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>We Engaged with Kinik Recently to Get Insight on Activity Strength for TSMC's Expansion into Nodes 2nm and Below</li>
<li>Diamond Tooling: Quietly Powering Advanced Logic; Kinik Recently Running at Max Capacity for Key DBU Business Segment... also at 100% for SBU Segment</li>
<li>Takeaways -- Kinik as a Concentrated Play on Advanced Node Transitions... Also, We Believe Signs Remain Positive for TSMC's Recent Activity Momentum</li>
</ul>


We Engaged with Kinik Recently to Get Insight on Activity Strength for TSMC's Expansion into Nodes 2nm and Below
Diamond Tooling: Quietly Powering Advanced Logic; Kinik Recently Running at Max Capacity for Key DBU Business Segment... also at 100% for SBU Segment
Takeaways -- Kinik as a Concentrated Play on Advanced Node Transitions... Also, We Believe Signs Remain Positive for TSMC's Recent Activity Momentum


TechChain Insights: Kinik - The Hidden Enabler Behind TSMC’s Sub-2nm Push

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

TSMC (Taiwan Semiconductor Manufacturing) - ADR

<ul>
<li>TSMC Beats, Raises, and Confirms AI Ramp Is Real, Despite FX Drag</li>
<li>Conclusion -- Maintain Structural Long View, 2026 Growth Likely Underappreciated</li>
<li>TSMC ADR Premium Rebounds to 23.6% -- US Investor Positioning Skewed Toward TSMC's Unique AI Exposure</li>
</ul>


TSMC Beats, Raises, and Confirms AI Ramp Is Real, Despite FX Drag
Conclusion -- Maintain Structural Long View, 2026 Growth Likely Underappreciated
TSMC ADR Premium Rebounds to 23.6% -- US Investor Positioning Skewed Toward TSMC's Unique AI Exposure


TSMC 2Q25 Takeways: Undervalued Op Leverage and Capacity Strain Setting Up 2026 N2 Growth Suprise

<ul>
<li>TSMC just held a press conference this evening in Taiwan regarding its expanded U.S. investment plans. TSMC said it won't impact Taiwan investments; it is actually accelerating its Taiwan investments.</li>
<li>Additionally, we see TSMC's aggressive U.S. expansion significantly weakening Intel's ability to compete, as it removes one of Intel’s major differentiators--domestic U.S. production.</li>
<li>Maintain Structural Long rating on TSMC -- Expanded U.S. investment fortifies the company’s global leadership. ALSO -- Positive news for semiconductor manufacturing equipment companies internationally and in Taiwan. ASML, etc.</li>
</ul>


TSMC just held a press conference this evening in Taiwan regarding its expanded U.S. investment plans. TSMC said it won't impact Taiwan investments; it is actually accelerating its Taiwan investments.
Additionally, we see TSMC's aggressive U.S. expansion significantly weakening Intel's ability to compete, as it removes one of Intel’s major differentiators--domestic U.S. production.
Maintain Structural Long rating on TSMC -- Expanded U.S. investment fortifies the company’s global leadership. ALSO -- Positive news for semiconductor manufacturing equipment companies internationally and in Taiwan. ASML, etc.


TSMC Addresses U.S. Expansion Concerns: Strengthens TSMC Position & Positive for Semi Industry Capex

<ul>
<li>We conducted a Q&amp;A with Kinik, who is a key supplier to companies including TSMC, UMC, and Micron.</li>
<li>Kinik is dramatically expanding its diamond disk capacity; these products are critical to the production of wafers for advanced semiconductor nodes.</li>
<li>We believe Kinik has high visibility into future industry demand. Gross margins are likely to expand in the coming years as advanced diamond products become increasingly important to wafer production.</li>
</ul>


We conducted a Q&amp;A with Kinik, who is a key supplier to companies including TSMC, UMC, and Micron.
Kinik is dramatically expanding its diamond disk capacity; these products are critical to the production of wafers for advanced semiconductor nodes.
We believe Kinik has high visibility into future industry demand. Gross margins are likely to expand in the coming years as advanced diamond products become increasingly important to wafer production.


TechChain Insights: Q&A with TSMC Supplier Kinik; Diamond Capex Implies Industry Strength Visibility

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 short interest of TWSE Stocks as of Oct 6th which has an aggregated short interest worth USD14.2bn.</li>
<li>We tabulate league table for top short by value and short as multiple of ADT, as well as weekly increases &amp; decreases in short value, short as multiple of ADT.</li>
<li>We highlight short interest changes in Quanta Computer, Delta Elec, Kinik, Polaris, Accton Tech.</li>
</ul>


We analyzed the changes in short interest of TWSE Stocks as of Oct 6th which has an aggregated short interest worth USD14.2bn.
We tabulate league table for top short by value and short as multiple of ADT, as well as weekly increases &amp; decreases in short value, short as multiple of ADT.
We highlight short interest changes in Quanta Computer, Delta Elec, Kinik, Polaris, Accton Tech.


TWSE Short Interest Weekly (Oct 6th): Quanta Computer, Delta Elec, Kinik, Polaris, Accton Tech

Taiwan

Kinik Company develops and produces abrasive products.  The Company sells a range of bonded and coated abrasive products and polycrystalline diamond tools including grinding and profile wheels.

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Kinik Company (1560 TT)

TechChain Insights: Kinik - The Hidden Enabler Behind TSMC’s Sub-2nm Push

Insight from Kinik suggests positive momentum for TSMC's expansion into nodes 2nm and below, with Kinik running at max capacity for key business...

Vincent Fernando, CFA

TSMC 2Q25 Takeways: Undervalued Op Leverage and Capacity Strain Setting Up 2026 N2 Growth Suprise

TSMC's strong performance and focus on AI growth is underappreciated, with US investors showing a skewed positioning towards the company's unique...

Vincent Fernando, CFA

TSMC Addresses U.S. Expansion Concerns: Strengthens TSMC Position & Positive for Semi Industry Capex

TSMC explained how it is accelerating Taiwan investments while also increasing its expansion in the U.S.. Highly positive news for semiconductor...

Vincent Fernando, CFA

TechChain Insights: Q&A with TSMC Supplier Kinik; Diamond Capex Implies Industry Strength Visibility

Q&A with Kinik reveals expansion of diamond disk capacity crucial for semiconductor production, indicating high visibility into future industry...

Vincent Fernando, CFA

TWSE Short Interest Weekly (Oct 6th): Quanta Computer, Delta Elec, Kinik, Polaris, Accton Tech

We analyzed TWSE short interest report for the past week and highlight short interest changes in Quanta Computer, Delta Elec, Kinik, Polaris,...

Ke Yan, CFA, FRM

Price Gauge

52-week Range

Market Cap (USDm)

P/E

Dividend (Yield)

TechChain Insights: Kinik - The Hidden Enabler Behind TSMC’s Sub-2nm Push

​Insight from Kinik suggests positive momentum for TSMC's expansion into nodes 2nm and below, with Kinik running at max capacity for key business...

Vincent Fernando, CFA

TSMC 2Q25 Takeways: Undervalued Op Leverage and Capacity Strain Setting Up 2026 N2 Growth Suprise

​TSMC's strong performance and focus on AI growth is underappreciated, with US investors showing a skewed positioning towards the company's unique...

Vincent Fernando, CFA

TSMC Addresses U.S. Expansion Concerns: Strengthens TSMC Position & Positive for Semi Industry Capex

​TSMC explained how it is accelerating Taiwan investments while also increasing its expansion in the U.S.. Highly positive news for semiconductor...

Vincent Fernando, CFA

TechChain Insights: Q&A with TSMC Supplier Kinik; Diamond Capex Implies Industry Strength Visibility

​Q&A with Kinik reveals expansion of diamond disk capacity crucial for semiconductor production, indicating high visibility into future industry...

Vincent Fernando, CFA

TWSE Short Interest Weekly (Oct 6th): Quanta Computer, Delta Elec, Kinik, Polaris, Accton Tech

We analyzed TWSE short interest report for the past week and highlight short interest changes in Quanta Computer, Delta Elec, Kinik, Polaris,...

Ke Yan, CFA, FRM

Insight from Kinik suggests positive momentum for TSMC's expansion into nodes 2nm and below, with Kinik running at max capacity for key business...

TSMC's strong performance and focus on AI growth is underappreciated, with US investors showing a skewed positioning towards the company's unique...

TSMC explained how it is accelerating Taiwan investments while also increasing its expansion in the U.S.. Highly positive news for semiconductor...

Q&A with Kinik reveals expansion of diamond disk capacity crucial for semiconductor production, indicating high visibility into future industry...