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?

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

Event-Driven

Synnex Technology International / Event-Driven

<ul>
<li>There are 15 changes for the TIP Taiwan Value High Dividend Index in November. The Yuanta Taiwan Value High Dividend ETF (00940 TT) has an AUM of US$5bn.</li>
<li>Estimated one-way turnover is 26% and there are 16 stocks with over 4 days of ADV left to trade. The rebalance commenced yesterday and will end on Friday.</li>
<li>An equal weighted basket of inclusions has outperformed an equal weighted basket of deletions since July. That could continue over the week as the ETF continues to rebalance their portfolio.</li>
</ul>


There are 15 changes for the TIP Taiwan Value High Dividend Index in November. The Yuanta Taiwan Value High Dividend ETF (00940 TT) has an AUM of US$5bn.
Estimated one-way turnover is 26% and there are 16 stocks with over 4 days of ADV left to trade. The rebalance commenced yesterday and will end on Friday.
An equal weighted basket of inclusions has outperformed an equal weighted basket of deletions since July. That could continue over the week as the ETF continues to rebalance their portfolio.


TIP Taiwan Value High Dividend Index Rebalance: A Lot to Trade This Week

<ul>
<li>Hon Hai, Pegatron, and Quanta Gear Up for Potential U.S. Investment Surge Amid Trump Policy Speculation</li>
<li>PC Monitor: Asustek &amp; Lenovo Signal Strong PC Growth, AI PC Expansion in Process</li>
<li>Semiconductor Memory Q324 Revenue Close To Historic Highs Even As Decoupling Intensifies </li>
</ul>


Hon Hai, Pegatron, and Quanta Gear Up for Potential U.S. Investment Surge Amid Trump Policy Speculation
PC Monitor: Asustek &amp; Lenovo Signal Strong PC Growth, AI PC Expansion in Process
Semiconductor Memory Q324 Revenue Close To Historic Highs Even As Decoupling Intensifies 


Taiwan Tech Weekly: Taiwan Firms to Surge U.S. Investment Due to Trump?; AI PCs & Memory Expansion

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

TIP Taiwan Value High Dividend Index Rebalance: A Lot to Trade This Week

There are 15 changes a side for the TIP Taiwan Value High Dividend Index in November. Estimated one-way turnover is 26% and there are 16 stocks...

Brian Freitas

Taiwan Tech Weekly: Taiwan Firms to Surge U.S. Investment Due to Trump?; AI PCs & Memory Expansion

Major tech companies like Hon Hai, Pegatron, and Quanta are preparing for increased U.S. investments. Asustek and Lenovo show strong growth in PC...

Vincent Fernando, CFA

Price Gauge

52-week Range

Market Cap (USDm)

P/E

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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

TIP Taiwan Value High Dividend Index Rebalance: A Lot to Trade This Week

There are 15 changes a side for the TIP Taiwan Value High Dividend Index in November. Estimated one-way turnover is 26% and there are 16 stocks...

Brian Freitas

Taiwan Tech Weekly: Taiwan Firms to Surge U.S. Investment Due to Trump?; AI PCs & Memory Expansion

​Major tech companies like Hon Hai, Pegatron, and Quanta are preparing for increased U.S. investments. Asustek and Lenovo show strong growth in PC...

Vincent Fernando, CFA

Major tech companies like Hon Hai, Pegatron, and Quanta are preparing for increased U.S. investments. Asustek and Lenovo show strong growth in PC...