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>
 Memory's price surge stalled month-over-month. The median memory name's sequential revenue growth fell from +32% in April to +4% in May, back at its no-cycle baseline.</li>
<li>
 The PC pull-forward could be unwinding a quarter early. Acer's and ASUS's revenue both fell roughly 16% month-over-month, against positive seasonality, with neither company commenting.</li>
<li>
 AI server demand is so far untouched, and it is not lifting everything. A fifth straight month of ramp, Hon Hai re-accelerating, a record TSMC month.</li>
</ul>



 Memory's price surge stalled month-over-month. The median memory name's sequential revenue growth fell from +32% in April to +4% in May, back at its no-cycle baseline.

 The PC pull-forward could be unwinding a quarter early. Acer's and ASUS's revenue both fell roughly 16% month-over-month, against positive seasonality, with neither company commenting.

 AI server demand is so far untouched, and it is not lifting everything. A fifth straight month of ramp, Hon Hai re-accelerating, a record TSMC month.


Taiwan Revenue Signals -- Memory Growth Stalls While AI Servers Remain Robust

Asian Insight Provider - Actionable ideas, CrossASEAN Research

Henry Soediarko

Asian Insight Provider - Actionable ideas

CrossASEAN Research

At CrossASEAN Research we strive to produce unbiased and differentiated on the ground insights on companies across South East Asia. Our Research is produced for the most part after face to face meetings and conversations with company management to dig deep into the long term vision and strategy of the companies we cover. We seek to deliver investable and actionable themes on sectors and markets across SE Asia, often in collaboration with other Insight Providers across the region, pooling the vast experience of the analysts within the Smartkarma Ecosystem. We also offer bespoke work and tailor made trips for our clients. 

Insights across South East Asia

<ul>
<li>
<a href="https://www.smartkarma.com/entities/cleanaway-co-ltd" target="_blank" data-smartkarma-citation="entities:13990:1" rel="noopener">Cleanaway (8422 TT)</a> +227% MoM revenue surge in May 2026 was a event-driven event caused by the resumption of lagging progress billings for the Kaohsiung 205 Arsenal soil remediation project.</li>
<li>Competitors <a href="https://www.smartkarma.com/entities/sunny-friend-environmental-technology-co-ltd" target="_blank" data-smartkarma-citation="entities:17764:1" rel="noopener">Sunny Friend Environmental Technology (8341 TT)</a> and <a href="https://www.smartkarma.com/entities/chung-tai-resource-technology-corp" target="_blank" data-smartkarma-citation="entities:45120:1" rel="noopener">Chung Tai Resource Technology (6923 TT)</a> reported flat monthly revenue trends, highlighting that their business models lack Cleanaway’s volatile but high-upside.</li>
<li>The explosive data pivot, combined with Taiwan passing the strict Resource Circulation Promotion Act, confirms Cleanaway’s asymmetrical growth potential and structural importance to the local tech supply chain. Buy.</li>
</ul>



Cleanaway (8422 TT) +227% MoM revenue surge in May 2026 was a event-driven event caused by the resumption of lagging progress billings for the Kaohsiung 205 Arsenal soil remediation project.
Competitors Sunny Friend Environmental Technology (8341 TT) and Chung Tai Resource Technology (6923 TT) reported flat monthly revenue trends, highlighting that their business models lack Cleanaway’s volatile but high-upside.
The explosive data pivot, combined with Taiwan passing the strict Resource Circulation Promotion Act, confirms Cleanaway’s asymmetrical growth potential and structural importance to the local tech supply chain. Buy.


Asia Pac ECM and Index Rebal, Shenton Research

Ke Yan, CFA, FRM

Asia Pac ECM and Index Rebal

Asia Pac IPO & Placement Research, China Biotech

DZT Research

DZT Research is an independent Asia Pacific equity specialist. Our quantitative research covers index rebalancing flows, alongside exchange data analytics accross Asia Pacific. On the equity capital markets side, we focus on Asia Pacific ECM, especially biotech and TMT. Our lead analyst is frequently cited by international media.

Equity Capital Markets

<ul>
<li>Lingyi iTech is seeking an A+H listing and has passed hearing. GTJA is the sole sponsor.</li>
<li>We look at the company's core segments: electronic devices and automotive and advanced air mobility.</li>
<li>We discussed our preliminary thoughts on the company's fair value based on A-H premium.</li>
</ul>


Lingyi iTech is seeking an A+H listing and has passed hearing. GTJA is the sole sponsor.
We look at the company's core segments: electronic devices and automotive and advanced air mobility.
We discussed our preliminary thoughts on the company's fair value based on A-H premium.


Lingyi ITech (领益智造) A+H Pre-IPO: Early Thoughts

<ul>
<li>COMPUTEX and GTC Taipei drove TSMC and the TAIEX to records, before a US$1.3tn AI selloff in the U.S. sent Taiwan index futures down a record 6.65%.</li>
<li>The trigger was expectations, not fundamentals: Broadcom beat but held rather than raised its long-term AI target, and a hot US jobs report killed Fed rate-cut hopes.</li>
<li>Yet demand kept accelerating through the rout: Winbond, Foxconn and Aspeed posted record sales, and Apollo and Blackstone closed US$35bn to buy AI chips for Anthropic.</li>
</ul>


COMPUTEX and GTC Taipei drove TSMC and the TAIEX to records, before a US$1.3tn AI selloff in the U.S. sent Taiwan index futures down a record 6.65%.
The trigger was expectations, not fundamentals: Broadcom beat but held rather than raised its long-term AI target, and a hot US jobs report killed Fed rate-cut hopes.
Yet demand kept accelerating through the rout: Winbond, Foxconn and Aspeed posted record sales, and Apollo and Blackstone closed US$35bn to buy AI chips for Anthropic.


Taiwan Tech Weekly: COMPUTEX Drives TSMC to Records, Then a US$1.3tn AI Selloff

Quantitative Analysis

<ul>
<li>We analyzed the changes in foreign holdings of TWSE Stocks as of Jun 5th. The aggregated holding was USD2,282.9bn.</li>
<li>We estimate that foreign flows to be outflows of USD3,589mln. We tabulate the league tables for top changes by value for 1W/4W/1Y and top stocks held by foreign institutions.</li>
<li>We highlight changes of foreign holdings in TSMC, UMC, Quanta Computer, MediaTek, Winbond Electronics.</li>
</ul>


We analyzed the changes in foreign holdings of TWSE Stocks as of Jun 5th. The aggregated holding was USD2,282.9bn.
We estimate that foreign flows to be outflows of USD3,589mln. We tabulate the league tables for top changes by value for 1W/4W/1Y and top stocks held by foreign institutions.
We highlight changes of foreign holdings in TSMC, UMC, Quanta Computer, MediaTek, Winbond Electronics.


TWSE Foreign Holding Weekly (Jun 5th): TSMC, UMC, Quanta Computer, MediaTek, Winbond Electronics

Taiwan

Hon Hai Precision Industry Co., Ltd. provides electronic manufacturing services for computers, communications, and consumer electronic products.  The Company's business operations include desktop and notebook PC assembly, connector production, cable assembly, PCB assembly, handset manufacturing, networking equipment, and other consumer electronic devices manufacturing.

Price Gauge
52-week Range	0.00 - 0.00
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Hon Hai Precision Industry (2317 TT)

Taiwan Revenue Signals -- Memory Growth Stalls While AI Servers Remain Robust

Memory prices stalled, PC pull-forward unwinding early, AI server demand remains strong but not boosting all sectors. We analyze the Taiwan AI...

Vincent Fernando, CFA

Cleanaway (8422): Buy More

Cleanaway's +227% revenue surge in May 2026. Taiwan's new legislation further solidifies Cleanaway's growth potential and importance in the tech...

Henry Soediarko

Lingyi ITech (领益智造) A+H Pre-IPO: Early Thoughts

Lingyi iTech is seeking an A+H listing. In this note, we look at the company's business, its industry context and provide our early thought on...

Ke Yan, CFA, FRM

Taiwan Tech Weekly: COMPUTEX Drives TSMC to Records, Then a US$1.3tn AI Selloff

COMPUTEX and GTC Taipei drove TSMC & TAIEX to records, but a US$1.3tn U.S. AI selloff caused Taiwan index futures to drop 6.65%. Nevertheless,...

Vincent Fernando, CFA

TWSE Foreign Holding Weekly (Jun 5th): TSMC, UMC, Quanta Computer, MediaTek, Winbond Electronics

We analyzed TWSE foreign holding data for the past week and highlighted foreign holding changes in TSMC, UMC, Quanta Computer, MediaTek, Winbond...

Ke Yan, CFA, FRM

Price Gauge

52-week Range

Market Cap (USDm)

P/E

Dividend (Yield)

Taiwan Revenue Signals -- Memory Growth Stalls While AI Servers Remain Robust

​Memory prices stalled, PC pull-forward unwinding early, AI server demand remains strong but not boosting all sectors. We analyze the Taiwan AI...

Vincent Fernando, CFA

Cleanaway (8422): Buy More

​Cleanaway's +227% revenue surge in May 2026. Taiwan's new legislation further solidifies Cleanaway's growth potential and importance in the tech...

Henry Soediarko

Lingyi ITech (领益智造) A+H Pre-IPO: Early Thoughts

Lingyi iTech is seeking an A+H listing. In this note, we look at the company's business, its industry context and provide our early thought on...

Ke Yan, CFA, FRM

Taiwan Tech Weekly: COMPUTEX Drives TSMC to Records, Then a US$1.3tn AI Selloff

​COMPUTEX and GTC Taipei drove TSMC & TAIEX to records, but a US$1.3tn U.S. AI selloff caused Taiwan index futures to drop 6.65%. Nevertheless,...

Vincent Fernando, CFA

TWSE Foreign Holding Weekly (Jun 5th): TSMC, UMC, Quanta Computer, MediaTek, Winbond Electronics

We analyzed TWSE foreign holding data for the past week and highlighted foreign holding changes in TSMC, UMC, Quanta Computer, MediaTek, Winbond...

Ke Yan, CFA, FRM

Memory prices stalled, PC pull-forward unwinding early, AI server demand remains strong but not boosting all sectors. We analyze the Taiwan AI...

Cleanaway's +227% revenue surge in May 2026. Taiwan's new legislation further solidifies Cleanaway's growth potential and importance in the tech...

COMPUTEX and GTC Taipei drove TSMC & TAIEX to records, but a US$1.3tn U.S. AI selloff caused Taiwan index futures to drop 6.65%. Nevertheless,...