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>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

Taiwan Tech Focused Senior Analyst

Patrick Liao

<ul>
<li>
<a href="https://www.smartkarma.com/entities/mediatek-inc" target="_blank" data-smartkarma-citation="entities:772:1" rel="noopener">Mediatek Inc (2454 TT)'s</a> 3Q24 is expected to experience a quarter-on-quarter increase of about 5%.  </li>
<li>MediaTek is currently developing new processors based on Arm architecture and natively supporting the Microsoft Windows operating system.</li>
<li>It is believed that MediaTek will tape out with TSMC 3nm technology, targeting the 1H25 market.</li>
</ul>



Mediatek Inc (2454 TT)'s 3Q24 is expected to experience a quarter-on-quarter increase of about 5%.  
MediaTek is currently developing new processors based on Arm architecture and natively supporting the Microsoft Windows operating system.
It is believed that MediaTek will tape out with TSMC 3nm technology, targeting the 1H25 market.


MediaTek (2454.TT): 2Q24 Guidance Is Achievable; to Take Advantage of the AI PC Replacement Trend.

Taiwan Semiconductor (TSMC) / Equity Bottom-Up

<ul>
<li>The yearly growth target could approach 25% YoY in 2024.</li>
<li>TSMC's CoWoS demand continues to rise, with capacity expected to increase by approximately another 5% in 2024.</li>
<li>TSMC's stock price has risen by 55% in Taiwan and by 66.3% in US markets this year. We believe it has the potential to continue increasing further.</li>
</ul>


The yearly growth target could approach 25% YoY in 2024.
TSMC's CoWoS demand continues to rise, with capacity expected to increase by approximately another 5% in 2024.
TSMC's stock price has risen by 55% in Taiwan and by 66.3% in US markets this year. We believe it has the potential to continue increasing further.


TSMC (2330.TT; TSM.US): CoWoS Demand Continues to Increase in 2024.

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>Nokia and Foxconn are collaborating to manufacture 5G products in northern Vietnam, potentially boosting the country's tech industry.</li><li>Huawei's entry into the automotive tier-1 market raises questions about its impact on traditional car manufacturers.</li><li>The UK semiconductor industry and Taiwan Semiconductor Manufacturing Company (TSMC) are highlighted at London Tech Week, showcasing their importance in the tech world.</li></ul>

Nokia and Foxconn are collaborating to manufacture 5G products in northern Vietnam, potentially boosting the country's tech industry.Huawei's entry into the automotive tier-1 market raises questions about its impact on traditional car manufacturers.The UK semiconductor industry and Taiwan Semiconductor Manufacturing Company (TSMC) are highlighted at London Tech Week, showcasing their importance in the tech world.

Tech Supply Chain Tracker (15-Jun-2024): 5G products made by Nokia and Foxconn in northern Vietnam.

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

<ul>
<li>TSMC: +21.3% Premium; Trading at New +15-25% Range This Year</li>
<li>ASE: +12.7% Premium; We Continue to View 14%+ as Fresh Short Level</li>
<li>CHT: +1.2% Premium; Good Level to Short Relative to History</li>
</ul>


TSMC: +21.3% Premium; Trading at New +15-25% Range This Year
ASE: +12.7% Premium; We Continue to View 14%+ as Fresh Short Level
CHT: +1.2% Premium; Good Level to Short Relative to History


Taiwan Dual-Listings Monitor: TSMC Historically Extreme Premium Continues; CHT at Short Level Again

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)

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

MediaTek (2454.TT): 2Q24 Guidance Is Achievable; to Take Advantage of the AI PC Replacement Trend.

MediaTek anticipates a 5% increase in 3Q24, developing new processors for Windows OS and planning to use TSMC 3nm technology in 1H25.

Patrick Liao

TSMC (2330.TT; TSM.US): CoWoS Demand Continues to Increase in 2024.

TSMC's strong growth outlook for 2024, driven by increasing CoWoS demand and impressive stock price performance, suggests continued success ahead.

Patrick Liao

Tech Supply Chain Tracker (15-Jun-2024): 5G products made by Nokia and Foxconn in northern Vietnam.

Nokia and Foxconn are teaming up to produce 5G products in northern Vietnam, while Huawei makes gains in automotive tier-1 and London Tech Week...

Tech Supply Chain Tracker

Taiwan Dual-Listings Monitor: TSMC Historically Extreme Premium Continues; CHT at Short Level Again

Latest analysis for Taiwan ADR premiums including key levels to long or short the ADRs' premium or discount to their respective local Taiwan shares.

Vincent Fernando, CFA

Price Gauge

52-week Range

Market Cap (USDm)

P/E

Dividend (Yield)

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

MediaTek (2454.TT): 2Q24 Guidance Is Achievable; to Take Advantage of the AI PC Replacement Trend.

​MediaTek anticipates a 5% increase in 3Q24, developing new processors for Windows OS and planning to use TSMC 3nm technology in 1H25.

Patrick Liao

TSMC (2330.TT; TSM.US): CoWoS Demand Continues to Increase in 2024.

​TSMC's strong growth outlook for 2024, driven by increasing CoWoS demand and impressive stock price performance, suggests continued success ahead.

Patrick Liao

Tech Supply Chain Tracker (15-Jun-2024): 5G products made by Nokia and Foxconn in northern Vietnam.

Nokia and Foxconn are teaming up to produce 5G products in northern Vietnam, while Huawei makes gains in automotive tier-1 and London Tech Week...

Tech Supply Chain Tracker

Taiwan Dual-Listings Monitor: TSMC Historically Extreme Premium Continues; CHT at Short Level Again

Latest analysis for Taiwan ADR premiums including key levels to long or short the ADRs' premium or discount to their respective local Taiwan shares.

Vincent Fernando, CFA

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

MediaTek anticipates a 5% increase in 3Q24, developing new processors for Windows OS and planning to use TSMC 3nm technology in 1H25.

TSMC's strong growth outlook for 2024, driven by increasing CoWoS demand and impressive stock price performance, suggests continued success ahead.