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) - ADR / Equity Bottom-Up

TSMC (Taiwan Semiconductor Manufacturing) - ADR

<ul>
<li>
Global Chip Sales Tick Higher in April, 2026 Growth Forecast Robust — WSTS Forecast Signals Sustained Semiconductor Growth Through 2026 Despite Macroeconomic Uncertainty</li>
<li>
National Taiwan University Semiconductor Forum Highlights — Edge AI and Robotics The Next Major Demand Catalyst... AI Still in Its Early Phase</li>
<li>
Semiconductor Memory Q125 Review — Tariff &amp; Tech Transition Impacts, HBM Outlook</li>
</ul>



Global Chip Sales Tick Higher in April, 2026 Growth Forecast Robust — WSTS Forecast Signals Sustained Semiconductor Growth Through 2026 Despite Macroeconomic Uncertainty

National Taiwan University Semiconductor Forum Highlights — Edge AI and Robotics The Next Major Demand Catalyst... AI Still in Its Early Phase

Semiconductor Memory Q125 Review —  Tariff &amp; Tech Transition Impacts, HBM Outlook


Taiwan Tech Weekly: 2026 Chip Forecasts Remain Robust; Robots as Taiwan's Next Driver; Memory 1Q25

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 Jun 6th. The aggregated short interest was USD24.1bn.</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 Cathay Financial, Ctbc Financial, Fubon Financial, Yang Ming Marine, Catcher Technology, Novatek Microelectronics, Gigabyte Technology, SCSB, Ase Industrial, Inventec.</li>
</ul>


We analyzed the changes in short interest of TWSE Stocks as of Jun 6th. The aggregated short interest was USD24.1bn.
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 Cathay Financial, Ctbc Financial, Fubon Financial, Yang Ming Marine, Catcher Technology, Novatek Microelectronics, Gigabyte Technology, SCSB, Ase Industrial, Inventec.


TWSE Short Interest Weekly (Jun 6th): Cathay Financial, Ctbc Financial, Fubon Financial

<ul>
<li>We analyzed the changes in foreign holdings of TWSE Stocks as of Jun 6th. The aggregated holding was USD1,016.4bn.</li>
<li>We estimate that foreign flows to be outflows of USD4,467mln. 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 First Financial, Mediatek, Asia Vital Components, Novatek Microelectronics, Jinan Acetate Chemical, Cathay Financial, TSMC, Ctbc Financial, Yang Ming Marine, Fubon Financial.</li>
</ul>


We analyzed the changes in foreign holdings of TWSE Stocks as of Jun 6th. The aggregated holding was USD1,016.4bn.
We estimate that foreign flows to be outflows of USD4,467mln. 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 First Financial, Mediatek, Asia Vital Components, Novatek Microelectronics, Jinan Acetate Chemical, Cathay Financial, TSMC, Ctbc Financial, Yang Ming Marine, Fubon Financial.


TWSE Foreign Holding Weekly (Jun 6th): First Financial, Mediatek, Asia Vital Components

Taiwan Tech Focused Senior Analyst

Patrick Liao

United Microelectron Sp Adr / Equity Bottom-Up

<ul>
<li>
<a href="https://www.smartkarma.com/entities/united-microelectron-sp-adr" target="_blank" data-smartkarma-citation="entities:11540:1" rel="noopener">United Microelectron Sp Adr (UMC US)</a> is likely to exceed its 2Q25 guidance by 5–10%, while the outlook for 3Q25 appears somewhat gloomy, with a flat quarter-over-quarter (QoQ) performance likely.</li>
<li>
<a href="https://www.smartkarma.com/entities/qualcomm-inc" target="_blank" data-smartkarma-citation="entities:969:1" rel="noopener">Qualcomm Inc (QCOM US)</a> and <a href="https://www.smartkarma.com/entities/nvidia-corp" target="_blank" data-smartkarma-citation="entities:5891:1" rel="noopener">NVIDIA Corp (NVDA US)</a> are allocating a few thousand 12” wafers at UMC, but it appears to be the end of the product cycle.  </li>
<li>
<a href="https://www.smartkarma.com/entities/samsung-electronics-co-ltd" target="_blank" data-smartkarma-citation="entities:191:1" rel="noopener">Samsung Electronics (005930 KS)</a>, for example, has been relatively aggressive in wafer procurement in 2Q25, which could lead to a pullback in 3Q25.  </li>
</ul>



United Microelectron Sp Adr (UMC US) is likely to exceed its 2Q25 guidance by 5–10%, while the outlook for 3Q25 appears somewhat gloomy, with a flat quarter-over-quarter (QoQ) performance likely.

Qualcomm Inc (QCOM US) and NVIDIA Corp (NVDA US) are allocating a few thousand 12” wafers at UMC, but it appears to be the end of the product cycle.  

Samsung Electronics (005930 KS), for example, has been relatively aggressive in wafer procurement in 2Q25, which could lead to a pullback in 3Q25.  


UMC (2303.TT; UMC.US): Gloomy Outlook for 3Q25.

Technology / Semiconductor / Internet Research

Nicolas Baratte

TSMC (Taiwan Semiconductor Manufacturing) / Equity Bottom-Up

TSMC (Taiwan Semiconductor Manufacturing)

<ul>
<li>IDC has revised down 2025 Smartphone unit growth from 2.3% to 0.6%; increased PC from 3.7% to 4.5% but expects a decline in 2026. </li>
<li>The positive for Mediatek is AI in Mobile chips, but it’s a secondary driver compared to AI ASIC design. Mediatek stock is more expensive than TSMC despite lower visibility.</li>
<li>I don’t see any stock for which PC is a positive. The risk remain over-estimating replacement demand ahead of Windows 10 end-of-support in Oct-25.</li>
</ul>


IDC has revised down 2025 Smartphone unit growth from 2.3% to 0.6%; increased PC from 3.7% to 4.5% but expects a decline in 2026. 
The positive for Mediatek is AI in Mobile chips, but it’s a secondary driver compared to AI ASIC design. Mediatek stock is more expensive than TSMC despite lower visibility.
I don’t see any stock for which PC is a positive. The risk remain over-estimating replacement demand ahead of Windows 10 end-of-support in Oct-25.


Smartphone 2025 Shipments Revised Down, PC Revised Up (IDC). Mediatek a Tad Expensive, TSMC Cheaper.

Taiwan

MediaTek Inc. is a fabless semiconductor company for wireless communications and digital multimedia solutions. The company provides SOC system solutions for wireless communications, high-definition TV, optical storage, DVD and Blu-ray products.

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Mediatek Inc (2454 TT)

Taiwan Tech Weekly: 2026 Chip Forecasts Remain Robust; Robots as Taiwan's Next Driver; Memory 1Q25

Global chip sales are on the rise, with a strong growth forecast through 2026 despite economic uncertainty. Edge AI and robotics are expected to...

Vincent Fernando, CFA

TWSE Short Interest Weekly (Jun 6th): Cathay Financial, Ctbc Financial, Fubon Financial

We analyzed TWSE short interest report for the past week and highlighted short interest changes in Cathay Financial (2882 TT), Ctbc Financial (2891...

Ke Yan, CFA, FRM

TWSE Foreign Holding Weekly (Jun 6th): First Financial, Mediatek, Asia Vital Components

We analyzed TWSE foreign holding data for the past week and highlighted foreign holding changes in First Financial (2892 TT), Mediatek (2454 TT),...

Ke Yan, CFA, FRM

UMC (2303.TT; UMC.US): Gloomy Outlook for 3Q25.

UMC may beat 2Q25 guidance, but 3Q25 outlook appears flat; QCOM and NVDA allocating wafers at UMC, signaling end of product cycle; Samsung...

Patrick Liao

Smartphone 2025 Shipments Revised Down, PC Revised Up (IDC). Mediatek a Tad Expensive, TSMC Cheaper.

IDC revises 2025 Smartphone growth down to 0.6%, PC growth up to 4.5% but expects decline in 2026. Mediatek's AI in Mobile chips is positive, but...

Nicolas Baratte

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52-week Range

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Taiwan Tech Weekly: 2026 Chip Forecasts Remain Robust; Robots as Taiwan's Next Driver; Memory 1Q25

​Global chip sales are on the rise, with a strong growth forecast through 2026 despite economic uncertainty. Edge AI and robotics are expected to...

Vincent Fernando, CFA

TWSE Short Interest Weekly (Jun 6th): Cathay Financial, Ctbc Financial, Fubon Financial

We analyzed TWSE short interest report for the past week and highlighted short interest changes in Cathay Financial (2882 TT), Ctbc Financial (2891...

Ke Yan, CFA, FRM

TWSE Foreign Holding Weekly (Jun 6th): First Financial, Mediatek, Asia Vital Components

We analyzed TWSE foreign holding data for the past week and highlighted foreign holding changes in First Financial (2892 TT), Mediatek (2454 TT),...

Ke Yan, CFA, FRM

UMC (2303.TT; UMC.US): Gloomy Outlook for 3Q25.

UMC may beat 2Q25 guidance, but 3Q25 outlook appears flat; QCOM and NVDA allocating wafers at UMC, signaling end of product cycle; Samsung...

Patrick Liao

Smartphone 2025 Shipments Revised Down, PC Revised Up (IDC). Mediatek a Tad Expensive, TSMC Cheaper.

​IDC revises 2025 Smartphone growth down to 0.6%, PC growth up to 4.5% but expects decline in 2026. Mediatek's AI in Mobile chips is positive, but...

Nicolas Baratte

Global chip sales are on the rise, with a strong growth forecast through 2026 despite economic uncertainty. Edge AI and robotics are expected to...

IDC revises 2025 Smartphone growth down to 0.6%, PC growth up to 4.5% but expects decline in 2026. Mediatek's AI in Mobile chips is positive, but...