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>
1Q25 Smartphone Chipset Market Share Data -- Shows Growth Outperformance for Mediatek</li>
<li>
Nvidia Partnership Helping Mediatek Break Into PCs and Handheld Gaming Devices -- High End Graphics Performance for Small Form Factors</li>
<li>
Smartphones Expected to Rapidly Switch to Advanced Node Chipsets by 2026 -- This Plays to Mediatek's TSMC Advantage</li>
</ul>



1Q25 Smartphone Chipset Market Share Data -- Shows Growth Outperformance for Mediatek

Nvidia Partnership Helping Mediatek Break Into PCs and Handheld Gaming Devices -- High End Graphics Performance for Small Form Factors

Smartphones Expected to Rapidly Switch to Advanced Node Chipsets by 2026 -- This Plays to Mediatek's TSMC Advantage


Mediatek Rising in Smartphones and Beyond - Q1 Market Share, Nvidia Partnership, TSMC Node Advantage

Taiwan Tech Focused Senior Analyst

Patrick Liao

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

TSMC (Taiwan Semiconductor Manufacturing) - ADR

<ul>
<li>Japan’s <a href="https://www.smartkarma.com/entities/fujitsu-ltd" target="_blank" data-smartkarma-citation="entities:16968:1" rel="noopener">Fujitsu Ltd (6702 JP)</a> is currently developing a 2nm CPU named “MONAKA” (link). The CPU is planned to be manufactured by <a href="https://www.smartkarma.com/entities/taiwan-semiconductor-sp-adr" target="_blank" data-smartkarma-citation="entities:8587:1" rel="noopener">Taiwan Semiconductor (TSMC) - ADR (TSM US)</a>.  </li>
<li>Rapidus has to deal with high technical barriers, tight timelines, heavy R&amp;D costs, market and profitability challenges.</li>
<li>Talent shortage in Japan: A lingering pain for the Semiconductor industry</li>
</ul>


Japan’s Fujitsu Ltd (6702 JP) is currently developing a 2nm CPU named “MONAKA” (link). The CPU is planned to be manufactured by Taiwan Semiconductor (TSMC) - ADR (TSM US).  
Rapidus has to deal with high technical barriers, tight timelines, heavy R&amp;D costs, market and profitability challenges.
Talent shortage in Japan: A lingering pain for the Semiconductor industry


TSMC (2330.TT; TSM.US): Will Rapidus Threaten TSMC's 2nm Market? We Think It's Too Early to Say (II)

Technology / Semiconductor / Internet Research

Nicolas Baratte

<ul>
<li>Nvidia, AMD launch a new GPU every 2 years. At each generation, higher performance manufacturing (TSMC) and HBM (higher density, higher speed, thinner layers). Hence, cost increase at each generation. </li>
<li>Price and volumes are negotiated 1 year ahead. TSMC, SK Hynix expect AI / HBM revenues to double in 2025. Expect another 50-60% in 2026. </li>
<li>Why HBM attracts less interest than Foundry (TSMC) or Design (AMD, AVGO, Nvidia)? Mostly, investor still think this is a cyclical business – HBM isn’t.</li>
</ul>


Nvidia, AMD launch a new GPU every 2 years. At each generation, higher performance manufacturing (TSMC) and HBM (higher density, higher speed, thinner layers). Hence, cost increase at each generation. 
Price and volumes are negotiated 1 year ahead. TSMC, SK Hynix expect AI / HBM revenues to double in 2025. Expect another 50-60% in 2026. 
Why HBM attracts less interest than Foundry (TSMC) or Design (AMD, AVGO, Nvidia)? Mostly, investor still think this is a cyclical business – HBM isn’t.


HBM Should Be as Attractive an Investment as Nvidia or TSMC but the Stocks Don’t Show That

Head of Research, IPOs & Placements, Aequitas Research

Sumeet Singh

Head of Research, IPOs & Placements

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.

Equity Capital Markets

Shinhan Financial / Equity Capital Markets

<ul>
<li>Affinity Equity Partners is looking to raise around US$425m via selling 1.9% of its stake in <a href="https://www.smartkarma.com/entities/shinhan-financial-group-ltd" target="_blank" data-smartkarma-citation="entities:6978:1" rel="noopener">Shinhan Financial (055550 KS).</a>
</li>
<li>Affinity had sold half of its stake earlier in 2024, when the company witnessed a number of selldowns in 1H24.</li>
<li>In this note, we will talk about the deal dynamics and run the deal through our ECM framework.</li>
</ul>


Affinity Equity Partners is looking to raise around US$425m via selling 1.9% of its stake in Shinhan Financial (055550 KS).

Affinity had sold half of its stake earlier in 2024, when the company witnessed a number of selldowns in 1H24.
In this note, we will talk about the deal dynamics and run the deal through our ECM framework.


Shinhan Financial Group Placement - Clean-Up Trade but Stock Is at All Time-Highs

Korea/Asia, Events, IPOs, Douglas Research Advisory

Douglas Kim

Korea/Asia, Events, IPOs

Douglas Research Advisory

Cross Asset Strategy

<ul>
<li>In our view, the sharp increase in the lending balance is one of the signs of many investors preparing for a pull-back in the Korean stock market.</li>
<li>The lending balance of the Korean stock market surged from 47.3 trillion won on 2 January 2025 to 90.4 trillion won as of 20 June 2025.</li>
<li>The rising lending balance in the Korean stock market could be construed as a bearish sign. </li>
</ul>


In our view, the sharp increase in the lending balance is one of the signs of many investors preparing for a pull-back in the Korean stock market.
The lending balance of the Korean stock market surged from 47.3 trillion won on 2 January 2025 to 90.4 trillion won as of 20 June 2025.
The rising lending balance in the Korean stock market could be construed as a bearish sign. 


A Sharp Increase in the Lending Balance of Korean Stock Market Suggests A Pull-Back

South Korea

Samsung Electronics Co., Ltd. manufactures a wide range of consumer and industrial electronic equipment and products such as semiconductors, personal computers, peripherals, monitors, televisions, and home appliances including air conditioners and microwave ovens. The Company also produces Internet access network systems and telecommunications equipment including mobile phones.

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Samsung Electronics (005930 KS)

TSMC (2330.TT; TSM.US): Will Rapidus Threaten TSMC's 2nm Market? We Think It's Too Early to Say (II)

Fujitsu developing 2nm CPU "MONAKA" with TSMC. Rapidus is facing technical barriers, talent shortage in Japan's Semiconductor industry.

Patrick Liao

HBM Should Be as Attractive an Investment as Nvidia or TSMC but the Stocks Don’t Show That

TSMC and SK Hynix expect AI/HBM revenues to double by 2025. Investors overlook HBM's potential due to misconceptions about its cyclical nature.

Nicolas Baratte

Shinhan Financial Group Placement - Clean-Up Trade but Stock Is at All Time-Highs

Affinity Equity Partners is looking to raise around US$425m via selling 1.9% of its stake in Shinhan Financial (055550 KS).

Sumeet Singh

A Sharp Increase in the Lending Balance of Korean Stock Market Suggests A Pull-Back

In our view, the sharp increase in the lending balance is one of the signs of many investors preparing for a pull-back in the Korean stock market.

Douglas Kim

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Mediatek Rising in Smartphones and Beyond - Q1 Market Share, Nvidia Partnership, TSMC Node Advantage

​Mediatek's growth outperformance in smartphone chipset market. Nvidia partnership delivering high-end graphics for Mediatek in PCs and handheld...

Vincent Fernando, CFA

TSMC (2330.TT; TSM.US): Will Rapidus Threaten TSMC's 2nm Market? We Think It's Too Early to Say (II)

​Fujitsu developing 2nm CPU "MONAKA" with TSMC. Rapidus is facing technical barriers, talent shortage in Japan's Semiconductor industry.

Patrick Liao

HBM Should Be as Attractive an Investment as Nvidia or TSMC but the Stocks Don’t Show That

TSMC and SK Hynix expect AI/HBM revenues to double by 2025. Investors overlook HBM's potential due to misconceptions about its cyclical nature.

Nicolas Baratte

Shinhan Financial Group Placement - Clean-Up Trade but Stock Is at All Time-Highs

Affinity Equity Partners is looking to raise around US$425m via selling 1.9% of its stake in Shinhan Financial (055550 KS).

Sumeet Singh

A Sharp Increase in the Lending Balance of Korean Stock Market Suggests A Pull-Back

In our view, the sharp increase in the lending balance is one of the signs of many investors preparing for a pull-back in the Korean stock market.

Douglas Kim

Mediatek's growth outperformance in smartphone chipset market. Nvidia partnership delivering high-end graphics for Mediatek in PCs and handheld...

Fujitsu developing 2nm CPU "MONAKA" with TSMC. Rapidus is facing technical barriers, talent shortage in Japan's Semiconductor industry.