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

VEON Ltd. provides telecommunications and digital services. The Company offers fixed-line telecommunication, broadband, voice, wireless Internet and connectivity, and other related services. VEON serves customers worldwide.

<ul>
<li>
 Telecom leader in key frontier markets. VEON serves nearly 160 million subscribers across frontier markets including Ukraine, Pakistan, Kazakhstan, Uzbekistan, and Bangladesh.</li>
<li>
 Multiple potential unicorn tech businesses within the Group. VEON has multiple rapidly growing tech businesses with unicorn (US$1bn valuation) potential.</li>
<li>
 Ukraine spin-out to unlock value. VEON is planning a Nasdaq IPO spin-out of its Ukraine business Kyivstar via de-SPAC for 2H25E. We rate VEON as a Structural Long, US$59 Target.</li>
</ul>



 Telecom leader in key frontier markets. VEON serves nearly 160 million subscribers across frontier markets including Ukraine, Pakistan, Kazakhstan, Uzbekistan, and Bangladesh.

 Multiple potential unicorn tech businesses within the Group. VEON has multiple rapidly growing tech businesses with unicorn (US$1bn valuation) potential.

 Ukraine spin-out to unlock value. VEON is planning a Nasdaq IPO spin-out of its Ukraine business Kyivstar via de-SPAC for 2H25E. We rate VEON as a Structural Long, US$59 Target.


VEON (VEON US): Frontier Markets Digital Leader, Ukraine Spin-Out to Unlock Value

Faraday Technology Corp. designs and manufactures application specific integrated circuits (ASICs) and wafers.

<ul>
<li>Faraday Top-Line Soars on CoWoS Chip Packaging Services Support Ramp -- 78% of MP Revenue Came from AI/HPC Applications</li>
<li>TSMC-Aligned Execution Enables Asset-Light Business Scaling for Faraday -- New Fabless OSAT Service is Highly Differentiated; Competitive Advantage</li>
<li>Outlook: Continued Very Strong Momentum into 2Q25 -- 1H25 Revenue Will Be Higher Than All of 2024</li>
</ul>


Faraday Top-Line Soars on CoWoS Chip Packaging Services Support Ramp -- 78% of MP Revenue Came from AI/HPC Applications
TSMC-Aligned Execution Enables Asset-Light Business Scaling for Faraday -- New Fabless OSAT Service is Highly Differentiated; Competitive Advantage
Outlook: Continued Very Strong Momentum into 2Q25 -- 1H25 Revenue Will Be Higher Than All of 2024


Faraday Technology’s Breakout: AI Packaging Demand Defying the Global Semiconductor Slowdown

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

Taiwan Semiconductor Manufacturing Company Ltd. manufactures integrated circuits based on its proprietary designs.  The Company offers a comprehensive set of integrated circuit fabrication processes to manufacture CMOS logic, mixed-mode, volatile and non-volatile memory and BiCMOS chips.  Taiwan Semiconductor is an affiliate of Philips Electronics N.V.

Taiwan Semiconductor (TSMC) - ADR (TSM US)

<ul>
<li>TSMC: 16.5% Premium; Short Interest Remains Near Historical Highs for ADR and Local</li>
<li>ASE: +2.2% Premium; Wait for Closer to Par Before Going Long; Short Interest in Local Shares at Highs</li>
<li>ChipMOS: +1.1% Premium; Short Interest in Local Shares Hits New Highs</li>
</ul>


TSMC: 16.5% Premium; Short Interest Remains Near Historical Highs for ADR and Local
ASE: +2.2% Premium; Wait for Closer to Par Before Going Long; Short Interest in Local Shares at Highs
ChipMOS: +1.1% Premium; Short Interest in Local Shares Hits New Highs


Taiwan Dual-Listings Monitor: TSMC Premium at Mid-Range; Short Interest Highs for ASE & IMOS

<ul>
<li>
TSMC’s Arizona fab hits Taiwan-level yields, easing replication concerns and reinforcing its global leadership across N2 and advanced packaging. </li>
<li>
AI demand offsets smartphone softness in 1Q25; TSMC guides +13% QoQ revenue for 2Q25 as margins hold firm despite tariff and earthquake headwinds. </li>
<li>
Faraday and UMC results ahead this week -- Key readouts on Taiwan’s ASIC, mature node, and design service momentum amid U.S.-China tech decoupling.</li>
</ul>



TSMC’s Arizona fab hits Taiwan-level yields, easing replication concerns and reinforcing its global leadership across N2 and advanced packaging. 

AI demand offsets smartphone softness in 1Q25; TSMC guides +13% QoQ revenue for 2Q25 as margins hold firm despite tariff and earthquake headwinds. 

Faraday and UMC results ahead this week -- Key readouts on Taiwan’s ASIC, mature node, and design service momentum amid U.S.-China tech decoupling.


Taiwan Tech Weekly: TSMC U.S. Bet Pays Off; UMC & Faraday Step Up Next; Latest Mobile Shipments Data

<ul>
<li>
TSMC's Arizona Yield Success Silences Doubts: Management confirmed first U.S. fab has achieved yields comparable to Taiwan, validating global replication model and reinforcing alignment with U.S. clients like Apple, Nvidia. </li>
<li>
U.S. Buildout Anchoring TSMC’s Long-Term Dominance: With 30% of N2 and beyond capacity to be in USA, TSMC building footprint across fabs, packaging, and R&amp;D competitors will struggle to match. </li>
<li>
Margins Resilient, AI Demand Accelerating: 1Q25 beat on AI strength despite smartphone softness and earthquake disruption. 2Q25E revenue guidance of +13% QoQ reflects continued momentum in advanced nodes and HPC.</li>
</ul>



TSMC's Arizona Yield Success Silences Doubts: Management confirmed first U.S. fab has achieved yields comparable to Taiwan, validating global replication model and reinforcing alignment with U.S. clients like Apple, Nvidia. 

U.S. Buildout Anchoring TSMC’s Long-Term Dominance: With 30% of N2 and beyond capacity to be in USA, TSMC building footprint across fabs, packaging, and R&amp;D competitors will struggle to match. 

Margins Resilient, AI Demand Accelerating: 1Q25 beat on AI strength despite smartphone softness and earthquake disruption. 2Q25E revenue guidance of +13% QoQ reflects continued momentum in advanced nodes and HPC.


What TSMC’s 1Q25 Results Reveal About the Future of Chipmaking in the U.S. (Structural Long)

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

Vincent Fernando, CFA
Managing Director, Zero One
• Zero One

VEON (VEON US): Frontier Markets Digital Leader, Ukraine Spin-Out to Unlock Value

Telecom leader in Ukraine, Pakistan, and Kazakhstan with 160m subs. Also incubating high-growth digital platforms with unicorn potential. Nasdaq...

Vincent Fernando, CFA

Faraday Technology’s Breakout: AI Packaging Demand Defying the Global Semiconductor Slowdown

Faraday's top-line growth driven by CoWoS chip packaging services for AI/HPC applications, with very strong momentum expected to continue into 2Q25.

Vincent Fernando, CFA

Taiwan Dual-Listings Monitor: TSMC Premium at Mid-Range; Short Interest Highs for ASE & IMOS

We analyze the premium and discount levels of dual-listed Taiwan companies, suggesting potential spread trading levels based on historical trends.

Vincent Fernando, CFA

Taiwan Tech Weekly: TSMC U.S. Bet Pays Off; UMC & Faraday Step Up Next; Latest Mobile Shipments Data

TSMC's Arizona fab achieves Taiwan-level yields, reinforcing global leadership in N2 and advanced packaging, while AI demand offsets smartphone...

Vincent Fernando, CFA

What TSMC’s 1Q25 Results Reveal About the Future of Chipmaking in the U.S. (Structural Long)

TSMC's Arizona fab progress validates global replication model, strengthens ties with U.S. clients like Apple and Nvidia, anchoring long-term...

Vincent Fernando, CFA

VEON (VEON US): Frontier Markets Digital Leader, Ukraine Spin-Out to Unlock Value

Telecom leader in Ukraine, Pakistan, and Kazakhstan with 160m subs. Also incubating high-growth digital platforms with unicorn potential. Nasdaq...

Vincent Fernando, CFA

Faraday Technology’s Breakout: AI Packaging Demand Defying the Global Semiconductor Slowdown

​Faraday's top-line growth driven by CoWoS chip packaging services for AI/HPC applications, with very strong momentum expected to continue into 2Q25.

Vincent Fernando, CFA

Taiwan Dual-Listings Monitor: TSMC Premium at Mid-Range; Short Interest Highs for ASE & IMOS

We analyze the premium and discount levels of dual-listed Taiwan companies, suggesting potential spread trading levels based on historical trends.

Vincent Fernando, CFA

Taiwan Tech Weekly: TSMC U.S. Bet Pays Off; UMC & Faraday Step Up Next; Latest Mobile Shipments Data

​TSMC's Arizona fab achieves Taiwan-level yields, reinforcing global leadership in N2 and advanced packaging, while AI demand offsets smartphone...

Vincent Fernando, CFA

What TSMC’s 1Q25 Results Reveal About the Future of Chipmaking in the U.S. (Structural Long)

​TSMC's Arizona fab progress validates global replication model, strengthens ties with U.S. clients like Apple and Nvidia, anchoring long-term...

Vincent Fernando, CFA

Faraday's top-line growth driven by CoWoS chip packaging services for AI/HPC applications, with very strong momentum expected to continue into 2Q25.

TSMC's Arizona fab achieves Taiwan-level yields, reinforcing global leadership in N2 and advanced packaging, while AI demand offsets smartphone...

TSMC's Arizona fab progress validates global replication model, strengthens ties with U.S. clients like Apple and Nvidia, anchoring long-term...