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>Samsung Electronics and Nanya Technology will report their results this week. Samsung could reportedly increase NAND prices this month, giving a potential hint to the memory outlook they will provide.</li>
<li>Hon Hai will begin mass production of its Model C electric car in 4Q23E in Taiwan. This will provide a proof point for Hon Hai's global EV platform business model.</li>
<li>Top gainers recently have included rebounding AI names -- One can consider using the bounce to find AI shorts to pair against an Nvidia long.</li>
</ul>


Samsung Electronics and Nanya Technology will report their results this week. Samsung could reportedly increase NAND prices this month, giving a potential hint to the memory outlook they will provide.
Hon Hai will begin mass production of its Model C electric car in 4Q23E in Taiwan. This will provide a proof point for Hon Hai's global EV platform business model.
Top gainers recently have included rebounding AI names -- One can consider using the bounce to find AI shorts to pair against an Nvidia long.


Taiwan Tech Weekly: Samsung & Nanya Earnings; AI Names Rebound Again

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>Semiconductor revenues have enjoyed month over month growth since April</li>
<li>This growth is higher than the industry's long-term average 3.9% growth</li>
<li>It looks as if the industry is starting another of its typical cycles.</li>
</ul>


Semiconductor revenues have enjoyed month over month growth since April
This growth is higher than the industry's long-term average 3.9% growth
It looks as if the industry is starting another of its typical cycles.


SIA: Semiconductors Up for Fourth Consecutive Month

<ul>
<li>Wave of earnings this week -- AMD, Qualcomm, Apple internationally... and Delta, Advantech, Innolux, Winbond, Realtek, plus others in Taiwan.</li>
<li>We visited Micron’s A3 fab in Taiwan; SK Hynix gives strongest comments yet on Memory turn-around; Long Nanya Tech on DRAM turn-around.</li>
<li>Intel results readthrough: PC cycle improving and could be accelerated by AI-demand... We continue to see Elan Micro as a laggard play on rallying PC names.</li>
</ul>


Wave of earnings this week -- AMD, Qualcomm, Apple internationally... and Delta, Advantech, Innolux, Winbond, Realtek, plus others in Taiwan.
We visited Micron’s A3 fab in Taiwan; SK Hynix gives strongest comments yet on Memory turn-around; Long Nanya Tech on DRAM turn-around.
Intel results readthrough: PC cycle improving and could be accelerated by AI-demand... We continue to see Elan Micro as a laggard play on rallying PC names.


Taiwan Tech Weekly: Wave of Taiwan Earnings Plus AMD & Apple; AI Accelerating DRAM & PC Recovery

<ul>
<li>We had a call with ChipMOS management about their latest long-term R&amp;D efforts and drivers. </li>
<li>We see many of the company's key clients' businesses turning a corner, hence see these developments likely to benefit ChipMOS.</li>
<li>The company will be reporting earnings on August 3rd, we have an Outperform rating for the shares. Could see some continued margin weakness, however we believe forward outlook is improving.</li>
</ul>


We had a call with ChipMOS management about their latest long-term R&amp;D efforts and drivers. 
We see many of the company's key clients' businesses turning a corner, hence see these developments likely to benefit ChipMOS.
The company will be reporting earnings on August 3rd, we have an Outperform rating for the shares. Could see some continued margin weakness, however we believe forward outlook is improving.


ChipMOS: Results Ahead & Key Clients for Display and Memory Signal a Turn Around Is Happening

<ul>
<li>Chip revenues have been up for two months in a row.  Could this be the start of a trend?</li>
<li>Commodity prices indicate that the "Collapse" phase of a price downturn has ended, and that prices will now follow costs</li>
<li>DRAM and NAND makers should remain unprofitable until mid 2024, although their revenues can begin to steadily rise.  Other chip makers will do better.</li>
</ul>


Chip revenues have been up for two months in a row.  Could this be the start of a trend?
Commodity prices indicate that the "Collapse" phase of a price downturn has ended, and that prices will now follow costs
DRAM and NAND makers should remain unprofitable until mid 2024, although their revenues can begin to steadily rise.  Other chip makers will do better.


Taiwan

Winbond Electronics Corporation designs, manufactures, and sells integrated circuits (IC) and related products.  The Company sells its products in Taiwan, the United States, and Hong Kong.

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Winbond Electronics (2344 TT)

Taiwan Tech Weekly: Samsung & Nanya Earnings; AI Names Rebound Again

Top gainers recently have included rebounding AI names -- One can consider using the bounce to find AI shorts to pair against an Nvidia long.

Vincent Fernando, CFA

SIA: Semiconductors Up for Fourth Consecutive Month

The semiconductor industry seems to be starting another cycle, with revenues increasing for the past four months. This Insight compares past...

Jim Handy

Taiwan Tech Weekly: Wave of Taiwan Earnings Plus AMD & Apple; AI Accelerating DRAM & PC Recovery

Wave of Taiwan earnings this week with Delta, Advantech, Innolux, Winbond, Realtek, Elan, ChipMOS plus others in Taiwan. Also -- We visited...

Vincent Fernando, CFA

ChipMOS: Results Ahead & Key Clients for Display and Memory Signal a Turn Around Is Happening

We had a call with ChipMOS management about the company's latest long-term research efforts and drivers. The shares appear well supported into an...

Vincent Fernando, CFA

Encouraging Signs in Recent Semi Stats

The chip market is giving signs of a recovery which will see rising revenues but should remain unprofitable for commodity players until mid-2024. ...

Jim Handy

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