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>Computex showed how Micron has successfully leap-frogged SK Hynix and Samsung in HBM DRAM for AI Servers.</li>
<li>Now, older 'boring' DRAM prices could surge as HBM DRAM production is voraciously consuming memory fab capacity.</li>
<li>Why Nanya Tech shares could surge higher -- A DRAM memory trade for those who don't want to chase steep 52-week highs in Micron and SK Hynix.</li>
</ul>


Computex showed how Micron has successfully leap-frogged SK Hynix and Samsung in HBM DRAM for AI Servers.
Now, older 'boring' DRAM prices could surge as HBM DRAM production is voraciously consuming memory fab capacity.
Why Nanya Tech shares could surge higher -- A DRAM memory trade for those who don't want to chase steep 52-week highs in Micron and SK Hynix.


Memory Monitor: Computex Showed Micron Leapfrog SK Hynix and Samsung; 'Boring' DRAM Could Now Hot Up

Semiconductor & Technology Specialist, Ingenuity

William Keating

Semiconductor & Technology Specialist

Ingenuity

Our focus is exclusively on in-depth research & consulting in the broader semiconductor industry. We focus on the key players, namely Intel, Micron, Qualcomm, Apple, Samsung, NVIDIA, AMD, TSMC & Global Foundries - as well as some of the lesser known, but nonetheless critical, companies such as ASML (for EUV), Mellanox, Cavium, Xilinx etc. We specialise in their products, roadmaps, process technologies, competitive advantages & threats etc. We also help our clients understand the implications of new and emerging technologies, e.g. 3D X-Point, 3D NAND, Carbon Nanotubes, Autonomous Driving, Graphene, Silicon Photonics, Wafer-Level Optics, Artificial Intelligence, FPGA, GPU, ASIC etc. 

Semiconductor Analysis & Research

<ul>
<li>HBM revenue on track to jump from a few hundred million in 2024 to "multiple" billions in 2025</li>
<li>Micron expects to become FCF positive in the second half of their fiscal 2024 and to have a record revenue year in their fiscal 2025. </li>
<li>Micron's is doing custom work on their HBM solutions. Customers are signing LTAs with defined pricing. This could easily spread to Micron's non-HBM products also. </li>
</ul>


HBM revenue on track to jump from a few hundred million in 2024 to "multiple" billions in 2025
Micron expects to become FCF positive in the second half of their fiscal 2024 and to have a record revenue year in their fiscal 2025. 
Micron's is doing custom work on their HBM solutions. Customers are signing LTAs with defined pricing. This could easily spread to Micron's non-HBM products also. 


Micron's HBM. Multiple Billions Incoming..

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

<ul>
<li>TSMC's 3nm Shortage: Capacity Filled Until 2026 Amid Surging Demand; Strategic Price Hikes Coming Soon</li>
<li>Top Gainers/Losers: Taiwan Tech Rallies Alongside TSMC, Apple, Nvidia, ARM Strength</li>
<li>Samsung Unveils Pathway to Catch Up With TSMC in the AI Foundry Race</li>
</ul>


TSMC's 3nm Shortage: Capacity Filled Until 2026 Amid Surging Demand; Strategic Price Hikes Coming Soon
Top Gainers/Losers: Taiwan Tech Rallies Alongside TSMC, Apple, Nvidia, ARM Strength
Samsung Unveils Pathway to Catch Up With TSMC in the AI Foundry Race


Taiwan Tech Weekly: TSMC's 3nm Shortage & Upcoming Price Hikes; Samsung Unveils AI Catch-Up Plan

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 KRX Stocks as of Jun 14th which has an aggregated holding worth USD547.8bn.</li>
<li>We estimate that foreign flows to be inflows of USD1,575mln. 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 Sk Hynix, Samsung Electronics, Hanmi Semicon, Kia.</li>
</ul>


We analyzed the changes in foreign holdings of KRX Stocks as of Jun 14th which has an aggregated holding worth USD547.8bn.
We estimate that foreign flows to be inflows of USD1,575mln. 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 Sk Hynix, Samsung Electronics, Hanmi Semicon, Kia.


KRX Foreign Holding Weekly (Jun 14th): Sk Hynix, Samsung Electronics, Hanmi Semicon, Kia

<ul>
<li>We conducted a Q&amp;A with Kinik, who is a key supplier to companies including TSMC, UMC, and Micron.</li>
<li>Kinik is dramatically expanding its diamond disk capacity; these products are critical to the production of wafers for advanced semiconductor nodes.</li>
<li>We believe Kinik has high visibility into future industry demand. Gross margins are likely to expand in the coming years as advanced diamond products become increasingly important to wafer production.</li>
</ul>


We conducted a Q&amp;A with Kinik, who is a key supplier to companies including TSMC, UMC, and Micron.
Kinik is dramatically expanding its diamond disk capacity; these products are critical to the production of wafers for advanced semiconductor nodes.
We believe Kinik has high visibility into future industry demand. Gross margins are likely to expand in the coming years as advanced diamond products become increasingly important to wafer production.


TechChain Insights: Q&A with TSMC Supplier Kinik; Diamond Capex Implies Industry Strength Visibility

South Korea

Samsung Electronics Co., Ltd. manufactures a wide range of consumer and industrial electronic equipment and products such as semiconductors, personal computers, peripherals, monitors, televisions, and home appliances including air conditioners and microwave ovens. The Company also produces Internet access network systems and telecommunications equipment including mobile phones.

Price Gauge
52-week Range	0.00 - 0.00
Market Cap (USDm)	0.00
P/E	0.00
Dividend (Yield)	0.00

Samsung Electronics (SMSN LI)

Memory Monitor: Computex Showed Micron Leapfrog SK Hynix and Samsung; 'Boring' DRAM Could Now Hot Up

Micron's HBM DRAM shined alongside Nvidia at Computex. But now the HBM DRAM craze could drive a surge in traditional DRAM prices. Nanya Tech would...

Vincent Fernando, CFA

Micron's HBM. Multiple Billions Incoming..

Micron's HBM revenue on track to jump from a few hundred million in 2024 to "multiple" billions in 2025, making it a record revenue year for the...

William Keating

Taiwan Tech Weekly: TSMC's 3nm Shortage & Upcoming Price Hikes; Samsung Unveils AI Catch-Up Plan

TSMC's 3nm capacity filled until 2026, strategic price hikes coming soon. Taiwan tech rallies alongside Nvidia, Apple, and ARM. Samsung unveils...

Vincent Fernando, CFA

KRX Foreign Holding Weekly (Jun 14th): Sk Hynix, Samsung Electronics, Hanmi Semicon, Kia

We analyzed KRX foreign holding data for the past week and highlighted foreign holding changes in Sk Hynix, Samsung Electronics, Hanmi Semicon, Kia.

Ke Yan, CFA, FRM

TechChain Insights: Q&A with TSMC Supplier Kinik; Diamond Capex Implies Industry Strength Visibility

Q&A with Kinik reveals expansion of diamond disk capacity crucial for semiconductor production, indicating high visibility into future industry...

Vincent Fernando, CFA

Price Gauge

52-week Range

Market Cap (USDm)

P/E

Dividend (Yield)

Memory Monitor: Computex Showed Micron Leapfrog SK Hynix and Samsung; 'Boring' DRAM Could Now Hot Up

​Micron's HBM DRAM shined alongside Nvidia at Computex. But now the HBM DRAM craze could drive a surge in traditional DRAM prices. Nanya Tech would...

Vincent Fernando, CFA

Micron's HBM. Multiple Billions Incoming..

Micron's HBM revenue on track to jump from a few hundred million in 2024 to "multiple" billions in 2025, making it a record revenue year for the...

William Keating

Taiwan Tech Weekly: TSMC's 3nm Shortage & Upcoming Price Hikes; Samsung Unveils AI Catch-Up Plan

​TSMC's 3nm capacity filled until 2026, strategic price hikes coming soon. Taiwan tech rallies alongside Nvidia, Apple, and ARM. Samsung unveils...

Vincent Fernando, CFA

KRX Foreign Holding Weekly (Jun 14th): Sk Hynix, Samsung Electronics, Hanmi Semicon, Kia

We analyzed KRX foreign holding data for the past week and highlighted foreign holding changes in Sk Hynix, Samsung Electronics, Hanmi Semicon, Kia.

Ke Yan, CFA, FRM

TechChain Insights: Q&A with TSMC Supplier Kinik; Diamond Capex Implies Industry Strength Visibility

​Q&A with Kinik reveals expansion of diamond disk capacity crucial for semiconductor production, indicating high visibility into future industry...

Vincent Fernando, CFA

Micron's HBM DRAM shined alongside Nvidia at Computex. But now the HBM DRAM craze could drive a surge in traditional DRAM prices. Nanya Tech would...

TSMC's 3nm capacity filled until 2026, strategic price hikes coming soon. Taiwan tech rallies alongside Nvidia, Apple, and ARM. Samsung unveils...

Q&A with Kinik reveals expansion of diamond disk capacity crucial for semiconductor production, indicating high visibility into future industry...