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

<ul>
<li>Memory stocks underperformed the market, falling sharply with the recent overall market rout and failing to rebound sufficiently with the latest market rally.</li>
<li>Leading Memory names Micron, SK Hynix, Samsung are all substantially below their 52-week highs after market reports of slowing memory demand from PC and mobile industries and inventory liquidation.</li>
<li>Taiwan names Nanya Tech, Silicon Motion, Phison are all we below their highs. Micron results on September 25th MT will provide a major outlook update for the market.</li>
</ul>


Memory stocks underperformed the market, falling sharply with the recent overall market rout and failing to rebound sufficiently with the latest market rally.
Leading Memory names Micron, SK Hynix, Samsung are all substantially below their 52-week highs after market reports of slowing memory demand from PC and mobile industries and inventory liquidation.
Taiwan names Nanya Tech, Silicon Motion, Phison are all we below their highs. Micron results on September 25th MT will provide a major outlook update for the market.


Memory Monitor: Upcoming Micron Results & Outlook Key Amid Reports of Inventory Liquidation

Index Rebal/Special Situations, Quiddity Advisors

Janaghan Jeyakumar, CFA

Index Rebal/Special Situations

Quiddity Advisors

Pan-Asia Catalysts/Events

Index Rebalance

Far Eastern New Century / Index Rebalance

<ul>
<li>The ADDs/DELs for the TDIV, T50, and T100 indices for the September 2024 index rebal event was confirmed after market close on Friday 6th September 2024.</li>
<li>There will be one change for the T50 index and four separate changes for the T100 index. One of the T100 changes will also trigger a TDIV index deletion.</li>
<li>In this insight, we have presented our final estimates for the index flows for ADDs/DELs and capping flows for the TDIV index.</li>
</ul>


The ADDs/DELs for the TDIV, T50, and T100 indices for the September 2024 index rebal event was confirmed after market close on Friday 6th September 2024.
There will be one change for the T50 index and four separate changes for the T100 index. One of the T100 changes will also trigger a TDIV index deletion.
In this insight, we have presented our final estimates for the index flows for ADDs/DELs and capping flows for the TDIV index.


Quiddity TDIV/50/​​​100 Sep 24 Rebal: 100% Hit Rate; Perfectly Positioned for Our Trade

TSMC (Taiwan Semiconductor Manufacturing) / Equity Bottom-Up

TSMC (Taiwan Semiconductor Manufacturing) (TSM US)

TSMC (Taiwan Semiconductor Manufacturing)

<ul>
<li>TSMC Extends Global Foundry Dominance Amid 33% Sales Surge – A Buy on Weakness Despite Market Concerns</li>
<li>Apple 'Glowtime' AI Announcements: Mixed Analyst and Media Reactions May Overlook Key Advantage — Apple Is Best Positioned to Seamlessly Integrate AI Into Your Smartphone Experience</li>
<li>Taiwan Market Gainers &amp; Losers: Consumer Electronics &amp; Memory Names Some of the Hardest Hit</li>
</ul>


TSMC Extends Global Foundry Dominance Amid 33% Sales Surge – A Buy on Weakness Despite Market Concerns
Apple 'Glowtime' AI Announcements: Mixed Analyst and Media Reactions May Overlook Key Advantage — Apple Is Best Positioned to Seamlessly Integrate AI Into Your Smartphone Experience
Taiwan Market Gainers &amp; Losers: Consumer Electronics &amp; Memory Names Some of the Hardest Hit


Taiwan Tech Weekly: TSMC Becoming More Dominant; Apple's AI Opportunity; Taiwan Market Hammered

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

Event-Driven

<ul>
<li>
<a href="https://www.smartkarma.com/entities/pharmaessentia-corp" target="_blank" data-smartkarma-citation="entities:16461:1" rel="noopener">Pharmaessentia Corp (6446 TT)</a> will replace <a href="https://www.smartkarma.com/entities/nanya-technology-corp" target="_blank" data-smartkarma-citation="entities:3269:1" rel="noopener">Nanya Technology (2408 TT)</a> in the Yuanta/P-Shares Taiwan Top 50 ETF at the close of trading on 20 September.</li>
<li>Shorts have been covering positions in <a href="https://www.smartkarma.com/entities/pharmaessentia-corp" target="_blank" data-smartkarma-citation="entities:16461:1" rel="noopener">Pharmaessentia Corp (6446 TT)</a> while there has been a surge in new short positions in <a href="https://www.smartkarma.com/entities/nanya-technology-corp" target="_blank" data-smartkarma-citation="entities:3269:1" rel="noopener">Nanya Technology (2408 TT)</a>. </li>
<li>Cumulative excess volume in <a href="https://www.smartkarma.com/entities/pharmaessentia-corp" target="_blank" data-smartkarma-citation="entities:16461:1" rel="noopener">Pharmaessentia Corp (6446 TT)</a> has flattened out as momentum has stalled while there has been a surge in cumulative excess volume for <a href="https://www.smartkarma.com/entities/nanya-technology-corp" target="_blank" data-smartkarma-citation="entities:3269:1" rel="noopener">Nanya Technology (2408 TT)</a>.</li>
</ul>



Pharmaessentia Corp (6446 TT) will replace Nanya Technology (2408 TT) in the Yuanta/P-Shares Taiwan Top 50 ETF at the close of trading on 20 September.
Shorts have been covering positions in Pharmaessentia Corp (6446 TT) while there has been a surge in new short positions in Nanya Technology (2408 TT). 
Cumulative excess volume in Pharmaessentia Corp (6446 TT) has flattened out as momentum has stalled while there has been a surge in cumulative excess volume for Nanya Technology (2408 TT).


Taiwan Top 50 ETF Rebalance: Rallying PharmaEssentia To Replace Sliding Nanya Tech

<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

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)

Memory Monitor: Upcoming Micron Results & Outlook Key Amid Reports of Inventory Liquidation

Stay Long Micron, SK Hynix, and Silicon Motion into upcoming Micron results on September 25th Mountain Time. Memory outlook unlikely to be overly...

Vincent Fernando, CFA

Quiddity TDIV/50/100 Sep 24 Rebal: 100% Hit Rate; Perfectly Positioned for Our Trade

The TDIV index change flows and capping flows will be equally distributed over five trading days (close of trading on 20th, 23rd, 24th, 25th, and...

Janaghan Jeyakumar, CFA

Taiwan Tech Weekly: TSMC Becoming More Dominant; Apple's AI Opportunity; Taiwan Market Hammered

TSMC extending its lead in global foundry with Intel and Samsung needing help. Apple best positioned deliver the AI phone 'dream'. Taiwan market...

Vincent Fernando, CFA

Taiwan Top 50 ETF Rebalance: Rallying PharmaEssentia To Replace Sliding Nanya Tech

Pharmaessentia will replace Nanya Tech in the Top 50 ETF at the close of trading on 20 Sep. Passives need to trade around 1x ADV in both stocks....

Brian Freitas

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

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Memory Monitor: Upcoming Micron Results & Outlook Key Amid Reports of Inventory Liquidation

Stay Long Micron, SK Hynix, and Silicon Motion into upcoming Micron results on September 25th Mountain Time. Memory outlook unlikely to be overly...

Vincent Fernando, CFA

Quiddity TDIV/50/​​​100 Sep 24 Rebal: 100% Hit Rate; Perfectly Positioned for Our Trade

The TDIV index change flows and capping flows will be equally distributed over five trading days (close of trading on 20th, 23rd, 24th, 25th, and...

Janaghan Jeyakumar, CFA

Taiwan Tech Weekly: TSMC Becoming More Dominant; Apple's AI Opportunity; Taiwan Market Hammered

​TSMC extending its lead in global foundry with Intel and Samsung needing help. Apple best positioned deliver the AI phone 'dream'. Taiwan market...

Vincent Fernando, CFA

Taiwan Top 50 ETF Rebalance: Rallying PharmaEssentia To Replace Sliding Nanya Tech

Pharmaessentia will replace Nanya Tech in the Top 50 ETF at the close of trading on 20 Sep. Passives need to trade around 1x ADV in both stocks....

Brian Freitas

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

Quiddity TDIV/50/100 Sep 24 Rebal: 100% Hit Rate; Perfectly Positioned for Our Trade

TSMC extending its lead in global foundry with Intel and Samsung needing help. Apple best positioned deliver the AI phone 'dream'. Taiwan market...