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

<ul>
<li>Micron's Latest Outlook Disappoints &amp; Shares Fall; Decoupling Trade Between SK Hynix &amp; Nanya Tech Has Worked However</li>
<li>Smartphone AI Insights -- On-Device Local Search &amp; Context-Aware Interfaces Emerging as Key Local AI Needs</li>
<li>Conclusion -- Consider Swapping In MICRON as the Long Side of the Memory Decoupling Trade</li>
</ul>


Micron's Latest Outlook Disappoints &amp; Shares Fall; Decoupling Trade Between SK Hynix &amp; Nanya Tech Has Worked However
Smartphone AI Insights -- On-Device Local Search &amp; Context-Aware Interfaces Emerging as Key Local AI Needs
Conclusion -- Consider Swapping In MICRON as the Long Side of the Memory Decoupling Trade


Memory Monitor: The Emerging Mass-Market Edge AI Need for Mobiles; Long Micron Vs. Short Nanya Tech

<ul>
<li>Memory Market Diverges: AI Demand Continues to Surges While Legacy Segments Struggle in November</li>
<li>Diverging Demand Trends Highlight Market Decoupling -- AI Driving HBM, Server DRAM, QLC NAND Demand</li>
<li>Outlook for the Memory Market -- Decoupling Trade: Long SK Hynix vs. Short Nanya Tech Trade</li>
</ul>


Memory Market Diverges: AI Demand Continues to Surges While Legacy Segments Struggle in November
Diverging Demand Trends Highlight Market Decoupling -- AI Driving HBM, Server DRAM, QLC NAND Demand
Outlook for the Memory Market -- Decoupling Trade: Long SK Hynix vs. Short Nanya Tech Trade


Memory Monitor: Decoupling Trade Long SK Hynix Vs. Short Nanya Tech

Tracking developments across tech supply chains, Tech Supply Chain Tracker

Tech Supply Chain Tracker

Tracking developments across tech supply chains

Inspur Electronic Infmtn Indtry / Equity Bottom-Up

<ul><li>India's top player in the industry notes slow passenger EV sales, but sees a boom in commercial EVs.</li><li>Nvidia surpasses revenue estimates with strong data center expansion, leading to mixed analyst reactions.</li><li>China accelerates efforts for chip independence to lessen reliance on US technology in response to potential policies of the new Trump administration.</li></ul>

India's top player in the industry notes slow passenger EV sales, but sees a boom in commercial EVs.Nvidia surpasses revenue estimates with strong data center expansion, leading to mixed analyst reactions.China accelerates efforts for chip independence to lessen reliance on US technology in response to potential policies of the new Trump administration.

Tech Supply Chain Tracker (22-Nov-2024): Commercial EVs thrive despite passenger slowdown.

Pan-Asia Index Rebalances/ Events/ Delta One, Periscope Analytics

Brian Freitas

Pan-Asia Index Rebalances/ Events/ Delta One

Periscope Analytics

Periscope Analytics focuses on event-driven trades across Asia Pacific and provides comprehensive, timely and systematic coverage of index changes to major Asia Pacific indices in a structured manner.

The analysis includes forecasted inclusions and exclusions to all major Asian indices that have significant amount of tracking assets, including estimates of passive buy/sell flow on the stocks. The service also provides commentary and impact of market consultations, ground rule changes, and other events (IPOs, spin-offs, M&A) that could lead to index changes and passive flow.

Periscope Analytics works with multi-strategy hedge funds, proprietary trading firms, stat arb trading groups and long-only investors that invest and trade in the Asia Pacific region with the data being used to trade index rebalances, avoid pre-positioning and passive flow, and to time entry into and exit from stocks.

Event-Driven Trades Across Asia Pacific

Index Rebalance

Synnex Technology International / Index Rebalance

<ul>
<li>There are 15 changes for the TIP Taiwan Value High Dividend Index in November. The Yuanta Taiwan Value High Dividend ETF (00940 TT) has an AUM of US$5bn.</li>
<li>Estimated one-way turnover is 26% and there are 16 stocks with over 4 days of ADV left to trade. The rebalance commenced yesterday and will end on Friday.</li>
<li>An equal weighted basket of inclusions has outperformed an equal weighted basket of deletions since July. That could continue over the week as the ETF continues to rebalance their portfolio.</li>
</ul>


There are 15 changes for the TIP Taiwan Value High Dividend Index in November. The Yuanta Taiwan Value High Dividend ETF (00940 TT) has an AUM of US$5bn.
Estimated one-way turnover is 26% and there are 16 stocks with over 4 days of ADV left to trade. The rebalance commenced yesterday and will end on Friday.
An equal weighted basket of inclusions has outperformed an equal weighted basket of deletions since July. That could continue over the week as the ETF continues to rebalance their portfolio.


TIP Taiwan Value High Dividend Index Rebalance: A Lot to Trade This Week

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

<ul>
<li>TSMC October Revenue Rises 29.2% YoY; Continued Strong Growth Despite Harder YoY Comparison</li>
<li>GlobalWafers (6488.TT): The Recovery Expectation Has Been Delayed from 2H24 to 2025.</li>
<li>UMC (2303.TT; UMC.US): 4Q24 Sales Might Reduce; GM Is Down Due to Inflation and Electricity Costs.</li>
</ul>


TSMC October Revenue Rises 29.2% YoY; Continued Strong Growth Despite Harder YoY Comparison
GlobalWafers (6488.TT): The Recovery Expectation Has Been Delayed from 2H24 to 2025.
UMC (2303.TT; UMC.US): 4Q24 Sales Might Reduce; GM Is Down Due to Inflation and Electricity Costs.


Taiwan Tech Weekly: TSMC Oct Revenue; GlobalWafers Recovery Pushed to 2025E; UMC 4Q24E Challenges

Taiwan

Phison Electronics Corp. manufactures and markets USB (Universal Serial Bus) flash pen drives, card readers, adapters, flash memory controllers, and integrated circuits (ICs).

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Phison Electronics (8299 TT)

Memory Monitor: The Emerging Mass-Market Edge AI Need for Mobiles; Long Micron Vs. Short Nanya Tech

Micron's outlook disappointed last week, but the decoupling trade of Long SK Hynix vs. Short Nanya Tech is working. Consider swapping in Micron as...

Vincent Fernando, CFA

Memory Monitor: Decoupling Trade Long SK Hynix Vs. Short Nanya Tech

AI demand is driving growth in memory market, while legacy segments struggle, creating opportunities for investors to capitalize on decoupling...

Vincent Fernando, CFA

Tech Supply Chain Tracker (22-Nov-2024): Commercial EVs thrive despite passenger slowdown.

Passenger EV sales lag behind, but commercial EVs thrive; Nvidia surpasses revenue estimates, sparking analyst reactions; China accelerates chip...

Tech Supply Chain Tracker

TIP Taiwan Value High Dividend Index Rebalance: A Lot to Trade This Week

There are 15 changes a side for the TIP Taiwan Value High Dividend Index in November. Estimated one-way turnover is 26% and there are 16 stocks...

Brian Freitas

Taiwan Tech Weekly: TSMC Oct Revenue; GlobalWafers Recovery Pushed to 2025E; UMC 4Q24E Challenges

TSMC sees strong revenue growth in October, while GlobalWafers delays recovery expectations and UMC faces challenges with potential sales...

Vincent Fernando, CFA

Price Gauge

52-week Range

Market Cap (USDm)

P/E

Dividend (Yield)

Memory Monitor: The Emerging Mass-Market Edge AI Need for Mobiles; Long Micron Vs. Short Nanya Tech

​Micron's outlook disappointed last week, but the decoupling trade of Long SK Hynix vs. Short Nanya Tech is working. Consider swapping in Micron as...

Vincent Fernando, CFA

Memory Monitor: Decoupling Trade Long SK Hynix Vs. Short Nanya Tech

​AI demand is driving growth in memory market, while legacy segments struggle, creating opportunities for investors to capitalize on decoupling...

Vincent Fernando, CFA

Tech Supply Chain Tracker (22-Nov-2024): Commercial EVs thrive despite passenger slowdown.

Passenger EV sales lag behind, but commercial EVs thrive; Nvidia surpasses revenue estimates, sparking analyst reactions; China accelerates chip...

Tech Supply Chain Tracker

TIP Taiwan Value High Dividend Index Rebalance: A Lot to Trade This Week

There are 15 changes a side for the TIP Taiwan Value High Dividend Index in November. Estimated one-way turnover is 26% and there are 16 stocks...

Brian Freitas

Taiwan Tech Weekly: TSMC Oct Revenue; GlobalWafers Recovery Pushed to 2025E; UMC 4Q24E Challenges

​TSMC sees strong revenue growth in October, while GlobalWafers delays recovery expectations and UMC faces challenges with potential sales...

Vincent Fernando, CFA

Micron's outlook disappointed last week, but the decoupling trade of Long SK Hynix vs. Short Nanya Tech is working. Consider swapping in Micron as...

AI demand is driving growth in memory market, while legacy segments struggle, creating opportunities for investors to capitalize on decoupling...

TSMC sees strong revenue growth in October, while GlobalWafers delays recovery expectations and UMC faces challenges with potential sales...