with Hon Hai and Asustek leading. MSFT's next CoPilot expected to drive AI PC upgrades. ASMedia GDR shows...

Vincent Fernando, CFA

Early Signs from the Reported March/1Q24 Taiwan Semi/Tech Sales

Early Signs from the Reported March/1Q24 Taiwan Semi/Tech Sales; we might see AI server, WiFi/networking, and NAND vendors in US to beat 1Q24 but...

Andrew Lu

Taiwan Tech Weekly: Nvidia Conference; Samsung to Hike NAND Prices; TSMC Adding Capex Due to Demand

​Many Taiwanese companies participating at Nvidia's GTC conference this week. Local reports say Samsung to hike NAND flash prices by 20%. Also,...

Vincent Fernando, CFA

Memory Monitor: Multiple Reports Indicate Rising NAND & DRAM Prices

​Micron and SK Hynix lead rebound in key memory names, NAND flash prices expected to increase in 2H25E, favoring long positions in SK Hynix and...

Vincent Fernando, CFA

Memory Monitor: Nanya Tech Soared on DRAM Recovery and Custom HBM News

​Nanya Tech sees growth in February from DRAM recovery and custom HBM strategy, but still lags behind SK Hynix and Micron in expected growth for 2025.

Vincent Fernando, CFA

Taiwan tech gains alongside global tech, with Hon Hai and Asustek leading. MSFT's next CoPilot expected to drive AI PC upgrades. ASMedia GDR shows...

Many Taiwanese companies participating at Nvidia's GTC conference this week. Local reports say Samsung to hike NAND flash prices by 20%. Also,...

Micron and SK Hynix lead rebound in key memory names, NAND flash prices expected to increase in 2H25E, favoring long positions in SK Hynix and...

Nanya Tech sees growth in February from DRAM recovery and custom HBM strategy, but still lags behind SK Hynix and Micron in expected growth for 2025.