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-U.S. Trade Deal: What Was Agreed -- and Why the Noise Around It Matters</li>
<li>HonPrecision (7769 TT): TWSE Listing &amp; Stock Run-Up Leads to Double Index Inclusion </li>
<li>TSMC Results: Leading-Edge Nodes Push Margins and Growth Above 2026E Market Assumptions </li>
</ul>


Taiwan-U.S. Trade Deal: What Was Agreed -- and Why the Noise Around It Matters
HonPrecision (7769 TT): TWSE Listing &amp; Stock Run-Up Leads to Double Index Inclusion 
TSMC Results: Leading-Edge Nodes Push Margins and Growth Above 2026E Market Assumptions 


Taiwan Tech Weekly: US-Taiwan Trade Deal Cognitive Warfare; HonPrecision Listing; TSMC Upgrades

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>
<a href="https://www.smartkarma.com/entities/winbond-electronics-corp" target="_blank" data-smartkarma-citation="entities:9177:1" rel="noopener">Winbond Electronics (2344 TT)</a> should be added to a global index in February and then to a country index in March.</li>
<li>With one exception, <a href="https://www.smartkarma.com/entities/winbond-electronics-corp" target="_blank" data-smartkarma-citation="entities:9177:1" rel="noopener">Winbond Electronics (2344 TT)</a> has outperformed its peers over the last 5 months. With passive buying to come, outperformance could continue in the short-term.</li>
<li>There is positioning in <a href="https://www.smartkarma.com/entities/winbond-electronics-corp" target="_blank" data-smartkarma-citation="entities:9177:1" rel="noopener">Winbond Electronics (2344 TT)</a> and in its peers. With continued momentum in the stock, the path of least resistance is higher.</li>
</ul>



Winbond Electronics (2344 TT) should be added to a global index in February and then to a country index in March.
With one exception, Winbond Electronics (2344 TT) has outperformed its peers over the last 5 months. With passive buying to come, outperformance could continue in the short-term.
There is positioning in Winbond Electronics (2344 TT) and in its peers. With continued momentum in the stock, the path of least resistance is higher.


Winbond Electronics (2344 TT): Two Index Inclusions in Quick Succession

HK/China Equity Long-Short

Osbert Tang, CFA

GigaDevice Semiconductor  / Equity Bottom-Up

<ul>
<li>
<a href="https://www.smartkarma.com/entities/gigadevice-semiconductor" target="_blank" data-smartkarma-citation="entities:46238:1" rel="noopener">GigaDevice Semiconductor (3986 HK)</a>'s grey market price of HK$224.8 is 38.8% higher than the IPO price. This means a PER of 53.5x for FY26, simply too stretched for us. </li>
<li>The grey market price represents a 68-77% FY26 PER premium to the most-expensive peers, namely <a href="https://www.smartkarma.com/entities/microchip-technology-inc" target="_blank" data-smartkarma-citation="entities:8788:1" rel="noopener">Microchip Technology (MCHP US)</a> and <a href="https://www.smartkarma.com/entities/texas-instruments-inc" target="_blank" data-smartkarma-citation="entities:18804:1" rel="noopener">Texas Instruments (TXN US)</a>. </li>
<li>Our fair value range is HK$204-238, based on the HA discount for 2025 IPOs and the current overall HA discount, implying limited upside potential.</li>
</ul>



GigaDevice Semiconductor (3986 HK)'s grey market price of HK$224.8 is 38.8% higher than the IPO price. This means a PER of 53.5x for FY26, simply too stretched for us. 
The grey market price represents a 68-77% FY26 PER premium to the most-expensive peers, namely Microchip Technology (MCHP US) and Texas Instruments (TXN US). 
Our fair value range is HK$204-238, based on the HA discount for 2025 IPOs and the current overall HA discount, implying limited upside potential.


GigaDevice (3986 HK): Its Just Too Demanding

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 short interest of TWSE Stocks as of Jan 9th. The aggregated short interest was USD28.8bn.</li>
<li>We tabulate league tables 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 Chailease, Fortune Electric, Alchip Technologies, Innolux, LARGAN Precision.</li>
</ul>


We analyzed the changes in short interest of TWSE Stocks as of Jan 9th. The aggregated short interest was USD28.8bn.
We tabulate league tables 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 Chailease, Fortune Electric, Alchip Technologies, Innolux, LARGAN Precision.


TWSE Short Interest Weekly (Jan 9th): Chailease, Fortune Electric, Alchip Technologies, Innolux

<ul>
<li>The huge up, up and away for <a href="https://www.smartkarma.com/entities/phison-electronics-corp" target="_blank" data-smartkarma-citation="entities:18126:1" rel="noopener">Phison Electronics (8299 TT)</a> should lead to one global index inclusion in February and then another in March.</li>
<li>While there is over US$750m to buy across the indices, the recent jump in trading volume results in a small impact of 1.9 days of ADV.</li>
<li>
<a href="https://www.smartkarma.com/entities/phison-electronics-corp" target="_blank" data-smartkarma-citation="entities:18126:1" rel="noopener">Phison Electronics (8299 TT)</a> trades more expensive compared to its peers and positioning appears to have run ahead of the index inclusions.</li>
</ul>


The huge up, up and away for Phison Electronics (8299 TT) should lead to one global index inclusion in February and then another in March.
While there is over US$750m to buy across the indices, the recent jump in trading volume results in a small impact of 1.9 days of ADV.

Phison Electronics (8299 TT) trades more expensive compared to its peers and positioning appears to have run ahead of the index inclusions.


Phison Electronics (8299 TT): Double Index Inclusion <-> Huge Run Up

Taiwan

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

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Nanya Technology (2408 TT)

Taiwan Tech Weekly: US-Taiwan Trade Deal Cognitive Warfare; HonPrecision Listing; TSMC Upgrades

Taiwan and U.S. trade deal sparks noise, HonPrecision's stock run-up, TSMC exceeds market assumptions with leading-edge nodes.

Vincent Fernando, CFA

Winbond Electronics (2344 TT): Two Index Inclusions in Quick Succession

Winbond Electronics should be added to a global index in Feb and a country ETF in March. There will be nearly US$900m to buy in the stock. Momentum...

Brian Freitas

GigaDevice (3986 HK): Its Just Too Demanding

GigaDevice's grey market price is 38.8% higher than IPO, leading to a FY26 PER of 53.5x, with limited upside potential compared to peers, even...

Osbert Tang, CFA

TWSE Short Interest Weekly (Jan 9th): Chailease, Fortune Electric, Alchip Technologies, Innolux

We analyzed TWSE short interest report for the past week and highlighted short interest changes in Chailease, Fortune Electric, Alchip...

Ke Yan, CFA, FRM

Phison Electronics (8299 TT): Double Index Inclusion <-> Huge Run Up

Phison could be added to one global index in Feb and another in March. The stock has run up and outperformed most peers. Valuations are now at a...

Brian Freitas

Price Gauge

52-week Range

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Taiwan Tech Weekly: US-Taiwan Trade Deal Cognitive Warfare; HonPrecision Listing; TSMC Upgrades

​Taiwan and U.S. trade deal sparks noise, HonPrecision's stock run-up, TSMC exceeds market assumptions with leading-edge nodes.

Vincent Fernando, CFA

Winbond Electronics (2344 TT): Two Index Inclusions in Quick Succession

Winbond Electronics should be added to a global index in Feb and a country ETF in March. There will be nearly US$900m to buy in the stock. Momentum...

Brian Freitas

GigaDevice (3986 HK): Its Just Too Demanding

​GigaDevice's grey market price is 38.8% higher than IPO, leading to a FY26 PER of 53.5x, with limited upside potential compared to peers, even...

Osbert Tang, CFA

TWSE Short Interest Weekly (Jan 9th): Chailease, Fortune Electric, Alchip Technologies, Innolux

We analyzed TWSE short interest report for the past week and highlighted short interest changes in Chailease, Fortune Electric, Alchip...

Ke Yan, CFA, FRM

Phison Electronics (8299 TT): Double Index Inclusion <-> Huge Run Up

Phison could be added to one global index in Feb and another in March. The stock has run up and outperformed most peers. Valuations are now at a...

Brian Freitas

Taiwan and U.S. trade deal sparks noise, HonPrecision's stock run-up, TSMC exceeds market assumptions with leading-edge nodes.

GigaDevice's grey market price is 38.8% higher than IPO, leading to a FY26 PER of 53.5x, with limited upside potential compared to peers, even...