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

Delta Electronics Thailand  / Equity Bottom-Up

<ul>
<li>Delta Thailand Has Dramatically Underperformed Delta Taiwan — Delta Thailand Now Finally Trading at a Less Extreme Level vs. Delta Taiwan</li>
<li>Latest Relative Growth Profiles — Delta Taiwan Has Higher Growth Profile in 2025E</li>
<li>Even After the Major Pricing Reversion Since Mid-February, Delta Thailand Remains Overvalued Relative to Delta Taiwan</li>
</ul>


Delta Thailand Has Dramatically Underperformed Delta Taiwan — Delta Thailand Now Finally Trading at a Less Extreme Level vs. Delta Taiwan
Latest Relative Growth Profiles — Delta Taiwan Has Higher Growth Profile in 2025E
Even After the Major Pricing Reversion Since Mid-February, Delta Thailand Remains Overvalued Relative to Delta Taiwan


Delta Taiwan Vs. Thailand Monitor: Delta Thailand Crash Closes Gap, But Still Relatively Expensive

TSMC (Taiwan Semiconductor Manufacturing) - ADR / Equity Bottom-Up

TSMC (Taiwan Semiconductor Manufacturing) - ADR

<ul>
<li>NVIDIA GTC 2025 Last Week -- Delta Electronics Expands Role in Nvidia Ecosystem Showcasing AI-Centric Power Solutions</li>
<li>Foxconn's Huge EV Bet Pays Off: Key Mitsubishi Win Could Spark Additional Automaker Deals to Come </li>
<li>Semiconductors. Key Indicator Updates, 2024 In Review, and 2025 Forecasts </li>
</ul>


NVIDIA GTC 2025 Last Week -- Delta Electronics Expands Role in Nvidia Ecosystem Showcasing AI-Centric Power Solutions
Foxconn's Huge EV Bet Pays Off: Key Mitsubishi Win Could Spark Additional Automaker Deals to Come 
Semiconductors. Key Indicator Updates, 2024 In Review, and 2025 Forecasts 


Taiwan Tech Weekly: Delta At Nvidia GTC 2025; Foxconn EV Strategy Win; Key Semi Industry Indicators

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 Mar 21st which has an aggregated holding worth USD931.3bn.</li>
<li>We estimate that foreign flows to be outflows of USD1,594mln. 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, Hon Hai Precision Industry, TSMC, Quanta Computer.</li>
</ul>


We analyzed the changes in foreign holdings of TWSE Stocks as of Mar 21st which has an aggregated holding worth USD931.3bn.
We estimate that foreign flows to be outflows of USD1,594mln. 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, Hon Hai Precision Industry, TSMC, Quanta Computer.


TWSE Foreign Holding Weekly (Mar 21st): Yang Ming, Hon Hai Precision Industry, TSMC, Quanta Computer

<ul>
<li>Google Diversifying from Broadcom to Mediatek for Next Generation AI Chip</li>
<li>Hon Hai CEO: Clients' U.S.-Based Tech Manufacturing Set To Expand</li>
<li>Memory Monitor: Multiple Reports Indicate Rising NAND &amp; DRAM Prices</li>
</ul>


Google Diversifying from Broadcom to Mediatek for Next Generation AI Chip
Hon Hai CEO: Clients' U.S.-Based Tech Manufacturing Set To Expand
Memory Monitor: Multiple Reports Indicate Rising NAND &amp; DRAM Prices


Taiwan Tech Weekly: Mediatek Wins Google AI Chip from Broadcom; Hon Hai to Expand U.S. Production

<ul>
<li>We analyzed the changes in foreign holdings of TWSE Stocks as of Mar 14th which has an aggregated holding worth USD919.9bn.</li>
<li>We estimate that foreign flows to be outflows of USD3,912mln. 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, Mediatek, Asustek Computer, Hon Hai Precision Industry, Quanta Computer.</li>
</ul>


We analyzed the changes in foreign holdings of TWSE Stocks as of Mar 14th which has an aggregated holding worth USD919.9bn.
We estimate that foreign flows to be outflows of USD3,912mln. 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, Mediatek, Asustek Computer, Hon Hai Precision Industry, Quanta Computer.


TWSE Foreign Holding Weekly (Mar 14th): TSMC, Mediatek, Asustek, Hon Hai, Quanta Computer

Taiwan

Delta Electronics Inc. manufactures power supplies and video display products. The Company's products include switching power supplies, telecom power systems, uninterrupted power supply (UPS), variable speed alternating current (AC) monitor drives, high resolution color monitors, and projectors.  Delta also manufactures magnetic and networking components.

Price Gauge
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Delta Electronics (2308 TT)

Delta Taiwan Vs. Thailand Monitor: Delta Thailand Crash Closes Gap, But Still Relatively Expensive

Delta Thailand has significantly dropped compared to Delta Taiwan but is still overvalued even after recent price adjustments. Delta Taiwan has a...

Vincent Fernando, CFA

Taiwan Tech Weekly: Delta At Nvidia GTC 2025; Foxconn EV Strategy Win; Key Semi Industry Indicators

NVIDIA GTC 2025: Delta Electronics showcases AI-centric power solutions, Foxconn's EV bet pays off with Mitsubishi win, and semiconductor updates...

Vincent Fernando, CFA

TWSE Foreign Holding Weekly (Mar 21st): Yang Ming, Hon Hai Precision Industry, TSMC, Quanta Computer

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

Ke Yan, CFA, FRM

Taiwan Tech Weekly: Mediatek Wins Google AI Chip from Broadcom; Hon Hai to Expand U.S. Production

Google is switching from Broadcom to Mediatek for AI chips, Hon Hai CEO predicts growth in U.S.-based tech manufacturing, and reports show...

Vincent Fernando, CFA

TWSE Foreign Holding Weekly (Mar 14th): TSMC, Mediatek, Asustek, Hon Hai, Quanta Computer

We analyzed TWSE foreign holding data for the past week and highlighted foreign holding changes in TSMC, Mediatek, Asustek Computer, Hon Hai...

Ke Yan, CFA, FRM

Price Gauge

52-week Range

Market Cap (USDm)

P/E

Dividend (Yield)

Delta Taiwan Vs. Thailand Monitor: Delta Thailand Crash Closes Gap, But Still Relatively Expensive

​Delta Thailand has significantly dropped compared to Delta Taiwan but is still overvalued even after recent price adjustments. Delta Taiwan has a...

Vincent Fernando, CFA

Taiwan Tech Weekly: Delta At Nvidia GTC 2025; Foxconn EV Strategy Win; Key Semi Industry Indicators

​NVIDIA GTC 2025: Delta Electronics showcases AI-centric power solutions, Foxconn's EV bet pays off with Mitsubishi win, and semiconductor updates...

Vincent Fernando, CFA

TWSE Foreign Holding Weekly (Mar 21st): Yang Ming, Hon Hai Precision Industry, TSMC, Quanta Computer

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

Ke Yan, CFA, FRM

Taiwan Tech Weekly: Mediatek Wins Google AI Chip from Broadcom; Hon Hai to Expand U.S. Production

​Google is switching from Broadcom to Mediatek for AI chips, Hon Hai CEO predicts growth in U.S.-based tech manufacturing, and reports show...

Vincent Fernando, CFA

TWSE Foreign Holding Weekly (Mar 14th): TSMC, Mediatek, Asustek, Hon Hai, Quanta Computer

We analyzed TWSE foreign holding data for the past week and highlighted foreign holding changes in TSMC, Mediatek, Asustek Computer, Hon Hai...

Ke Yan, CFA, FRM

Delta Thailand has significantly dropped compared to Delta Taiwan but is still overvalued even after recent price adjustments. Delta Taiwan has a...

NVIDIA GTC 2025: Delta Electronics showcases AI-centric power solutions, Foxconn's EV bet pays off with Mitsubishi win, and semiconductor updates...

Google is switching from Broadcom to Mediatek for AI chips, Hon Hai CEO predicts growth in U.S.-based tech manufacturing, and reports show...