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>Strong AI Demand Sustains Revenue Growth Despite the Seasonal Headwinds</li>
<li>Recent Shibaura Acquisition Enhances Yageo's Strategic Positioning in Specialty Components</li>
<li>We rate Yageo as a Structural Long - AI Content Cycle Should Drive Sustainable Mix Improvement</li>
</ul>


Strong AI Demand Sustains Revenue Growth Despite the Seasonal Headwinds
Recent Shibaura Acquisition Enhances Yageo's Strategic Positioning in Specialty Components
We rate Yageo as a Structural Long - AI Content Cycle Should Drive Sustainable Mix Improvement


Yageo 3Q25 Take-Aways: Passive Components Leader Benefitting from AI Applications Demand

<ul>
<li>2Q25 Results Summary: Reports Broad-Based Growth with Specialty Margin Strength  </li>
<li>Yageo Inventory Recovery Marks a Demand-Led Inflection for Hardware Components</li>
<li>Update on Shibaura Acquisition: Still on Track, Strategic Synergy in Focus</li>
</ul>


2Q25 Results Summary: Reports Broad-Based Growth with Specialty Margin Strength  
Yageo Inventory Recovery Marks a Demand-Led Inflection for Hardware Components
Update on Shibaura Acquisition: Still on Track, Strategic Synergy in Focus


Yageo’s AI-Driven Momentum and Strategic Expansion Through Shibaura Acquisition

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 5th. The aggregated holding was USD1,364.0bn.</li>
<li>We estimate that foreign flows to be inflows of USD819mln. We tabulate the league tables for top changes by value for 1W/4W/1Y and top stocks held by foreign institutions.</li>
<li>We highlight changes of foreign holdings in MediaTek, Quanta Computer, Unimicron Technology, UMC, Asia Vital Components, Mediatek, Quanta Computer, Unimicron Technology, UMC, Asia Vital Components.</li>
</ul>


We analyzed the changes in foreign holdings of TWSE Stocks as of Dec 5th. The aggregated holding was USD1,364.0bn.
We estimate that foreign flows to be inflows of USD819mln. We tabulate the league tables for top changes by value for 1W/4W/1Y and top stocks held by foreign institutions.
We highlight changes of foreign holdings in MediaTek, Quanta Computer, Unimicron Technology, UMC, Asia Vital Components, Mediatek, Quanta Computer, Unimicron Technology, UMC, Asia Vital Components.


TWSE Foreign Holding Weekly (Dec 5th): MediaTek, Quanta Computer, Unimicron Technology, UMC

Pan-Asia Catalysts/Events, Quiddity Advisors

Travis Lundy

Pan-Asia Catalysts/Events

Quiddity Advisors

Event-Driven

<ul>
<li>Today, Taiwanese passive components maker <a href="https://www.smartkarma.com/entities/yageo-corporation" target="_blank" data-smartkarma-citation="entities:13212:1" rel="noopener">Yageo Corporation (2327 TT)</a> announced its Board had approved the launching of a Tender on <a href="https://www.smartkarma.com/entities/shibaura-electronics-co-ltd" target="_blank" data-smartkarma-citation="entities:12704:1" rel="noopener">Shibaura Electronics (6957 JP)</a>. </li>
<li>It turns out YAGEO approached them in October, Shibaura stonewalled for 3mos, required an NDA to meet, and refused to budge. METI Corporate Takeover Guidelines were likely ignored.</li>
<li>This could set off a flurry of activity including competition, an auction, promises of dividends, and who knows what. It will be exciting but it's not C&amp;F.</li>
</ul>


Today, Taiwanese passive components maker Yageo Corporation (2327 TT) announced its Board had approved the launching of a Tender on Shibaura Electronics (6957 JP). 
It turns out YAGEO approached them in October, Shibaura stonewalled for 3mos, required an NDA to meet, and refused to budge. METI Corporate Takeover Guidelines were likely ignored.
This could set off a flurry of activity including competition, an auction, promises of dividends, and who knows what. It will be exciting but it's not C&amp;F.


Taiwan's Yageo (2327 TT) Announces Hostile Tender on Shibaura Electronics (6957 JP) - I Have 🍿🍿

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

TSMC (Taiwan Semiconductor Manufacturing) - ADR

<ul>
<li>Taiwan Tech Rallies Along With Rebound In Global Tech; Hon Hai, Asustek Top Gainers; KYEC a Top Loser After Announcing China Market Divestment</li>
<li>PC Monitor: The Next Version of MSFT CoPilot Will Be the Killer App for a Global AI PC Upgrade Cycle </li>
<li>ASMedia GDR Early Look - Momentum Has Been Strong, and Raising Would Grow Its Cash Base Almost 6x </li>
</ul>


Taiwan Tech Rallies Along With Rebound In Global Tech; Hon Hai, Asustek Top Gainers; KYEC a Top Loser After Announcing China Market Divestment
PC Monitor: The Next Version of MSFT CoPilot Will Be the Killer App for a Global AI PC Upgrade Cycle 
ASMedia GDR Early Look - Momentum Has Been Strong, and Raising Would Grow Its Cash Base Almost 6x 


Taiwan Tech Weekly: Hon Hai New All-Time Highs; Asustek Soars; Leading Chip Testing Firm Exits China

Taiwan

Yageo Corporation manufactures resistors and related equipment.  The Company also produces thick-film resistors which are used in downstream electronics products, and high power thin-film resistors and chip resistors which are used in aerospace, automobile, and precision electronics industries.  Through its subsidiaries, Yageo also operates a consumer goods importing business.

Price Gauge
52-week Range	0.00 - 0.00
Market Cap (USDm)	0.00
P/E	0.00
Dividend (Yield)	0.00

Yageo Corporation (2327 TT)

Yageo 3Q25 Take-Aways: Passive Components Leader Benefitting from AI Applications Demand

Yageo's revenue growth remains strong thanks to high demand for AI, with recent acquisitions boosting their strategic positioning in specialty...

Vincent Fernando, CFA

Yageo’s AI-Driven Momentum and Strategic Expansion Through Shibaura Acquisition

Yageo reports strong 2Q25 results with specialty margin growth, signaling hardware component demand recovery and progress on Shibaura acquisition...

Vincent Fernando, CFA

TWSE Foreign Holding Weekly (Dec 5th): MediaTek, Quanta Computer, Unimicron Technology, UMC

We analyzed TWSE foreign holding data for the past week and highlighted foreign holding changes in MediaTek (2454 TT), Quanta Computer (2382 TT),...

Ke Yan, CFA, FRM

Taiwan's Yageo (2327 TT) Announces Hostile Tender on Shibaura Electronics (6957 JP) - I Have 🍿🍿

Taiwanese passive electronics maker YAGEO announced a hostile tender offer planned for May for Shibaura Electronics. WOW. 37% premium. 1.9x book....

Travis Lundy

Taiwan Tech Weekly: Hon Hai New All-Time Highs; Asustek Soars; Leading Chip Testing Firm Exits China

Taiwan tech gains alongside global tech, with Hon Hai and Asustek leading. MSFT's next CoPilot expected to drive AI PC upgrades. ASMedia GDR shows...

Vincent Fernando, CFA

Price Gauge

52-week Range

Market Cap (USDm)

P/E

Dividend (Yield)

Yageo 3Q25 Take-Aways: Passive Components Leader Benefitting from AI Applications Demand

​Yageo's revenue growth remains strong thanks to high demand for AI, with recent acquisitions boosting their strategic positioning in specialty...

Vincent Fernando, CFA

Yageo’s AI-Driven Momentum and Strategic Expansion Through Shibaura Acquisition

​Yageo reports strong 2Q25 results with specialty margin growth, signaling hardware component demand recovery and progress on Shibaura acquisition...

Vincent Fernando, CFA

TWSE Foreign Holding Weekly (Dec 5th): MediaTek, Quanta Computer, Unimicron Technology, UMC

We analyzed TWSE foreign holding data for the past week and highlighted foreign holding changes in MediaTek (2454 TT), Quanta Computer (2382 TT),...

Ke Yan, CFA, FRM

Taiwan's Yageo (2327 TT) Announces Hostile Tender on Shibaura Electronics (6957 JP) - I Have 🍿🍿

Taiwanese passive electronics maker YAGEO announced a hostile tender offer planned for May for Shibaura Electronics. WOW. 37% premium. 1.9x book....

Travis Lundy

Taiwan Tech Weekly: Hon Hai New All-Time Highs; Asustek Soars; Leading Chip Testing Firm Exits China

​Taiwan tech gains alongside global tech, with Hon Hai and Asustek leading. MSFT's next CoPilot expected to drive AI PC upgrades. ASMedia GDR shows...

Vincent Fernando, CFA

Yageo's revenue growth remains strong thanks to high demand for AI, with recent acquisitions boosting their strategic positioning in specialty...

Yageo reports strong 2Q25 results with specialty margin growth, signaling hardware component demand recovery and progress on Shibaura acquisition...

Taiwan tech gains alongside global tech, with Hon Hai and Asustek leading. MSFT's next CoPilot expected to drive AI PC upgrades. ASMedia GDR shows...