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>TSMC Results Today; Arizona Production of 4nm Started, Yield on Par with Taiwan</li>
<li>TSMC Q424 Earnings Preview, 2025 Outlook &amp; Q125 Look Ahead </li>
<li>Delta Taiwan Vs. Thailand Monitor: Convertible Sale; Delta Thailand Should Underperform Vs Parent Co </li>
</ul>


TSMC Results Today; Arizona Production of 4nm Started, Yield on Par with Taiwan
TSMC Q424 Earnings Preview, 2025 Outlook &amp; Q125 Look Ahead 
Delta Taiwan Vs. Thailand Monitor: Convertible Sale; Delta Thailand Should Underperform Vs Parent Co 


Taiwan Tech Weekly: TSMC Results; Earnings Preview; Delta Thailand Convertible

<ul>
<li>TSMC: +28.4% Premium; Near-All-Time High, Good Level to Short the Spread</li>
<li>UMC: -0.4% Discount; Fifth Consecutive Month of Increase in ADR Headroom</li>
<li>CHT: -0.9% Discount; Good Level to Go Long the Spread</li>
</ul>


TSMC: +28.4% Premium; Near-All-Time High, Good Level to Short the Spread
UMC: -0.4% Discount; Fifth Consecutive Month of Increase in ADR Headroom
CHT: -0.9% Discount; Good Level to Go Long the Spread


Taiwan Dual-Listings Monitor: TSMC Premium Near All-Time Highs; CHT Rare Discount Level

Taiwan Tech Focused Senior Analyst

Patrick Liao

United Microelectronics Corp / Equity Bottom-Up

<ul>
<li>
<a href="https://www.smartkarma.com/entities/united-microelectron-sp-adr" target="_blank" data-smartkarma-citation="entities:11540:1" rel="noopener">United Microelectron Sp Adr (UMC US)</a> experiences approximately a 5-10% quarter-over-quarter (QoQ) decline in 1Q25. For the full year of 2025, we anticipate a modest year-over-year (YoY) decline of around 5%.</li>
<li>We have observed some strength from Taiwanese Fabless companies, which could support the 1Q25 demand for UMC.  </li>
<li>It has been noted that mature wafer demand is not solely driven by China and may help offset the impacts of the US-China Trade War, benefiting foundries outside of China.</li>
</ul>



United Microelectron Sp Adr (UMC US) experiences approximately a 5-10% quarter-over-quarter (QoQ) decline in 1Q25. For the full year of 2025, we anticipate a modest year-over-year (YoY) decline of around 5%.
We have observed some strength from Taiwanese Fabless companies, which could support the 1Q25 demand for UMC.  
It has been noted that mature wafer demand is not solely driven by China and may help offset the impacts of the US-China Trade War, benefiting foundries outside of China.


UMC (2303.TT; UMC.US): 1Q25 Outlook; Surprise Support of Taiwanese Fabless.

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 short interest of TWSE Stocks as of Jan 3rd which has an aggregated short interest worth USD21.1bn.</li>
<li>We tabulate league table 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 Realtek Semiconductor, Wisdom Marine Lines, Wiwynn, Eva Airways, Yang Ming Marine.</li>
</ul>


We analyzed the changes in short interest of TWSE Stocks as of Jan 3rd which has an aggregated short interest worth USD21.1bn.
We tabulate league table 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 Realtek Semiconductor, Wisdom Marine Lines, Wiwynn, Eva Airways, Yang Ming Marine.


TWSE Short Interest Weekly (Jan 3rd): Realtek Semiconductor, Wisdom Marine Lines, Wiwynn

<ul>
<li>We analyzed the changes in foreign holdings of TWSE Stocks as of Dec 27th which has an aggregated holding worth USD1,030.0bn.</li>
<li>We estimate that foreign flows to be inflows of USD1,768mln. 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, Far Eastern New Century, Mediatek, Elite Material, Alchip Technologies, Yang Ming Marine, Evergreen Marine, Eva Airways, Hua Nan Financial.</li>
</ul>


We analyzed the changes in foreign holdings of TWSE Stocks as of Dec 27th which has an aggregated holding worth USD1,030.0bn.
We estimate that foreign flows to be inflows of USD1,768mln. 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, Far Eastern New Century, Mediatek, Elite Material, Alchip Technologies, Yang Ming Marine, Evergreen Marine, Eva Airways, Hua Nan Financial.


TWSE Foreign Holding Weekly (Dec 27th): TSMC, FENC, Mediatek, Elite Material, Alchip Technologies

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.

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United Microelectronics Corp (2303 TT)

Taiwan Tech Weekly: TSMC Results; Earnings Preview; Delta Thailand Convertible

TSMC results to be released today, with reports that its Arizona production of 4nm chips is matching Taiwan's yield. Will Japan's Rapidus threaten...

Vincent Fernando, CFA

Taiwan Dual-Listings Monitor: TSMC Premium Near All-Time Highs; CHT Rare Discount Level

We analyze the premium and discount levels of dual-listed Taiwan companies, suggesting potential spread trading levels based on historical trends.

Vincent Fernando, CFA

UMC (2303.TT; UMC.US): 1Q25 Outlook; Surprise Support of Taiwanese Fabless.

UMC expects a 5-10% QoQ decline in 1Q25, with a modest 5% YoY decline for 2025. Taiwanese Fabless companies may boost 1Q25 demand, while mature...

Patrick Liao

TWSE Short Interest Weekly (Jan 3rd): Realtek Semiconductor, Wisdom Marine Lines, Wiwynn

We analyzed TWSE short interest report for the past week and highlighted short interest changes in Realtek Semiconductor, Wisdom Marine Lines,...

Ke Yan, CFA, FRM

TWSE Foreign Holding Weekly (Dec 27th): TSMC, FENC, Mediatek, Elite Material, Alchip Technologies

We analyzed TWSE foreign holding data for the past week and highlighted foreign holding changes in TSMC, Far Eastern New Century, Mediatek, Elite...

Ke Yan, CFA, FRM

Price Gauge

52-week Range

Market Cap (USDm)

P/E

Dividend (Yield)

Taiwan Tech Weekly: TSMC Results; Earnings Preview; Delta Thailand Convertible

​TSMC results to be released today, with reports that its Arizona production of 4nm chips is matching Taiwan's yield. Will Japan's Rapidus threaten...

Vincent Fernando, CFA

Taiwan Dual-Listings Monitor: TSMC Premium Near All-Time Highs; CHT Rare Discount Level

We analyze the premium and discount levels of dual-listed Taiwan companies, suggesting potential spread trading levels based on historical trends.

Vincent Fernando, CFA

UMC (2303.TT; UMC.US): 1Q25 Outlook; Surprise Support of Taiwanese Fabless.

UMC expects a 5-10% QoQ decline in 1Q25, with a modest 5% YoY decline for 2025. Taiwanese Fabless companies may boost 1Q25 demand, while mature...

Patrick Liao

TWSE Short Interest Weekly (Jan 3rd): Realtek Semiconductor, Wisdom Marine Lines, Wiwynn

We analyzed TWSE short interest report for the past week and highlighted short interest changes in Realtek Semiconductor, Wisdom Marine Lines,...

Ke Yan, CFA, FRM

TWSE Foreign Holding Weekly (Dec 27th): TSMC, FENC, Mediatek, Elite Material, Alchip Technologies

We analyzed TWSE foreign holding data for the past week and highlighted foreign holding changes in TSMC, Far Eastern New Century, Mediatek, Elite...

Ke Yan, CFA, FRM

TSMC results to be released today, with reports that its Arizona production of 4nm chips is matching Taiwan's yield. Will Japan's Rapidus threaten...