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 Extends Global Foundry Dominance Amid 33% Sales Surge – A Buy on Weakness Despite Market Concerns</li>
<li>Apple 'Glowtime' AI Announcements: Mixed Analyst and Media Reactions May Overlook Key Advantage — Apple Is Best Positioned to Seamlessly Integrate AI Into Your Smartphone Experience</li>
<li>Taiwan Market Gainers &amp; Losers: Consumer Electronics &amp; Memory Names Some of the Hardest Hit</li>
</ul>


TSMC Extends Global Foundry Dominance Amid 33% Sales Surge – A Buy on Weakness Despite Market Concerns
Apple 'Glowtime' AI Announcements: Mixed Analyst and Media Reactions May Overlook Key Advantage — Apple Is Best Positioned to Seamlessly Integrate AI Into Your Smartphone Experience
Taiwan Market Gainers &amp; Losers: Consumer Electronics &amp; Memory Names Some of the Hardest Hit


Taiwan Tech Weekly: TSMC Becoming More Dominant; Apple's AI Opportunity; Taiwan Market Hammered

Taiwan Tech Focused Senior Analyst

Patrick Liao

Vanguard Intl Semiconductor / Equity Bottom-Up

<ul>
<li>The 4Q24 is slightly on the downside, and we are currently adopting a somewhat conservative approach.  </li>
<li>Visibility extends for no more than 3 months, and any increase in demand is primarily driven by urgent orders.</li>
<li>As for the upcoming 12" Fab, which is in collaboration with <a href="https://www.smartkarma.com/entities/nxp-semiconductors-nv" target="_blank" data-smartkarma-citation="entities:9801:1" rel="noopener">Nxp Semiconductors Nv (NXPI US)</a>, it has commenced local recruitment efforts in Singapore.</li>
</ul>


The 4Q24 is slightly on the downside, and we are currently adopting a somewhat conservative approach.  
Visibility extends for no more than 3 months, and any increase in demand is primarily driven by urgent orders.
As for the upcoming 12" Fab, which is in collaboration with Nxp Semiconductors Nv (NXPI US), it has commenced local recruitment efforts in Singapore.


Vanguard (5347.TT): The Outlook of 4Q24 Seems a Bit Softer.

<ul>
<li>3Q24 guidance: Shipment: up 9-11% due to higher customer demand. ASP: down 0-2% QoQ. GM: 28-30%, up 3ppts QoQ.</li>
<li>Pricing hit bottom in 2Q24. Anticipates UTR in 2025 returning to 70-80%.</li>
<li>Effective tax rate for 2H24 is expected to be 20%.</li>
</ul>


3Q24 guidance: Shipment: up 9-11% due to higher customer demand. ASP: down 0-2% QoQ. GM: 28-30%, up 3ppts QoQ.
Pricing hit bottom in 2Q24. Anticipates UTR in 2025 returning to 70-80%.
Effective tax rate for 2H24 is expected to be 20%.


Vanguard (5347.TT): Pricing Hit Bottom in 2Q24. Anticipates UTR in 2025 Returning to 70-80%.

Equity Long-Short, Semiconductors, Fabricated Knowledge

Douglas O'Laughlin

Equity Long-Short, Semiconductors

Fabricated Knowledge

Learn more about the world's most important manufactured product. Meaningful insight, timely analysis, and an occasional investment idea.

Thematic (Sector/Industry)

<ul>
<li>This is going to be a big week, so I’ll be as brief as I can while getting everything in one place.</li>
<li>Let’s start with Automotive, which is my favorite idea set right now. The problem is that the near-term results were much weaker than I expected, and it looks like the bottom is maybe in.</li>
<li>I was expecting another quarter of scrapping along the bottom, and Industrial weakness punched a new low.</li>
</ul>


This is going to be a big week, so I’ll be as brief as I can while getting everything in one place.
Let’s start with Automotive, which is my favorite idea set right now. The problem is that the near-term results were much weaker than I expected, and it looks like the bottom is maybe in.
I was expecting another quarter of scrapping along the bottom, and Industrial weakness punched a new low.


Earnings: NXPI, CDNS, TXN, SLAB, Alphawave, TSEM, KLAC, SK Hynix, MXL, STM, ASMI, VRT, UCTT

<ul>
<li>Taiwan Stocks Fall On Potential New U.S. Tech Restrictions for China &amp; Potential Policy Shift from a Trump White House... Strong TSMC &amp; ASML Results Fail to Rally the Sector</li>
<li>Even Tighter Technology Restrictions for China?  -- US Could Use Special Rule to Restrict Selling of Products Made by Foreign Companies</li>
<li>We See TSMC's Margins Increasing Much Higher Than Guidance in Long-Term; 2Q24 Shows Apple Ramping Up </li>
</ul>


Taiwan Stocks Fall On Potential New U.S. Tech Restrictions for China &amp; Potential Policy Shift from a Trump White House... Strong TSMC &amp; ASML Results Fail to Rally the Sector
Even Tighter Technology Restrictions for China?  -- US Could Use Special Rule to Restrict Selling of Products Made by Foreign Companies
We See TSMC's Margins Increasing Much Higher Than Guidance in Long-Term; 2Q24 Shows Apple Ramping Up 


Taiwan Tech Weekly: Strong TSMC & ASML Data Fails to Rally the Semiconductor Sector

Netherlands

NXP Semiconductors NV operates as a global semiconductor company. The Company designs semiconductors and software for mobile communications, consumer electronics, security applications, in-car entertainment, and networking.  NXP offers its products to the automotive, identification, wireless infrastructure, lighting, mobile, and computing applications.

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Nxp Semiconductors Nv (NXPI US)

Taiwan Tech Weekly: TSMC Becoming More Dominant; Apple's AI Opportunity; Taiwan Market Hammered

TSMC extending its lead in global foundry with Intel and Samsung needing help. Apple best positioned deliver the AI phone 'dream'. Taiwan market...

Vincent Fernando, CFA

Vanguard (5347.TT): The Outlook of 4Q24 Seems a Bit Softer.

Due to slightly downside 4Q24, with visibility limited to 3 months and demand driven by urgent orders. Recruitment for upcoming 12" Fab in...

Patrick Liao

Vanguard (5347.TT): Pricing Hit Bottom in 2Q24. Anticipates UTR in 2025 Returning to 70-80%.

3Q24 guidance shows increased shipments due to higher demand GM expected to rise 3ppts QoQ. Anticipates pricing to improve in 2025. Effective tax...

Patrick Liao

Earnings: NXPI, CDNS, TXN, SLAB, Alphawave, TSEM, KLAC, SK Hynix, MXL, STM, ASMI, VRT, UCTT

This is going to be a big week, so I’ll be as brief as I can while getting everything in one place. Let’s start with Automotive, which is my...

Fabricated Knowledge

Taiwan Tech Weekly: Strong TSMC & ASML Data Fails to Rally the Semiconductor Sector

Taiwan stocks dropped last week as potential new US tech restrictions for China loom, despite strong TSMC and ASML results. Apple ramping up...

Vincent Fernando, CFA

Price Gauge

52-week Range

Market Cap (USDm)

P/E

Dividend (Yield)

Taiwan Tech Weekly: TSMC Becoming More Dominant; Apple's AI Opportunity; Taiwan Market Hammered

​TSMC extending its lead in global foundry with Intel and Samsung needing help. Apple best positioned deliver the AI phone 'dream'. Taiwan market...

Vincent Fernando, CFA

Vanguard (5347.TT): The Outlook of 4Q24 Seems a Bit Softer.

Due to slightly downside 4Q24, with visibility limited to 3 months and demand driven by urgent orders. Recruitment for upcoming 12" Fab in...

Patrick Liao

Vanguard (5347.TT): Pricing Hit Bottom in 2Q24. Anticipates UTR in 2025 Returning to 70-80%.

​3Q24 guidance shows increased shipments due to higher demand GM expected to rise 3ppts QoQ. Anticipates pricing to improve in 2025. Effective tax...

Patrick Liao

Earnings: NXPI, CDNS, TXN, SLAB, Alphawave, TSEM, KLAC, SK Hynix, MXL, STM, ASMI, VRT, UCTT

This is going to be a big week, so I’ll be as brief as I can while getting everything in one place. Let’s start with Automotive, which is my...

Fabricated Knowledge

Taiwan Tech Weekly: Strong TSMC & ASML Data Fails to Rally the Semiconductor Sector

​Taiwan stocks dropped last week as potential new US tech restrictions for China loom, despite strong TSMC and ASML results. Apple ramping up...

Vincent Fernando, CFA

TSMC extending its lead in global foundry with Intel and Samsung needing help. Apple best positioned deliver the AI phone 'dream'. Taiwan market...

3Q24 guidance shows increased shipments due to higher demand GM expected to rise 3ppts QoQ. Anticipates pricing to improve in 2025. Effective tax...

Taiwan stocks dropped last week as potential new US tech restrictions for China loom, despite strong TSMC and ASML results. Apple ramping up...