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)

<ul>
<li>Samsung Electronics and Nanya Technology will report their results this week. Samsung could reportedly increase NAND prices this month, giving a potential hint to the memory outlook they will provide.</li>
<li>Hon Hai will begin mass production of its Model C electric car in 4Q23E in Taiwan. This will provide a proof point for Hon Hai's global EV platform business model.</li>
<li>Top gainers recently have included rebounding AI names -- One can consider using the bounce to find AI shorts to pair against an Nvidia long.</li>
</ul>


Samsung Electronics and Nanya Technology will report their results this week. Samsung could reportedly increase NAND prices this month, giving a potential hint to the memory outlook they will provide.
Hon Hai will begin mass production of its Model C electric car in 4Q23E in Taiwan. This will provide a proof point for Hon Hai's global EV platform business model.
Top gainers recently have included rebounding AI names -- One can consider using the bounce to find AI shorts to pair against an Nvidia long.


Taiwan Tech Weekly: Samsung & Nanya Earnings; AI Names Rebound Again

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 foreign holdings of TWSE Stocks as of Sep 29th which has an aggregated holding worth USD318.8bn.</li>
<li>We tabulate league table for top changes by value for 1 week, one 4 weeks, 1 year and top stocks held by foreign instutions by dollar value.</li>
<li>We estimate that foreign flows to be outflows of USD776mln and highlight foreign changes in Gigabyte, Hon Hai, Novatek, Quanta, Asia Vital.</li>
</ul>


We analyzed the changes in foreign holdings of TWSE Stocks as of Sep 29th which has an aggregated holding worth USD318.8bn.
We tabulate league table for top changes by value for 1 week, one 4 weeks, 1 year and top stocks held by foreign instutions by dollar value.
We estimate that foreign flows to be outflows of USD776mln and highlight foreign changes in Gigabyte, Hon Hai, Novatek, Quanta, Asia Vital.


TWSE Foreign Holding Weekly (Sep 29th): Gigabyte, Hon Hai, Novatek, Quanta, Asia Vital

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

TSMC (Taiwan Semiconductor Manufacturing) - ADR

<ul>
<li>Intel kicked off its Innovation conference and announced that its new PC processors with built-in AI coprocessors would launch December 14th. This is positive for the PC supply chain.</li>
<li>Many types of existing software that used to require expert users can become more valuable with AI capabilities; we believe tomorrow's AI PC killer apps could be in plain sight.</li>
<li>Himax Long vs. Novatek Short. Himax is at historically very cheap level relative to Novatek, yet both are exposed to similar display end-markets.</li>
</ul>


Intel kicked off its Innovation conference and announced that its new PC processors with built-in AI coprocessors would launch December 14th. This is positive for the PC supply chain.
Many types of existing software that used to require expert users can become more valuable with AI capabilities; we believe tomorrow's AI PC killer apps could be in plain sight.
Himax Long vs. Novatek Short. Himax is at historically very cheap level relative to Novatek, yet both are exposed to similar display end-markets.


Taiwan Tech Weekly: Intel 'AI PC' Chips On Track to Drive 2024E PC Supply Chain

<ul>
<li>TSMC will report its 2Q23 results today in the afternoon Taiwan time. Look for key readthroughs from the company in terms of robustness of the AI boom and PC recovery.</li>
<li>AMD's Chairman and CEO arrived in Taiwan and met with key supply chain partners -- Related stocks are surging; ASML beat expectations and raised its guidance.</li>
<li>Taiwan AI,  PC-linked, and AMD-linked shares are flying; Our recent Memory Monitor piece also highlights signs that the DRAM cycle has bottomed.</li>
</ul>


TSMC will report its 2Q23 results today in the afternoon Taiwan time. Look for key readthroughs from the company in terms of robustness of the AI boom and PC recovery.
AMD's Chairman and CEO arrived in Taiwan and met with key supply chain partners -- Related stocks are surging; ASML beat expectations and raised its guidance.
Taiwan AI,  PC-linked, and AMD-linked shares are flying; Our recent Memory Monitor piece also highlights signs that the DRAM cycle has bottomed.


Taiwan Tech Weekly: TSMC Results Today; ASML Beats & Raises; AMD in Taiwan Sparking Rallies

Technical Analyst, Vermilion Research

Joe Jasper

Technical Analyst

Technical and Quantitative Research

Vermilion Research

Vermilion’s objective is to deliver timely, actionable, and unique technical research to professional investors through the application of our various technical indicators.

Our research strategists seek to highlight securities which we believe are at major inflection points, based on our various technical and quantitative indicators, and offer asymmetric risk/return profiles. Our unique research methodology, centered on relative strength, enables our strategists to deliver superior investment recommendations.

Our process begins by organizing the universe of actively traded stocks into discrete sectors, then into industry groups. We then apply our technical and quantitative tools to identify developing price trends. Once attractive trends are identified within a selected sector or group, we screen for individual stocks which we believe offer the best risk/reward profile. We provide a historical perspective that often reveals, through our long-term charts, how price patterns often repeat themselves over time.

Technical Analysis

Oil & Natural Gas Corp / Technical Analysis

<ul>
<li>MSCI EM (EEM-US) has continued to hold above our $37-$37.50 line-in-the-sand, meaning we are constructive from a price perspective.</li>
<li>We have maintained an underweight to emerging markets, and we are overweight developed international (MSCI EAFE, Europe, Japan) as discussed in in <em>Int’l Compass</em> and <em>ETF Pathfinder</em> reports throughout 2023.</li>
<li>Still, there are plenty of attractive countries and Sectors within the EM landscape, which is what we are focusing on today.</li>
</ul>


MSCI EM (EEM-US) has continued to hold above our $37-$37.50 line-in-the-sand, meaning we are constructive from a price perspective.
We have maintained an underweight to emerging markets, and we are overweight developed international (MSCI EAFE, Europe, Japan) as discussed in in Int’l Compass and ETF Pathfinder reports throughout 2023.
Still, there are plenty of attractive countries and Sectors within the EM landscape, which is what we are focusing on today.


EM Strategy: MSCI EM Financials & Energy Improving-Overweight; Overweights: Taiwan, India, Mexico

Taiwan

Micro-Star International Co., Ltd. manufactures and markets motherboards and video graphic accelerate (VGA) cards.  The Company exports its products to Europe, North America, and other Asian countries.

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Micro Star International (2377 TT)

Taiwan Tech Weekly: Samsung & Nanya Earnings; AI Names Rebound Again

Top gainers recently have included rebounding AI names -- One can consider using the bounce to find AI shorts to pair against an Nvidia long.

Vincent Fernando, CFA

TWSE Foreign Holding Weekly (Sep 29th): Gigabyte, Hon Hai, Novatek, Quanta, Asia Vital

We analyzed TWSE foreign holding data for the past week and highlight foreign holding changes in Gigabyte, Hon Hai, Novatek, Quanta, Asia Vital.

Ke Yan, CFA, FRM

Taiwan Tech Weekly: Intel 'AI PC' Chips On Track to Drive 2024E PC Supply Chain

Many types of existing software that used to require expert users can become more valuable with AI capabilities; we believe tomorrow's AI PC killer...

Vincent Fernando, CFA

Taiwan Tech Weekly: TSMC Results Today; ASML Beats & Raises; AMD in Taiwan Sparking Rallies

TSMC will report its 2Q23 results today in the afternoon Taiwan time. Look for key readthroughs from the company in terms of robustness of the AI...

Vincent Fernando, CFA

EM Strategy: MSCI EM Financials & Energy Improving-Overweight; Overweights: Taiwan, India, Mexico

MSCI EM Financials & Energy Improving -- Upgrading to Overweight; MSCI EM Technology remains an Overweight. Top Country Overweights: Taiwan, India,...

Vermilion Research

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