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>Windows 10's End-of-Life Becomes Apple's Windfall as Second Fastest Growing Computer Brand</li>
<li>Eyes on Yageo Results Coming October 30 After 35% 1-Week Surge</li>
<li>China Tightens Rare Earth Grip: TSMC Says It's Prepared with Inventory</li>
</ul>


Windows 10's End-of-Life Becomes Apple's Windfall as Second Fastest Growing Computer Brand
Eyes on Yageo Results Coming October 30 After 35% 1-Week Surge
China Tightens Rare Earth Grip: TSMC Says It's Prepared with Inventory


Taiwan Tech Weekly: Apple's Macbook Windfall; Yageo's Rally; TSMC's Massive Rare Earth Stockpile

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 Oct 24th. The aggregated holding was USD1,379.0bn.</li>
<li>We estimate that foreign flows to be outflows of USD1,005mln. We tabulate the league tables 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, Hon Hai Precision, Wistron, Yageo, MediaTek, Hon Hai Precision, Yageo, TSMC, Wistron, Mediatek.</li>
</ul>


We analyzed the changes in foreign holdings of TWSE Stocks as of Oct 24th. The aggregated holding was USD1,379.0bn.
We estimate that foreign flows to be outflows of USD1,005mln. We tabulate the league tables for top changes by value for 1W/4W/1Y and top stocks held by foreign institutions.
We highlight changes of foreign holdings in TSMC, Hon Hai Precision, Wistron, Yageo, MediaTek, Hon Hai Precision, Yageo, TSMC, Wistron, Mediatek.


TWSE Foreign Holding Weekly (Oct 24th): TSMC, Hon Hai Precision, Wistron, Yageo, MediaTek

<ul>
<li>We analyzed the changes in short interest of TWSE Stocks as of Oct 24th. The aggregated short interest was USD27.3bn.</li>
<li>We tabulate league tables for top short by value and short as multiple of ADT, as well as weekly increases &amp; decreases in short value, short as multiple of ADT.</li>
<li>We highlight short interest changes in TECO Electric &amp; Machinery, Wistron, Unimicron Technology, LARGAN Precision, Yageo, TECO Electric &amp; Machinery, Wistron, Unimicron Technology, LARGAN Precision, Yageo.</li>
</ul>


We analyzed the changes in short interest of TWSE Stocks as of Oct 24th. The aggregated short interest was USD27.3bn.
We tabulate league tables for top short by value and short as multiple of ADT, as well as weekly increases &amp; decreases in short value, short as multiple of ADT.
We highlight short interest changes in TECO Electric &amp; Machinery, Wistron, Unimicron Technology, LARGAN Precision, Yageo, TECO Electric &amp; Machinery, Wistron, Unimicron Technology, LARGAN Precision, Yageo.


TWSE Short Interest Weekly (Oct 24th): TECO Electric & Machinery, Wistron, Unimicron Technology

<ul>
<li>MediaTek Joins Forces with NVIDIA on the GB10 Superchip -- Locally-Run AI Models Are Coming to Your Desktop</li>
<li>TSMC’s 2nm Price Hike Spurs Interest in Samsung, But Underscores Its Strength</li>
<li>Latest for Smartphone Demand 3Q25: A Little Bit Better, Just a Little </li>
</ul>


MediaTek Joins Forces with NVIDIA on the GB10 Superchip -- Locally-Run AI Models Are Coming to Your Desktop
TSMC’s 2nm Price Hike Spurs Interest in Samsung, But Underscores Its Strength
Latest for Smartphone Demand 3Q25: A Little Bit Better, Just a Little 


Taiwan Tech Weekly: Mediatek & Nvidia Announce GB10 Partnership; TSMC's Prices Spur Samsung Interest

<ul>
<li>TSMC: +22.1% Premium; Continue to View 24% or Higher as Level to Short From</li>
<li>UMC: +0.4% Premium; Results Coming... Wait for More Extreme Spread Levels</li>
<li>ASE: +0.4% Premium; Near Good Level to Go Long the ADR Spread</li>
</ul>


TSMC: +22.1% Premium; Continue to View 24% or Higher as Level to Short From
UMC: +0.4% Premium; Results Coming... Wait for More Extreme Spread Levels
ASE: +0.4% Premium; Near Good Level to Go Long the ADR Spread


Taiwan Dual-Listings Monitor: TSMC Spread Sinks Sharply; ASE Near Parity Again

Taiwan

United Microelectronics Corporation designs, manufactures, and markets integrated circuits (ICs) and related electronic products.  The Company's main products are consumer electronic ICs, memory ICs, personal computer peripheral ICs, and communication ICs.

Price Gauge
52-week Range	0.00 - 0.00
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United Microelectronics Corp (2303 TT)

Taiwan Tech Weekly: Apple's Macbook Windfall; Yageo's Rally; TSMC's Massive Rare Earth Stockpile

Windows 10's end-of-life is benefiting Apple. Yageo's results ahead after a 35% surge, while TSMC is prepared for China's tightening grip on rare...

Vincent Fernando, CFA

TWSE Foreign Holding Weekly (Oct 24th): TSMC, Hon Hai Precision, Wistron, Yageo, MediaTek

We analyzed TWSE foreign holding data for the past week and highlighted foreign holding changes in TSMC, Hon Hai Precision, Wistron, Yageo,...

Ke Yan, CFA, FRM

TWSE Short Interest Weekly (Oct 24th): TECO Electric & Machinery, Wistron, Unimicron Technology

We analyzed TWSE short interest report for the past week and highlighted short interest changes in TECO Electric & Machinery (1504 TT), Wistron...

Ke Yan, CFA, FRM

Taiwan Tech Weekly: Mediatek & Nvidia Announce GB10 Partnership; TSMC's Prices Spur Samsung Interest

MediaTek partners with NVIDIA for GB10 Superchip, bringing locally-run AI models to desktops. TSMC's 2nm price hike boosts interest in Samsung....

Vincent Fernando, CFA

Taiwan Dual-Listings Monitor: TSMC Spread Sinks Sharply; ASE Near Parity 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

Price Gauge

52-week Range

Market Cap (USDm)

P/E

Dividend (Yield)

Taiwan Tech Weekly: Apple's Macbook Windfall; Yageo's Rally; TSMC's Massive Rare Earth Stockpile

​Windows 10's end-of-life is benefiting Apple. Yageo's results ahead after a 35% surge, while TSMC is prepared for China's tightening grip on rare...

Vincent Fernando, CFA

TWSE Foreign Holding Weekly (Oct 24th): TSMC, Hon Hai Precision, Wistron, Yageo, MediaTek

We analyzed TWSE foreign holding data for the past week and highlighted foreign holding changes in TSMC, Hon Hai Precision, Wistron, Yageo,...

Ke Yan, CFA, FRM

TWSE Short Interest Weekly (Oct 24th): TECO Electric & Machinery, Wistron, Unimicron Technology

We analyzed TWSE short interest report for the past week and highlighted short interest changes in TECO Electric & Machinery (1504 TT), Wistron...

Ke Yan, CFA, FRM

Taiwan Tech Weekly: Mediatek & Nvidia Announce GB10 Partnership; TSMC's Prices Spur Samsung Interest

​MediaTek partners with NVIDIA for GB10 Superchip, bringing locally-run AI models to desktops. TSMC's 2nm price hike boosts interest in Samsung....

Vincent Fernando, CFA

Taiwan Dual-Listings Monitor: TSMC Spread Sinks Sharply; ASE Near Parity 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

Windows 10's end-of-life is benefiting Apple. Yageo's results ahead after a 35% surge, while TSMC is prepared for China's tightening grip on rare...

MediaTek partners with NVIDIA for GB10 Superchip, bringing locally-run AI models to desktops. TSMC's 2nm price hike boosts interest in Samsung....