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>UMC &amp; Mediatek Results Today in Taiwan, Samsung Also Reporting; Taiwan AI Names Flying; Himax &amp; Novatek Top Losers Ahead of Results.</li>
<li>Semiconductor Surge: Southeast Asia Taking Center Stage Amid Taiwan's Geopolitical Shift</li>
<li>First Run of Tech/Semis' Guidance Tells Us What Industries and Companies to Avoid</li>
</ul>


UMC &amp; Mediatek Results Today in Taiwan, Samsung Also Reporting; Taiwan AI Names Flying; Himax &amp; Novatek Top Losers Ahead of Results.
Semiconductor Surge: Southeast Asia Taking Center Stage Amid Taiwan's Geopolitical Shift
First Run of Tech/Semis' Guidance Tells Us What Industries and Companies to Avoid


Taiwan Tech Weekly: Semiconductors Surging in Southeast Asia; UMC & Mediatek Results Today

Asia and Global Semiconductor and Tech Research

Andrew Lu

United Microelectronics Corp / Equity Bottom-Up

<ul>
<li>
 What production fabs and capacity? Intel's Arizona 10nm Fab 12, 22, 32, which are mostly depreciated. Intel will provide nearly 30k/m 12" capacity for UMC at the first stage.</li>
<li>
 Who's 12nm node and design rule? UMC's tsmc-like 12nm design rule for customers to produce WiFi 7, TV controller, and other products.</li>
<li>
Other discussions include: "Who will operate the fabs?", "How to share sales/profits?", "Mass production time?", "Why benefits to Intel?", "Why benefits to UMC?", "Will TSMC get hurt?"</li>
</ul>



 What production fabs and capacity? Intel's Arizona 10nm Fab 12, 22, 32, which are mostly depreciated. Intel will provide nearly 30k/m 12" capacity for UMC at the first stage.

 Who's 12nm node and design rule? UMC's tsmc-like 12nm design rule for customers to produce WiFi 7, TV controller, and other products.

Other discussions include: "Who will operate the fabs?", "How to share sales/profits?", "Mass production time?", "Why benefits to Intel?", "Why benefits to UMC?", "Will TSMC get hurt?"


Are You Confused About What Intel and UMC Are Working Together?

<ul>
<li>This week will have some major earnings data points released. In Taiwan, UMC, Delta, Mediatek, ASE will report among other local names in our coverage.</li>
<li>Samsung &amp; SK Hynix will report this week, providing major insight into the Memory chip space for companies such as Nanya Technology and Micron.</li>
<li>TSMC &amp; ASML results last week indicate that the cycle could be bottoming in 2Q23E for these leading firms... But are we entering a two-track industry recovery?</li>
</ul>


This week will have some major earnings data points released. In Taiwan, UMC, Delta, Mediatek, ASE will report among other local names in our coverage.
Samsung &amp; SK Hynix will report this week, providing major insight into the Memory chip space for companies such as Nanya Technology and Micron.
TSMC &amp; ASML results last week indicate that the cycle could be bottoming in 2Q23E for these leading firms... But are we entering a two-track industry recovery?


Taiwan Tech Weekly: This Is a Major Earnings Week; Are We Entering a 2-Track Semiconductor Recovery?

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 Jul 19th which has an aggregated holding worth USD965.9bn.</li>
<li>We estimate that foreign flows to be outflows of USD3,489mln. We tabulate the league table for top changes by value for 1W/4W/1Y and top stocks held by foreign institutions.</li>
<li>We highlight foreign changes in Wiwynn, TSMC, Quanta Computer, Mediatek, Gigabyte Tech.</li>
</ul>


We analyzed the changes in foreign holdings of TWSE Stocks as of Jul 19th which has an aggregated holding worth USD965.9bn.
We estimate that foreign flows to be outflows of USD3,489mln. We tabulate the league table for top changes by value for 1W/4W/1Y and top stocks held by foreign institutions.
We highlight foreign changes in Wiwynn, TSMC, Quanta Computer, Mediatek, Gigabyte Tech.


TWSE Foreign Holding Weekly (Jul 19th): Wiwynn, TSMC, Quanta Computer, Mediatek, Gigabyte Tech

<ul>
<li>We analyzed the changes in foreign holdings of TWSE Stocks as of Jul 12th which has an aggregated holding worth USD1,035.6bn.</li>
<li>We estimate that foreign flows to be outflows of USD1,431mln. We tabulate the league table for top changes by value for 1W/4W/1Y and top stocks held by foreign institutions.</li>
<li>We highlight foreign changes in Umc, Alchip Tech, Quanta Computer, Chung-Hsin, Cathay Financial, TSMC, Hon Hai, Ctbc Financial, ASE.</li>
</ul>


We analyzed the changes in foreign holdings of TWSE Stocks as of Jul 12th which has an aggregated holding worth USD1,035.6bn.
We estimate that foreign flows to be outflows of USD1,431mln. We tabulate the league table for top changes by value for 1W/4W/1Y and top stocks held by foreign institutions.
We highlight foreign changes in Umc, Alchip Tech, Quanta Computer, Chung-Hsin, Cathay Financial, TSMC, Hon Hai, Ctbc Financial, ASE.


TWSE Foreign Holding Weekly (Jul 12th): Umc, Alchip Tech, Quanta Computer, Chung-Hsin, TSMC

Taiwan

Realtek Semiconductor Corp. designs, tests, and distributes integrated circuits which are used in consumer electronics, computer systems and peripherals, and communication network hardware.  The Company also provides technical counseling and systems software services.

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Realtek Semiconductor (2379 TT)

Taiwan Tech Weekly: Semiconductors Surging in Southeast Asia; UMC & Mediatek Results Today

Key Taiwan results ahead include Mediatek, UMC, Realtek, Novatek, and Himax. Taiwan AI names have been flying lately while Novatek and Himax have...

Vincent Fernando, CFA

Are You Confused About What Intel and UMC Are Working Together?

Are You Confused About What Intel and UMC Are working Together? Customers will use UMC's tsmc-like 12nm design rule to produce WiFi 7, TV...

Andrew Lu

Taiwan Tech Weekly: This Is a Major Earnings Week; Are We Entering a 2-Track Semiconductor Recovery?

TSMC & ASML results last week indicate that the cycle could be bottoming in 2Q23E for these leading firms... But are we entering a two-track...

Vincent Fernando, CFA

TWSE Foreign Holding Weekly (Jul 19th): Wiwynn, TSMC, Quanta Computer, Mediatek, Gigabyte Tech

We analyzed TWSE foreign holding data for the past week and highlighted foreign holding changes in Wiwynn, TSMC, Quanta Computer, Mediatek,...

Ke Yan, CFA, FRM

TWSE Foreign Holding Weekly (Jul 12th): Umc, Alchip Tech, Quanta Computer, Chung-Hsin, TSMC

We analyzed TWSE foreign holding data for the past week and highlighted foreign holding changes in Umc, Alchip Tech, Quanta Computer, Chung-Hsin,...

Ke Yan, CFA, FRM

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