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

<ul>
<li>Delta Taiwan has outperformed Delta Taiwan recently. The parent vs. subsidiary market cap ratio is now trading consistently over 1.0x. and can go higher in our view.</li>
<li>Nvidia opportunities and other similar cutting edge technologies will first go to Delta Electronics Taiwan (2308 TT) and not to Delta Electronics Thailand (DELTA TB).</li>
<li>Conclusion -- Expect further Delta Taiwan outperformance over the long-term vs. Delta Thailand.</li>
</ul>


Delta Taiwan has outperformed Delta Taiwan recently. The parent vs. subsidiary market cap ratio is now trading consistently over 1.0x. and can go higher in our view.
Nvidia opportunities and other similar cutting edge technologies will first go to Delta Electronics Taiwan (2308 TT) and not to Delta Electronics Thailand (DELTA TB).
Conclusion -- Expect further Delta Taiwan outperformance over the long-term vs. Delta Thailand.


Delta Taiwan Vs. Thailand Monitor: Taiwan's Nvidia Solutions Show Why TW Better Value Than Thailand

TSMC (Taiwan Semiconductor Manufacturing) / Equity Bottom-Up

TSMC (Taiwan Semiconductor Manufacturing)

<ul>
<li>Taiwan Shares Fall With Nvidia... SK Hynix HBM DRAM with Global Unichip? Taiwan's Vietnam Shift Continues... Broadcom Developing an AI Chip with Bytedance</li>
<li>TechChain Insights: Call with Elan Micro; AI PC Significant Uptake 4Q24/1H25; Supply Chain Preparing </li>
<li>UMC (2303.TT; UMC.US): The Outlook for 3Q24 Has Reached a Slightly Upside QoQ. </li>
</ul>


Taiwan Shares Fall With Nvidia... SK Hynix HBM DRAM with Global Unichip? Taiwan's Vietnam Shift Continues... Broadcom Developing an AI Chip with Bytedance
TechChain Insights: Call with Elan Micro; AI PC Significant Uptake 4Q24/1H25; Supply Chain Preparing 
UMC (2303.TT; UMC.US): The Outlook for 3Q24 Has Reached a Slightly Upside QoQ. 


Taiwan Tech Weekly: Declines With Nvidia; Taiwan's Vietnam Shift Continues; UMC's Outlook Improves

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 Jun 21st which has an aggregated holding worth USD4,865.2bn.</li>
<li>We estimate that foreign flows to be inflows of USD7,730mln. 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 Quanta Computer, Asmedia Tech, Delta Elec, Nanya Tech, Wiwynn, Evergreen Marine, Asia Vital, Alchip Tech, TSMC, Chailease.</li>
</ul>


We analyzed the changes in foreign holdings of TWSE Stocks as of Jun 21st which has an aggregated holding worth USD4,865.2bn.
We estimate that foreign flows to be inflows of USD7,730mln. 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 Quanta Computer, Asmedia Tech, Delta Elec, Nanya Tech, Wiwynn, Evergreen Marine, Asia Vital, Alchip Tech, TSMC, Chailease.


TWSE Foreign Holding Weekly (Jun 21st): Quanta Computer, Asmedia Tech, Delta Elec, Nanya Tech

<ul>
<li>We analyzed the changes in foreign holdings of TWSE Stocks as of Jun 14th which has an aggregated holding worth USD4,617.2bn.</li>
<li>We estimate that foreign flows to be inflows of USD6,436mln. 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 Hon Hai, TSMC, Mediatek, Quanta Computer, Realtek Semi, Evergreen Marine, Ctbc Financial, Eva Airways, Asia Vital, Asmedia Tech.</li>
</ul>


We analyzed the changes in foreign holdings of TWSE Stocks as of Jun 14th which has an aggregated holding worth USD4,617.2bn.
We estimate that foreign flows to be inflows of USD6,436mln. 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 Hon Hai, TSMC, Mediatek, Quanta Computer, Realtek Semi, Evergreen Marine, Ctbc Financial, Eva Airways, Asia Vital, Asmedia Tech.


TWSE Foreign Holding Weekly (Jun 14th): Hon Hai, TSMC, Mediatek, Quanta Computer, Realtek Semi

<ul>
<li>We analyzed the changes in foreign holdings of TWSE Stocks as of Jun 7th which has an aggregated holding worth USD4,400.2bn.</li>
<li>We estimate that foreign flows to be outflows of USD12,832mln. 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 Realtek Semi, Asmedia Tech, Global Unichip, Yang Ming Marine, Tripod Tech, TSMC, Ctbc Financial, Hon Hai, Asustek Computer, Umc.</li>
</ul>


We analyzed the changes in foreign holdings of TWSE Stocks as of Jun 7th which has an aggregated holding worth USD4,400.2bn.
We estimate that foreign flows to be outflows of USD12,832mln. 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 Realtek Semi, Asmedia Tech, Global Unichip, Yang Ming Marine, Tripod Tech, TSMC, Ctbc Financial, Hon Hai, Asustek Computer, Umc.


TWSE Foreign Holding Weekly (Jun 7th): Realtek Semi, Asmedia Tech, Global Unichip, Yang Ming Marine

Taiwan

Delta Electronics Inc. manufactures power supplies and video display products. The Company's products include switching power supplies, telecom power systems, uninterrupted power supply (UPS), variable speed alternating current (AC) monitor drives, high resolution color monitors, and projectors.  Delta also manufactures magnetic and networking components.

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Delta Electronics (2308 TT)

Delta Taiwan Vs. Thailand Monitor: Taiwan's Nvidia Solutions Show Why TW Better Value Than Thailand

Delta Taiwan has outperformed its Delta Thailand subsidiary recently. It has better access to cutting edge opportunities than its subsidiary....

Vincent Fernando, CFA

Taiwan Tech Weekly: Declines With Nvidia; Taiwan's Vietnam Shift Continues; UMC's Outlook Improves

New Vietnam investments by Hon Hai and Wistron, Elan preparing for significant AI PC uptake in 4Q24/1H25, UMC's outlook increasingly optimistic for...

Vincent Fernando, CFA

TWSE Foreign Holding Weekly (Jun 21st): Quanta Computer, Asmedia Tech, Delta Elec, Nanya Tech

We analyzed TWSE foreign holding data for the past week and highlighted foreign holding changes in Quanta Computer, Asmedia Tech, Delta Elec, Nanya...

Ke Yan, CFA, FRM

TWSE Foreign Holding Weekly (Jun 14th): Hon Hai, TSMC, Mediatek, Quanta Computer, Realtek Semi

We analyzed TWSE foreign holding data for the past week and highlighted foreign holding changes in Hon Hai, TSMC, Mediatek, Quanta Computer,...

Ke Yan, CFA, FRM

TWSE Foreign Holding Weekly (Jun 7th): Realtek Semi, Asmedia Tech, Global Unichip, Yang Ming Marine

We analyzed TWSE foreign holding data for the past week and highlighted foreign holding changes in Realtek Semi, Asmedia Tech, Global Unichip, Yang...

Ke Yan, CFA, FRM

Price Gauge

52-week Range

Market Cap (USDm)

P/E

Dividend (Yield)

Delta Taiwan Vs. Thailand Monitor: Taiwan's Nvidia Solutions Show Why TW Better Value Than Thailand

​Delta Taiwan has outperformed its Delta Thailand subsidiary recently. It has better access to cutting edge opportunities than its subsidiary....

Vincent Fernando, CFA

Taiwan Tech Weekly: Declines With Nvidia; Taiwan's Vietnam Shift Continues; UMC's Outlook Improves

New Vietnam investments by Hon Hai and Wistron, Elan preparing for significant AI PC uptake in 4Q24/1H25, UMC's outlook increasingly optimistic for...

Vincent Fernando, CFA

TWSE Foreign Holding Weekly (Jun 21st): Quanta Computer, Asmedia Tech, Delta Elec, Nanya Tech

We analyzed TWSE foreign holding data for the past week and highlighted foreign holding changes in Quanta Computer, Asmedia Tech, Delta Elec, Nanya...

Ke Yan, CFA, FRM

TWSE Foreign Holding Weekly (Jun 14th): Hon Hai, TSMC, Mediatek, Quanta Computer, Realtek Semi

We analyzed TWSE foreign holding data for the past week and highlighted foreign holding changes in Hon Hai, TSMC, Mediatek, Quanta Computer,...

Ke Yan, CFA, FRM

TWSE Foreign Holding Weekly (Jun 7th): Realtek Semi, Asmedia Tech, Global Unichip, Yang Ming Marine

We analyzed TWSE foreign holding data for the past week and highlighted foreign holding changes in Realtek Semi, Asmedia Tech, Global Unichip, Yang...

Ke Yan, CFA, FRM

Delta Taiwan has outperformed its Delta Thailand subsidiary recently. It has better access to cutting edge opportunities than its subsidiary....