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: +19.2% Premium; Middle of Most Recent ADR Spread Trading Range</li>
<li>UMC: -1.7% Discount; Local Shares' Short Interest Continues to Rise</li>
<li>ASE: +4.0% Premium; Local Shares' Short Interest Has Finally Stopped Rising</li>
</ul>


TSMC: +19.2% Premium; Middle of Most Recent ADR Spread Trading Range
UMC: -1.7% Discount; Local Shares' Short Interest Continues to Rise
ASE: +4.0% Premium; Local Shares' Short Interest Has Finally Stopped Rising


Taiwan Dual-Listings Monitor: TSMC Spread Maintains Elevated Range; UMC Short Interest Rises Higher

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

Kioxia Holdings  / Equity Capital Markets

<ul>
<li>
<a href="https://www.smartkarma.com/entities/kioxia-holdings-corp" target="_blank" data-smartkarma-citation="entities:29243:1" rel="noopener">Kioxia Holdings (6600 JP)</a> is aiming to raise around US$700m (including over-allocation) from its Japan IPO.</li>
<li>It was the world’s largest pure-play NAND flash memory supplier, in terms of both revenue and unit shipments in 2023, according to TechInsights.</li>
<li>In this note, we talk about the not-so-positive aspects of the deal.</li>
</ul>



Kioxia Holdings (6600 JP) is aiming to raise around US$700m (including over-allocation) from its Japan IPO.
It was the world’s largest pure-play NAND flash memory supplier, in terms of both revenue and unit shipments in 2023, according to TechInsights.
In this note, we talk about the not-so-positive aspects of the deal.


Kioxoa Pre-IPO - The Negatives - Still a Follower of the Cycle

<ul>
<li>
<a href="https://www.smartkarma.com/entities/kioxia-holdings-corp" target="_blank" data-smartkarma-citation="entities:29243:1" rel="noopener">Kioxia Holdings (6600 JP)</a> is aiming to raise around US$700m (including over-allocation) from its Japan IPO</li>
<li>It was the world’s largest pure-play NAND flash memory supplier, in terms of both revenue and unit shipments in 2023, according to TechInsights.</li>
<li>In this note, we talk about the positive aspects of the deal.</li>
</ul>



Kioxia Holdings (6600 JP) is aiming to raise around US$700m (including over-allocation) from its Japan IPO
It was the world’s largest pure-play NAND flash memory supplier, in terms of both revenue and unit shipments in 2023, according to TechInsights.
In this note, we talk about the positive aspects of the deal.


Kioxoa Pre-IPO - The Positives - Among the Leaders in Its Space

Tracking developments across tech supply chains, Tech Supply Chain Tracker

Tech Supply Chain Tracker

Tracking developments across tech supply chains

<ul><li>HP undergoes leadership overhaul and revamps supply chain in preparation for Trump 2.0, while strict qualification measures impact 7nm technology development.</li><li>TSMC's AI chip expansion is overshadowed by the potential return of Trump, with global notebook shipments fluctuating in Q3/Q4 2024.</li><li>DIGITIMES Research forecasts a steady revenue growth of over 10% CAGR for the global wafer foundry industry during the 2024-2029 period, while Apple India's sales soar to US$8B driven by strong iPhone sales. Availability of Samsung's HBM3E for Nvidia's Blackwell remains uncertain.</li></ul>

HP undergoes leadership overhaul and revamps supply chain in preparation for Trump 2.0, while strict qualification measures impact 7nm technology development.TSMC's AI chip expansion is overshadowed by the potential return of Trump, with global notebook shipments fluctuating in Q3/Q4 2024.DIGITIMES Research forecasts a steady revenue growth of over 10% CAGR for the global wafer foundry industry during the 2024-2029 period, while Apple India's sales soar to US$8B driven by strong iPhone sales. Availability of Samsung's HBM3E for Nvidia's Blackwell remains uncertain.

Tech Supply Chain Tracker (26-Nov-2024): HP prepares for Trump 2.0 with changes in leadership and supply chain in NA.

Asia Pac IPO & Placement Research, China biotech, Aequitas Research

Ke Yan, CFA, FRM

Asia Pac IPO & Placement Research, China biotech

Quantitative Analysis

<ul>
<li>We analyzed the changes in foreign holdings of TWSE Stocks as of Nov 22nd which has an aggregated holding worth USD1,003.7bn.</li>
<li>We estimate that foreign flows to be outflows of USD1,568mln. We tabulate the league table 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 Yang Ming Marine, TSMC, Hon Hai Precision Industry, Quanta Computer, Asustek Computer.</li>
</ul>


We analyzed the changes in foreign holdings of TWSE Stocks as of Nov 22nd which has an aggregated holding worth USD1,003.7bn.
We estimate that foreign flows to be outflows of USD1,568mln. We tabulate the league table for top changes by value for 1W/4W/1Y and top stocks held by foreign institutions.
We highlight changes of foreign holdings in Yang Ming Marine, TSMC, Hon Hai Precision Industry, Quanta Computer, Asustek Computer.


TWSE Foreign Holding Weekly (Nov 22nd): Yang Ming Marine, TSMC, Hon Hai Precision, Quanta, Asustek

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 Spread Maintains Elevated Range; UMC Short Interest Rises Higher

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

Vincent Fernando, CFA

Kioxoa Pre-IPO - The Negatives - Still a Follower of the Cycle

Kioxia Holdings (6600 JP) is aiming to raise around US$700m (including over-allocation) from its Japan IPO. In this note, we talk about the not-so...

Sumeet Singh

Kioxoa Pre-IPO - The Positives - Among the Leaders in Its Space

Kioxia Holdings (6600 JP) is aiming to raise around US$700m (including over-allocation) from its Japan IPO. In this note, we talk about the...

Sumeet Singh

Tech Supply Chain Tracker (26-Nov-2024): HP prepares for Trump 2.0 with changes in leadership and supply chain in NA.

HP is preparing for Trump 2.0 with leadership changes and supply chain revamp, while strict wafer scrutiny affects 7nm tech development.

Tech Supply Chain Tracker

TWSE Foreign Holding Weekly (Nov 22nd): Yang Ming Marine, TSMC, Hon Hai Precision, Quanta, Asustek

We analyzed TWSE foreign holding data for the past week and highlighted foreign holding changes in Yang Ming Marine, TSMC, Hon Hai Precision...

Ke Yan, CFA, FRM

Price Gauge

52-week Range

Market Cap (USDm)

P/E

Dividend (Yield)