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>Taiwan and US chips rebounded from the prior week's record selloff, but unevenly: semiconductor-equipment makers led while the server assemblers that led the prior leg fell.</li>
<li>With <a href="https://www.smartkarma.com/entities/taiwan-semiconductor-manufacturing-adr" target="_blank" data-smartkarma-citation="entities:8587:1" rel="noopener">TSMC (Taiwan Semiconductor Manufacturing) - ADR (TSM US)</a>'s 3nm and packaging lines full, Google moved to split its next AI chips across Intel, Samsung<a href="https://www.smartkarma.com/entities/samsung-electronics-co-ltd" target="_blank" data-smartkarma-citation="entities:191:1" rel="noopener"></a>, Marvell, <a href="https://www.smartkarma.com/entities/broadcom-inc" target="_blank" data-smartkarma-citation="entities:998:1" rel="noopener"></a>Broadcom, and Mediatek.</li>
<li>Memory stayed tight: SK Hynix will triple capacity by 2034, NVIDIA trimmed its Vera Rubin specs to fit supply, and Taiwan's listed firms posted a record revenure growth in May.</li>
</ul>


Taiwan and US chips rebounded from the prior week's record selloff, but unevenly: semiconductor-equipment makers led while the server assemblers that led the prior leg fell.
With TSMC (Taiwan Semiconductor Manufacturing) - ADR (TSM US)'s 3nm and packaging lines full, Google moved to split its next AI chips across Intel, Samsung, Marvell, Broadcom, and Mediatek.
Memory stayed tight: SK Hynix will triple capacity by 2034, NVIDIA trimmed its Vera Rubin specs to fit supply, and Taiwan's listed firms posted a record revenure growth in May.


Taiwan Tech Weekly: Chips Rebound After Record Selloff; Rotation Out of Servers Into Semi Equipment

<ul>
<li>
 Memory's price surge stalled month-over-month. The median memory name's sequential revenue growth fell from +32% in April to +4% in May, back at its no-cycle baseline.</li>
<li>
 The PC pull-forward could be unwinding a quarter early. Acer's and ASUS's revenue both fell roughly 16% month-over-month, against positive seasonality, with neither company commenting.</li>
<li>
 AI server demand is so far untouched, and it is not lifting everything. A fifth straight month of ramp, Hon Hai re-accelerating, a record TSMC month.</li>
</ul>



 Memory's price surge stalled month-over-month. The median memory name's sequential revenue growth fell from +32% in April to +4% in May, back at its no-cycle baseline.

 The PC pull-forward could be unwinding a quarter early. Acer's and ASUS's revenue both fell roughly 16% month-over-month, against positive seasonality, with neither company commenting.

 AI server demand is so far untouched, and it is not lifting everything. A fifth straight month of ramp, Hon Hai re-accelerating, a record TSMC month.


Taiwan Revenue Signals -- Memory Growth Stalls While AI Servers Remain Robust

Korea / Special Situations, Clepsydra Capital

Sanghyun Park

Korea / Special Situations

Thematic (Sector/Industry)

Nanya's Aug number looks certainly encouraging. This is being taken not lightly here in Korea as well. SamE got pushed up, so did Hynix. Both DRAM and NAND prices also seem to be hitting the bottom and finally turning around. Here is what are being talked locally here in Korea wrt this.

Nanya's Aug number looks certainly encouraging. This is being taken not lightly here in Korea as well. SamE got pushed up, so did Hynix. Both DRAM and NAND prices also seem to be hitting the bottom and finally turning around. Here is what are being talked locally here in Korea wrt this.

Korea Local Talkings on Memory Turnaround

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 Jun 5th. The aggregated holding was USD2,282.9bn.</li>
<li>We estimate that foreign flows to be outflows of USD3,589mln. 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, UMC, Quanta Computer, MediaTek, Winbond Electronics.</li>
</ul>


We analyzed the changes in foreign holdings of TWSE Stocks as of Jun 5th. The aggregated holding was USD2,282.9bn.
We estimate that foreign flows to be outflows of USD3,589mln. 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, UMC, Quanta Computer, MediaTek, Winbond Electronics.


TWSE Foreign Holding Weekly (Jun 5th): TSMC, UMC, Quanta Computer, MediaTek, Winbond Electronics

Pan-Asia Index Rebalances/ Events/ Delta One, Periscope Analytics

Brian Freitas

Pan-Asia Index Rebalances/ Events/ Delta One

Periscope Analytics

Periscope Analytics focuses on event-driven trades across Asia Pacific and provides comprehensive, timely and systematic coverage of index changes to major Asia Pacific indices in a structured manner.

The analysis includes forecasted inclusions and exclusions to all major Asian indices that have significant amount of tracking assets, including estimates of passive buy/sell flow on the stocks. The service also provides commentary and impact of market consultations, ground rule changes, and other events (IPOs, spin-offs, M&A) that could lead to index changes and passive flow.

Periscope Analytics works with multi-strategy hedge funds, proprietary trading firms, stat arb trading groups and long-only investors that invest and trade in the Asia Pacific region with the data being used to trade index rebalances, avoid pre-positioning and passive flow, and to time entry into and exit from stocks.

Event-Driven Trades Across Asia Pacific

Index Rebalance

<ul>
<li>There could be 6 adds, 5 deletes for the Yuanta/​P-Shares Taiwan Dividend Plus ETF in June as the tech rally creates multiple changes for the Yuanta/P-shares Taiwan Mid-Cap 100 ETF.</li>
<li>Constituent changes along with capping changes will lead to a one-way turnover of 26.4% and in a round-trip trade of TWD 386bn (US$12.2bn).</li>
<li>There are multiple stocks that have same-way or opposite flow from trackers of other Taiwan indices and present some interesting trading opportunities.</li>
</ul>


There could be 6 adds, 5 deletes for the Yuanta/​P-Shares Taiwan Dividend Plus ETF in June as the tech rally creates multiple changes for the Yuanta/P-shares Taiwan Mid-Cap 100 ETF.
Constituent changes along with capping changes will lead to a one-way turnover of 26.4% and in a round-trip trade of TWD 386bn (US$12.2bn).
There are multiple stocks that have same-way or opposite flow from trackers of other Taiwan indices and present some interesting trading opportunities.


Yuanta/P-Shares Taiwan Div+ ETF Rebalance Preview: 6 Adds, 5 Deletes; US$12bn Trade

Taiwan

Nanya Technology Corp. manufactures and markets dynamic random access memories (DRAMs).  The Company sells its products in Taiwan and exports worldwide.

Price Gauge
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Nanya Technology (2408 TT)

Taiwan Tech Weekly: Chips Rebound After Record Selloff; Rotation Out of Servers Into Semi Equipment

Taiwan and US chips rebounded unevenly, with semiconductor-equipment makers leading while server assemblers fell. TSMC's full capacity led Google...

Vincent Fernando, CFA

Taiwan Revenue Signals -- Memory Growth Stalls While AI Servers Remain Robust

Memory prices stalled, PC pull-forward unwinding early, AI server demand remains strong but not boosting all sectors. We analyze the Taiwan AI...

Vincent Fernando, CFA

Korea Local Talkings on Memory Turnaround

Nanya's Aug number looks certainly encouraging. This is being taken not lightly here in Korea as well. SamE got pushed up, so did Hynix. Both DRAM...

Sanghyun Park

TWSE Foreign Holding Weekly (Jun 5th): TSMC, UMC, Quanta Computer, MediaTek, Winbond Electronics

We analyzed TWSE foreign holding data for the past week and highlighted foreign holding changes in TSMC, UMC, Quanta Computer, MediaTek, Winbond...

Ke Yan, CFA, FRM

Yuanta/P-Shares Taiwan Div+ ETF Rebalance Preview: 6 Adds, 5 Deletes; US$12bn Trade

There could be 6 adds, 5 deletes and capping changes in June leading to a one-way turnover of 26.4% and in a round-trip trade of US$12.2bn. Many...

Brian Freitas

Price Gauge

52-week Range

Market Cap (USDm)

P/E

Dividend (Yield)

Taiwan Tech Weekly: Chips Rebound After Record Selloff; Rotation Out of Servers Into Semi Equipment

​Taiwan and US chips rebounded unevenly, with semiconductor-equipment makers leading while server assemblers fell. TSMC's full capacity led Google...

Vincent Fernando, CFA

Taiwan Revenue Signals -- Memory Growth Stalls While AI Servers Remain Robust

​Memory prices stalled, PC pull-forward unwinding early, AI server demand remains strong but not boosting all sectors. We analyze the Taiwan AI...

Vincent Fernando, CFA

Korea Local Talkings on Memory Turnaround

Nanya's Aug number looks certainly encouraging. This is being taken not lightly here in Korea as well. SamE got pushed up, so did Hynix. Both DRAM...

Sanghyun Park

TWSE Foreign Holding Weekly (Jun 5th): TSMC, UMC, Quanta Computer, MediaTek, Winbond Electronics

We analyzed TWSE foreign holding data for the past week and highlighted foreign holding changes in TSMC, UMC, Quanta Computer, MediaTek, Winbond...

Ke Yan, CFA, FRM

Yuanta/P-Shares Taiwan Div+ ETF Rebalance Preview: 6 Adds, 5 Deletes; US$12bn Trade

There could be 6 adds, 5 deletes and capping changes in June leading to a one-way turnover of 26.4% and in a round-trip trade of US$12.2bn. Many...

Brian Freitas

Taiwan and US chips rebounded unevenly, with semiconductor-equipment makers leading while server assemblers fell. TSMC's full capacity led Google...

Memory prices stalled, PC pull-forward unwinding early, AI server demand remains strong but not boosting all sectors. We analyze the Taiwan AI...