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>PC Shares Soaring -- After 1) Intel's AI Everywhere AI chip launch, 2) Launch of First AI PCs, 3) Micron's positive outlook for PCs in its latest results</li>
<li>Micron Analysis, Industry Takeaways: Memory Market TAM New Highs into 2025; SK Hynix Trade</li>
<li>Taiwan Dual-Listings Monitor: TSMC Premium at a Decent Short Level; ASE Short Interest Declining</li>
</ul>


PC Shares Soaring -- After 1) Intel's AI Everywhere AI chip launch, 2) Launch of First AI PCs, 3) Micron's positive outlook for PCs in its latest results
Micron Analysis, Industry Takeaways: Memory Market TAM New Highs into 2025; SK Hynix Trade
Taiwan Dual-Listings Monitor: TSMC Premium at a Decent Short Level; ASE Short Interest Declining


Taiwan Tech Weekly: PC Shares Clearly On Santa's Nice List; Soaring After AI PC Releases; Dell Trade

<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

uPI Semiconductor Corp / Equity Bottom-Up

<ul>
<li>UPI Semi is a specialist designer of electronic components and semiconductors for power management. Power management is a key performance factor for AI devices.</li>
<li>UPI's clients include most of the world's largest leading technology companies for semiconductor distribution and AI products.</li>
<li>UPI shares have lagged the strong performance of its clients -- We see opportunity for UPI to now Outperform.</li>
</ul>


UPI Semi is a specialist designer of electronic components and semiconductors for power management. Power management is a key performance factor for AI devices.
UPI's clients include most of the world's largest leading technology companies for semiconductor distribution and AI products.
UPI shares have lagged the strong performance of its clients -- We see opportunity for UPI to now Outperform.


Power Semiconductor Specialist Will Benefit from AI Yet Lagging Key Customers' Share Price Rallies

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

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.

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United Microelectron Sp Adr (UMC US)

Taiwan Tech Weekly: PC Shares Clearly On Santa's Nice List; Soaring After AI PC Releases; Dell Trade

PC Shares Soaring -- After 1) Intel's AI Everywhere AI chip launch, 2) Launch of First AI PCs, 3) Micron's positive outlook for PCs in its latest...

Vincent Fernando, CFA

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

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 Tech Weekly: PC Shares Clearly On Santa's Nice List; Soaring After AI PC Releases; Dell Trade

PC Shares Soaring -- After 1) Intel's AI Everywhere AI chip launch, 2) Launch of First AI PCs, 3) Micron's positive outlook for PCs in its latest...

Vincent Fernando, CFA

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

Power Semiconductor Specialist Will Benefit from AI Yet Lagging Key Customers' Share Price Rallies

UPI's clients include most of the world's leading tech companies for chip distribution and AI products. UPI shares have lagged the strong...

Vincent Fernando, CFA

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