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

Kyivstar Group Ltd. operates as a holding company. The Company, through its subsidiaries, provides services across a wide range of mobile and fixed line technologies, including 4G, big data, cloud solutions, cybersecurity, and digital TV. Kyivstar Group serves customers in Ukraine and the United Arab Emirates.

<ul>
<li>Kyivstar is executing parent company VEON’s transformation playbook to evolve from a telecom operator into a Ukraine digital services ecosystem inclusive of financial services.</li>
<li>Kyivstar itself has the potential to one day become a major fintech platform in Ukraine should the regulatory environment evolve.</li>
<li>We reiterate our Structural Long rating and US$19.8 target price for KYIV.</li>
</ul>


Kyivstar is executing parent company VEON’s transformation playbook to evolve from a telecom operator into a Ukraine digital services ecosystem inclusive of financial services.
Kyivstar itself has the potential to one day become a major fintech platform in Ukraine should the regulatory environment evolve.
We reiterate our Structural Long rating and US$19.8 target price for KYIV.


Kyivstar (KYIV US): Building Blocks in Place for Future Ukraine Fintech Leadership

TSMC (Taiwan Semiconductor Manufacturing) - 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.

TSMC (Taiwan Semiconductor Manufacturing) - ADR (TSM US)

TSMC (Taiwan Semiconductor Manufacturing) - ADR

<ul>
<li>TSMC: +26.3% Premium; Rebounded Back to a Level One Can Short the Spread</li>
<li>ChipMOS: -2.6% Discount; Opportunity to Go Long the ADR Spread</li>
<li>CHT: -0.9% Discount; Opportunity to Go Long the ADR Spread</li>
</ul>


TSMC: +26.3% Premium; Rebounded Back to a Level One Can Short the Spread
ChipMOS: -2.6% Discount; Opportunity to Go Long the ADR Spread
CHT: -0.9% Discount; Opportunity to Go Long the ADR Spread


Taiwan Dual-Listings Monitor: TSMC Spread Rebounds into Short Territory; ChipMOS & CHT Opportunities

<ul>
<li>Strong Signals TSMC’s 2nm Node Will Take the Company to New Heights</li>
<li>Apple Anchors 2nm Volumes -- Insulates from Potential AI Capex Slowdown</li>
<li>TSMC Inexpensive and Resilient to Any Potential AI Capex Slowdown</li>
</ul>


Strong Signals TSMC’s 2nm Node Will Take the Company to New Heights
Apple Anchors 2nm Volumes -- Insulates from Potential AI Capex Slowdown
TSMC Inexpensive and Resilient to Any Potential AI Capex Slowdown


TSMC: A Resilient Long Holding Insulated From an AI Slowdown

<ul>
<li>TSMC’s 2nm Node Is Already Sold Out Through 2026E... And Hasn't Even Started Production Yet</li>
<li>Taiwan Dual-Listings Monitor: TSMC Historically High Premium Cracks; ChipMOS &amp; CHT Opportunities </li>
<li>Micron: Nov-25 Beat by 30%, Feb-26 Guidance 80% Above Consensus </li>
</ul>


TSMC’s 2nm Node Is Already Sold Out Through 2026E... And Hasn't Even Started Production Yet
Taiwan Dual-Listings Monitor: TSMC Historically High Premium Cracks; ChipMOS &amp; CHT Opportunities 
Micron: Nov-25 Beat by 30%, Feb-26 Guidance 80% Above Consensus 


Taiwan Tech Weekly: TSMC's Next Node Already Sold Out Before Any Mass Production

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>VEON’s JazzCash in Pakistan and China’s Binance are exploring blockchain integration for remittances, merchant settlement, and stablecoin payment rails, with implementation contingent on regulatory approval.</li>
<li>VEON’s Banglalink received Bangladesh Bank approval to operate as a payment service provider, enabling instant person-to-person transfers, remittance services, utility payments, merchant transactions, and salary disbursements.</li>
<li>VEON can transfer its learnings from Pakistan to Bangladesh to create a new large fintech business that can be on par with the size of the Group’s Pakistan fintech business.</li>
</ul>


VEON’s JazzCash in Pakistan and China’s Binance are exploring blockchain integration for remittances, merchant settlement, and stablecoin payment rails, with implementation contingent on regulatory approval.
VEON’s Banglalink received Bangladesh Bank approval to operate as a payment service provider, enabling instant person-to-person transfers, remittance services, utility payments, merchant transactions, and salary disbursements.
VEON can transfer its learnings from Pakistan to Bangladesh to create a new large fintech business that can be on par with the size of the Group’s Pakistan fintech business.


VEON (VEON US): Two New Fintech Developments Signal Significant Digital Growth Ahead

Zero One
Independent Investment Research

Kyivstar (KYIV US): Building Blocks in Place for Future Ukraine Fintech Leadership

Kyivstar is leveraging VEON's strategy to transition into a digital services ecosystem in Ukraine, with potential to become a leading fintech...

Vincent Fernando, CFA

Taiwan Dual-Listings Monitor: TSMC Spread Rebounds into Short Territory; ChipMOS & CHT Opportunities

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

Vincent Fernando, CFA

TSMC: A Resilient Long Holding Insulated From an AI Slowdown

TSMC's advancement to 2nm node with Apple's support insulates company from potential AI capex slowdown, showcasing resilience and growth potential.

Vincent Fernando, CFA

Taiwan Tech Weekly: TSMC's Next Node Already Sold Out Before Any Mass Production

TSMC's highly anticipated 2nm node is already fully booked through 2026, signaling strong demand for its advanced chip technology vs. Samsung.

Vincent Fernando, CFA

VEON (VEON US): Two New Fintech Developments Signal Significant Digital Growth Ahead

Two new fintech developments, a new partnership with Binance and payments license approval in Bangladesh, support our forecast for a major...

Vincent Fernando, CFA

Kyivstar (KYIV US): Building Blocks in Place for Future Ukraine Fintech Leadership

​Kyivstar is leveraging VEON's strategy to transition into a digital services ecosystem in Ukraine, with potential to become a leading fintech...

Vincent Fernando, CFA

Taiwan Dual-Listings Monitor: TSMC Spread Rebounds into Short Territory; ChipMOS & CHT Opportunities

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

Vincent Fernando, CFA

TSMC: A Resilient Long Holding Insulated From an AI Slowdown

​TSMC's advancement to 2nm node with Apple's support insulates company from potential AI capex slowdown, showcasing resilience and growth potential.

Vincent Fernando, CFA

Taiwan Tech Weekly: TSMC's Next Node Already Sold Out Before Any Mass Production

​TSMC's highly anticipated 2nm node is already fully booked through 2026, signaling strong demand for its advanced chip technology vs. Samsung.

Vincent Fernando, CFA

VEON (VEON US): Two New Fintech Developments Signal Significant Digital Growth Ahead

Two new fintech developments, a new partnership with Binance and payments license approval in Bangladesh, support our forecast for a major...

Vincent Fernando, CFA

Kyivstar is leveraging VEON's strategy to transition into a digital services ecosystem in Ukraine, with potential to become a leading fintech...

TSMC's advancement to 2nm node with Apple's support insulates company from potential AI capex slowdown, showcasing resilience and growth potential.

TSMC's highly anticipated 2nm node is already fully booked through 2026, signaling strong demand for its advanced chip technology vs. Samsung.