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) / Equity Bottom-Up

TSMC (Taiwan Semiconductor Manufacturing) (TSM US)

TSMC (Taiwan Semiconductor Manufacturing)

<ul>
<li>
Record 66.2% gross margin beat guidance by 120bps; management raised full-year revenue growth to "above 30%" and capex to high end of $52-56B on insatiable AI demand. </li>
<li>
Supply constraints persist through 2027 as TSMC builds three new N3 fabs globally. AI accelerator revenue CAGR reaffirmed at "higher-50s" through 2029. </li>
<li>
Supply chain scorecard: strongly positive for ASML, SK Hynix,  ASE; mixed for MediaTek and Apple; negative for Intel and Samsung  foundry competitiveness.</li>
</ul>



Record 66.2% gross margin beat guidance by 120bps; management raised full-year revenue growth to "above 30%" and capex to high end of $52-56B on insatiable AI demand. 

Supply constraints persist through 2027 as TSMC builds three new N3 fabs globally. AI accelerator revenue CAGR reaffirmed at "higher-50s" through 2029. 

Supply chain scorecard: strongly positive for ASML, SK Hynix,  ASE; mixed for MediaTek and Apple; negative for Intel and Samsung  foundry competitiveness.


TSMC 1Q26: 66% Gross Margin Beat — What It Means for ASML, NVIDIA, MediaTek & 7 More

Technology / Semiconductor / Internet Research

Nicolas Baratte

<ul>
<li>Very impressive. 1H26 revenue growth ~35%, Operating Profits growth ~58% YoY (guidance). 1H26 Net Income growth ~54% (my estimate). Consensus will keep revising up.</li>
<li>Capacity is tight, 2026 Capex will be at high-end of guidance ($56bn), TSMC announced 3 new N3 Fabs, “doing everything” they can to speed up capacity ramp.</li>
<li>TSMC and ASML trade at +1 stdev above average. TSMC is a lot cheaper trading at 20.4x forward EPS (forward means 12 months forward or April 2027) vs ASML 40x.</li>
</ul>


Very impressive. 1H26 revenue growth ~35%, Operating Profits growth ~58% YoY (guidance). 1H26 Net Income growth ~54% (my estimate). Consensus will keep revising up.
Capacity is tight, 2026 Capex will be at high-end of guidance ($56bn), TSMC announced 3 new N3 Fabs, “doing everything” they can to speed up capacity ramp.
TSMC and ASML trade at +1 stdev above average. TSMC is a lot cheaper trading at 20.4x forward EPS (forward means 12 months forward or April 2027) vs ASML 40x.


TSMC Keeps Beating. Consensus Expects 38% EPS Growth in 2026. 1H26 EPS Growth Is Above 50% YoY.

Korea/Asia, Events, IPOs, Douglas Research Advisory

Douglas Kim

Korea/Asia, Events, IPOs

Douglas Research Advisory

Event-Driven

<ul>
<li>SK Inc (034730 KS) announced that it plans to sell about 1.25 trillion won worth of its stake (13.94%) in SK Biopharmaceuticals (326030 KS) through a PRS contract.</li>
<li>SK Inc plans to sell 10.917 million shares of SK Biopharm on 30 March 2026. Selling price for SK Biopharm is 114,500 won.</li>
<li>We believe that this PRS transaction is likely to positively impact SK Inc and SKC. However, it should have a slight negative impact on SK Biopharm.</li>
</ul>


SK Inc (034730 KS) announced that it plans to sell about 1.25 trillion won worth of its stake (13.94%) in SK Biopharmaceuticals (326030 KS) through a PRS contract.
SK Inc plans to sell 10.917 million shares of SK Biopharm on 30 March 2026. Selling price for SK Biopharm is 114,500 won.
We believe that this PRS transaction is likely to positively impact SK Inc and SKC. However, it should have a slight negative impact on SK Biopharm.


SK Inc: Selling 1.25 Trillion Won Worth of SK Biopharm Through a PRS Contract

Director, Head of Research, Smartkarma

Pranav Rao

Director, Head of Research

Smartkarma

Smartkarma unites the fragmented investment industry, connecting institutional investors, independent research providers, and corporates within a single network.

Research Reinvented

Korea Stock Exchange Kospi Index / Event-Driven

Korea Stock Exchange Kospi Index (KOSPI INDEX)

<ul>
<li>Welcome to Curator’s Cut — a fortnightly roundup of standout themes from the 1,500+ insights published on Smartkarma.</li>
<li>In this cut, we uncover large- and small-cap opportunities in South Korea, examine whether it's time for a luxury rebound, and assess some opportunities in the insurance sector. </li>
<li>Want to dig deeper? Comment or message with the themes you’d like to see highlighted next.</li>
</ul>


Welcome to Curator’s Cut — a fortnightly roundup of standout themes from the 1,500+ insights published on Smartkarma.
In this cut, we uncover large- and small-cap opportunities in South Korea, examine whether it's time for a luxury rebound, and assess some opportunities in the insurance sector. 
Want to dig deeper? Comment or message with the themes you’d like to see highlighted next.


Curator's Cut: Seoul Searching, Luxury Lulls & Getting Insurance for Portfolios

Korea / Special Situations, Clepsydra Capital

Sanghyun Park

Korea / Special Situations

Korea / Special Sits, Pairs, Index Rebalancing

Clepsydra Capital

Investigate special situations, pairs, and index rebalancing trades in Korea.

<ul>
<li>The one-ETF-per-desk rule matters because concentrated hedging flow can blow out single-stock futures basis, creating ugly contango and juicy cash-and-carry opportunities as one desk dominates futures buying.</li>
<li>Focus on pre-loading long-basis positions 1–2 months ahead, monitor contango closely, set short-basis trades, and capture the basis blowout once ETF flows hit.</li>
<li>ETF listing likely pushes June flows into September, creating a timing arb: short front months (June/July), long Sep, capturing curve steepening and widened calendar spreads.</li>
</ul>


The one-ETF-per-desk rule matters because concentrated hedging flow can blow out single-stock futures basis, creating ugly contango and juicy cash-and-carry opportunities as one desk dominates futures buying.
Focus on pre-loading long-basis positions 1–2 months ahead, monitor contango closely, set short-basis trades, and capture the basis blowout once ETF flows hit.
ETF listing likely pushes June flows into September, creating a timing arb: short front months (June/July), long Sep, capturing curve steepening and widened calendar spreads.


Front-Running Korea’s 2x Single-Stock ETFs: Basis Blowouts & Calendar Spread Arb Pre-June Launch

South Korea

SK Hynix Inc. provides products and services for the electronic components industry. The Company manufactures semiconductors, such as dynamic random access memory (DRAM), NAND flash memory, and static random access memory (SRAM) chips.

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SK Hynix (000660 KS)

TSMC 1Q26: 66% Gross Margin Beat — What It Means for ASML, NVIDIA, MediaTek & 7 More

Record gross margin beat and raised revenue guidance due to AI demand; supply constraints persist through 2027 with TSMC building new fabs; supply...

Vincent Fernando, CFA

TSMC Keeps Beating. Consensus Expects 38% EPS Growth in 2026. 1H26 EPS Growth Is Above 50% YoY.

Impressive revenue and profit growth for TSMC, tight capacity leading to high Capex and new fabs, TSMC trading cheaper than ASML.

Nicolas Baratte

SK Inc: Selling 1.25 Trillion Won Worth of SK Biopharm Through a PRS Contract

SK Inc (034730 KS) announced that it plans to sell about 1.25 trillion won worth of its stake (13.94%) in SK Biopharmaceuticals (326030 KS) through...

Douglas Kim

Curator's Cut: Seoul Searching, Luxury Lulls & Getting Insurance for Portfolios

Discover investment opportunities in South Korea, luxury rebound potential, and insurance sector insights in the latest Curator's Cut from...

Pranav Rao

Front-Running Korea’s 2x Single-Stock ETFs: Basis Blowouts & Calendar Spread Arb Pre-June Launch

This post looks into front-running Korea’s 2x single-stock ETFs: basis blowouts & calendar spread arb ahead of June launch.

Sanghyun Park

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TSMC 1Q26: 66% Gross Margin Beat — What It Means for ASML, NVIDIA, MediaTek & 7 More

​Record gross margin beat and raised revenue guidance due to AI demand; supply constraints persist through 2027 with TSMC building new fabs; supply...

Vincent Fernando, CFA

TSMC Keeps Beating. Consensus Expects 38% EPS Growth in 2026. 1H26 EPS Growth Is Above 50% YoY.

​Impressive revenue and profit growth for TSMC, tight capacity leading to high Capex and new fabs, TSMC trading cheaper than ASML.

Nicolas Baratte

SK Inc: Selling 1.25 Trillion Won Worth of SK Biopharm Through a PRS Contract

SK Inc (034730 KS) announced that it plans to sell about 1.25 trillion won worth of its stake (13.94%) in SK Biopharmaceuticals (326030 KS) through...

Douglas Kim

Curator's Cut: Seoul Searching, Luxury Lulls & Getting Insurance for Portfolios

​Discover investment opportunities in South Korea, luxury rebound potential, and insurance sector insights in the latest Curator's Cut from...

Pranav Rao

Front-Running Korea’s 2x Single-Stock ETFs: Basis Blowouts & Calendar Spread Arb Pre-June Launch

This post looks into front-running Korea’s 2x single-stock ETFs: basis blowouts & calendar spread arb ahead of June launch.

Sanghyun Park

Record gross margin beat and raised revenue guidance due to AI demand; supply constraints persist through 2027 with TSMC building new fabs; supply...

Impressive revenue and profit growth for TSMC, tight capacity leading to high Capex and new fabs, TSMC trading cheaper than ASML.

Discover investment opportunities in South Korea, luxury rebound potential, and insurance sector insights in the latest Curator's Cut from...