Managing Director, Zero One, Zero One

Vincent Fernando, CFA

20 years of experience researching capital markets in Asia and the USA.

Managing Director, Zero One

Taiwan Tech Weekly: Strong TSMC & ASML Data Fails to Rally the Semiconductor Sector

ASE Color Suggests Widening Performance Gap Between Leading-Edge and Mature Semiconductor Players

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

Taiwan Tech Weekly: TSMC Sales Beat High Expectations; Wiwynn GDR Offering; IPhone 17 to Use 2nm

We See TSMC's Margins Increasing Much Higher Than Guidance in Long-Term; 2Q24 Shows Apple Ramping Up

ASML. Maintaining 2024 Guidance Despite Sharp Decline In New Bookings

Battle Lines Drawn As BABA Builds Out First/Last-Mile Capacity; But Who Will Fund 75+ Bn CNY CapEx?

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>ASML's results last week indicated continued strength in the semiconductor industry. We analyze the results to identify any potential signs of weakening or pauses in global industry momentum for Taiwan.</li>
<li>Net system bookings surged 54% QoQ and ASML reported rising utilization levels of its clients' equipment. Inventory days rose significantly, but this is due to upcoming 2025 orderbook deliveries.</li>
<li>New US, Europe, and Japan fabs bolster strong revenue outlook into 2026E. Overall, robust industry demand persists according to ASML's latest data, with no major signs of softness.</li>
</ul>


ASML's results last week indicated continued strength in the semiconductor industry. We analyze the results to identify any potential signs of weakening or pauses in global industry momentum for Taiwan.
Net system bookings surged 54% QoQ and ASML reported rising utilization levels of its clients' equipment. Inventory days rose significantly, but this is due to upcoming 2025 orderbook deliveries.
New US, Europe, and Japan fabs bolster strong revenue outlook into 2026E. Overall, robust industry demand persists according to ASML's latest data, with no major signs of softness.


Taiwan Semiconductor (TSMC) - ADR (TSM US)

ASML Readthrough: Are There Signs of an Industry Slow Down?

ASML Holding NV

ASML Readthrough: Are There Signs of an Industry Slow Down?