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

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

TSMC (Taiwan Semiconductor Manufacturing) - ADR

<ul>
<li>TSMC: +22.1% Premium; Consider Shorting ADR Spread at Current Level</li>
<li>UMC: +3.5% Premium; Extreme vs. History, Consider Shorting ADR Spread</li>
<li>ASE: +2.4% Premium; Approaching Level to Long the ADR Spread</li>
</ul>


TSMC: +22.1% Premium; Consider Shorting ADR Spread at Current Level
UMC: +3.5% Premium; Extreme vs. History, Consider Shorting ADR Spread
ASE: +2.4% Premium; Approaching Level to Long the ADR Spread


Taiwan Dual-Listings Monitor: TSMC Historically High Spread Persisting; UMC High Premium

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 short interest of TWSE Stocks as of Jun 20th. The aggregated short interest was USD25.3bn.</li>
<li>We tabulate league tables for top short by value and short as multiple of ADT, as well as weekly increases &amp; decreases in short value, short as multiple of ADT.</li>
<li>We highlight short interest changes in Cathay Financial, Fubon Financial, TSMC, Asustek Computer, Wistron, Asia Vital Components.</li>
</ul>


We analyzed the changes in short interest of TWSE Stocks as of Jun 20th. The aggregated short interest was USD25.3bn.
We tabulate league tables for top short by value and short as multiple of ADT, as well as weekly increases &amp; decreases in short value, short as multiple of ADT.
We highlight short interest changes in Cathay Financial, Fubon Financial, TSMC, Asustek Computer, Wistron, Asia Vital Components.


TWSE Short Interest Weekly (Jun 20th): Cathay Financial, Fubon Financial, TSMC, Asustek Computer

<ul>
<li>We analyzed the changes in foreign holdings of TWSE Stocks as of Jun 20th. The aggregated holding was USD1,066.9bn.</li>
<li>We estimate that foreign flows to be inflows of USD1,797mln. 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 TSMC, Wistron, Asia Vital Components, Delta Electronics, Elite Material, Evergreen Marine, Cathay Financial, Fubon Financial.</li>
</ul>


We analyzed the changes in foreign holdings of TWSE Stocks as of Jun 20th. The aggregated holding was USD1,066.9bn.
We estimate that foreign flows to be inflows of USD1,797mln. 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 TSMC, Wistron, Asia Vital Components, Delta Electronics, Elite Material, Evergreen Marine, Cathay Financial, Fubon Financial.


TWSE Foreign Holding Weekly (Jun 20th): TSMC, Wistron, Asia Vital Components, Delta Electronics

Himax Technologies Inc Adr / Equity Bottom-Up

<ul>
<li>
China’s push for 100% auto chip localization by 2027 poses risk to Himax, which derived 75% of 1Q25 revenue from China. We engaged the company for comments./</li>
<li>
Himax may avoid direct targeting due to Taiwanese roots and local production via CN Nexchip, and we believe is less vulnerable than Western firms like NXP, TI, and Wolfspeed.</li>
<li>
Copackaged Optics (CPO) industry momentum continues to build as Himax continues role alongside TSMC and FOCI; industry moves from Nvidia, AMD validate long-term optical interconnect opportunity Himax is positioned for.</li>
</ul>



China’s push for 100% auto chip localization by 2027 poses risk to Himax, which derived 75% of 1Q25 revenue from China. We engaged the company for comments./

Himax may avoid direct targeting due to Taiwanese roots and local production via CN Nexchip, and we believe is less vulnerable than Western firms like NXP, TI, and Wolfspeed.

Copackaged Optics (CPO) industry momentum continues to build as Himax continues role alongside TSMC and FOCI; industry moves from Nvidia, AMD validate long-term optical interconnect opportunity Himax is positioned for.


TechChain Insights: Himax Threatened by China Auto Chip Push? CPO Tech with TSMC Remains Bright Spot

Taiwan Tech Focused Senior Analyst

Patrick Liao

Vanguard Intl Semiconductor / Equity Bottom-Up

<ul>
<li>
<a href="https://www.smartkarma.com/entities/vanguard-international-semi" target="_blank" data-smartkarma-citation="entities:16011:1" rel="noopener">Vanguard Intl Semiconductor (5347 TT)'</a>s 3Q25 outlook shows slight improvement over 2Q25, potentially around +5%.  </li>
<li>
<a href="https://www.smartkarma.com/entities/vanguard-international-semi" target="_blank" data-smartkarma-citation="entities:16011:1" rel="noopener">Vanguard Intl Semiconductor (5347 TT)</a> overall utilization expected to reach around 75–80% in 3Q25, with 0.18µm loading is nearly full.</li>
<li>Progress on Vanguard’s Singapore 12” fab is still in early stages, with the main constraint being the equipment move-in schedule.  </li>
</ul>



Vanguard Intl Semiconductor (5347 TT)'s 3Q25 outlook shows slight improvement over 2Q25, potentially around +5%.  

Vanguard Intl Semiconductor (5347 TT) overall utilization expected to reach around 75–80% in 3Q25, with 0.18µm loading is nearly full.
Progress on Vanguard’s Singapore 12” fab is still in early stages, with the main constraint being the equipment move-in schedule.  


Vanguard (5347.TT): The 3Q25 Outlook Is Expected to Improve by Around 5% QoQ.

Taiwan

Taiwan Semiconductor Manufacturing Company, Ltd. manufactures and markets integrated circuits. The Company provides the following services: wafer manufacturing, wafer probing, assembly and testing, mask production, and design services. TSMC's ICs are used in computer, communication, consumer electronics, automotive, and industrial equipment industries.

TSMC (Taiwan Semiconductor Manufacturing) (2330 TT)

TSMC (Taiwan Semiconductor Manufacturing)

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TSMC (Taiwan Semiconductor Manufacturing) (2330 TT)

Taiwan Dual-Listings Monitor: TSMC Historically High Spread Persisting; UMC High Premium

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

Vincent Fernando, CFA

TWSE Short Interest Weekly (Jun 20th): Cathay Financial, Fubon Financial, TSMC, Asustek Computer

We analyzed TWSE short interest report for the past week and highlighted short interest changes in Cathay Financial, Fubon Financial, TSMC, Asustek...

Ke Yan, CFA, FRM

TWSE Foreign Holding Weekly (Jun 20th): TSMC, Wistron, Asia Vital Components, Delta Electronics

We analyzed TWSE foreign holding data for the past week and highlighted foreign holding changes in TSMC (2330 TT), Wistron (3231 TT), Asia Vital...

Ke Yan, CFA, FRM

TechChain Insights: Himax Threatened by China Auto Chip Push? CPO Tech with TSMC Remains Bright Spot

China's push for auto chip localization poses some risk to Himax, but its local production may offer some protection. Himax's role in Copackaged...

Vincent Fernando, CFA

Vanguard (5347.TT): The 3Q25 Outlook Is Expected to Improve by Around 5% QoQ.

Vanguard Intl Semiconductor's 3Q25 outlook sees slight improvement over 2Q25, with utilization expected to reach 75-80% and progress on Singapore...

Patrick Liao

Price Gauge

52-week Range

Market Cap (USDm)

P/E

Dividend (Yield)

Taiwan Dual-Listings Monitor: TSMC Historically High Spread Persisting; UMC High Premium

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

Vincent Fernando, CFA

TWSE Short Interest Weekly (Jun 20th): Cathay Financial, Fubon Financial, TSMC, Asustek Computer

We analyzed TWSE short interest report for the past week and highlighted short interest changes in Cathay Financial, Fubon Financial, TSMC, Asustek...

Ke Yan, CFA, FRM

TWSE Foreign Holding Weekly (Jun 20th): TSMC, Wistron, Asia Vital Components, Delta Electronics

We analyzed TWSE foreign holding data for the past week and highlighted foreign holding changes in TSMC (2330 TT), Wistron (3231 TT), Asia Vital...

Ke Yan, CFA, FRM

TechChain Insights: Himax Threatened by China Auto Chip Push? CPO Tech with TSMC Remains Bright Spot

​China's push for auto chip localization poses some risk to Himax, but its local production may offer some protection. Himax's role in Copackaged...

Vincent Fernando, CFA

Vanguard (5347.TT): The 3Q25 Outlook Is Expected to Improve by Around 5% QoQ.

​Vanguard Intl Semiconductor's 3Q25 outlook sees slight improvement over 2Q25, with utilization expected to reach 75-80% and progress on Singapore...

Patrick Liao

China's push for auto chip localization poses some risk to Himax, but its local production may offer some protection. Himax's role in Copackaged...

Vanguard Intl Semiconductor's 3Q25 outlook sees slight improvement over 2Q25, with utilization expected to reach 75-80% and progress on Singapore...