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 (2330.TT; TSM.US): US$6.6bn from US CHIPS Act; the Earthquake Impact and the 2nd Japanese Fab. </li>
<li>Memory Monitor: Nanya's Results to Provide Latest Color on DRAM Post Earthquake; Short Int Rising </li>
<li>UMC (2303.TT; UMC.US): Some Rush Orders Coming in and 2Q24F Could Post Positive QoQ. </li>
</ul>


TSMC (2330.TT; TSM.US): US$6.6bn from US CHIPS Act; the Earthquake Impact and the 2nd Japanese Fab. 
Memory Monitor: Nanya's Results to Provide Latest Color on DRAM Post Earthquake; Short Int Rising 
UMC (2303.TT; UMC.US): Some Rush Orders Coming in and 2Q24F Could Post Positive QoQ. 


Taiwan Tech Weekly: TSMC Wins Major U.S. Support; Nanya Results; UMC Rush Orders

Taiwan Tech Focused Senior Analyst

Patrick Liao

United Microelectronics Corp / Equity Bottom-Up

<ul>
<li>
<a href="https://www.smartkarma.com/entities/united-microelectronics-corp" target="_blank" data-smartkarma-citation="entities:6450:1" rel="noopener">United Microelectronics Corp (2303 TT)</a>'s 2Q24F outlook is experiencing a slight upward now, possibly indicating a positive QoQ.  </li>
<li>UMC's notable contributors are showing a mixed outlook, and <a href="https://www.smartkarma.com/entities/novatek-microelectronics-corp" target="_blank" data-smartkarma-citation="entities:10904:1" rel="noopener">Novatek Microelectronics Corp (3034 TT)</a> could be the most influencer.</li>
<li>Attention should be paid to the 3Q24F outlook for any potential changes and a shift from a bearish view could positively impact the outlook, potentially signaling the end of downturn.  </li>
</ul>



United Microelectronics Corp (2303 TT)'s 2Q24F outlook is experiencing a slight upward now, possibly indicating a positive QoQ.  
UMC's notable contributors are showing a mixed outlook, and Novatek Microelectronics Corp (3034 TT) could be the most influencer.
Attention should be paid to the 3Q24F outlook for any potential changes and a shift from a bearish view could positively impact the outlook, potentially signaling the end of downturn.  


UMC (2303.TT; UMC.US): Some Rush Orders Coming in and 2Q24F Could Post Positive QoQ.

Semiconductors, Memory and SSDs Specialist, Objective Analysis

Jim Handy

Semiconductors, Memory and SSDs Specialist

Objective Analysis

Objective Analysis offers third-party independent market research and data for the semiconductor industry and investors in the semiconductor industry.

Semiconductors, Memory and SSDs

Thematic (Sector/Industry)

<ul>
<li>A major earthquake struck Taiwan on April 3, where 25-30% of the world's semiconductor wafers are produced</li>
<li>Most semiconductor fabs are far away from the earthquake's epicenter</li>
<li>Those companies that have issued statements indicate that damage was slight, but there is still likely to be a shortage, which should boost chip maker profitability through 2024</li>
</ul>


A major earthquake struck Taiwan on April 3, where 25-30% of the world's semiconductor wafers are produced
Most semiconductor fabs are far away from the earthquake's epicenter
Those companies that have issued statements indicate that damage was slight, but there is still likely to be a shortage, which should boost chip maker profitability through 2024


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>Taiwan companies are required to report revenue on a monthly basis. These updates can help us understand how a given quarter is progressing &amp; predict quarterly earnings ahead of time</li>
<li>Initially we focused on MoM %  increase/decrease. This is useful, but one needs to account for anomalies such as seasonality and potential non-linearity month to month within a given quarter </li>
<li>We now also provide the monthly YoY revenue comparison. This eliminates anomalies due to both seasonality and intra-quarter non-linearity, enabling a clearer perspective on where the industry is at. </li>
</ul>


Taiwan companies are required to report revenue on a monthly basis. These updates can help us understand how a given quarter is progressing &amp; predict quarterly earnings ahead of time
Initially we focused on MoM %  increase/decrease. This is useful, but one needs to account for anomalies such as seasonality and potential non-linearity month to month within a given quarter 
We now also provide the monthly YoY revenue comparison. This eliminates anomalies due to both seasonality and intra-quarter non-linearity, enabling a clearer perspective on where the industry is at. 


Semiconductor Real Time Indicators Update

<ul>
<li>It's probably not a good idea to chase the AI mania surge by buying the likes of NVIDIA, AMD, Micron etc at their currently highly elevated share prices</li>
<li>Taiwan has a large ecosystem of semiconductor companies many of which are critical to the AI hardware supply chain</li>
<li>We present a range of options with exposure to AI hardware for your consideration including foundry, fabless IC design, server BMC &amp; Copper Clad Laminate</li>
</ul>


It's probably not a good idea to chase the AI mania surge by buying the likes of NVIDIA, AMD, Micron etc at their currently highly elevated share prices
Taiwan has a large ecosystem of semiconductor companies many of which are critical to the AI hardware supply chain
We present a range of options with exposure to AI hardware for your consideration including foundry, fabless IC design, server BMC &amp; Copper Clad Laminate


Missed The AI Mania Surge? Here's A Few Options Still Worth Considering

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: TSMC Wins Major U.S. Support; Nanya Results; UMC Rush Orders

TSMC receives $6.6bn from US CHIPS Act; also plans for 2nd Japanese fab; Nanya's results to shed light on DRAM post-earthquake; UMC sees rush...

Vincent Fernando, CFA

UMC (2303.TT; UMC.US): Some Rush Orders Coming in and 2Q24F Could Post Positive QoQ.

UMC's 2Q24F outlook is slightly improving, with Novatek Microelectronics Corp potentially being a key influencer. Keep an eye on the 3Q24F outlook...

Patrick Liao

Will Taiwan Quake Trigger a Shortage?

Taiwan's April 3 earthquake should negatively impact semiconductor production to create a shortage that is likely to increase chip makers'...

Jim Handy

Semiconductor Real Time Indicators Update

Tracking monthly revenues of Taiwan semiconductor companies helps us identify key trends mid-quarter. Initially we tracked the MoM revenue changes....

William Keating

Missed The AI Mania Surge? Here's A Few Options Still Worth Considering

NVIDIA et al no longer make sense to invest in at current levels. We present a range of options with exposure to AI hardware including foundry,...

William Keating

Price Gauge

52-week Range

Market Cap (USDm)

P/E

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Taiwan Tech Weekly: TSMC Wins Major U.S. Support; Nanya Results; UMC Rush Orders

​TSMC receives $6.6bn from US CHIPS Act; also plans for 2nd Japanese fab; Nanya's results to shed light on DRAM post-earthquake; UMC sees rush...

Vincent Fernando, CFA

UMC (2303.TT; UMC.US): Some Rush Orders Coming in and 2Q24F Could Post Positive QoQ.

​UMC's 2Q24F outlook is slightly improving, with Novatek Microelectronics Corp potentially being a key influencer. Keep an eye on the 3Q24F outlook...

Patrick Liao

Will Taiwan Quake Trigger a Shortage?

​Taiwan's April 3 earthquake should negatively impact semiconductor production to create a shortage that is likely to increase chip makers'...

Jim Handy

Semiconductor Real Time Indicators Update

Tracking monthly revenues of Taiwan semiconductor companies helps us identify key trends mid-quarter. Initially we tracked the MoM revenue changes....

William Keating

Missed The AI Mania Surge? Here's A Few Options Still Worth Considering

NVIDIA et al no longer make sense to invest in at current levels. We present a range of options with exposure to AI hardware including foundry,...

William Keating

TSMC receives $6.6bn from US CHIPS Act; also plans for 2nd Japanese fab; Nanya's results to shed light on DRAM post-earthquake; UMC sees rush...

UMC's 2Q24F outlook is slightly improving, with Novatek Microelectronics Corp potentially being a key influencer. Keep an eye on the 3Q24F outlook...

Taiwan's April 3 earthquake should negatively impact semiconductor production to create a shortage that is likely to increase chip makers'...