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 &amp; Broadcom Exploring Intel Acquisitions; Potential Major Consolidation in the Foundry Space</li>
<li>Taiwan AI Server Leader Expanding to Texas with New Production Hub</li>
<li>Semi WFE Revenues Increase ~7% YoY In 2024. 2025 Looks Much The Same. So, Where's The AI Effect? </li>
</ul>


TSMC &amp; Broadcom Exploring Intel Acquisitions; Potential Major Consolidation in the Foundry Space
Taiwan AI Server Leader Expanding to Texas with New Production Hub
Semi WFE Revenues Increase ~7% YoY In 2024. 2025 Looks Much The Same. So, Where's The AI Effect? 


Taiwan Tech Weekly: TSMC & Broadcom Exploring Intel Acquisition -- Implications

Head of Research, IPOs & Placements, Aequitas Research

Sumeet Singh

Head of Research, IPOs & Placements

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.

Equity Capital Markets

JX Advanced Metals / Equity Capital Markets

<ul>
<li>JX Advance Metal’s (JXAM) parent, <a href="https://www.smartkarma.com/entities/eneos-holdings-inc" target="_blank" data-smartkarma-citation="entities:638:1" rel="noopener">ENEOS Holdings (5020 JP)</a>, is looking to raise around US$2.6bn via selling more than half of its stake in JXAM in its Japan IPO.</li>
<li>JXAM engages in business activities primarily focused on the development, manufacture and sale of materials made from copper and rare metals, which are used  in the semiconductor and ICT fields.</li>
<li>In this note, we talk about the positive aspects of the deal.</li>
</ul>


JX Advance Metal’s (JXAM) parent, ENEOS Holdings (5020 JP), is looking to raise around US$2.6bn via selling more than half of its stake in JXAM in its Japan IPO.
JXAM engages in business activities primarily focused on the development, manufacture and sale of materials made from copper and rare metals, which are used  in the semiconductor and ICT fields.
In this note, we talk about the positive aspects of the deal.


JX Advance Metals Pre-IPO - The Positives - Transforming

Tracking developments across tech supply chains, Tech Supply Chain Tracker

Tech Supply Chain Tracker

Tracking developments across tech supply chains

<ul><li>Apple may move iPhone assembly to Indonesia to comply with local content rules and sales ban, shifting focus from Vietnam to India</li><li>India's AI ambitions hindered by GPU shortages and high costs, while 5G market projected to grow significantly by 2025 </li><li>BYD reveals 'God's Eye' smart driving system with budget-friendly aims, as Micron set to challenge Samsung in HBM3E market</li></ul>

Apple may move iPhone assembly to Indonesia to comply with local content rules and sales ban, shifting focus from Vietnam to IndiaIndia's AI ambitions hindered by GPU shortages and high costs, while 5G market projected to grow significantly by 2025 BYD reveals 'God's Eye' smart driving system with budget-friendly aims, as Micron set to challenge Samsung in HBM3E market

Tech Supply Chain Tracker (18-Feb-2025): Apple may assemble iPhones in Indonesia to comply with local rules.

Himax Technologies Inc Adr / Equity Bottom-Up

<ul>
<li>Himax 4Q24 Results Show Auto Display Surge -- Structural Growth Story Visible with Touch Panel Usage in Vehicles Soaring</li>
<li>China vs. the Rest of the World: Who’s Moving Faster? China Automakers Far Ahead in Display Sophistication</li>
<li>Himax on Co-Packaged Optics (CPO) -- A Critical New Technology for AI and HPC Processing</li>
</ul>


Himax 4Q24 Results Show Auto Display Surge -- Structural Growth Story Visible with Touch Panel Usage in Vehicles Soaring
China vs. the Rest of the World: Who’s Moving Faster? China Automakers Far Ahead in Display Sophistication
Himax on Co-Packaged Optics (CPO) -- A Critical New Technology for AI and HPC Processing


Himax Sees Chinese Automakers Far Ahead in Adopting Touch Displays; CoPackaged Optics Key for AI/HPC

Taiwan Tech Focused Senior Analyst

Patrick Liao

ASE Technology Holding   / Equity Bottom-Up

<ul>
<li>4Q24 IC ATM sales recorded NT$162bn, up 1% QoQ, GM: 16.4%, down 0.1% QoQ. EMS sales were NT$74.9bn, down 1% QoQ mainly due to seasonality. </li>
<li>1Q25 EMS sales will decline slightly YoY, and OPM is down 0.13ppts YoY. IC-ATM sales will decline mid-single-digits QoQ and GM is down slightly more than 1% QoQ.</li>
<li>Believes it will bring upside from new US BIS policy to ban non-listed OSAT vendors (especially China vendors) to produce US-related chip, but can’t quantify at this moment.</li>
</ul>


4Q24 IC ATM sales recorded NT$162bn, up 1% QoQ, GM: 16.4%, down 0.1% QoQ. EMS sales were NT$74.9bn, down 1% QoQ mainly due to seasonality. 
1Q25 EMS sales will decline slightly YoY, and OPM is down 0.13ppts YoY. IC-ATM sales will decline mid-single-digits QoQ and GM is down slightly more than 1% QoQ.
Believes it will bring upside from new US BIS policy to ban non-listed OSAT vendors (especially China vendors) to produce US-related chip, but can’t quantify at this moment.


ASEH (3711.TT; ASX.US): A Seasonal Decline in 1Q25, But US BIS Policy Will Help ASEH Business.

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 Tech Weekly: TSMC & Broadcom Exploring Intel Acquisition -- Implications

TSMC and Broadcom consider Intel acquisitions; while Taiwan AI server leader is expanding to Texas and Semi WFE revenues show steady growth with...

Vincent Fernando, CFA

JX Advance Metals Pre-IPO - The Positives - Transforming

JX Advance Metal’s parent, ENEOS Holdings (5020 JP), is looking to raise around US$2.6bn via selling some of its stake in JXAM's Japan IPO. In this...

Sumeet Singh

Tech Supply Chain Tracker (18-Feb-2025): Apple may assemble iPhones in Indonesia to comply with local rules.

Apple considers shifting iPhone assembly to Indonesia due to sales ban and local content rules; India's AI goals hindered by GPU shortages and high...

Tech Supply Chain Tracker

Himax Sees Chinese Automakers Far Ahead in Adopting Touch Displays; CoPackaged Optics Key for AI/HPC

Himax's 4Q24 results highlight auto display surge and China's lead in display sophistication, while also focusing on Co-Packaged Optics for AI and...

Vincent Fernando, CFA

ASEH (3711.TT; ASX.US): A Seasonal Decline in 1Q25, But US BIS Policy Will Help ASEH Business.

4Q24 saw a slight increase in IC ATM sales and a decrease in EMS sales due to seasonality. 1Q25 is expected declining in both EMS and IC ATM...

Patrick Liao

Price Gauge

52-week Range

Market Cap (USDm)

P/E

Dividend (Yield)

Taiwan Tech Weekly: TSMC & Broadcom Exploring Intel Acquisition -- Implications

TSMC and Broadcom consider Intel acquisitions; while Taiwan AI server leader is expanding to Texas and Semi WFE revenues show steady growth with...

Vincent Fernando, CFA

JX Advance Metals Pre-IPO - The Positives - Transforming

JX Advance Metal’s parent, ENEOS Holdings (5020 JP), is looking to raise around US$2.6bn via selling some of its stake in JXAM's Japan IPO. In this...

Sumeet Singh

Tech Supply Chain Tracker (18-Feb-2025): Apple may assemble iPhones in Indonesia to comply with local rules.

Apple considers shifting iPhone assembly to Indonesia due to sales ban and local content rules; India's AI goals hindered by GPU shortages and high...

Tech Supply Chain Tracker

Himax Sees Chinese Automakers Far Ahead in Adopting Touch Displays; CoPackaged Optics Key for AI/HPC

​Himax's 4Q24 results highlight auto display surge and China's lead in display sophistication, while also focusing on Co-Packaged Optics for AI and...

Vincent Fernando, CFA

ASEH (3711.TT; ASX.US): A Seasonal Decline in 1Q25, But US BIS Policy Will Help ASEH Business.

​4Q24 saw a slight increase in IC ATM sales and a decrease in EMS sales due to seasonality. 1Q25 is expected declining in both EMS and IC ATM...

Patrick Liao

Himax's 4Q24 results highlight auto display surge and China's lead in display sophistication, while also focusing on Co-Packaged Optics for AI and...

4Q24 saw a slight increase in IC ATM sales and a decrease in EMS sales due to seasonality. 1Q25 is expected declining in both EMS and IC ATM...