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: +14.2% Premium; Can Consider Going Long at Current Level</li>
<li>UMC: +1.8% Premium; The ADR Headroom Has Decreased Yet Again</li>
<li>ASE: +5.4% Premium; Short Interest Surging for The Local Shares</li>
</ul>


TSMC: +14.2% Premium; Can Consider Going Long at Current Level
UMC: +1.8% Premium; The ADR Headroom Has Decreased Yet Again
ASE: +5.4% Premium; Short Interest Surging for The Local Shares


Taiwan Dual-Listings Monitor: TSMC Premium Back Below 15%; ASE Short Interest Surging

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 foreign holdings of TWSE Stocks as of Sep 27th which has an aggregated holding worth USD1,017.5bn.</li>
<li>We estimate that foreign flows to be inflows of USD3,224mln. 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 TSMC, Evergreen Marine Corp Taiwan, Hon Hai Precision Industry, Wan Hai Lines, Jinan Acetate Chemical, Asmedia Technology, Ase Industrial.</li>
</ul>


We analyzed the changes in foreign holdings of TWSE Stocks as of Sep 27th which has an aggregated holding worth USD1,017.5bn.
We estimate that foreign flows to be inflows of USD3,224mln. 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 TSMC, Evergreen Marine Corp Taiwan, Hon Hai Precision Industry, Wan Hai Lines, Jinan Acetate Chemical, Asmedia Technology, Ase Industrial.


TWSE Foreign Holding Weekly (Sep 27th): TSMC, Evergreen Marine Corp Taiwan

Asset Allocation & Fund Positioning, Copley Fund Research

Steven Holden

Asset Allocation & Fund Positioning

Copley Fund Research

Copley Fund Research provide research and data on asset allocation among Global and Emerging Market equity funds.  The analysis details absolute and relative positioning across countries, sectors and industries together with highly granular data on single stock and single fund allocations.  The data is updated monthly with time series going back to January 2011.

Global Research - Analysis of 165 prominent Global equity funds, combined AUM $335bn
GEM Research - Analysis of 127 prominent global EM equity funds, combined AUM $250bn

Asset Allocation - Global and GEM Equity

<ul>
<li>MercadoLibre continues its climb, hitting new highs in both Average Weight (0.4%) and Funds Invested (23.42%).</li>
<li>In the last six months, 4.2% of funds have added MercadoLibre to their portfolios, while key EM holdings HDFC Bank and AIA Group have seen declining ownership.</li>
<li>20 new positions have been opened over the last 6-months, with Goldman Sachs Global Impact Opportunities and Fidelity Special Situations among the fresh buyers, against only 6 closures.</li>
</ul>


MercadoLibre continues its climb, hitting new highs in both Average Weight (0.4%) and Funds Invested (23.42%).
In the last six months, 4.2% of funds have added MercadoLibre to their portfolios, while key EM holdings HDFC Bank and AIA Group have seen declining ownership.
20 new positions have been opened over the last 6-months, with Goldman Sachs Global Impact Opportunities and Fidelity Special Situations among the fresh buyers, against only 6 closures.


MercadoLibre:  Entering the Global Stage

Taiwan Tech Focused Senior Analyst

Patrick Liao

<ul>
<li>China's central bank cuts rates and unveils new measures to combat economic slowdown, creating a more relaxed monetary policy environment to stimulate consumption and investment.</li>
<li>Silergy's Automotive segment remains a driving force, especially with the addition of the Electric Vehicle ( EV) market.</li>
<li>While Silergy faced demand insufficiency previously, it has indicated that the end demand is expected to revive by the end of 2024 from the 4th quarter.</li>
</ul>


China's central bank cuts rates and unveils new measures to combat economic slowdown, creating a more relaxed monetary policy environment to stimulate consumption and investment.
Silergy's Automotive segment remains a driving force, especially with the addition of the Electric Vehicle ( EV) market.
While Silergy faced demand insufficiency previously, it has indicated that the end demand is expected to revive by the end of 2024 from the 4th quarter.


Silergy (6415.TT): Positive Optimistic Future Outlook

Tracking developments across tech supply chains, Tech Supply Chain Tracker

Tech Supply Chain Tracker

Tracking developments across tech supply chains

TSMC (Taiwan Semiconductor Manufacturing) / Equity Bottom-Up

TSMC (Taiwan Semiconductor Manufacturing)

<ul><li>TSMC and government cyber security measures are discussed at Security Summit, highlighting the importance of protecting sensitive data.</li><li>Experts advise diligence and patience for Taiwan's B5G satellite program as it encounters obstacles, emphasizing the need for strategic planning.</li><li>Japan's diamond semiconductor technology expected to be applied practically by 2025-2030, showing promising advancements in semiconductor industry.</li></ul>

TSMC and government cyber security measures are discussed at Security Summit, highlighting the importance of protecting sensitive data.Experts advise diligence and patience for Taiwan's B5G satellite program as it encounters obstacles, emphasizing the need for strategic planning.Japan's diamond semiconductor technology expected to be applied practically by 2025-2030, showing promising advancements in semiconductor industry.

Tech Supply Chain Tracker (28-Sep-2024): Security Summit covers TSMC, gov cyber sec

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)

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TSMC (Taiwan Semiconductor Manufacturing) (2330 TT)

Taiwan Dual-Listings Monitor: TSMC Premium Back Below 15%; ASE Short Interest Surging

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 Foreign Holding Weekly (Sep 27th): TSMC, Evergreen Marine Corp Taiwan

We analyzed TWSE foreign holding data for the past week and highlighted foreign holding changes in TSMC, Evergreen Marine Corp Taiwan, Hon Hai...

Ke Yan, CFA, FRM

MercadoLibre: Entering the Global Stage

MercadoLibre continues its climb, hitting new highs in both Average Weight (0.4%) and Funds Invested (23.42%) among active Global managers.

Steven Holden

Silergy (6415.TT): Positive Optimistic Future Outlook

China's central bank eases monetary policy to boost economy, Silergy sees growth in Automotive EV markets, expects demand to pick up by end of 2024.

Patrick Liao

Tech Supply Chain Tracker (28-Sep-2024): Security Summit covers TSMC, gov cyber sec

Security Summit covers TSMC and government cyber security, Taiwan's B5G program faces challenges, Japan's diamond semiconductors coming by 2025, UK...

Tech Supply Chain Tracker

Price Gauge

52-week Range

Market Cap (USDm)

P/E

Dividend (Yield)

Taiwan Dual-Listings Monitor: TSMC Premium Back Below 15%; ASE Short Interest Surging

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 Foreign Holding Weekly (Sep 27th): TSMC, Evergreen Marine Corp Taiwan

We analyzed TWSE foreign holding data for the past week and highlighted foreign holding changes in TSMC, Evergreen Marine Corp Taiwan, Hon Hai...

Ke Yan, CFA, FRM

MercadoLibre: Entering the Global Stage

MercadoLibre continues its climb, hitting new highs in both Average Weight (0.4%) and Funds Invested (23.42%) among active Global managers.

Steven Holden

Silergy (6415.TT): Positive Optimistic Future Outlook

​China's central bank eases monetary policy to boost economy, Silergy sees growth in Automotive EV markets, expects demand to pick up by end of 2024.

Patrick Liao

Tech Supply Chain Tracker (28-Sep-2024): Security Summit covers TSMC, gov cyber sec

Security Summit covers TSMC and government cyber security, Taiwan's B5G program faces challenges, Japan's diamond semiconductors coming by 2025, UK...

Tech Supply Chain Tracker

China's central bank eases monetary policy to boost economy, Silergy sees growth in Automotive EV markets, expects demand to pick up by end of 2024.