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’s N2 Progress Sparks Buzz Amid Yield Improvement Rumors; If True Then 2nm Will Become Even More Successful Than 3nm</li>
<li>Hon Hai &amp; TASA Showcase Homegrown Space Technologies Including an Alternative to Starlink</li>
<li>Himax: Buyback Program Lifts Shares; Auto Display Controllers, AR Displays &amp; WLO for AI Progressing </li>
</ul>


TSMC’s N2 Progress Sparks Buzz Amid Yield Improvement Rumors; If True Then 2nm Will Become Even More Successful Than 3nm
Hon Hai &amp; TASA Showcase Homegrown Space Technologies Including an Alternative to Starlink
Himax: Buyback Program Lifts Shares; Auto Display Controllers, AR Displays &amp; WLO for AI Progressing 


Taiwan Tech Weekly: TSMC 2NM Yield Jump Rumors; Seeing Taiwan's Starlink Alternative Firsthand in KS

<ul>
<li>TSMC: +23.5% Premium; Decent Level to Short Relative to Historical Trading Range</li>
<li>UMC: +0.1% Premium; Middle of the Historical Trading Range; Short Interest Rises Again</li>
<li>ASE: +3.5% Premium; Near Middle of Recent Range, Wait for Better Levels</li>
</ul>


TSMC: +23.5% Premium; Decent Level to Short Relative to Historical Trading Range
UMC: +0.1% Premium; Middle of the Historical Trading Range; Short Interest Rises Again
ASE: +3.5% Premium; Near Middle of Recent Range, Wait for Better Levels


Taiwan Dual-Listings Monitor: TSMC Spread At Decent Short Level; UMC Short Interest Rises Again

Technology / Semiconductor / Internet Research

Nicolas Baratte

TSMC (Taiwan Semiconductor Manufacturing) / Equity Bottom-Up

TSMC (Taiwan Semiconductor Manufacturing)

<ul>
<li>WSTS is revising up Semiconductor demand for 2024 and 2025, AI demand higher than expected. Taiwan AI Server ODM revenues are still booming, impressive numbers.</li>
<li>Samsung and SK Hynix expediting new LPDDR “In Memory Processing” for Nvidia in 2026. TSMC forecast AI demand 3x increase to 2026.</li>
<li>Intel 18A low yield and low density brings new light on management reshuffle. TSMC N2 is ~20% ahead. Apple trying its own 5G modem, again.</li>
</ul>


WSTS is revising up Semiconductor demand for 2024 and 2025, AI demand higher than expected. Taiwan AI Server ODM revenues are still booming, impressive numbers.
Samsung and SK Hynix expediting new LPDDR “In Memory Processing” for Nvidia in 2026. TSMC forecast AI demand 3x increase to 2026.
Intel 18A low yield and low density brings new light on management reshuffle. TSMC N2 is ~20% ahead. Apple trying its own 5G modem, again.


Tech News: Semi Revised Up, TSMC CoWoS up 3x, Hynix Speeding up for Nvidia, Intel 18A Behind TSMC N2

Chief Executive Officer, Emmer Capital Partners Limited

Manishi Raychaudhuri

Chief Executive Officer

Emmer Capital Partners Limited

Emmer Capital Partners is an Asia Pacific focused financial advisory firm engaging in strategic financial asset allocation advice, bespoke thematic research and advising early-stage companies and connecting them to investors. Emmer Capital provides macro-economic and multi-asset investment strategy inputs to institutions, family offices, private wealth managers, private equity, and corporate boards directly and through independent research platforms. Emmer Capital also advises a wide range of startup companies on fund raising and business strategy. Emmer Capital's active engagement with the print and electronic media reaches a broad spectrum of investors across the globe.

Cross Asset Strategy

<ul>
<li>Over 2024 and 2025, Asia-ex-Japan equities are up c30%. During this period, the 12-month forward EPS has expanded only 5.6%. Forward EPS recovery is essential to take the market higher.</li>
<li>Over the medium to long term, share prices track earnings, as we notice in our long-term analysis of forward EPS trajectory and market movement. Disjoint movements usually mean revert quickly.</li>
<li>Forward EPS could move up further in China, Korea, Taiwan and Thailand. Hong Kong has overshot its forward EPS trajectory. Philippines has massively undershot. Other markets appear broadly in line.</li>
</ul>


Over 2024 and 2025, Asia-ex-Japan equities are up c30%. During this period, the 12-month forward EPS has expanded only 5.6%. Forward EPS recovery is essential to take the market higher.
Over the medium to long term, share prices track earnings, as we notice in our long-term analysis of forward EPS trajectory and market movement. Disjoint movements usually mean revert quickly.
Forward EPS could move up further in China, Korea, Taiwan and Thailand. Hong Kong has overshot its forward EPS trajectory. Philippines has massively undershot. Other markets appear broadly in line.


Asian Equities: After Two Years of Rerating, Will Earnings Catch up in 2026?

<ul>
<li>Last week at SEMICON, TSMC unveiled COUPE, moving silicon photonics from lab demos into industrial-scale advanced packaging.</li>
<li>Himax, ASE, Zhen Ding, GlobalWafers, ACON, and Accton form Taiwan’s listed ecosystem for silicon photonics adoption.</li>
<li>As NVIDIA Corp (NVDA US)-driven AI clusters proliferate, the power and cost of moving data between chips have become as constraining as compute itself.</li>
</ul>


Last week at SEMICON, TSMC unveiled COUPE, moving silicon photonics from lab demos into industrial-scale advanced packaging.
Himax, ASE, Zhen Ding, GlobalWafers, ACON, and Accton form Taiwan’s listed ecosystem for silicon photonics adoption.
As NVIDIA Corp (NVDA US)-driven AI clusters proliferate, the power and cost of moving data between chips have become as constraining as compute itself.


TSMC’s COUPE Signals Silicon Photonics Go-Time — Early Winners in Taiwan’s Listed Supply Chain

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 Tech Weekly: TSMC 2NM Yield Jump Rumors; Seeing Taiwan's Starlink Alternative Firsthand in KS

Did a TSMC engineer disclose a production yield improvement for the company's 2nm manufacturing? In Kaohsiong, the development of Taiwan's upcoming...

Vincent Fernando, CFA

Taiwan Dual-Listings Monitor: TSMC Spread At Decent Short Level; UMC Short Interest Rises Again

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

Vincent Fernando, CFA

Tech News: Semi Revised Up, TSMC CoWoS up 3x, Hynix Speeding up for Nvidia, Intel 18A Behind TSMC N2

Semi revised up for 2024 and 2025, with AI demand exceeding expectations. Taiwan AI Server ODM revenues continue to soar. Samsung, Hynix, TSMC...

Nicolas Baratte

Asian Equities: After Two Years of Rerating, Will Earnings Catch up in 2026?

Asia-ex-Japan equities have surged, but forward EPS growth is lagging. Nascent signs of EPS recovery in CN, KR, TW & TH. HK market has overshot...

Manishi Raychaudhuri

TSMC’s COUPE Signals Silicon Photonics Go-Time — Early Winners in Taiwan’s Listed Supply Chain

TSMC's COUPE at SEMICON advances silicon photonics for industrial-scale packaging, with Taiwan's ecosystem poised for adoption in AI networking...

Vincent Fernando, CFA

Price Gauge

52-week Range

Market Cap (USDm)

P/E

Dividend (Yield)

Taiwan Tech Weekly: TSMC 2NM Yield Jump Rumors; Seeing Taiwan's Starlink Alternative Firsthand in KS

Did a TSMC engineer disclose a production yield improvement for the company's 2nm manufacturing? In Kaohsiong, the development of Taiwan's upcoming...

Vincent Fernando, CFA

Taiwan Dual-Listings Monitor: TSMC Spread At Decent Short Level; UMC Short Interest Rises Again

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

Vincent Fernando, CFA

Tech News: Semi Revised Up, TSMC CoWoS up 3x, Hynix Speeding up for Nvidia, Intel 18A Behind TSMC N2

​Semi revised up for 2024 and 2025, with AI demand exceeding expectations. Taiwan AI Server ODM revenues continue to soar. Samsung, Hynix, TSMC...

Nicolas Baratte

Asian Equities: After Two Years of Rerating, Will Earnings Catch up in 2026?

​Asia-ex-Japan equities have surged, but forward EPS growth is lagging. Nascent signs of EPS recovery in CN, KR, TW & TH. HK market has overshot...

Manishi Raychaudhuri

TSMC’s COUPE Signals Silicon Photonics Go-Time — Early Winners in Taiwan’s Listed Supply Chain

​TSMC's COUPE at SEMICON advances silicon photonics for industrial-scale packaging, with Taiwan's ecosystem poised for adoption in AI networking...

Vincent Fernando, CFA

Semi revised up for 2024 and 2025, with AI demand exceeding expectations. Taiwan AI Server ODM revenues continue to soar. Samsung, Hynix, TSMC...

Asia-ex-Japan equities have surged, but forward EPS growth is lagging. Nascent signs of EPS recovery in CN, KR, TW & TH. HK market has overshot...

TSMC's COUPE at SEMICON advances silicon photonics for industrial-scale packaging, with Taiwan's ecosystem poised for adoption in AI networking...