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>Kinik says its biggest challenge is accelerating factory expansion and automating production lines against a labor shortage, so it can deliver capacity ahead of schedule into high demand.</li>
<li>The capacity plan is dated: 12 inch wafer capacity goes from 330,000 pieces a month to 400,000 by the third quarter, all of the addition high grade reclaim.</li>
<li>Concentration at the leading node helps a high end supplier: gross margin reached 37.6% in the first half of 2026 against 32.5% for 2025 and 31.3% for 2024.</li>
</ul>


Kinik says its biggest challenge is accelerating factory expansion and automating production lines against a labor shortage, so it can deliver capacity ahead of schedule into high demand.
The capacity plan is dated: 12 inch wafer capacity goes from 330,000 pieces a month to 400,000 by the third quarter, all of the addition high grade reclaim.
Concentration at the leading node helps a high end supplier: gross margin reached 37.6% in the first half of 2026 against 32.5% for 2025 and 31.3% for 2024.


TechChain Insights Q&A: Kinik Automating Its Plants to Add Advanced-Node Capacity Ahead of Schedule

AI | Semiconductors | Commodities, Mint Finance

Raghav Vashisht

AI | Semiconductors | Commodities

Deep Fundamental Analysis

Mint Finance

Mint Finance's investment research blends deep fundamental analysis with technical & quant insights. Investment strategies straddle across multiple asset classes with risk management embedded into every trade to deliver an outsized reward-to-risk ratio.

Mint Finance's research is centered around three key themes. First, energy transition and climate change. Second, artificial intelligence. Third, shifting world order with its impact across politics and monetary economics.

<ul>
<li>The 20% price hikes are supported by a genuine collapse in global CPU availability, with Raptor Lake paralysing the industrial PC market and forcing buyers into a hard bottleneck.</li>
<li>Intel’s ability to monetize this pricing leverage hinges entirely on 18A yields. Recent 65% yield milestones on Panther Lake provide a credible baseline for relief.</li>
<li>Intel is also aggressively ramping equipment orders for 14A and EMIB to capitalize on the shortage, shifting its foundry from option value to an actual booking story.</li>
</ul>


The 20% price hikes are supported by a genuine collapse in global CPU availability, with Raptor Lake paralysing the industrial PC market and forcing buyers into a hard bottleneck.
Intel’s ability to monetize this pricing leverage hinges entirely on 18A yields. Recent 65% yield milestones on Panther Lake provide a credible baseline for relief.
Intel is also aggressively ramping equipment orders for 14A and EMIB to capitalize on the shortage, shifting its foundry from option value to an actual booking story.


Intel Q1 Checkpoint: 18A Metrics, Foundry Equipment Ramps, and Options Market Positioning

Index Rebal/Special Situations, Quiddity Advisors

Janaghan Jeyakumar, CFA

Index Rebal/Special Situations

Quiddity Advisors

Pan-Asia Catalysts/Events

Index Rebalance

<ul>
<li>The T50 index represents the top 50 largest stocks by market capitalization on the Taiwan Stock Exchange. The T100 index represents the next 100 largest names (51-150 ranks).</li>
<li>Currently, we see four T50 changes and nine other T100 changes for the June 2026 index rebal event.</li>
<li>Among the expected T100 deletes, we see three TDIV members that could get deleted from TDIV in June 2026, with a fourth sitting close to the border.</li>
</ul>


The T50 index represents the top 50 largest stocks by market capitalization on the Taiwan Stock Exchange. The T100 index represents the next 100 largest names (51-150 ranks).
Currently, we see four T50 changes and nine other T100 changes for the June 2026 index rebal event.
Among the expected T100 deletes, we see three TDIV members that could get deleted from TDIV in June 2026, with a fourth sitting close to the border.


Quiddity Leaderboard T50/​​​100 Jun26: Three TDIV DELs And One High-Impact T50 DEL Now in the Money!

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.

Quantitative Analysis

<ul>
<li>We analyzed the changes in foreign holdings of TWSE Stocks as of Dec 19th. The aggregated holding was USD1,328.6bn.</li>
<li>We estimate that foreign flows to be outflows of USD4,695mln. 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, Quanta Computer, Winbond Electronics, Asustek Computer, Delta Electronics, TSMC, Quanta Computer, Winbond Electronics, Asustek Computer, Delta Electronics.</li>
</ul>


We analyzed the changes in foreign holdings of TWSE Stocks as of Dec 19th. The aggregated holding was USD1,328.6bn.
We estimate that foreign flows to be outflows of USD4,695mln. 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, Quanta Computer, Winbond Electronics, Asustek Computer, Delta Electronics, TSMC, Quanta Computer, Winbond Electronics, Asustek Computer, Delta Electronics.


TWSE Foreign Holding Weekly (Dec 19th): TSMC, Quanta Computer, Winbond Electronics, Asustek Computer

<ul>
<li>We analyzed the changes in short interest of TWSE Stocks as of Dec 12th. The aggregated short interest was USD28.2bn.</li>
<li>We tabulate league tables 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 Hon Hai Precision, Nanya Technology, King Yuan Electronics, King Slide Works, Winbond Electronics, Hon Hai Precision, Nanya Technology, King Yuan Electronics, King Slide Works.</li>
</ul>


We analyzed the changes in short interest of TWSE Stocks as of Dec 12th. The aggregated short interest was USD28.2bn.
We tabulate league tables 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 Hon Hai Precision, Nanya Technology, King Yuan Electronics, King Slide Works, Winbond Electronics, Hon Hai Precision, Nanya Technology, King Yuan Electronics, King Slide Works.


TWSE Short Interest Weekly (Dec 12th): Hon Hai Precision, Nanya Technology, King Yuan Electronics

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 Q&A: Kinik Automating Its Plants to Add Advanced-Node Capacity Ahead of Schedule

Kinik says its biggest challenge is accelerating factory expansion and automating production lines against a labor shortage, so it can deliver...

Vincent Fernando, CFA

Intel Q1 Checkpoint: 18A Metrics, Foundry Equipment Ramps, and Options Market Positioning

Intel is capitalizing on CPU shortage with price hikes, relying on improved yields for relief and ramping up foundry equipment orders to win...

Mint Finance

Quiddity Leaderboard T50/100 Jun26: Three TDIV DELs And One High-Impact T50 DEL Now in the Money!

There are six TDIV members close to T100 deletion. Three of them are already in the money. The other three are just outside the border.

Janaghan Jeyakumar, CFA

TWSE Foreign Holding Weekly (Dec 19th): TSMC, Quanta Computer, Winbond Electronics, Asustek Computer

We analyzed TWSE foreign holding data for the past week and highlighted foreign holding changes in TSMC (2330 TT), Quanta Computer (2382 TT),...

Ke Yan, CFA, FRM

TWSE Short Interest Weekly (Dec 12th): Hon Hai Precision, Nanya Technology, King Yuan Electronics

We analyzed TWSE short interest report for the past week and highlighted short interest changes in Hon Hai Precision (2317 TT), Nanya Technology...

Ke Yan, CFA, FRM

Price Gauge

52-week Range

Market Cap (USDm)

P/E

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TechChain Insights Q&A: Kinik Automating Its Plants to Add Advanced-Node Capacity Ahead of Schedule

Kinik says its biggest challenge is accelerating factory expansion and automating production lines against a labor shortage, so it can deliver...

Vincent Fernando, CFA

Intel Q1 Checkpoint: 18A Metrics, Foundry Equipment Ramps, and Options Market Positioning

​Intel is capitalizing on CPU shortage with price hikes, relying on improved yields for relief and ramping up foundry equipment orders to win...

Mint Finance

Quiddity Leaderboard T50/​​​100 Jun26: Three TDIV DELs And One High-Impact T50 DEL Now in the Money!

There are six TDIV members close to T100 deletion. Three of them are already in the money. The other three are just outside the border.

Janaghan Jeyakumar, CFA

TWSE Foreign Holding Weekly (Dec 19th): TSMC, Quanta Computer, Winbond Electronics, Asustek Computer

We analyzed TWSE foreign holding data for the past week and highlighted foreign holding changes in TSMC (2330 TT), Quanta Computer (2382 TT),...

Ke Yan, CFA, FRM

TWSE Short Interest Weekly (Dec 12th): Hon Hai Precision, Nanya Technology, King Yuan Electronics

We analyzed TWSE short interest report for the past week and highlighted short interest changes in Hon Hai Precision (2317 TT), Nanya Technology...

Ke Yan, CFA, FRM

Intel is capitalizing on CPU shortage with price hikes, relying on improved yields for relief and ramping up foundry equipment orders to win...

Quiddity Leaderboard T50/100 Jun26: Three TDIV DELs And One High-Impact T50 DEL Now in the Money!