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) - ADR / Equity Bottom-Up

TSMC (Taiwan Semiconductor Manufacturing) - ADR

<ul>
<li>TSMC’s Grip Tightens: 2Q25 Market Share Hits New Heights; September Revenue Implies Even More Taken</li>
<li>TSMC (2330.TT; TSM.US): U.S. Stocks Plunged on October 10 Under Heavy Selling Pressure. </li>
<li>PC Monitor: Dell Doubles Multi-Year Forecasts; AI PC Up-Cycle, Art Thou Finally Here? </li>
</ul>


TSMC’s Grip Tightens: 2Q25 Market Share Hits New Heights; September Revenue Implies Even More Taken
TSMC (2330.TT; TSM.US): U.S. Stocks Plunged on October 10 Under Heavy Selling Pressure. 
PC Monitor: Dell Doubles Multi-Year Forecasts; AI PC Up-Cycle, Art Thou Finally Here? 


Taiwan Tech Weekly: TSMC's Market Share Keeps Rising; Semi Revenues Show AI the Only Pillar; AI PCs

<ul>
<li>As Chips Move to 3nm and 2nm Designs, Tech Companies Could See a Sharp Increase in Their Chip Manufacturing Cost</li>
<li>Intel (INTC.US): AMD to Submit Foundry Orders to Intel? We Think It’s Highly Unlikely. </li>
<li>HBM Stocks Will Keep Running (Micron, SK Hynix), It’s Just the Beginning </li>
</ul>


As Chips Move to 3nm and 2nm Designs, Tech Companies Could See a Sharp Increase in Their Chip Manufacturing Cost
Intel (INTC.US): AMD to Submit Foundry Orders to Intel? We Think It’s Highly Unlikely. 
HBM Stocks Will Keep Running (Micron, SK Hynix), It’s Just the Beginning 


Taiwan Tech Weekly: Why Many Tech Companies Could Soon See Their Chip Costs Rise Substantially

Asia Pac IPO & Placement Research, China biotech, Aequitas Research

Ke Yan, CFA, FRM

Asia Pac IPO & Placement Research, China biotech

IPOs and Placements coverage across Asia Pacific

Aequitas Research

We cover all listing across the Asia Pacific along with follow-up placements. As of Dec 2020, our team had covered 539 IPOs with a hit rate of 73.5% and 685 placements with a hit rate of 66.8%.

We combine fundamental bottom-up views with our proprietary quantitative framework to provide a holistic coverage across new listings and placements. Our coverage includes pre-IPO notes before the deal is launched, follow-up analysis once the deal is live and post-listing trading analysis as well.

Quantitative Analysis

<ul>
<li>We analyzed the changes in foreign holdings of TWSE Stocks as of Oct 3rd. The aggregated holding was USD1,352.5bn.</li>
<li>We estimate that foreign flows to be inflows of USD1,460mln. 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, MediaTek, Hon Hai Precision, Quanta Computer, Wistron, TSMC, Hon Hai Precision, Quanta Computer, Wistron, Mediatek.</li>
</ul>


We analyzed the changes in foreign holdings of TWSE Stocks as of Oct 3rd. The aggregated holding was USD1,352.5bn.
We estimate that foreign flows to be inflows of USD1,460mln. 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, MediaTek, Hon Hai Precision, Quanta Computer, Wistron, TSMC, Hon Hai Precision, Quanta Computer, Wistron, Mediatek.


TWSE Foreign Holding Weekly (Oct 3rd): TSMC, MediaTek, Hon Hai Precision, Quanta Computer, Wistron

<ul>
<li>We analyzed the changes in foreign holdings of TWSE Stocks as of Sep 26th. The aggregated holding was USD1,269.4bn.</li>
<li>We estimate that foreign flows to be outflows of USD18mln. 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 MediaTek, Hon Hai Precision, TSMC, Wistron, Quanta Computer, Hon Hai Precision, Wistron, Quanta Computer, Mediatek, TSMC.</li>
</ul>


We analyzed the changes in foreign holdings of TWSE Stocks as of Sep 26th. The aggregated holding was USD1,269.4bn.
We estimate that foreign flows to be outflows of USD18mln. 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 MediaTek, Hon Hai Precision, TSMC, Wistron, Quanta Computer, Hon Hai Precision, Wistron, Quanta Computer, Mediatek, TSMC.


TWSE Foreign Holding Weekly (Sep 26th): MediaTek, Hon Hai Precision, TSMC, Wistron, Quanta Computer

<ul>
<li>We analyzed the changes in short interest of TWSE Stocks as of Sep 26th. The aggregated short interest was USD26.4bn.</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 Yageo, Taiwan Cement, Unimicron Technology, Delta Electronics, TSMC, Yageo, Taiwan Cement, Unimicron Technology, Delta Electronics, TSMC.</li>
</ul>


We analyzed the changes in short interest of TWSE Stocks as of Sep 26th. The aggregated short interest was USD26.4bn.
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 Yageo, Taiwan Cement, Unimicron Technology, Delta Electronics, TSMC, Yageo, Taiwan Cement, Unimicron Technology, Delta Electronics, TSMC.


TWSE Short Interest Weekly (Sep 26th): Yageo, Taiwan Cement, Unimicron Technology, Delta Electronics

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: Why Many Tech Companies Could Soon See Their Chip Costs Rise Substantially

Tech companies face rising chip manufacturing costs as they transition to 3nm and 2nm designs. Additionally, the HBM memory rally could have legs.

Vincent Fernando, CFA

TWSE Foreign Holding Weekly (Oct 3rd): TSMC, MediaTek, Hon Hai Precision, Quanta Computer, Wistron

We analyzed TWSE foreign holding data for the past week and highlighted foreign holding changes in TSMC (2330 TT), MediaTek (2454 TT), Hon Hai...

Ke Yan, CFA, FRM

TWSE Foreign Holding Weekly (Sep 26th): MediaTek, Hon Hai Precision, TSMC, Wistron, Quanta Computer

We analyzed TWSE foreign holding data for the past week and highlighted foreign holding changes in MediaTek (2454 TT), Hon Hai Precision (2317 TT),...

Ke Yan, CFA, FRM

TWSE Short Interest Weekly (Sep 26th): Yageo, Taiwan Cement, Unimicron Technology, Delta Electronics

We analyzed TWSE short interest report for the past week and highlighted short interest changes in Yageo (2327 TT), Taiwan Cement (1101 TT),...

Ke Yan, CFA, FRM

Price Gauge

52-week Range

Market Cap (USDm)

P/E

Dividend (Yield)

Taiwan Tech Weekly: TSMC's Market Share Keeps Rising; Semi Revenues Show AI the Only Pillar; AI PCs

​TSMC dominates market share, while Dell sees promising growth in PC monitor sales. US stocks plummet under selling pressure.

Vincent Fernando, CFA

Taiwan Tech Weekly: Why Many Tech Companies Could Soon See Their Chip Costs Rise Substantially

​Tech companies face rising chip manufacturing costs as they transition to 3nm and 2nm designs. Additionally, the HBM memory rally could have legs.

Vincent Fernando, CFA

TWSE Foreign Holding Weekly (Oct 3rd): TSMC, MediaTek, Hon Hai Precision, Quanta Computer, Wistron

We analyzed TWSE foreign holding data for the past week and highlighted foreign holding changes in TSMC (2330 TT), MediaTek (2454 TT), Hon Hai...

Ke Yan, CFA, FRM

TWSE Foreign Holding Weekly (Sep 26th): MediaTek, Hon Hai Precision, TSMC, Wistron, Quanta Computer

We analyzed TWSE foreign holding data for the past week and highlighted foreign holding changes in MediaTek (2454 TT), Hon Hai Precision (2317 TT),...

Ke Yan, CFA, FRM

TWSE Short Interest Weekly (Sep 26th): Yageo, Taiwan Cement, Unimicron Technology, Delta Electronics

We analyzed TWSE short interest report for the past week and highlighted short interest changes in Yageo (2327 TT), Taiwan Cement (1101 TT),...

Ke Yan, CFA, FRM

TSMC dominates market share, while Dell sees promising growth in PC monitor sales. US stocks plummet under selling pressure.

Tech companies face rising chip manufacturing costs as they transition to 3nm and 2nm designs. Additionally, the HBM memory rally could have legs.