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>TSMC June Sales Surge Higher Than Expectations; Apple Will Be Use TSMC's 2nm Node for Next Year's iPhone 17</li>
<li>Wiwynn GDR Offering - US$1.45bn Dilutive Offering, but Momentum Has Been Very Strong </li>
<li>Silergy (6415.TT): Trial-Run with Vanguard, and Recent Stock Drops Represent an Entry Opportunity. </li>
</ul>


TSMC June Sales Surge Higher Than Expectations; Apple Will Be Use TSMC's 2nm Node for Next Year's iPhone 17
Wiwynn GDR Offering - US$1.45bn Dilutive Offering, but Momentum Has Been Very Strong 
Silergy (6415.TT): Trial-Run with Vanguard, and Recent Stock Drops Represent an Entry Opportunity. 


Taiwan Tech Weekly: TSMC Sales Beat High Expectations; Wiwynn GDR Offering; IPhone 17 to Use 2nm

<ul>
<li>Apple Increasing Chip Orders with TSMC -- Expecting iPhone 16 Sales to be Much Stronger Than iPhone 15 Thanks to AI</li>
<li>Google Said to be Shifting to TSMC from Samsung for Next Generation AI Mobile Phone Chips</li>
<li>This June 28th piece appears to be timely -- Memory Monitor: Micron's Shares May Be Falling But Results' Industry Implications Are Positive</li>
</ul>


Apple Increasing Chip Orders with TSMC -- Expecting iPhone 16 Sales to be Much Stronger Than iPhone 15 Thanks to AI
Google Said to be Shifting to TSMC from Samsung for Next Generation AI Mobile Phone Chips
This June 28th piece appears to be timely -- Memory Monitor: Micron's Shares May Be Falling But Results' Industry Implications Are Positive


Taiwan Tech Weekly: Apple Hikes TSMC Orders on Strong IPhone 16 Hopes; Google Shifts AI Chip to TSMC

Taiwan Tech Focused Senior Analyst

Patrick Liao

King Yuan Electronics Co, Ltd. / Equity Bottom-Up

<ul>
<li>The <a href="https://www.smartkarma.com/entities/king-yuan-electronics-co-ltd" target="_blank" data-smartkarma-citation="entities:6630:1" rel="noopener">King Yuan Electronics Co, Ltd. (2449 TT)</a> outlook for 3Q24 could see a 5-10% quarter-on-quarter growth at present.  </li>
<li>
<a href="https://www.smartkarma.com/entities/nvidia-corp" target="_blank" data-smartkarma-citation="entities:5891:1" rel="noopener">NVIDIA Corp (NVDA US)</a>  is currently the second-largest client of KYEC, and its business is rapidly expanding.</li>
<li>
<a href="https://www.smartkarma.com/entities/stmicroelectronics-nv-b981e30b-2a53-4f3d-b1cb-adaac140121c" target="_blank" data-smartkarma-citation="entities:33346:1" rel="noopener">STMicroelectronics NV (STM US)</a> and <a href="https://www.smartkarma.com/entities/will-semiconductor-co-ltd-shan" target="_blank" data-smartkarma-citation="entities:28274:1" rel="noopener">Will Semiconductor Shan (603501 CH)</a> are currently the third and fourth largest clients, respectively.</li>
</ul>


The King Yuan Electronics Co, Ltd. (2449 TT) outlook for 3Q24 could see a 5-10% quarter-on-quarter growth at present.  

NVIDIA Corp (NVDA US)  is currently the second-largest client of KYEC, and its business is rapidly expanding.

STMicroelectronics NV (STM US) and Will Semiconductor Shan (603501 CH) are currently the third and fourth largest clients, respectively.


KYEC (2449.TT): AI Highly Growth Potential may exceed Expectation.

<ul>
<li>Taiwan Tech Rallies Along With Rebound In Global Tech; Hon Hai, Asustek Top Gainers; KYEC a Top Loser After Announcing China Market Divestment</li>
<li>PC Monitor: The Next Version of MSFT CoPilot Will Be the Killer App for a Global AI PC Upgrade Cycle </li>
<li>ASMedia GDR Early Look - Momentum Has Been Strong, and Raising Would Grow Its Cash Base Almost 6x </li>
</ul>


Taiwan Tech Rallies Along With Rebound In Global Tech; Hon Hai, Asustek Top Gainers; KYEC a Top Loser After Announcing China Market Divestment
PC Monitor: The Next Version of MSFT CoPilot Will Be the Killer App for a Global AI PC Upgrade Cycle 
ASMedia GDR Early Look - Momentum Has Been Strong, and Raising Would Grow Its Cash Base Almost 6x 


Taiwan Tech Weekly: Hon Hai New All-Time Highs; Asustek Soars; Leading Chip Testing Firm Exits China

<ul>
<li>We revise down <a href="https://www.smartkarma.com/entities/king-yuan-electronics-co-ltd" target="_blank" data-smartkarma-citation="entities:6630:1" rel="noopener">King Yuan Electronics Co, Ltd. (2449 TT)</a>’s full-year 2026 revenue growth forecast revised down from original 47% to 38–40%, still far exceeding last year’s 30% growth.</li>
<li>
<a href="https://www.smartkarma.com/entities/king-yuan-electronics-co-ltd" target="_blank" data-smartkarma-citation="entities:6630:1" rel="noopener">King Yuan Electronics Co, Ltd. (2449 TT)</a>’s 1Q26 revenue YoY +2–3%, better than original expectations (previously feared a 1–2% decline)</li>
<li>
<a href="https://www.smartkarma.com/entities/king-yuan-electronics-co-ltd" target="_blank" data-smartkarma-citation="entities:6630:1" rel="noopener">King Yuan Electronics Co, Ltd. (2449 TT)</a>’s 2026 capex reaches NT$50 billion, with cash dividend only NT$1 + 0.5 shares, lowering yield</li>
</ul>


We revise down King Yuan Electronics Co, Ltd. (2449 TT)’s full-year 2026 revenue growth forecast revised down from original 47% to 38–40%, still far exceeding last year’s 30% growth.

King Yuan Electronics Co, Ltd. (2449 TT)’s 1Q26 revenue YoY +2–3%, better than original expectations (previously feared a 1–2% decline)

King Yuan Electronics Co, Ltd. (2449 TT)’s 2026 capex reaches NT$50 billion, with cash dividend only NT$1 + 0.5 shares, lowering yield


KYEC (2449.TT): 2026 Growth Forecast Cut to 38–40% from 47%, Still Far Above 2025.

Taiwan

King Yuan Electronics Co., Ltd. provides integrated circuit (IC) testing services to semiconductor manufacturers.  The Company tests the logic, memory, and burn-in functions of ICs.  King Yuan also specializes in IC reeling, packaging, and wafer grinding.

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King Yuan Electronics Co, Ltd. (2449 TT)

Taiwan Tech Weekly: TSMC Sales Beat High Expectations; Wiwynn GDR Offering; IPhone 17 to Use 2nm

TSMC's strong June sales exceed expectations, Apple to use TSMC's 2nm node for iPhone 17 next year. Wiwynn's US$1.45bn dilutive offering shows...

Vincent Fernando, CFA

Taiwan Tech Weekly: Apple Hikes TSMC Orders on Strong IPhone 16 Hopes; Google Shifts AI Chip to TSMC

Apple and Google are increasing chip orders with TSMC for AI capabilities. Micron's shares inititially fell after reporting results previously,...

Vincent Fernando, CFA

KYEC (2449.TT): AI Highly Growth Potential may exceed Expectation.

KYEC outlook for 3Q24 shows potential 5-10% growth, with NVDA Corp as second-largest client and expanding business. STMicroelectronics and Will...

Patrick Liao

Taiwan Tech Weekly: Hon Hai New All-Time Highs; Asustek Soars; Leading Chip Testing Firm Exits China

Taiwan tech gains alongside global tech, with Hon Hai and Asustek leading. MSFT's next CoPilot expected to drive AI PC upgrades. ASMedia GDR shows...

Vincent Fernando, CFA

KYEC (2449.TT): 2026 Growth Forecast Cut to 38–40% from 47%, Still Far Above 2025.

KYEC revises down 2026 revenue growth forecast to 38-40%, still exceeding last year's growth, with 1Q26 revenue YoY +2-3% better than expected....

Patrick Liao

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Taiwan Tech Weekly: TSMC Sales Beat High Expectations; Wiwynn GDR Offering; IPhone 17 to Use 2nm

​TSMC's strong June sales exceed expectations, Apple to use TSMC's 2nm node for iPhone 17 next year. Wiwynn's US$1.45bn dilutive offering shows...

Vincent Fernando, CFA

Taiwan Tech Weekly: Apple Hikes TSMC Orders on Strong IPhone 16 Hopes; Google Shifts AI Chip to TSMC

​Apple and Google are increasing chip orders with TSMC for AI capabilities. Micron's shares inititially fell after reporting results previously,...

Vincent Fernando, CFA

KYEC (2449.TT): AI Highly Growth Potential may exceed Expectation.

KYEC outlook for 3Q24 shows potential 5-10% growth, with NVDA Corp as second-largest client and expanding business. STMicroelectronics and Will...

Patrick Liao

Taiwan Tech Weekly: Hon Hai New All-Time Highs; Asustek Soars; Leading Chip Testing Firm Exits China

​Taiwan tech gains alongside global tech, with Hon Hai and Asustek leading. MSFT's next CoPilot expected to drive AI PC upgrades. ASMedia GDR shows...

Vincent Fernando, CFA

KYEC (2449.TT): 2026 Growth Forecast Cut to 38–40% from 47%, Still Far Above 2025.

KYEC revises down 2026 revenue growth forecast to 38-40%, still exceeding last year's growth, with 1Q26 revenue YoY +2-3% better than expected....

Patrick Liao

TSMC's strong June sales exceed expectations, Apple to use TSMC's 2nm node for iPhone 17 next year. Wiwynn's US$1.45bn dilutive offering shows...

Apple and Google are increasing chip orders with TSMC for AI capabilities. Micron's shares inititially fell after reporting results previously,...

Taiwan tech gains alongside global tech, with Hon Hai and Asustek leading. MSFT's next CoPilot expected to drive AI PC upgrades. ASMedia GDR shows...