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>Samsung's foundry business is losing more customers to TSMC, who is perceived as lower risk.</li>
<li>TSMC, UMC Monthly Sales: TSMC up strong but plateauing, UMC lackluster, confirming 2 big trends.</li>
<li>Memory Monitor: Nanya results miss; highlights weakness in non-AI demand.</li>
</ul>


Samsung's foundry business is losing more customers to TSMC, who is perceived as lower risk.
TSMC, UMC Monthly Sales: TSMC up strong but plateauing, UMC lackluster, confirming 2 big trends.
Memory Monitor: Nanya results miss; highlights weakness in non-AI demand.


Taiwan Tech Weekly: TSMC Taking More Samsung Customers; Hon Hai Unveils Major AI Projects

Taiwan Tech Focused Senior Analyst

Patrick Liao

<ul>
<li>For 2nm technology, <a href="https://www.smartkarma.com/entities/taiwan-semiconductor-manufacturing-company" target="_blank" data-smartkarma-citation="entities:11230:1" rel="noopener">Taiwan Semiconductor (TSMC) (2330 TT)</a> should start <a href="https://www.smartkarma.com/entities/apple-inc" target="_blank" data-smartkarma-citation="entities:666:1" rel="noopener">Apple (AAPL US)</a> iPhone 17 production in the middle of 2025, most likely.  </li>
<li>TSMC's competitors, <a href="https://www.smartkarma.com/entities/samsung-electronics-co-ltd" target="_blank" data-smartkarma-citation="entities:191:1" rel="noopener">Samsung Electronics (005930 KS)</a> and <a href="https://www.smartkarma.com/entities/intel-corp" target="_blank" data-smartkarma-citation="entities:16764:1" rel="noopener">Intel Corp (INTC US)</a> are running foundry business and keeping owning manufacturing business at the same time, which is contradictory to purely foundry business.</li>
<li>To making the advanced chip in the US, we consider the main main concern still the cost.</li>
</ul>


For 2nm technology, Taiwan Semiconductor (TSMC) (2330 TT) should start Apple (AAPL US) iPhone 17 production in the middle of 2025, most likely.  
TSMC's competitors, Samsung Electronics (005930 KS) and Intel Corp (INTC US) are running foundry business and keeping owning manufacturing business at the same time, which is contradictory to purely foundry business.
To making the advanced chip in the US, we consider the main main concern still the cost.


TSMC (2330.TT; TSM.US): The Productivity and Profitability Are the Essential Competitiveness.

AI and Global Deep Tech, Mint Finance

Uttkarsh Kohli

AI and Global Deep Tech

Deep Fundamental Analysis

Mint Finance

Mint Finance's investment research blends deep fundamental analysis with technical & quant insights. Investment strategies straddle across multiple asset classes with risk management embedded into every trade to deliver an outsized reward-to-risk ratio.

Mint Finance's research is centered around three key themes. First, energy transition and climate change. Second, artificial intelligence. Third, shifting world order with its impact across politics and monetary economics.

<ul>
<li>Q3 revenue is expected to reach $22.4-23.2 billion, reflecting strong demand for TSMC's 3nm and AI-driven technologies. This marks a significant 14.4% increase from Q2's $20.82 billion, despite global headwinds.</li>
<li>Operating profit margins are forecasted to be between 42.5% and 44.5%, highlighting TSMC’s efforts to maintain profitability. However, pressures from rising operational costs and competitive advancements remain a challenge.</li>
<li>EPS is projected at $1.76, up 40% YoY, driven by robust AI chip demand. Despite this, TSMC faces slowing consumer electronics demand, particularly in smartphones, which could affect future growth.</li>
</ul>


Q3 revenue is expected to reach $22.4-23.2 billion, reflecting strong demand for TSMC's 3nm and AI-driven technologies. This marks a significant 14.4% increase from Q2's $20.82 billion, despite global headwinds.
Operating profit margins are forecasted to be between 42.5% and 44.5%, highlighting TSMC’s efforts to maintain profitability. However, pressures from rising operational costs and competitive advancements remain a challenge.
EPS is projected at $1.76, up 40% YoY, driven by robust AI chip demand. Despite this, TSMC faces slowing consumer electronics demand, particularly in smartphones, which could affect future growth.


TSMC's Q3 Earnings Preview: Investors to Eye AI Demand Boost, Margins in Focus

Global TMT Analyst, Ex-PM, 30 years experience

Neil Campling

<ul>
<li>
<a href="https://www.smartkarma.com/entities/samsung-electronics-co-ltd-cec874fc-ef78-403b-8658-7a7298f0a28d" target="_blank" data-smartkarma-citation="entities:25241:1" rel="noopener">Samsung Electronics (SMSN LI)</a> Q3 preliminary Operating Profit results is 12% below consensus. Company issues rare apology, effectively admitting technology competitiveness falls short.</li>
<li>
<a href="https://www.smartkarma.com/entities/sk-hynix-inc" target="_blank" data-smartkarma-citation="entities:16955:1" rel="noopener">SK Hynix (000660 KS)</a> is powering ahead in HBM memory in our view, securing Nvidia 2025 allocations, and industry leading efficiencies.</li>
<li>A range of factors have created a great opportunity for SK Hynix investment given misunderstood industry dynamics and position at <a href="https://www.smartkarma.com/entities/nvidia-corp" target="_blank" data-smartkarma-citation="entities:5891:1" rel="noopener">NVIDIA Corp (NVDA US).</a>
</li>
</ul>



Samsung Electronics (SMSN LI) Q3 preliminary Operating Profit results is 12% below consensus. Company issues rare apology, effectively admitting technology competitiveness falls short.

SK Hynix (000660 KS) is powering ahead in HBM memory in our view, securing Nvidia 2025 allocations, and industry leading efficiencies.
A range of factors have created a great opportunity for SK Hynix investment given misunderstood industry dynamics and position at NVIDIA Corp (NVDA US).



SAMSUNG: Less About Preliminary Results, More About the Tech Missteps. Samsung Pain Is HYNIX’s Gain

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 Oct 4th which has an aggregated holding worth USD530.1bn.</li>
<li>We estimate that foreign flows to be outflows of USD711mln. 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 changes of foreign holdings in Sk Hynix, Samsung Electronics.</li>
</ul>


We analyzed the changes in foreign holdings of KRX stocks as of Oct 4th which has an aggregated holding worth USD530.1bn.
We estimate that foreign flows to be outflows of USD711mln. We tabulate the league table for top changes by value for 1W/4W/1Y and top stocks held by foreign institutions.
We highlight changes of foreign holdings in Sk Hynix, Samsung Electronics.


KRX Foreign Holding Weekly (Oct 4th): Sk Hynix, Samsung Electronics

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.

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Samsung Electronics (005930 KS)

Taiwan Tech Weekly: TSMC Taking More Samsung Customers; Hon Hai Unveils Major AI Projects

Samsung's foundry business losing customers to TSMC due to perceived lower risk; TSMC and UMC sales trends confirm industry shifts, while Nanya...

Vincent Fernando, CFA

TSMC (2330.TT; TSM.US): The Productivity and Profitability Are the Essential Competitiveness.

TSMC may start producing iPhone 17 with 2nm technology in mid-2025, while competitors Samsung and Intel face challenges with their mixed business...

Patrick Liao

TSMC's Q3 Earnings Preview: Investors to Eye AI Demand Boost, Margins in Focus

TSMC is expected to report strong Q3 revenue growth driven by AI and advanced nodes, while facing pressure from weakening margins and slowing...

Mint Finance

SAMSUNG: Less About Preliminary Results, More About the Tech Missteps. Samsung Pain Is HYNIX’s Gain

Samsung issues rare apology for Q3 profit miss. Admits to being behind in leading technologies. SK Hynix is ahead in HBM memory and set to win....

Neil Campling

KRX Foreign Holding Weekly (Oct 4th): Sk Hynix, Samsung Electronics

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

Ke Yan, CFA, FRM

Price Gauge

52-week Range

Market Cap (USDm)

P/E

Dividend (Yield)

Taiwan Tech Weekly: TSMC Taking More Samsung Customers; Hon Hai Unveils Major AI Projects

​Samsung's foundry business losing customers to TSMC due to perceived lower risk; TSMC and UMC sales trends confirm industry shifts, while Nanya...

Vincent Fernando, CFA

TSMC (2330.TT; TSM.US): The Productivity and Profitability Are the Essential Competitiveness.

​TSMC may start producing iPhone 17 with 2nm technology in mid-2025, while competitors Samsung and Intel face challenges with their mixed business...

Patrick Liao

TSMC's Q3 Earnings Preview: Investors to Eye AI Demand Boost, Margins in Focus

TSMC is expected to report strong Q3 revenue growth driven by AI and advanced nodes, while facing pressure from weakening margins and slowing...

Mint Finance

SAMSUNG: Less About Preliminary Results, More About the Tech Missteps. Samsung Pain Is HYNIX’s Gain

Samsung issues rare apology for Q3 profit miss. Admits to being behind in leading technologies. SK Hynix is ahead in HBM memory and set to win....

Neil Campling

KRX Foreign Holding Weekly (Oct 4th): Sk Hynix, Samsung Electronics

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

Ke Yan, CFA, FRM

Samsung's foundry business losing customers to TSMC due to perceived lower risk; TSMC and UMC sales trends confirm industry shifts, while Nanya...

TSMC may start producing iPhone 17 with 2nm technology in mid-2025, while competitors Samsung and Intel face challenges with their mixed business...