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>Mediatek Top Performer; Showcasing New AI Capabilities at the Mobile World Congress in Barcelona</li>
<li>Memory Monitor: Competition Is Hotting Up for Key Memory Chips Nvidia Depends On; Nanya Left Out?</li>
<li>Novatek (3034.TT): It Has Been Qualified by the IPhone 16 for OLED Driver IC</li>
</ul>


Mediatek Top Performer; Showcasing New AI Capabilities at the Mobile World Congress in Barcelona
Memory Monitor: Competition Is Hotting Up for Key Memory Chips Nvidia Depends On; Nanya Left Out?
Novatek (3034.TT): It Has Been Qualified by the IPhone 16 for OLED Driver IC


Taiwan Tech Weekly: Mediatek Surges After Showcasing Breathtaking AI Capabilities; Novatek; Nanya

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 pre-conditional tender offer from the JIC alliance is JPY5,920 per share. Since the deal announcement, the gross spread has averaged 8.3%.</li>
<li>The wide gross spread reflects the risk in satisfying the pre-conditions related to country approvals, particularly China and shareholder approval, due to <a href="https://www.smartkarma.com/entities/ibiden-co-ltd" target="_blank" data-smartkarma-citation="entities:16630:1" rel="noopener">Ibiden Co Ltd (4062 JP)</a>’s re-rating.</li>
<li>Ibiden’s re-rating is not necessarily an issue. JIC’s confidence in securing SAMR approval for the <a href="https://www.smartkarma.com/entities/jsr-corp" target="_blank" data-smartkarma-citation="entities:17620:1" rel="noopener">JSR Corp (4185 JP)</a> transaction by March is a positive for Shinko's SAMR approval. </li>
</ul>



Shinko Electric Industries (6967 JP)'s pre-conditional tender offer from the JIC alliance is JPY5,920 per share. Since the deal announcement, the gross spread has averaged 8.3%.
The wide gross spread reflects the risk in satisfying the pre-conditions related to country approvals, particularly China and shareholder approval, due to Ibiden Co Ltd (4062 JP)’s re-rating.
Ibiden’s re-rating is not necessarily an issue. JIC’s confidence in securing SAMR approval for the JSR Corp (4185 JP) transaction by March is a positive for Shinko's SAMR approval. 


Shinko Electric (6967 JP): Tender Offer Risk/Reward

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 Jan 5th which has an aggregated holding worth USD700.2bn.</li>
<li>We estimate that foreign flows to be outflows of USD504mln. We tabulate the league table for top changes by value for 1W/4W/1Y and top stocks held by foreign instutions.</li>
<li>We highlight foreign changes in Faraday Tech, Asustek Computer, Mediatek, Wistron, TSMC.</li>
</ul>


We analyzed the changes in foreign holdings of TWSE Stocks as of Jan 5th which has an aggregated holding worth USD700.2bn.
We estimate that foreign flows to be outflows of USD504mln. We tabulate the league table for top changes by value for 1W/4W/1Y and top stocks held by foreign instutions.
We highlight foreign changes in Faraday Tech, Asustek Computer, Mediatek, Wistron, TSMC.


TWSE Foreign Holding Weekly (Jan 5th): Faraday Tech, Asustek Computer, Mediatek, Wistron, TSMC

<ul>
<li>After months of speculation, <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> has recommended the JIC alliance’s preconditional tender offer of JPY5,920 per share, an 18.9% premium to the undisturbed price (31 May). </li>
<li>The pre-condition relates to regulatory approvals in Japan, China, Korea, and possibly Vietnam. The offeror may waive the pre-condition. The offer is long-dated and expected to start in August 2024.</li>
<li>The minimum acceptance condition requires a 33.3% minority acceptance rate. Despite the low 7.1% premium to the last close, the offer resulted from a competing bidding process. </li>
</ul>


After months of speculation, Shinko Electric Industries (6967 JP) has recommended the JIC alliance’s preconditional tender offer of JPY5,920 per share, an 18.9% premium to the undisturbed price (31 May). 
The pre-condition relates to regulatory approvals in Japan, China, Korea, and possibly Vietnam. The offeror may waive the pre-condition. The offer is long-dated and expected to start in August 2024.
The minimum acceptance condition requires a 33.3% minority acceptance rate. Despite the low 7.1% premium to the last close, the offer resulted from a competing bidding process. 


Shinko Electric (6967 JP): JIC’s Pre-Conditional Tender Offer at JPY5,920

<ul>
<li>We analyzed the changes in short interest of TWSE Stocks as of Oct 27th which has an aggregated short interest worth USD13.7bn.</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 Nan Ya Printed, Asmedia Tech, Global Unichip, TSMC.</li>
</ul>


We analyzed the changes in short interest of TWSE Stocks as of Oct 27th which has an aggregated short interest worth USD13.7bn.
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 Nan Ya Printed, Asmedia Tech, Global Unichip, TSMC.


TWSE Short Interest Weekly (Oct 27th): Nan Ya Printed, Asmedia Tech, Global Unichip, TSMC

Taiwan

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

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Nan Ya Printed Circuit Board (8046 TT)

Taiwan Tech Weekly: Mediatek Surges After Showcasing Breathtaking AI Capabilities; Novatek; Nanya

Mediatek top performer as it debuts new AI capabilities at the Mobile World Congress; Competition hotting up for memory chips Nvidia depends on;...

Vincent Fernando, CFA

Shinko Electric (6967 JP): Tender Offer Risk/Reward

Ibiden’s re-rating is not necessarily an issue. JIC’s confidence in securing SAMR approval for the JSR transaction by March is a positive for...

Arun George

TWSE Foreign Holding Weekly (Jan 5th): Faraday Tech, Asustek Computer, Mediatek, Wistron, TSMC

We analyzed TWSE foreign holding data for the past week and highlighted foreign holding changes in Faraday Tech, Asustek Computer, Mediatek,...

Ke Yan, CFA, FRM

Shinko Electric (6967 JP): JIC’s Pre-Conditional Tender Offer at JPY5,920

The offer is long-dated. The minimum acceptance condition requires a 33.3% minority acceptance rate. Despite the low premium to the last close, the...

Arun George

TWSE Short Interest Weekly (Oct 27th): Nan Ya Printed, Asmedia Tech, Global Unichip, TSMC

We analyzed TWSE short interest report for the past week and highlight short interest changes in Nan Ya Printed, Asmedia Tech, Global Unichip, TSMC.

Ke Yan, CFA, FRM

Price Gauge

52-week Range

Market Cap (USDm)

P/E

Dividend (Yield)

Taiwan Tech Weekly: Mediatek Surges After Showcasing Breathtaking AI Capabilities; Novatek; Nanya

​Mediatek top performer as it debuts new AI capabilities at the Mobile World Congress; Competition hotting up for memory chips Nvidia depends on;...

Vincent Fernando, CFA

Shinko Electric (6967 JP): Tender Offer Risk/Reward

Ibiden’s re-rating is not necessarily an issue. JIC’s confidence in securing SAMR approval for the JSR transaction by March is a positive for...

Arun George

TWSE Foreign Holding Weekly (Jan 5th): Faraday Tech, Asustek Computer, Mediatek, Wistron, TSMC

We analyzed TWSE foreign holding data for the past week and highlighted foreign holding changes in Faraday Tech, Asustek Computer, Mediatek,...

Ke Yan, CFA, FRM

Shinko Electric (6967 JP): JIC’s Pre-Conditional Tender Offer at JPY5,920

The offer is long-dated. The minimum acceptance condition requires a 33.3% minority acceptance rate. Despite the low premium to the last close, the...

Arun George

TWSE Short Interest Weekly (Oct 27th): Nan Ya Printed, Asmedia Tech, Global Unichip, TSMC

We analyzed TWSE short interest report for the past week and highlight short interest changes in Nan Ya Printed, Asmedia Tech, Global Unichip, TSMC.

Ke Yan, CFA, FRM

Mediatek top performer as it debuts new AI capabilities at the Mobile World Congress; Competition hotting up for memory chips Nvidia depends on;...