Managing Director, Zero One, Zero One

Vincent Fernando, CFA

Managing Director, Zero One

Equity Bottom-Up

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

TSMC (Taiwan Semiconductor Manufacturing) - ADR

<ul>
<li>We provide a timeline and analysis of key measures from May 2019 to December 2022.</li>
<li>How successive tightening steps led to a critical consolidation in October 2022.</li>
<li>Recent developments show the U.S. has motivated additional countries to participate and more restrictions are likely in 2023E.</li>
</ul>


We provide a timeline and analysis of key measures from May 2019 to December 2022.
How successive tightening steps led to a critical consolidation in October 2022.
Recent developments show the U.S. has motivated additional countries to participate and more restrictions are likely in 2023E.


China Semiconductor Restrictions: How the Vice Is Becoming Tighter and Tighter

Head of Research, Krungthai XSpring

Waraporn Wiboonkanarak

Head of Research

A full service Thai brokerage

Krungthai XSpring

Krungthai XSpring is a full service broker. The company provides a wide range of investment services such as Securities Brokerage, Derivative Agent Business, Securities Borrowing and Lending, Securities Trading, Underwriting, Financial Advisory, Wealth Advisory, Private Fund Management and International Markets Securities Trading. 

In terms of credibility, Fitch Ratings has assigned Krunghtai XSpring a long-term rating of AA- and a national short-term rating of F1+ with stable outlook.

Thematic (Sector/Industry)

<ul><li>We recommend selling MITSU19 with a holding-period return of +1.95%, and adding PINGAN80 in its place.</li><li>The KTX DR Tactical Picks portfolio gained 0.55% yesterday, supported by continued strength in US technology stocks.</li><li>Our study using the KTX Fundamental USD/THB Tracker indicates that the baht is currently excessively weak.</li></ul>

We recommend selling MITSU19 with a holding-period return of +1.95%, and adding PINGAN80 in its place.The KTX DR Tactical Picks portfolio gained 0.55% yesterday, supported by continued strength in US technology stocks.Our study using the KTX Fundamental USD/THB Tracker indicates that the baht is currently excessively weak.

KTX Tactical DR Picks - November 12, 2025 (Eng.)

<ul><li>We recommend closing the AMZN80 position with a 0.7% gain after it dropped out of our scoring criteria and opening a new position in NVDA80, which tracks NVIDIA Corporation, a leading US technology stock.</li><li>The KTX DR Tactical Picks portfolio rose 0.51% from the previous day, supported by improved sentiment following easing concerns over the US government shutdown.</li><li>Our study using the KTX Fundamental USD/THB Tracker indicates that the baht is currently excessively weak.</li></ul>

We recommend closing the AMZN80 position with a 0.7% gain after it dropped out of our scoring criteria and opening a new position in NVDA80, which tracks NVIDIA Corporation, a leading US technology stock.The KTX DR Tactical Picks portfolio rose 0.51% from the previous day, supported by improved sentiment following easing concerns over the US government shutdown.Our study using the KTX Fundamental USD/THB Tracker indicates that the baht is currently excessively weak.

KTX Tactical DR Picks - November 11, 2025 (Eng.)

Independent Investment Research, The IDEA!

The IDEA!

Independent Investment Research

The Idea-Driven Equities Analyses company (the IDEA!) is an employee-owned boutique providing independent investment research and financial consultancy services with a clear focus on the Benelux countries. The company was founded in the summer of 2007 by Henk Slotboom and Maarten Verbeek, both with more than 35 years of professional experience in the financial sector. The IDEA! differentiates itself by focusing on adding value through self-initiated in-depth, idea-driven investment research, as well as by bespoke research assignments for institutional investors, hedge funds and private equity. In addition, we provide market intelligence, strategic research and – together with our business partners – consultancy services to businesses. In case you are interested in receiving more information, a sample of our products or an introductory meeting, please send a message to info@theidea.nl.

<ul>
<li>Dutch Telegraaf newspaper reports that Substrate, a US-based start-up founded in 2022, aims to challenge ASML’s dominance in advanced chip machinery.</li>
<li>Unlike ASML’s extreme-ultraviolet (EUV) lithography, Substrate uses beams from a mini-particle accelerator, claiming this method can produce smaller, cheaper chips.</li>
<li>The company intends not only to sell the machines but also to manufacture chips in-house at a US facility within a few years.</li>
</ul>


Dutch Telegraaf newspaper reports that Substrate, a US-based start-up founded in 2022, aims to challenge ASML’s dominance in advanced chip machinery.
Unlike ASML’s extreme-ultraviolet (EUV) lithography, Substrate uses beams from a mini-particle accelerator, claiming this method can produce smaller, cheaper chips.
The company intends not only to sell the machines but also to manufacture chips in-house at a US facility within a few years.


Semiconductor & Technology Specialist, Ingenuity

William Keating

Semiconductor & Technology Specialist

Ingenuity

Our focus is exclusively on in-depth research & consulting in the broader semiconductor industry. We focus on the key players, namely Intel, Micron, Qualcomm, Apple, Samsung, NVIDIA, AMD, TSMC & Global Foundries - as well as some of the lesser known, but nonetheless critical, companies such as ASML (for EUV), Mellanox, Cavium, Xilinx etc. We specialise in their products, roadmaps, process technologies, competitive advantages & threats etc. We also help our clients understand the implications of new and emerging technologies, e.g. 3D X-Point, 3D NAND, Carbon Nanotubes, Autonomous Driving, Graphene, Silicon Photonics, Wafer-Level Optics, Artificial Intelligence, FPGA, GPU, ASIC etc. 

Semiconductor Analysis & Research

<ul>
<li>Silicon valley startup Substrate made waves two weeks ago when they emerged from stealth mode to announce a revolutionary new tool they claim will rival ASML’s EUV lithography capability</li>
<li>Substrate simultaneously plans to build next-generation semiconductor fabs to return America to dominance in semiconductor production and will use their technology—a new form of advanced X-ray lithography—to power them.</li>
<li>For a three year old startup, whos CEO has zero documented experience of semiconductors or lithography, these are bold claims indeed. This should be interesting!</li>
</ul>


Silicon valley startup Substrate made waves two weeks ago when they emerged from stealth mode to announce a revolutionary new tool they claim will rival ASML’s EUV lithography capability
Substrate simultaneously plans to build next-generation semiconductor fabs to return America to dominance in semiconductor production and will use their technology—a new form of advanced X-ray lithography—to power them.
For a three year old startup, whos CEO has zero documented experience of semiconductors or lithography, these are bold claims indeed. This should be interesting!


Substrate. ASML, TSMC Slayer Or Ideological Pipe Dream?

Netherlands

ASML Holding N.V. develops, produces, and markets semiconductor manufacturing equipment, specifically machines for the production of chips through lithography. The Company services clients world wide.

Price Gauge
52-week Range	0.00 - 0.00
Market Cap (USDm)	0.00
P/E	0.00
Dividend (Yield)	0.00

ASML Holding NV (ASML NA)

China Semiconductor Restrictions: How the Vice Is Becoming Tighter and Tighter

Recent developments show the U.S. has motivated additional countries to participate and more restrictions are likely in 2023E.

Vincent Fernando, CFA

KTX Tactical DR Picks - November 12, 2025 (Eng.)

We recommend selling MITSU19 with a holding-period return of +1.95%, and adding PINGAN80 in its place.The KTX DR Tactical Picks portfolio gained...

Krungthai XSpring

KTX Tactical DR Picks - November 11, 2025 (Eng.)

he KTX DR Tactical Picks portfolio rose 0.51% from the previous day, supported by improved sentiment following easing concerns over the US...

Krungthai XSpring

What's News in Amsterdam

Dutch Telegraaf newspaper reports that Substrate, a US-based start-up founded in 2022, aims to challenge ASML’s dominance in advanced chip machinery.

The IDEA!

Substrate. ASML, TSMC Slayer Or Ideological Pipe Dream?

For a three year old startup, whos CEO has zero documented experience of semiconductors or lithography, these are bold claims indeed. This should...

William Keating

Price Gauge

52-week Range

Market Cap (USDm)

P/E

Dividend (Yield)