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: Premium Breaks Back Down to +8.3%; 5-15% Could Now Be the Key Range</li>
<li>UMC: -2.2% Discount; Good Level to Go Long the Premium</li>
<li>ASE: Premium Breaks Down Again, Now Only +1.5%; Consider Going Long</li>
</ul>


TSMC: Premium Breaks Back Down to +8.3%; 5-15% Could Now Be the Key Range
UMC: -2.2% Discount; Good Level to Go Long the Premium
ASE: Premium Breaks Down Again, Now Only +1.5%; Consider Going Long


Taiwan Dual-Listings Monitor: TSMC and ASE Premiums Break Down Again; ASE Spread Near 1-Year Lows

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 Jul 26th which has an aggregated holding worth USD924.5bn.</li>
<li>We estimate that foreign flows to be outflows of USD1,653mln. 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 foreign changes in Gigabyte Tech, TSMC, Quanta Computer, ASE, Mediatek.</li>
</ul>


We analyzed the changes in foreign holdings of TWSE Stocks as of Jul 26th which has an aggregated holding worth USD924.5bn.
We estimate that foreign flows to be outflows of USD1,653mln. We tabulate the league table for top changes by value for 1W/4W/1Y and top stocks held by foreign institutions.
We highlight foreign changes in Gigabyte Tech, TSMC, Quanta Computer, ASE, Mediatek.


TWSE Foreign Holding Weekly (Jul 26th): Gigabyte Tech, TSMC, Quanta Computer, ASE, Mediatek

<ul>
<li>TSMC: Crashed Then Rebounded to +15.1% Premium; Likely to Break Down Again</li>
<li>UMC: -0.2% Discount; Earnings Imminent; Notable Decrease in ADR Headroom</li>
<li>ASE: Rebounded to +9.2 Premium After Major Breakdown; Likely to Drop Again</li>
</ul>


TSMC: Crashed Then Rebounded to +15.1% Premium; Likely to Break Down Again
UMC: -0.2% Discount; Earnings Imminent; Notable Decrease in ADR Headroom
ASE: Rebounded to +9.2 Premium After Major Breakdown; Likely to Drop Again


Taiwan Dual-Listings Monitor: TSMC and ASE Premium Trading Range Blow-Outs During Recent Sell-Off

ASE Technology Holding   / Equity Bottom-Up

<ul>
<li>A TALE OF TWO SEMI INDUSTRIES: ASE's latest earnings commentary indicates that the performance gap between "leading-edge" technologies and "traditional/mature" semiconductor technologies may be widening.</li>
<li>CAPITAL REQUIREMENT TO KEEP PACE IS RISING: Capacity utilization is starkly different for traditional vs. leading-edge capacity; and capital requirements to keep up in terms of advanced capacity is rising.</li>
<li>ENTRY BARRIERS RISING: We suspect that smaller players could face significant challenges in keeping up with the investments necessary for leading-edge packaging and testing capacity. ASE needs to invest heavily.</li>
</ul>


A TALE OF TWO SEMI INDUSTRIES: ASE's latest earnings commentary indicates that the performance gap between "leading-edge" technologies and "traditional/mature" semiconductor technologies may be widening.
CAPITAL REQUIREMENT TO KEEP PACE IS RISING: Capacity utilization is starkly different for traditional vs. leading-edge capacity; and capital requirements to keep up in terms of advanced capacity is rising.
ENTRY BARRIERS RISING: We suspect that smaller players could face significant challenges in keeping up with the investments necessary for leading-edge packaging and testing capacity. ASE needs to invest heavily.


ASE Color Suggests Widening Performance Gap Between Leading-Edge and Mature Semiconductor Players

Taiwan Tech Focused Senior Analyst

Patrick Liao

<ul>
<li>General products did not show an immediate recovery, but selective products have reached the bottom.    </li>
<li>The 3Q24 sales will grow in the mid to high teens QoQ in EMS, and IC-ATM sales will grow in the mid to high single digits QoQ.  </li>
<li>AI remains strong across all sectors. Despite AI SP driving the replacement cycle, other general demands still show muted recovery in 3Q24.</li>
</ul>


General products did not show an immediate recovery, but selective products have reached the bottom.    
The 3Q24 sales will grow in the mid to high teens QoQ in EMS, and IC-ATM sales will grow in the mid to high single digits QoQ.  
AI remains strong across all sectors. Despite AI SP driving the replacement cycle, other general demands still show muted recovery in 3Q24.


ASEH (3017.TT; ASX.US): ​Selective Products Have Hit Bottom While General Products Lag Behind.

Taiwan

ASE Technology Holding Co., Ltd. offers assembly and testing services. The Company provides outsourced assembly, semiconductor testing, semiconductor packaging, and other related services. ASE Technology Holding operates in Taiwan.

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ASE Technology Holding (3711 TT)

Taiwan Dual-Listings Monitor: TSMC and ASE Premiums Break Down Again; ASE Spread Near 1-Year Lows

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

Vincent Fernando, CFA

TWSE Foreign Holding Weekly (Jul 26th): Gigabyte Tech, TSMC, Quanta Computer, ASE, Mediatek

We analyzed TWSE foreign holding data for the past week and highlighted foreign holding changes in Gigabyte Tech, TSMC, Quanta Computer, ASE,...

Ke Yan, CFA, FRM

Taiwan Dual-Listings Monitor: TSMC and ASE Premium Trading Range Blow-Outs During Recent Sell-Off

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

Vincent Fernando, CFA

ASE Color Suggests Widening Performance Gap Between Leading-Edge and Mature Semiconductor Players

ASE's latest earnings show widening gap between leading-edge and traditional semiconductor technologies, with rising capital requirements and...

Vincent Fernando, CFA

ASEH (3017.TT; ASX.US): Selective Products Have Hit Bottom While General Products Lag Behind.

Selective products have hit bottom while general products lag behind, with EMS and IC-ATM sales expected to grow in 3Q24, driven by strong AI demand.

Patrick Liao

Price Gauge

52-week Range

Market Cap (USDm)

P/E

Dividend (Yield)

Taiwan Dual-Listings Monitor: TSMC and ASE Premiums Break Down Again; ASE Spread Near 1-Year Lows

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

Vincent Fernando, CFA

TWSE Foreign Holding Weekly (Jul 26th): Gigabyte Tech, TSMC, Quanta Computer, ASE, Mediatek

We analyzed TWSE foreign holding data for the past week and highlighted foreign holding changes in Gigabyte Tech, TSMC, Quanta Computer, ASE,...

Ke Yan, CFA, FRM

Taiwan Dual-Listings Monitor: TSMC and ASE Premium Trading Range Blow-Outs During Recent Sell-Off

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

Vincent Fernando, CFA

ASE Color Suggests Widening Performance Gap Between Leading-Edge and Mature Semiconductor Players

​ASE's latest earnings show widening gap between leading-edge and traditional semiconductor technologies, with rising capital requirements and...

Vincent Fernando, CFA

ASEH (3017.TT; ASX.US): ​Selective Products Have Hit Bottom While General Products Lag Behind.

​Selective products have hit bottom while general products lag behind, with EMS and IC-ATM sales expected to grow in 3Q24, driven by strong AI demand.

Patrick Liao

ASE's latest earnings show widening gap between leading-edge and traditional semiconductor technologies, with rising capital requirements and...

ASEH (3017.TT; ASX.US): Selective Products Have Hit Bottom While General Products Lag Behind.

Selective products have hit bottom while general products lag behind, with EMS and IC-ATM sales expected to grow in 3Q24, driven by strong AI demand.