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>Rumors That Mediatek's Upcoming Chips Could Outperform Apple's Chips Used in the iPhone 17</li>
<li>Samsung Beats TSMC to Win Key Nintendo Switch 2 Contract</li>
<li>PC Monitor: Commercial PC Demand Resilient; AI PC Momentum Builds W/ NVDA Blackwell-Powered Launches </li>
</ul>


Rumors That Mediatek's Upcoming Chips Could Outperform Apple's Chips Used in the iPhone 17
Samsung Beats TSMC to Win Key Nintendo Switch 2 Contract
PC Monitor: Commercial PC Demand Resilient; AI PC Momentum Builds W/ NVDA Blackwell-Powered Launches 


Taiwan Tech Weekly: Mediatek's New Chip Could Outperform Apple's; Samsung Beats TSMC, Wins Nintendo

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 May 30th. The aggregated short interest was USD23.9bn.</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 Mediatek, Cathay Financial, Ctbc Financial, TSMC, Yang Ming Marine, Tatung, Asia Vital Components.</li>
</ul>


We analyzed the changes in short interest of TWSE Stocks as of May 30th. The aggregated short interest was USD23.9bn.
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 Mediatek, Cathay Financial, Ctbc Financial, TSMC, Yang Ming Marine, Tatung, Asia Vital Components.


TWSE Short Interest Weekly (May 30th): Mediatek, Cathay Financial, Ctbc Financial, TSMC

<ul>
<li>We analyzed the changes in foreign holdings of TWSE Stocks as of May 30th. The aggregated holding was USD1,003.0bn.</li>
<li>We estimate that foreign flows to be outflows of USD757mln. 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 Wiwynn, Asia Vital Components, TSMC, Wistron, Asustek Computer, Cathay Financial, Mediatek, Wan Hai Lines, Ctbc Financial, UMC.</li>
</ul>


We analyzed the changes in foreign holdings of TWSE Stocks as of May 30th. The aggregated holding was USD1,003.0bn.
We estimate that foreign flows to be outflows of USD757mln. 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 Wiwynn, Asia Vital Components, TSMC, Wistron, Asustek Computer, Cathay Financial, Mediatek, Wan Hai Lines, Ctbc Financial, UMC.


TWSE Foreign Holding Weekly (May 30th): Wiwynn, Asia Vital Components, TSMC, Wistron

<ul>
<li>TSMC: +22% Premium; Consider Shorting ADR Spread at Current Level</li>
<li>UMC: -1.4% Discount; Wait for More Extreme Discount Before Going Long the Spread</li>
<li>CHT: +0.9% Premium; Can Consider Shorting the Premium at This Level or Higher</li>
</ul>


TSMC: +22% Premium; Consider Shorting ADR Spread at Current Level
UMC: -1.4% Discount; Wait for More Extreme Discount Before Going Long the Spread
CHT: +0.9% Premium; Can Consider Shorting the Premium at This Level or Higher


Taiwan Dual-Listings Monitor: TSMC Premium Rises Further, to Short Level; UMC Discount

Technology / Semiconductor / Internet Research

Nicolas Baratte

<ul>
<li>Samsung 3nm yields improving (50-60%) but still far behind TSMC (85-90%)</li>
<li>SK Hynix is finalizing HBM4 agreements with Nvidia, Samsung is still not qualified for HBM3e.</li>
<li>Huawei into semiconductor chemicals? The vulnerability is photo-resist, but that's very hard to do </li>
</ul>


Samsung 3nm yields improving (50-60%) but still far behind TSMC (85-90%)
SK Hynix is finalizing HBM4 agreements with Nvidia, Samsung is still not qualified for HBM3e.
Huawei into semiconductor chemicals? The vulnerability is photo-resist, but that's very hard to do 


Samsung Still in the Woods, SK Hynix Still Ahead. China Semi News (Huawei)

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)

Price Gauge
52-week Range	0.00 - 0.00
Market Cap (USDm)	0.00
P/E	0.00
Dividend (Yield)	0.00

TSMC (Taiwan Semiconductor Manufacturing) (2330 TT)

Taiwan Tech Weekly: Mediatek's New Chip Could Outperform Apple's; Samsung Beats TSMC, Wins Nintendo

Mediatek rumored to outperform Apple's chips, Samsung wins Nintendo Switch 2 contract, commercial PC demand resilient with AI momentum.

Vincent Fernando, CFA

TWSE Short Interest Weekly (May 30th): Mediatek, Cathay Financial, Ctbc Financial, TSMC

We analyzed TWSE short interest report for the past week and highlighted short interest changes in Mediatek, Cathay Financial, Ctbc Financial,...

Ke Yan, CFA, FRM

TWSE Foreign Holding Weekly (May 30th): Wiwynn, Asia Vital Components, TSMC, Wistron

We analyzed TWSE foreign holding data for the past week and highlighted foreign holding changes in Wiwynn (6669 TT), Asia Vital Components (3017...

Ke Yan, CFA, FRM

Taiwan Dual-Listings Monitor: TSMC Premium Rises Further, to Short Level; UMC Discount

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

Vincent Fernando, CFA

Samsung Still in the Woods, SK Hynix Still Ahead. China Semi News (Huawei)

Samsung's 3nm yields are improving but still lag behind TSMC. SK Hynix finalizing HBM4 agreements with Nvidia. Huawei exploring semiconductor...

Nicolas Baratte

Price Gauge

52-week Range

Market Cap (USDm)

P/E

Dividend (Yield)

Taiwan Tech Weekly: Mediatek's New Chip Could Outperform Apple's; Samsung Beats TSMC, Wins Nintendo

​Mediatek rumored to outperform Apple's chips, Samsung wins Nintendo Switch 2 contract, commercial PC demand resilient with AI momentum.

Vincent Fernando, CFA

TWSE Short Interest Weekly (May 30th): Mediatek, Cathay Financial, Ctbc Financial, TSMC

We analyzed TWSE short interest report for the past week and highlighted short interest changes in Mediatek, Cathay Financial, Ctbc Financial,...

Ke Yan, CFA, FRM

TWSE Foreign Holding Weekly (May 30th): Wiwynn, Asia Vital Components, TSMC, Wistron

We analyzed TWSE foreign holding data for the past week and highlighted foreign holding changes in Wiwynn (6669 TT), Asia Vital Components (3017...

Ke Yan, CFA, FRM

Taiwan Dual-Listings Monitor: TSMC Premium Rises Further, to Short Level; UMC Discount

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

Vincent Fernando, CFA

Samsung Still in the Woods, SK Hynix Still Ahead. China Semi News (Huawei)

​Samsung's 3nm yields are improving but still lag behind TSMC. SK Hynix finalizing HBM4 agreements with Nvidia. Huawei exploring semiconductor...

Nicolas Baratte

Mediatek rumored to outperform Apple's chips, Samsung wins Nintendo Switch 2 contract, commercial PC demand resilient with AI momentum.

Samsung's 3nm yields are improving but still lag behind TSMC. SK Hynix finalizing HBM4 agreements with Nvidia. Huawei exploring semiconductor...