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) / Equity Bottom-Up

TSMC (Taiwan Semiconductor Manufacturing) (TSM US)

TSMC (Taiwan Semiconductor Manufacturing)

<ul>
<li>Micron, Apple and AMD committed a combined US$43bn-plus to the suppliers they depend on, moving the industry from ordering capacity to financing it and shifting build risk onto the buyers.</li>
<li>Memory economics reached record levels: Samsung's operating profit rose 19x, and Nanya's gross margin hit 79.5% on flat shipments, with prices doing all the work.</li>
<li>SK Hynix raised US$26.5bn for ADRs in the largest US listing by a foreign company, and the week's selloff reversed in two sessions as money returned to memory and compute.</li>
</ul>


Micron, Apple and AMD committed a combined US$43bn-plus to the suppliers they depend on, moving the industry from ordering capacity to financing it and shifting build risk onto the buyers.
Memory economics reached record levels: Samsung's operating profit rose 19x, and Nanya's gross margin hit 79.5% on flat shipments, with prices doing all the work.
SK Hynix raised US$26.5bn for ADRs in the largest US listing by a foreign company, and the week's selloff reversed in two sessions as money returned to memory and compute.


Taiwan Tech Weekly: Micron, Apple and AMD Start Funding Their Suppliers

APAC IPOs & Placements, Aequitas Research

Akshat Shah

APAC IPOs & Placements

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.

Equity Capital Markets

Unimicron Technology / Equity Capital Markets

<ul>
<li>
<a href="https://www.smartkarma.com/entities/unimicron-technology-corp" target="_blank" data-smartkarma-citation="entities:18778:1" rel="noopener">Unimicron Technology (3037 TT)</a> is looking to raise up to US$1.39bn, selling 50m shares (50m GDRs) via a GDR offering. Proceeds will be used to procure raw materials overseas.</li>
<li>Similar to previous GDR listings, the firm has undergone a long drawn out process prior to launching the deal, having to jump through a number of board/shareholder/regulatory approval loops.</li>
<li>In this note, we run the deal through our ECM framework and comment on deal dynamics.</li>
</ul>



Unimicron Technology (3037 TT) is looking to raise up to US$1.39bn, selling 50m shares (50m GDRs) via a GDR offering. Proceeds will be used to procure raw materials overseas.
Similar to previous GDR listings, the firm has undergone a long drawn out process prior to launching the deal, having to jump through a number of board/shareholder/regulatory approval loops.
In this note, we run the deal through our ECM framework and comment on deal dynamics.


Aequitas: Unimicron Technology GDR Offering - Well Flagged US$1.4bn Offering; Shares on a Tear YTD

Director, Head of Research, Smartkarma

Pranav Rao

Director, Head of Research

Smartkarma

Smartkarma unites the fragmented investment industry, connecting institutional investors, independent research providers, and corporates within a single network.

Research Reinvented

Jacobio Pharmaceuticals / Equity Bottom-Up

<ul>
<li>Welcome to Curator’s Cut - a fortnightly roundup of standout themes from the 1,100+ insights shared on Smartkarma.</li>
<li>In this cut, we look at optics as a bottleneck in AI infrastructure, the arguments against Indonesia even with low positioning, and some opportunities within Asian healthcare. </li>
<li>Want to dig deeper? Comment or message with the themes you’d like to see highlighted next.</li>
</ul>


Welcome to Curator’s Cut - a fortnightly roundup of standout themes from the 1,100+ insights shared on Smartkarma.
In this cut, we look at optics as a bottleneck in AI infrastructure, the arguments against Indonesia even with low positioning, and some opportunities within Asian healthcare. 
Want to dig deeper? Comment or message with the themes you’d like to see highlighted next.


Curator's Cut: Seeing the Light in AI, Indonesia at Record Lows & Offbeat Ideas in Asia Healthcare

Technical Analyst, Vermilion Research

Joe Jasper

Technical Analyst

Technical and Quantitative Research

Vermilion Research

Vermilion’s objective is to deliver timely, actionable, and unique technical research to professional investors through the application of our various technical indicators.

Our research strategists seek to highlight securities which we believe are at major inflection points, based on our various technical and quantitative indicators, and offer asymmetric risk/return profiles. Our unique research methodology, centered on relative strength, enables our strategists to deliver superior investment recommendations.

Our process begins by organizing the universe of actively traded stocks into discrete sectors, then into industry groups. We then apply our technical and quantitative tools to identify developing price trends. Once attractive trends are identified within a selected sector or group, we screen for individual stocks which we believe offer the best risk/reward profile. We provide a historical perspective that often reveals, through our long-term charts, how price patterns often repeat themselves over time.

Technical Analysis

MSCI Emerging Markets Index / Technical Analysis

Emerging markets (EEM-US) are breaking above major $46.30 resistance to hit highs not seen since June 2018. Additionally, RS on EEM-US is near 1-year highs -- a positive risk-on signal. Stocks doing business in China, India, Taiwan, and South Korea continue to be a major focus when it comes to individual stock recommendations.

Emerging markets (EEM-US) are breaking above major $46.30 resistance to hit highs not seen since June 2018. Additionally, RS on EEM-US is near 1-year highs -- a positive risk-on signal. Stocks doing business in China, India, Taiwan, and South Korea continue to be a major focus when it comes to individual stock recommendations.

Pan-Asia Catalysts/Events, Quiddity Advisors

David Blennerhassett

Pan-Asia Catalysts/Events

Quiddity Advisors

Event-Driven

<ul>
<li>
<a href="https://www.smartkarma.com/entities/sino-american-silicon-products-inc" target="_blank" data-smartkarma-citation="entities:3441:1" rel="noopener">Sino American Silicon Products (5483 TT)</a>'s bifurcation with <a href="https://www.smartkarma.com/entities/globalwafers-co-ltd" target="_blank" data-smartkarma-citation="entities:17916:1" rel="noopener">GlobalWafers (6488 TT)</a> is excessive. If you can cleanly set up the stub here, do so.</li>
<li>
<a href="https://www.smartkarma.com/entities/sk-hynix-inc" target="_blank" data-smartkarma-citation="entities:16955:1" rel="noopener">SK Hynix (000660 KS)</a>'s NASDAQ listing will trigger passive buying from multiple index trackers.</li>
<li>At ~700x oversubscribed, and given CRNE is part of the SOE CRH, a pop on debut is expected. The question is whether <a href="https://www.smartkarma.com/entities/china-resources-power-holdings-co-ltd" target="_blank" data-smartkarma-citation="entities:5385:1" rel="noopener">CR Power (836 HK)</a> will benefit from here.</li>
</ul>



Sino American Silicon Products (5483 TT)'s bifurcation with GlobalWafers (6488 TT) is excessive. If you can cleanly set up the stub here, do so.

SK Hynix (000660 KS)'s NASDAQ listing will trigger passive buying from multiple index trackers.
At ~700x oversubscribed, and given CRNE is part of the SOE CRH, a pop on debut is expected. The question is whether CR Power (836 HK) will benefit from here.


Last Week In Event SPACE: Sino American, SK Hynix, CR Power, Air Water Inc

Taiwan

Globalwafers Co., Ltd. specializes in silicon wafer manufacturing and also provides solar wafers and crystal rods. The Company possesses a complete production line from ingot growth, slicing, etching, diffusion, polishing to epitaxy. Their products include Epi wafers, polished wafers, etched wafers, ultra thin wafers and deep diffusion wafers.

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Globalwafers (6488 TT)

Taiwan Tech Weekly: Micron, Apple and AMD Start Funding Their Suppliers

Tech giants like Micron, Apple, and AMD are investing billions in their suppliers, shifting industry dynamics and pushing memory economics to...

Vincent Fernando, CFA

Aequitas: Unimicron Technology GDR Offering - Well Flagged US$1.4bn Offering; Shares on a Tear YTD

Unimicron Technology (3037 TT) is looking to raise up to US$1.39bn, selling 50m shares (50m GDRs) via a GDR offering with the proceeds to be used...

Akshat Shah

Curator's Cut: Seeing the Light in AI, Indonesia at Record Lows & Offbeat Ideas in Asia Healthcare

Discover standout themes in AI infrastructure, Indonesia's challenges, and Asian healthcare opportunities in this Curator's Cut issue. Share your...

Pranav Rao

Emerging Markets Breaking Out

Emerging markets (EEM-US) are breaking above major $46.30 resistance to hit highs not seen since June 2018. Additionally, RS on EEM-US is near 1...

Vermilion Research

Last Week In Event SPACE: Sino American, SK Hynix, CR Power, Air Water Inc

It’s Sunday! Pour yourself a coffee, grab a comfortable seat, and sift through a brief summary of insights on various events discussed during the...

David Blennerhassett

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52-week Range

Market Cap (USDm)

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Dividend (Yield)

Taiwan Tech Weekly: Micron, Apple and AMD Start Funding Their Suppliers

​Tech giants like Micron, Apple, and AMD are investing billions in their suppliers, shifting industry dynamics and pushing memory economics to...

Vincent Fernando, CFA

Aequitas: Unimicron Technology GDR Offering - Well Flagged US$1.4bn Offering; Shares on a Tear YTD

Unimicron Technology (3037 TT) is looking to raise up to US$1.39bn, selling 50m shares (50m GDRs) via a GDR offering with the proceeds to be used...

Akshat Shah

Curator's Cut: Seeing the Light in AI, Indonesia at Record Lows & Offbeat Ideas in Asia Healthcare

​Discover standout themes in AI infrastructure, Indonesia's challenges, and Asian healthcare opportunities in this Curator's Cut issue. Share your...

Pranav Rao

Emerging Markets Breaking Out

Emerging markets (EEM-US) are breaking above major $46.30 resistance to hit highs not seen since June 2018. Additionally, RS on EEM-US is near 1...

Vermilion Research

Last Week In Event SPACE: Sino American, SK Hynix, CR Power, Air Water Inc

It’s Sunday! Pour yourself a coffee, grab a comfortable seat, and sift through a brief summary of insights on various events discussed during the...

David Blennerhassett

Tech giants like Micron, Apple, and AMD are investing billions in their suppliers, shifting industry dynamics and pushing memory economics to...

Discover standout themes in AI infrastructure, Indonesia's challenges, and Asian healthcare opportunities in this Curator's Cut issue. Share your...