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

Himax Technologies Inc Adr / Equity Bottom-Up

<ul>
<li>Readthrough: Automotive Applications End-Demand -- China Market Soft But Touch and Dimming Technology is Expanding</li>
<li>Readthrough: Panel Makers Constraining Supply in 1Q24 to Protect Pricing</li>
<li>Readthrough: Customers Are Restocking Notebooks in 1Q24E, PC Replacement Cycle is Coming</li>
</ul>


Readthrough: Automotive Applications End-Demand -- China Market Soft But Touch and Dimming Technology is Expanding
Readthrough: Panel Makers Constraining Supply in 1Q24 to Protect Pricing
Readthrough: Customers Are Restocking Notebooks in 1Q24E, PC Replacement Cycle is Coming


Himax: Industry Readthrough for Automotives, Notebooks, and Edge AI Applications

<ul>
<li>
Auto ICs over 50% of revenue and maintaining market share leading position, but 2Q25 guidance reflects China auto industry caution as China stimulus repeat impact fades and inventory stays lean.</li>
<li>
Himax advances in co-packaged optics (CPO) shipping samples; to supply TSMC and NVIDIA; Separately, Himax's AR display tech may align with META's needs.</li>
<li>
Strong auto positioning with 200+ Tcon design wins and CPO opportunity in AI/HPC supply chain reinforce long-term upside, despite soft near-term visibility. Maintain our Structural Long view on Himax.</li>
</ul>



Auto ICs over 50% of revenue and maintaining market share leading position, but 2Q25 guidance reflects China auto industry caution as China stimulus repeat impact fades and inventory stays lean.

Himax advances in co-packaged optics (CPO) shipping samples; to supply TSMC and NVIDIA; Separately, Himax's AR display tech may align with META's needs.

Strong auto positioning with 200+ Tcon design wins and CPO opportunity in AI/HPC supply chain reinforce long-term upside, despite soft near-term visibility. Maintain our Structural Long view on Himax.


Himax Advances Optical Chip Solutions for NVIDIA and TSMC; But Fog Lingers Over China Auto Recovery

<ul>
<li>Himax 4Q24 Results Show Auto Display Surge -- Structural Growth Story Visible with Touch Panel Usage in Vehicles Soaring</li>
<li>China vs. the Rest of the World: Who’s Moving Faster? China Automakers Far Ahead in Display Sophistication</li>
<li>Himax on Co-Packaged Optics (CPO) -- A Critical New Technology for AI and HPC Processing</li>
</ul>


Himax 4Q24 Results Show Auto Display Surge -- Structural Growth Story Visible with Touch Panel Usage in Vehicles Soaring
China vs. the Rest of the World: Who’s Moving Faster? China Automakers Far Ahead in Display Sophistication
Himax on Co-Packaged Optics (CPO) -- A Critical New Technology for AI and HPC Processing


Himax Sees Chinese Automakers Far Ahead in Adopting Touch Displays; CoPackaged Optics Key for AI/HPC

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

TSMC (Taiwan Semiconductor Manufacturing) - ADR

<ul>
<li>Last week at SEMICON, TSMC unveiled COUPE, moving silicon photonics from lab demos into industrial-scale advanced packaging.</li>
<li>Himax, ASE, Zhen Ding, GlobalWafers, ACON, and Accton form Taiwan’s listed ecosystem for silicon photonics adoption.</li>
<li>As NVIDIA Corp (NVDA US)-driven AI clusters proliferate, the power and cost of moving data between chips have become as constraining as compute itself.</li>
</ul>


Last week at SEMICON, TSMC unveiled COUPE, moving silicon photonics from lab demos into industrial-scale advanced packaging.
Himax, ASE, Zhen Ding, GlobalWafers, ACON, and Accton form Taiwan’s listed ecosystem for silicon photonics adoption.
As NVIDIA Corp (NVDA US)-driven AI clusters proliferate, the power and cost of moving data between chips have become as constraining as compute itself.


TSMC’s COUPE Signals Silicon Photonics Go-Time — Early Winners in Taiwan’s Listed Supply Chain

<ul>
<li>Taiwan Tech and Nvidia Rally Ahead of Nvidia Earnings Next Week; Microsoft Build Conference Could Showcase Edge AI Copilot</li>
<li>Hon Hai: Traditional Server Market Now Adding to AI Growth; Expects Market Share Gains in 2024E </li>
<li>Asustek: Margin Beat, Guides More Upside; Qualcomm for AI PCs; Why Asus Confident in AI PC Up-Cycle </li>
</ul>


Taiwan Tech and Nvidia Rally Ahead of Nvidia Earnings Next Week; Microsoft Build Conference Could Showcase Edge AI Copilot
Hon Hai: Traditional Server Market Now Adding to AI Growth; Expects Market Share Gains in 2024E 
Asustek: Margin Beat, Guides More Upside; Qualcomm for AI PCs; Why Asus Confident in AI PC Up-Cycle 


Taiwan Tech Weekly: All Eyes on Nvidia Results Next Week; Microsoft Copilot Edge AI To Be Showcased?

Taiwan

Himax Technologies, Inc. designs and manufactures integrated circuits.  The Company produces liquid crystal displays (LCD).

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Himax Technologies Inc Adr (HIMX US)

Himax: Industry Readthrough for Automotives, Notebooks, and Edge AI Applications

China's automotive market is weak, but touch and dimming technology is expanding rapidly. Panel makers are limiting supply to maintain prices in...

Vincent Fernando, CFA

Himax Advances Optical Chip Solutions for NVIDIA and TSMC; But Fog Lingers Over China Auto Recovery

Himax's automotive display IC market position remains extremely stromg; however cautious on China near-term; Successfully advancing in CPO and AR...

Vincent Fernando, CFA

Himax Sees Chinese Automakers Far Ahead in Adopting Touch Displays; CoPackaged Optics Key for AI/HPC

Himax's 4Q24 results highlight auto display surge and China's lead in display sophistication, while also focusing on Co-Packaged Optics for AI and...

Vincent Fernando, CFA

TSMC’s COUPE Signals Silicon Photonics Go-Time — Early Winners in Taiwan’s Listed Supply Chain

TSMC's COUPE at SEMICON advances silicon photonics for industrial-scale packaging, with Taiwan's ecosystem poised for adoption in AI networking...

Vincent Fernando, CFA

Taiwan Tech Weekly: All Eyes on Nvidia Results Next Week; Microsoft Copilot Edge AI To Be Showcased?

Taiwan's earnings season is wrapping up but one of the most important companies for the market, Nvidia, is set to release results next week.

Vincent Fernando, CFA

Price Gauge

52-week Range

Market Cap (USDm)

P/E

Dividend (Yield)

Himax: Industry Readthrough for Automotives, Notebooks, and Edge AI Applications

​China's automotive market is weak, but touch and dimming technology is expanding rapidly. Panel makers are limiting supply to maintain prices in...

Vincent Fernando, CFA

Himax Advances Optical Chip Solutions for NVIDIA and TSMC; But Fog Lingers Over China Auto Recovery

​Himax's automotive display IC market position remains extremely stromg; however cautious on China near-term; Successfully advancing in CPO and AR...

Vincent Fernando, CFA

Himax Sees Chinese Automakers Far Ahead in Adopting Touch Displays; CoPackaged Optics Key for AI/HPC

​Himax's 4Q24 results highlight auto display surge and China's lead in display sophistication, while also focusing on Co-Packaged Optics for AI and...

Vincent Fernando, CFA

TSMC’s COUPE Signals Silicon Photonics Go-Time — Early Winners in Taiwan’s Listed Supply Chain

​TSMC's COUPE at SEMICON advances silicon photonics for industrial-scale packaging, with Taiwan's ecosystem poised for adoption in AI networking...

Vincent Fernando, CFA

Taiwan Tech Weekly: All Eyes on Nvidia Results Next Week; Microsoft Copilot Edge AI To Be Showcased?

​Taiwan's earnings season is wrapping up but one of the most important companies for the market, Nvidia, is set to release results next week.

Vincent Fernando, CFA

China's automotive market is weak, but touch and dimming technology is expanding rapidly. Panel makers are limiting supply to maintain prices in...

Himax's automotive display IC market position remains extremely stromg; however cautious on China near-term; Successfully advancing in CPO and AR...

Himax's 4Q24 results highlight auto display surge and China's lead in display sophistication, while also focusing on Co-Packaged Optics for AI and...

TSMC's COUPE at SEMICON advances silicon photonics for industrial-scale packaging, with Taiwan's ecosystem poised for adoption in AI networking...

Taiwan's earnings season is wrapping up but one of the most important companies for the market, Nvidia, is set to release results next week.