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: Crashed Then Rebounded to +15.1% Premium; Likely to Break Down Again</li>
<li>UMC: -0.2% Discount; Earnings Imminent; Notable Decrease in ADR Headroom</li>
<li>ASE: Rebounded to +9.2 Premium After Major Breakdown; Likely to Drop Again</li>
</ul>


TSMC: Crashed Then Rebounded to +15.1% Premium; Likely to Break Down Again
UMC: -0.2% Discount; Earnings Imminent; Notable Decrease in ADR Headroom
ASE: Rebounded to +9.2 Premium After Major Breakdown; Likely to Drop Again


Taiwan Dual-Listings Monitor: TSMC and ASE Premium Trading Range Blow-Outs During Recent Sell-Off

Taiwan Tech Focused Senior Analyst

Patrick Liao

ASE Technology Holding   / Equity Bottom-Up

<ul>
<li>General products did not show an immediate recovery, but selective products have reached the bottom.    </li>
<li>The 3Q24 sales will grow in the mid to high teens QoQ in EMS, and IC-ATM sales will grow in the mid to high single digits QoQ.  </li>
<li>AI remains strong across all sectors. Despite AI SP driving the replacement cycle, other general demands still show muted recovery in 3Q24.</li>
</ul>


General products did not show an immediate recovery, but selective products have reached the bottom.    
The 3Q24 sales will grow in the mid to high teens QoQ in EMS, and IC-ATM sales will grow in the mid to high single digits QoQ.  
AI remains strong across all sectors. Despite AI SP driving the replacement cycle, other general demands still show muted recovery in 3Q24.


ASEH (3017.TT; ASX.US): ​Selective Products Have Hit Bottom While General Products Lag Behind.

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 short interest of TWSE Stocks as of Jul 19th which has an aggregated short interest worth USD21.0bn.</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 Kinpo Elec, L&amp;K Engineering, Asia Cement, Yageo, Unimicron Tech, Ctbc Financial, Auo.</li>
</ul>


We analyzed the changes in short interest of TWSE Stocks as of Jul 19th which has an aggregated short interest worth USD21.0bn.
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 Kinpo Elec, L&amp;K Engineering, Asia Cement, Yageo, Unimicron Tech, Ctbc Financial, Auo.


TWSE Short Interest Weekly (Jul 19th): Kinpo Elec, L&K Engineering, Asia Cement, Unimicron Tech

<ul>
<li>We analyzed the changes in foreign holdings of TWSE Stocks as of Jul 19th which has an aggregated holding worth USD965.9bn.</li>
<li>We estimate that foreign flows to be outflows of USD3,489mln. 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 foreign changes in Wiwynn, TSMC, Quanta Computer, Mediatek, Gigabyte Tech.</li>
</ul>


We analyzed the changes in foreign holdings of TWSE Stocks as of Jul 19th which has an aggregated holding worth USD965.9bn.
We estimate that foreign flows to be outflows of USD3,489mln. We tabulate the league table for top changes by value for 1W/4W/1Y and top stocks held by foreign institutions.
We highlight foreign changes in Wiwynn, TSMC, Quanta Computer, Mediatek, Gigabyte Tech.


TWSE Foreign Holding Weekly (Jul 19th): Wiwynn, TSMC, Quanta Computer, Mediatek, Gigabyte Tech

<ul>
<li>TSMC: +17.9% Premium; Rebounds After Brief Breakdown; Wait for Better Levels</li>
<li>UMC: +1.8% Premium; Can Consider Shorting the Premium at Current Level</li>
<li>ASE: +5.5% Premium Represents a Major Breakdown; Can Consider Going Long</li>
</ul>


TSMC: +17.9% Premium; Rebounds After Brief Breakdown; Wait for Better Levels
UMC: +1.8% Premium; Can Consider Shorting the Premium at Current Level
ASE: +5.5% Premium Represents a Major Breakdown; Can Consider Going Long


Taiwan Dual-Listings Monitor: TSMC Rebounds After Sharp Breakdown; ASE Major Premium Breakdown

Taiwan

United Microelectronics Corporation designs, manufactures, and markets integrated circuits (ICs) and related electronic products.  The Company's main products are consumer electronic ICs, memory ICs, personal computer peripheral ICs, and communication ICs.

Price Gauge
52-week Range	0.00 - 0.00
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United Microelectron Sp Adr (UMC US)

Taiwan Dual-Listings Monitor: TSMC and ASE Premium Trading Range Blow-Outs During Recent Sell-Off

We analyze the premium and discount levels of dual-listed Taiwan companies, suggesting potential spread trading levels based on historical trends.

Vincent Fernando, CFA

ASEH (3017.TT; ASX.US): Selective Products Have Hit Bottom While General Products Lag Behind.

Selective products have hit bottom while general products lag behind, with EMS and IC-ATM sales expected to grow in 3Q24, driven by strong AI demand.

Patrick Liao

TWSE Short Interest Weekly (Jul 19th): Kinpo Elec, L&K Engineering, Asia Cement, Unimicron Tech

We analyzed TWSE short interest report for the past week and highlighted short interest changes in Kinpo Elec, L&K Engineering, Asia Cement, Yageo,...

Ke Yan, CFA, FRM

TWSE Foreign Holding Weekly (Jul 19th): Wiwynn, TSMC, Quanta Computer, Mediatek, Gigabyte Tech

We analyzed TWSE foreign holding data for the past week and highlighted foreign holding changes in Wiwynn, TSMC, Quanta Computer, Mediatek,...

Ke Yan, CFA, FRM

Taiwan Dual-Listings Monitor: TSMC Rebounds After Sharp Breakdown; ASE Major Premium Breakdown

We analyze the premium and discount levels of dual-listed Taiwan companies, suggesting potential spread trading levels based on historical trends.

Vincent Fernando, CFA

Price Gauge

52-week Range

Market Cap (USDm)

P/E

Dividend (Yield)

Taiwan Dual-Listings Monitor: TSMC and ASE Premium Trading Range Blow-Outs During Recent Sell-Off

We analyze the premium and discount levels of dual-listed Taiwan companies, suggesting potential spread trading levels based on historical trends.

Vincent Fernando, CFA

ASEH (3017.TT; ASX.US): ​Selective Products Have Hit Bottom While General Products Lag Behind.

​Selective products have hit bottom while general products lag behind, with EMS and IC-ATM sales expected to grow in 3Q24, driven by strong AI demand.

Patrick Liao

TWSE Short Interest Weekly (Jul 19th): Kinpo Elec, L&K Engineering, Asia Cement, Unimicron Tech

We analyzed TWSE short interest report for the past week and highlighted short interest changes in Kinpo Elec, L&K Engineering, Asia Cement, Yageo,...

Ke Yan, CFA, FRM

TWSE Foreign Holding Weekly (Jul 19th): Wiwynn, TSMC, Quanta Computer, Mediatek, Gigabyte Tech

We analyzed TWSE foreign holding data for the past week and highlighted foreign holding changes in Wiwynn, TSMC, Quanta Computer, Mediatek,...

Ke Yan, CFA, FRM

Taiwan Dual-Listings Monitor: TSMC Rebounds After Sharp Breakdown; ASE Major Premium Breakdown

We analyze the premium and discount levels of dual-listed Taiwan companies, suggesting potential spread trading levels based on historical trends.

Vincent Fernando, CFA

ASEH (3017.TT; ASX.US): Selective Products Have Hit Bottom While General Products Lag Behind.

Selective products have hit bottom while general products lag behind, with EMS and IC-ATM sales expected to grow in 3Q24, driven by strong AI demand.