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

Bank of China - Surging LDR, Falling NIM, ROE, with Higher Base of Credit Costs/Operating Income

TSMC (2330.TT;TSM.US): Lukewarm 4Q23F Outlook, and Hope to Experience a Healthy Growth in 2024F.

TSMC Results Highlight PC, Smartphone, Auto Turn-Arounds; Undemanding Valuation Can Drive 40% Upside

Taiwan Tech Weekly: Micron Results Ahead; Taiwan AI Plays Slump But Still Beat Nvidia Last 3 Months

Taiwan AI Stock Shorts Vs. Nvidia: Nvidia Outperforms, Maintain Taiwan Short Basket

Taiwan Tech Weekly: Taiwan AI Names Rebound; Memory Crashes; Look for Nvidia Hedges

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

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

Taiwan Semiconductor (TSMC) - ADR (TSM US)

<ul>
<li>U.S. expands China chip restrictions -- Implementing lower performance thresholds and further restricting sales via third party countries.</li>
<li>Intel and AMD chips likely also impacted, as well as equipment from ASML, Lam, Applied Materials, Tokyo Electron and others. We will learn more today from Lam and ASML results.</li>
<li>Taiwan AI Plays also to be impacted -- Shares of Wistron, Quanta, Gold Circuit, Asia Vital Gigabyte, Super Micro, Alchip appear precarious.</li>
</ul>


U.S. expands China chip restrictions -- Implementing lower performance thresholds and further restricting sales via third party countries.
Intel and AMD chips likely also impacted, as well as equipment from ASML, Lam, Applied Materials, Tokyo Electron and others. We will learn more today from Lam and ASML results.
Taiwan AI Plays also to be impacted -- Shares of Wistron, Quanta, Gold Circuit, Asia Vital Gigabyte, Super Micro, Alchip appear precarious.


U.S. Expands China Chip Restrictions: Taiwan AI Names Most at Risk of Pullback