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) / Equity Bottom-Up

<ul>
<li>Earnings season wrapping up -- Hon Hai &amp; Asustek recently reported... Some AI names rallied hard but our Nvidia L/S trade still working</li>
<li>Hon Hai’s margin expansion story is finally starting to be realized. Stock's perceived political risk could be an opportunity.</li>
<li>How Asustek plans to take the lead globally in AI PCs; Gaming PCs will be the first key battleground. MSI could be an interesting play on Asustek's recent strong performance.</li>
</ul>


Earnings season wrapping up -- Hon Hai &amp; Asustek recently reported... Some AI names rallied hard but our Nvidia L/S trade still working
Hon Hai’s margin expansion story is finally starting to be realized. Stock's perceived political risk could be an opportunity.
How Asustek plans to take the lead globally in AI PCs; Gaming PCs will be the first key battleground. MSI could be an interesting play on Asustek's recent strong performance.


Taiwan Tech Weekly: AI Names Rally But Nvidia Long/Short Still Working; Hon Hai & Asustek Take-Aways

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

<ul>
<li>TSMC's ADR premium is 10.4%, this is a decent level to short it based on the historical trading range.</li>
<li>UMC's ADR premium is near a good level to short the spread but one should wait for it to rise above 1.5% in our view.</li>
<li>UMC ADR short interest continues to trend higher; TSMC ADR short interest continues to fall.</li>
</ul>


TSMC's ADR premium is 10.4%, this is a decent level to short it based on the historical trading range.
UMC's ADR premium is near a good level to short the spread but one should wait for it to rise above 1.5% in our view.
UMC ADR short interest continues to trend higher; TSMC ADR short interest continues to fall.


Taiwan Dual Listings Monitor: TSMC ADR Spread at Decent Short Level; UMC ADR Short Interest Soaring

<ul>
<li>Last week global heavyweights AMD, Samsung, and Qualcomm delivered good news, including for the Memory, PC, and Smartphone industries. Taiwan company results supported their views as well.</li>
<li>Looking ahead, Novatek, Asustek, and Himax are set to release in Taiwan. Combined with NXP abroad, this will provide color on display demand, automotive, and servers/PCs.</li>
<li>A new Chinese memory chip maker just received major government investment, with an IPO of its related company planned.</li>
</ul>


Last week global heavyweights AMD, Samsung, and Qualcomm delivered good news, including for the Memory, PC, and Smartphone industries. Taiwan company results supported their views as well.
Looking ahead, Novatek, Asustek, and Himax are set to release in Taiwan. Combined with NXP abroad, this will provide color on display demand, automotive, and servers/PCs.
A new Chinese memory chip maker just received major government investment, with an IPO of its related company planned.


Taiwan Tech Weekly: Positive Signs for Memory, PC, Smartphones; Key Autos & Display Color This Week

Tracking developments across tech supply chains, Tech Supply Chain Tracker

Tech Supply Chain Tracker

Tracking developments across tech supply chains

Hon Hai Precision Industry / Equity Bottom-Up

<ul><li>Silicon Shield 2.0 involves managing risks and building partnerships to secure supply chains in today's economic landscape.</li><li>AMD collaborates with ZT System engineers to simplify rising AI system complexity, enhancing efficiency and productivity.</li><li>Foxconn leverages AI server trading models to increase profits, while Taiwan's president calls for regional de-risking and trade partnerships to adapt to supply chain shifts. #Taiwan #trade #partnerships #supplychain. Innodisk's AI revenue surpasses 20%, foreseeing growth in revenue and profit in the second half of 2024. SK Hynix's revenue doubles in the US and China, attributed to increased AI demand in the first half of 2024. TSMC's new fab in Germany is expected to generate jobs and enhance wafer ecosystems in Europe.</li></ul>

Silicon Shield 2.0 involves managing risks and building partnerships to secure supply chains in today's economic landscape.AMD collaborates with ZT System engineers to simplify rising AI system complexity, enhancing efficiency and productivity.Foxconn leverages AI server trading models to increase profits, while Taiwan's president calls for regional de-risking and trade partnerships to adapt to supply chain shifts. #Taiwan #trade #partnerships #supplychain. Innodisk's AI revenue surpasses 20%, foreseeing growth in revenue and profit in the second half of 2024. SK Hynix's revenue doubles in the US and China, attributed to increased AI demand in the first half of 2024. TSMC's new fab in Germany is expected to generate jobs and enhance wafer ecosystems in Europe.

Tech Supply Chain Tracker (23-Aug-2024): Silicon Shield 2.0: supply chain security & diplomacy.

<ul>
<li>Key Results This Week: Delta, Elan, ChipMOS, Nuvoton, AU Optronics in Taiwan... Plus Samsung, AMD, and Qualcomm.</li>
<li>Positive signs for the PC &amp; mobile space have come from recent Intel, UMC, Mediatek results.</li>
<li>Top Losers: Macronix Slumps on Weak Results and Outlook, Hon Hai Slumps on China Tax &amp; Land Probe</li>
</ul>


Key Results This Week: Delta, Elan, ChipMOS, Nuvoton, AU Optronics in Taiwan... Plus Samsung, AMD, and Qualcomm.
Positive signs for the PC &amp; mobile space have come from recent Intel, UMC, Mediatek results.
Top Losers: Macronix Slumps on Weak Results and Outlook, Hon Hai Slumps on China Tax &amp; Land Probe


Taiwan Tech Weekly: Wave of Key Taiwan Results; Heavyweights Samsung, AMD, Qualcomm Internationally

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 Tech Weekly: AI Names Rally But Nvidia Long/Short Still Working; Hon Hai & Asustek Take-Aways

Also how Asustek plans to take the lead globally in AI PCs; Gaming PCs will be the first key battleground. MSI could be an interesting play on...

Vincent Fernando, CFA

Taiwan Dual Listings Monitor: TSMC ADR Spread at Decent Short Level; UMC ADR Short Interest Soaring

TSMC's ADR premium is 10.4%, this is a decent level to short it based on the historical trading range. Short interest in TSMC ADRs has continued to...

Vincent Fernando, CFA

Taiwan Tech Weekly: Positive Signs for Memory, PC, Smartphones; Key Autos & Display Color This Week

Last week global heavyweights AMD, Samsung, and Qualcomm delivered good news, including for the Memory, PC, and Smartphone industries. Taiwan...

Vincent Fernando, CFA

Tech Supply Chain Tracker (23-Aug-2024): Silicon Shield 2.0: supply chain security & diplomacy.

Silicon Shield 2.0: AMD, Foxconn, Innodisk, SK Hynix, and TSMC leveraged AI and regional partnerships to secure and grow supply chains amidst...

Tech Supply Chain Tracker

Taiwan Tech Weekly: Wave of Key Taiwan Results; Heavyweights Samsung, AMD, Qualcomm Internationally

This week's key results in Taiwan include Delta, Elan, ChipMOS, Nuvoton, and AU Optronics. Positive signs for the PC and mobile space have been...

Vincent Fernando, CFA

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