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>TSMC: 10.5% Premium -- Still a Good Level to Short the Spread</li>
<li>UMC: Trading at -1.1% Discount -- Uncompelling, Wait for Deeper Discount</li>
<li>ASE: 8.8% Premium -- Still Wait for Lower Levels Before Going Long</li>
</ul>


TSMC: 10.5% Premium -- Still a Good Level to Short the Spread
UMC: Trading at -1.1% Discount -- Uncompelling, Wait for Deeper Discount
ASE: 8.8% Premium -- Still Wait for Lower Levels Before Going Long


Taiwan Dual-Listings Monitor: TSMC Premium at a Decent Short Level; ASE Short Interest Declining

Taiwan Tech Focused Senior Analyst

Patrick Liao

King Yuan Electronics Co, Ltd. / Equity Bottom-Up

<ul>
<li>It's a greater chance that there will be an upward pickup in 2024F revenue for <a href="https://www.smartkarma.com/entities/king-yuan-electronics-co-ltd" target="_blank" data-smartkarma-citation="entities:6630:1" rel="noopener">King Yuan Electronics Co, Ltd. (2449 TT)</a>, but the magnitude is hard to predict in 1H24.  </li>
<li>It is expected the revenue to decline by approximately -5% in 1Q24F.</li>
<li>However, the demand for CoWoS at a corporate level is expected to increase by about 10% in 2024F .</li>
</ul>


It's a greater chance that there will be an upward pickup in 2024F revenue for King Yuan Electronics Co, Ltd. (2449 TT), but the magnitude is hard to predict in 1H24.  
It is expected the revenue to decline by approximately -5% in 1Q24F.
However, the demand for CoWoS at a corporate level is expected to increase by about 10% in 2024F .


KYEC (2449.TT): The Revenue Outlook Will Be an Upward Pickup in 2024F.

<ul>
<li>For the upcoming revenue outlook, MediaTek Inc (2454 TT) is likely to reach an upside of around 10% QoQ in 1Q24F.</li>
<li>MediaTek plans to release 12 million units of the Dimensity 9000 series in 2024F.</li>
<li>Mediatek's target markets include China, India, and Southeast Asia, with China remaining the primary market of focus.</li>
</ul>


For the upcoming revenue outlook, MediaTek Inc (2454 TT) is likely to reach an upside of around 10% QoQ in 1Q24F.
MediaTek plans to release 12 million units of the Dimensity 9000 series in 2024F.
Mediatek's target markets include China, India, and Southeast Asia, with China remaining the primary market of focus.


MediaTek (2454.TT): The Revenue Is Likely Upside Around 10% QoQ in 1Q24F.

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 Dec 22nd which has an aggregated holding worth USD701.2bn.</li>
<li>We tabulate league table for top changes by value for 1 week, one 4 weeks, 1 year and top stocks held by foreign instutions by dollar value.</li>
<li>We estimate that foreign flows to be inflows of USD679mln and highlight foreign changes in TSMC, Yang Ming Marine, Quanta Computer, Bora Pharma, Wiwynn, Cheng Shin, Novatek, Walsin Lihwa, Umc.</li>
</ul>


We analyzed the changes in foreign holdings of TWSE Stocks as of Dec 22nd which has an aggregated holding worth USD701.2bn.
We tabulate league table for top changes by value for 1 week, one 4 weeks, 1 year and top stocks held by foreign instutions by dollar value.
We estimate that foreign flows to be inflows of USD679mln and highlight foreign changes in TSMC, Yang Ming Marine, Quanta Computer, Bora Pharma, Wiwynn, Cheng Shin, Novatek, Walsin Lihwa, Umc.


TWSE Foreign Holding Weekly (Dec 22nd): TSMC, Yang Ming Marine, Quanta Computer, Bora Pharma, Wiwynn

<ul>
<li>We analyzed the changes in short interest of TWSE Stocks as of Dec 22nd which has an aggregated short interest worth USD14.6bn.</li>
<li>We tabulate league table for top short by value and short as multiple of ADT, as well as weekly increases &amp; decreases in short value, short as multiple of ADT.</li>
<li>We highlight short interest changes in Inventec, Walsin Lihwa, Getac Holdings, Hon Hai, Wistron, Quanta Computer, Wiwynn, Acer, TSMC.</li>
</ul>


We analyzed the changes in short interest of TWSE Stocks as of Dec 22nd which has an aggregated short interest worth USD14.6bn.
We tabulate league table for top short by value and short as multiple of ADT, as well as weekly increases &amp; decreases in short value, short as multiple of ADT.
We highlight short interest changes in Inventec, Walsin Lihwa, Getac Holdings, Hon Hai, Wistron, Quanta Computer, Wiwynn, Acer, TSMC.


TWSE Short Interest Weekly (Dec 22nd): Inventec, Walsin Lihwa, Getac Holdings, Hon Hai, Wistron

Taiwan

Taiwan Semiconductor Manufacturing Company Ltd. manufactures integrated circuits based on its proprietary designs.  The Company offers a comprehensive set of integrated circuit fabrication processes to manufacture CMOS logic, mixed-mode, volatile and non-volatile memory and BiCMOS chips.  Taiwan Semiconductor is an affiliate of Philips Electronics N.V.

Taiwan Semiconductor (TSMC) - ADR (TSM US)

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Taiwan Semiconductor (TSMC) - ADR (TSM US)

Taiwan Dual-Listings Monitor: TSMC Premium at a Decent Short Level; ASE Short Interest Declining

In this piece, we provide our long and short levels for each dual-listing spread. Spreads have generally risen along with the strong end of year...

Vincent Fernando, CFA

KYEC (2449.TT): The Revenue Outlook Will Be an Upward Pickup in 2024F.

KYEC is projected to have a potentially positive growth in 2024, with a predicted decline in 1Q24F. However, there is expected to be an increase...

Patrick Liao

MediaTek (2454.TT): The Revenue Is Likely Upside Around 10% QoQ in 1Q24F.

MediaTek expects a 10% QoQ growth in 1Q24F and plans to release 12 million units of Dimensity 9000 series in 2024F. MediaTek's growth is targeting...

Patrick Liao

TWSE Foreign Holding Weekly (Dec 22nd): TSMC, Yang Ming Marine, Quanta Computer, Bora Pharma, Wiwynn

We analyzed TWSE foreign holding data for the past week and highlight foreign holding changes in TSMC, Yang Ming Marine, Quanta Computer, Bora...

Ke Yan, CFA, FRM

TWSE Short Interest Weekly (Dec 22nd): Inventec, Walsin Lihwa, Getac Holdings, Hon Hai, Wistron

We analyzed TWSE short interest report for the past week and highlight short interest changes in Inventec, Walsin Lihwa, Getac Holdings, Hon Hai,...

Ke Yan, CFA, FRM

Price Gauge

52-week Range

Market Cap (USDm)

P/E

Dividend (Yield)

Taiwan Dual-Listings Monitor: TSMC Premium at a Decent Short Level; ASE Short Interest Declining

In this piece, we provide our long and short levels for each dual-listing spread. Spreads have generally risen along with the strong end of year...

Vincent Fernando, CFA

KYEC (2449.TT): The Revenue Outlook Will Be an Upward Pickup in 2024F.

​KYEC is projected to have a potentially positive growth in 2024, with a predicted decline in 1Q24F. However, there is expected to be an increase...

Patrick Liao

MediaTek (2454.TT): The Revenue Is Likely Upside Around 10% QoQ in 1Q24F.

​MediaTek expects a 10% QoQ growth in 1Q24F and plans to release 12 million units of Dimensity 9000 series in 2024F. MediaTek's growth is targeting...

Patrick Liao

TWSE Foreign Holding Weekly (Dec 22nd): TSMC, Yang Ming Marine, Quanta Computer, Bora Pharma, Wiwynn

We analyzed TWSE foreign holding data for the past week and highlight foreign holding changes in TSMC, Yang Ming Marine, Quanta Computer, Bora...

Ke Yan, CFA, FRM

TWSE Short Interest Weekly (Dec 22nd): Inventec, Walsin Lihwa, Getac Holdings, Hon Hai, Wistron

We analyzed TWSE short interest report for the past week and highlight short interest changes in Inventec, Walsin Lihwa, Getac Holdings, Hon Hai,...

Ke Yan, CFA, FRM

KYEC is projected to have a potentially positive growth in 2024, with a predicted decline in 1Q24F. However, there is expected to be an increase...

MediaTek expects a 10% QoQ growth in 1Q24F and plans to release 12 million units of Dimensity 9000 series in 2024F. MediaTek's growth is targeting...