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) (TSM US)

TSMC (Taiwan Semiconductor Manufacturing)

<ul>
<li>TI is experiencing 50%+ YoY growth in data center, showing no signs of AI server demand slowdown.</li>
<li>KLA calls 2nm a “compelling” node, projecting it could be the industry’s largest over first three years.</li>
<li>Taiwan Tech positioned to benefit via TSMC N2 ramp, CoWoS packaging, and ABF substrate expansion.</li>
</ul>


TI is experiencing 50%+ YoY growth in data center, showing no signs of AI server demand slowdown.
KLA calls 2nm a “compelling” node, projecting it could be the industry’s largest over first three years.
Taiwan Tech positioned to benefit via TSMC N2 ramp, CoWoS packaging, and ABF substrate expansion.


Texas Instruments & KLA Signal Continued AI Strength, Foreshadow TSMC’s 2nm Breakout

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 Aug 29th. The aggregated holding was USD1,163.6bn.</li>
<li>We estimate that foreign flows to be inflows of USD428mln. 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, Hon Hai Precision, Delta Electronics, Quanta Computer, Global Unichip, TSMC, Hon Hai Precision, Global Unichip, Delta Electronics, Quanta Computer.</li>
</ul>


We analyzed the changes in foreign holdings of TWSE Stocks as of Aug 29th. The aggregated holding was USD1,163.6bn.
We estimate that foreign flows to be inflows of USD428mln. 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, Hon Hai Precision, Delta Electronics, Quanta Computer, Global Unichip, TSMC, Hon Hai Precision, Global Unichip, Delta Electronics, Quanta Computer.


TWSE Foreign Holding Weekly (Aug 29th): TSMC, Hon Hai Precision, Delta Electronics, Quanta Computer

<ul>
<li>We analyzed the changes in foreign holdings of TWSE Stocks as of Aug 29th. The aggregated holding was USD1,166.6bn.</li>
<li>We estimate that foreign flows to be inflows of USD427mln. 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, Hon Hai Precision, Delta Electronics, Quanta Computer, Global Unichip, TSMC, Hon Hai Precision, Global Unichip, Delta Electronics, Quanta Computer.</li>
</ul>


We analyzed the changes in foreign holdings of TWSE Stocks as of Aug 29th. The aggregated holding was USD1,166.6bn.
We estimate that foreign flows to be inflows of USD427mln. 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, Hon Hai Precision, Delta Electronics, Quanta Computer, Global Unichip, TSMC, Hon Hai Precision, Global Unichip, Delta Electronics, Quanta Computer.


IPOs and Catalysts/Events, Global Equity Research Ltd

Arun George

IPOs and Catalysts/Events

Uncompromised, Independent, Conflict-Free Research

Global Equity Research Ltd

Global Equity Research was started in 2017 by a group of experienced research professionals. It was founded on a passionate belief in the importance and the need for uncompromised, independent, conflict-free research. We aim to provide differentiated and actionable primary and bottom up fundamental research.

Event-Driven

Shinko Electric Industries / Event-Driven

<ul>
<li>
<a href="https://www.smartkarma.com/entities/shinko-electric-industries" target="_blank" data-smartkarma-citation="entities:15066:1" rel="noopener">Shinko Electric Industries (6967 JP)</a>’s tender offer from a JIC alliance is at JPY5,920. Today’s update notes that JIC has satisfied the regulatory precondition. </li>
<li>The tender offer is expected to commence in mid-February. The Board will continue to recommend it because it remains attractive. </li>
<li>Deal fatigue (announced in December 2023) and Ibiden's derating will nudge shareholders to accept. At the last close and for an end-of-March payment, the gross/annualised spread was 0.7%/3.9%.</li>
</ul>



Shinko Electric Industries (6967 JP)’s tender offer from a JIC alliance is at JPY5,920. Today’s update notes that JIC has satisfied the regulatory precondition. 
The tender offer is expected to commence in mid-February. The Board will continue to recommend it because it remains attractive. 
Deal fatigue (announced in December 2023) and Ibiden's derating will nudge shareholders to accept. At the last close and for an end-of-March payment, the gross/annualised spread was 0.7%/3.9%.


Shinko Electric (6967 JP): JIC’s Tender Offer on the Home Stretch

<ul>
<li>At first glance, the <a href="https://www.smartkarma.com/entities/shinko-electric-industries" target="_blank" rel="noopener">Shinko Electric Industries (6967 JP)</a> and China TCM merger arb has little or no similarities regarding the region, precondition, sector, type of offeror, or offer structure.</li>
<li>The aftermath of <a href="https://www.smartkarma.com/entities/china-traditional-chinese-medicine" target="_blank" data-smartkarma-citation="entities:351:1" rel="noopener">China Traditional Chinese Medicine (570 HK)</a> has resulted in funds resizing well-held merger arb positions, mainly long-dated names with tail event risks. This has increased the Shinko spread. </li>
<li>Shinko’s tail event risk (no SAMR approval) remains low. Timing remains the primary risk, as a delay is possible. At the last close, the gross/annualised spread was 8.9%/29.2%.</li>
</ul>


At first glance, the Shinko Electric Industries (6967 JP) and China TCM merger arb has little or no similarities regarding the region, precondition, sector, type of offeror, or offer structure.
The aftermath of China Traditional Chinese Medicine (570 HK) has resulted in funds resizing well-held merger arb positions, mainly long-dated names with tail event risks. This has increased the Shinko spread. 
Shinko’s tail event risk (no SAMR approval) remains low. Timing remains the primary risk, as a delay is possible. At the last close, the gross/annualised spread was 8.9%/29.2%.


Shinko Electric (6967 JP): A Casualty of the China TCM Deal Break

Taiwan

Nan Ya Printed Circuit Board Corporation manufactures and markets printed circuit boards (PCBs) and integrated circuit (IC) substrates.

Price Gauge
52-week Range	0.00 - 0.00
Market Cap (USDm)	0.00
P/E	0.00
Dividend (Yield)	0.00

Nan Ya Printed Circuit Board (8046 TT)

Texas Instruments & KLA Signal Continued AI Strength, Foreshadow TSMC’s 2nm Breakout

TI's data center growth remains strong with 50% YoY growth, KLA sees potential in 2nm node to be the largest ever, Taiwan Tech set to benefit from...

Vincent Fernando, CFA

TWSE Foreign Holding Weekly (Aug 29th): TSMC, Hon Hai Precision, Delta Electronics, Quanta Computer

We analyzed TWSE foreign holding data for the past week and highlighted foreign holding changes in TSMC (2330 TT), Hon Hai Precision (2317 TT),...

Ke Yan, CFA, FRM

TWSE Foreign Holding Weekly (Aug 29th): TSMC, Hon Hai Precision, Delta Electronics, Quanta Computer

We analyzed TWSE foreign holding data for the past week and highlighted foreign holding changes in TSMC (2330 TT), Hon Hai Precision (2317 TT),...

Ke Yan, CFA, FRM

Shinko Electric (6967 JP): JIC’s Tender Offer on the Home Stretch

The precondition is satisfied, and the tender offer is from 18 February to 18 March (20 business days). Deal fatigue and the derating of Ibiden...

Arun George

Shinko Electric (6967 JP): A Casualty of the China TCM Deal Break

The aftermath of the China TCM deal break has resulted in funds resizing well-held merger arb positions, mainly long-dated names with tail event...

Arun George

Price Gauge

52-week Range

Market Cap (USDm)

P/E

Dividend (Yield)

Texas Instruments & KLA Signal Continued AI Strength, Foreshadow TSMC’s 2nm Breakout

​TI's data center growth remains strong with 50% YoY growth, KLA sees potential in 2nm node to be the largest ever, Taiwan Tech set to benefit from...

Vincent Fernando, CFA

TWSE Foreign Holding Weekly (Aug 29th): TSMC, Hon Hai Precision, Delta Electronics, Quanta Computer

We analyzed TWSE foreign holding data for the past week and highlighted foreign holding changes in TSMC (2330 TT), Hon Hai Precision (2317 TT),...

Ke Yan, CFA, FRM

TWSE Foreign Holding Weekly (Aug 29th): TSMC, Hon Hai Precision, Delta Electronics, Quanta Computer

We analyzed TWSE foreign holding data for the past week and highlighted foreign holding changes in TSMC (2330 TT), Hon Hai Precision (2317 TT),...

Ke Yan, CFA, FRM

Shinko Electric (6967 JP): JIC’s Tender Offer on the Home Stretch

The precondition is satisfied, and the tender offer is from 18 February to 18 March (20 business days). Deal fatigue and the derating of Ibiden...

Arun George

Shinko Electric (6967 JP): A Casualty of the China TCM Deal Break

The aftermath of the China TCM deal break has resulted in funds resizing well-held merger arb positions, mainly long-dated names with tail event...

Arun George

TI's data center growth remains strong with 50% YoY growth, KLA sees potential in 2nm node to be the largest ever, Taiwan Tech set to benefit from...