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>Nvidia, Dell, Marvell results coming out this week.. Apple iPhone 16 Reveal September 9th?</li>
<li>Micron progressing on potential Taiwan capacity expansion due to strong HBM DRAM demand</li>
<li>AMD acquires a key U.S. server systems integrator, expanding its enterprise server opportunity in a market including Taiwan's server ODM players such as Hon Hai, Wiwynn, Inventec, Quanta, and Compal.</li>
</ul>


Nvidia, Dell, Marvell results coming out this week.. Apple iPhone 16 Reveal September 9th?
Micron progressing on potential Taiwan capacity expansion due to strong HBM DRAM demand
AMD acquires a key U.S. server systems integrator, expanding its enterprise server opportunity in a market including Taiwan's server ODM players such as Hon Hai, Wiwynn, Inventec, Quanta, and Compal.


Taiwan Tech Weekly: Nvidia Results Imminent; Apple IPhone 16 Reveal Date; Micron's Taiwan Expansion

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 Aug 23rd which has an aggregated short interest worth USD20.4bn.</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 Ctbc Financial Holding, Micro-Star International, United Microelectronics Corporation, Wistron, Asia Vital Components, Evergreen Marine Corp Taiwan, Mega Financial Holding.</li>
</ul>


We analyzed the changes in short interest of TWSE Stocks as of Aug 23rd which has an aggregated short interest worth USD20.4bn.
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 Ctbc Financial Holding, Micro-Star International, United Microelectronics Corporation, Wistron, Asia Vital Components, Evergreen Marine Corp Taiwan, Mega Financial Holding.


TWSE Short Interest Weekly (Aug 23rd): Ctbc Financial Holding, Micro-Star International

<ul>
<li>Given market concerns that AI is overhyped and not yet delivering sufficient value, we analyze Microsoft's Copilot disclosures and examine signs of AI services traction among corporate clients.</li>
<li>Signs indicate that Copilot is gaining substantial traction with corporate clients, adding value to software development, business operations, and healthcare documentation functions.</li>
<li>The number of organizations paying for MSFT's AI services is expanding rapidly. We view this as a promising indicator of increased AI adoption and substantial value creation.</li>
</ul>


Given market concerns that AI is overhyped and not yet delivering sufficient value, we analyze Microsoft's Copilot disclosures and examine signs of AI services traction among corporate clients.
Signs indicate that Copilot is gaining substantial traction with corporate clients, adding value to software development, business operations, and healthcare documentation functions.
The number of organizations paying for MSFT's AI services is expanding rapidly. We view this as a promising indicator of increased AI adoption and substantial value creation.


PC Monitor: Promising Uptake of Microsoft Copilot and AI Services; Remain Structurally Long

<ul>
<li>PC Maker Shares Under Pressure -- PC makers' share prices fell by mid-to-high single digits during July. However, pure PC exposure outperformed as shown by HPQ's gain during the month.</li>
<li>Latest PC Industry Data is Promising -- Latest IDC data shows that global PC shipments increased 3% YoY in 2Q24, and are up 5% YoY ex-China.</li>
<li>Microsoft &amp; Taiwan PC Maker Earnings Ahead -- Microsoft reports July 30th U.S. time. We expect Taiwan PC makers to report earnings within the first two weeks of August.</li>
</ul>


PC Maker Shares Under Pressure -- PC makers' share prices fell by mid-to-high single digits during July. However, pure PC exposure outperformed as shown by HPQ's gain during the month.
Latest PC Industry Data is Promising -- Latest IDC data shows that global PC shipments increased 3% YoY in 2Q24, and are up 5% YoY ex-China.
Microsoft &amp; Taiwan PC Maker Earnings Ahead -- Microsoft reports July 30th U.S. time. We expect Taiwan PC makers to report earnings within the first two weeks of August.


PC Monitor: MSFT Results Imminent; Look for Copilot Progress; Taiwan PC Makers Show Healthy Growth

<ul>
<li>Apple Announces New AI Features at WDC; Shares Surge to New All-Time Highs</li>
<li>Top Movers: Major Computex Exhibitors See Share Prices Fall Despite Strong Presence</li>
<li>Computex 2024: Chip Companies Notably Competing to Win PC Makers</li>
</ul>


Apple Announces New AI Features at WDC; Shares Surge to New All-Time Highs
Top Movers: Major Computex Exhibitors See Share Prices Fall Despite Strong Presence
Computex 2024: Chip Companies Notably Competing to Win PC Makers


Taiwan Tech Weekly: Apple Unveils New AI Capabilities at WDC; PC Makers Feel the Love from Chip CEOs

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: Nvidia Results Imminent; Apple IPhone 16 Reveal Date; Micron's Taiwan Expansion

Nvidia, Dell, and Marvell to soon release results, while Micron considers Taiwan expansion and AMD acquires U.S. server integrator in industry of...

Vincent Fernando, CFA

TWSE Short Interest Weekly (Aug 23rd): Ctbc Financial Holding, Micro-Star International

We analyzed TWSE short interest report for the past week and highlighted short interest changes in Ctbc Financial Holding, Micro-Star...

Ke Yan, CFA, FRM

PC Monitor: Promising Uptake of Microsoft Copilot and AI Services; Remain Structurally Long

MSFT's latest Copilot disclosures reveal growing traction with corporates, indicating increased AI adoption and value creation in software...

Vincent Fernando, CFA

PC Monitor: MSFT Results Imminent; Look for Copilot Progress; Taiwan PC Makers Show Healthy Growth

PC makers' shares fell in July, but pure PC exposure like HPQ outperformed. Global PC shipments increased 3% YoY in 2Q24, with Microsoft and...

Vincent Fernando, CFA

Taiwan Tech Weekly: Apple Unveils New AI Capabilities at WDC; PC Makers Feel the Love from Chip CEOs

Apple's new AI features at WDC lead to record high shares; major Computex exhibitors see share prices drop despite strong presence; chip companies...

Vincent Fernando, CFA

Price Gauge

52-week Range

Market Cap (USDm)

P/E

Dividend (Yield)

Taiwan Tech Weekly: Nvidia Results Imminent; Apple IPhone 16 Reveal Date; Micron's Taiwan Expansion

Nvidia, Dell, and Marvell to soon release results, while Micron considers Taiwan expansion and AMD acquires U.S. server integrator in industry of...

Vincent Fernando, CFA

TWSE Short Interest Weekly (Aug 23rd): Ctbc Financial Holding, Micro-Star International

We analyzed TWSE short interest report for the past week and highlighted short interest changes in Ctbc Financial Holding, Micro-Star...

Ke Yan, CFA, FRM

PC Monitor: Promising Uptake of Microsoft Copilot and AI Services; Remain Structurally Long

MSFT's latest Copilot disclosures reveal growing traction with corporates, indicating increased AI adoption and value creation in software...

Vincent Fernando, CFA

PC Monitor: MSFT Results Imminent; Look for Copilot Progress; Taiwan PC Makers Show Healthy Growth

​PC makers' shares fell in July, but pure PC exposure like HPQ outperformed. Global PC shipments increased 3% YoY in 2Q24, with Microsoft and...

Vincent Fernando, CFA

Taiwan Tech Weekly: Apple Unveils New AI Capabilities at WDC; PC Makers Feel the Love from Chip CEOs

​Apple's new AI features at WDC lead to record high shares; major Computex exhibitors see share prices drop despite strong presence; chip companies...

Vincent Fernando, CFA

PC makers' shares fell in July, but pure PC exposure like HPQ outperformed. Global PC shipments increased 3% YoY in 2Q24, with Microsoft and...

Apple's new AI features at WDC lead to record high shares; major Computex exhibitors see share prices drop despite strong presence; chip companies...