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>Micron Earnings Call Analysis: AI Memory Tailwinds Getting Stronger as Servers, Smartphone, PC Demand Converge</li>
<li>MediaTek Sharpens Flagship Push, Aiming for 40% Global Market Share... Also, Exploring U.S. Production Set Up</li>
<li>KYEC (2449.TT): The Recent Upward Momentum in the Share Price Has Been Driven by Strong Fundamentals </li>
</ul>


Micron Earnings Call Analysis: AI Memory Tailwinds Getting Stronger as Servers, Smartphone, PC Demand Converge
MediaTek Sharpens Flagship Push, Aiming for 40% Global Market Share... Also, Exploring U.S. Production Set Up
KYEC (2449.TT): The Recent Upward Momentum in the Share Price Has Been Driven by Strong Fundamentals 


Taiwan Tech Weekly: Mediatek Eyes US Manufacturing, 40% Global Mkt Share; Micron Earnings Take-Aways

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 Sep 19th. The aggregated holding was USD1,278.2bn.</li>
<li>We estimate that foreign flows to be inflows of USD1,280mln. 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 Hon Hai Precision, Nanya Technology, TSMC, Unimicron Technology, Accton Technology, Hon Hai Precision, Nanya Technology, TSMC, Unimicron Technology, Accton Technology.</li>
</ul>


We analyzed the changes in foreign holdings of TWSE Stocks as of Sep 19th. The aggregated holding was USD1,278.2bn.
We estimate that foreign flows to be inflows of USD1,280mln. 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 Hon Hai Precision, Nanya Technology, TSMC, Unimicron Technology, Accton Technology, Hon Hai Precision, Nanya Technology, TSMC, Unimicron Technology, Accton Technology.


TWSE Foreign Holding Weekly (Sep 19th): Hon Hai Precision, Nanya Technology, TSMC

<ul>
<li>The Industry Is Moving From Cyclical Volatility Into a Sticky Pricing Era.</li>
<li>Why Memory Pricing is Becoming Sticky. -- HBM Memory is Hard to Swap Out Once Designed Into a GPU Product.</li>
<li>Investment View: Entering Memory's Sticky Pricing Era -- Structurally Long Micron &amp; SK Hynix; Underperform for Nanya Tech.</li>
</ul>


The Industry Is Moving From Cyclical Volatility Into a Sticky Pricing Era.
Why Memory Pricing is Becoming Sticky. -- HBM Memory is Hard to Swap Out Once Designed Into a GPU Product.
Investment View: Entering Memory's Sticky Pricing Era -- Structurally Long Micron &amp; SK Hynix; Underperform for Nanya Tech.


Memory Monitor: The Sticky Era -- Memory’s Transition from Spot Pricing to Long-Cycle Commitments

<ul>
<li>From Cycles to Systems: Memory's Pivot to Strategic AI Infrastructure</li>
<li>SK Hynix Leads in HBM4 Execution Thus Far; But How This Next HBM Advancement is Carved Up Remains to Be Seen</li>
<li>Conclusion: Memory Market Becoming Less Commoditized and More Specialized into Advanced Categories</li>
</ul>


From Cycles to Systems: Memory's Pivot to Strategic AI Infrastructure
SK Hynix Leads in HBM4 Execution Thus Far; But How This Next HBM Advancement is Carved Up Remains to Be Seen
Conclusion: Memory Market Becoming Less Commoditized and More Specialized into Advanced Categories


Memory Monitor: SK Hynix Vs. Micron -- Different Speeds & Focus, Same Structural Shift

<ul>
<li>We analyzed the changes in foreign holdings of TWSE Stocks as of Jul 18th. The aggregated holding was USD1,172.9bn.</li>
<li>We estimate that foreign flows to be inflows of USD2,885mln. 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, Alchip Technologies, UMC, Asia Vital Components, Hon Hai Precision.</li>
</ul>


We analyzed the changes in foreign holdings of TWSE Stocks as of Jul 18th. The aggregated holding was USD1,172.9bn.
We estimate that foreign flows to be inflows of USD2,885mln. 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, Alchip Technologies, UMC, Asia Vital Components, Hon Hai Precision.


TWSE Foreign Holding Weekly (Jul 18th): TSMC, Alchip Technologies, UMC, Asia Vital Components

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)

TWSE Foreign Holding Weekly (Sep 19th): Hon Hai Precision, Nanya Technology, TSMC

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

Ke Yan, CFA, FRM

Memory Monitor: The Sticky Era -- Memory’s Transition from Spot Pricing to Long-Cycle Commitments

The industry is transitioning to a "sticky pricing era" due to the difficulty of swapping out HBM memory in GPU products, leading to a structural...

Vincent Fernando, CFA

Memory Monitor: SK Hynix Vs. Micron -- Different Speeds & Focus, Same Structural Shift

The memory market is shifting towards specialized AI infrastructure, with SK Hynix leading in HBM4 execution. #AI #memory #technology

Vincent Fernando, CFA

TWSE Foreign Holding Weekly (Jul 18th): TSMC, Alchip Technologies, UMC, Asia Vital Components

We analyzed TWSE foreign holding data for the past week and highlighted foreign holding changes in TSMC, Alchip Technologies, UMC, Asia Vital...

Ke Yan, CFA, FRM

Price Gauge

52-week Range

Market Cap (USDm)

P/E

Dividend (Yield)

Taiwan Tech Weekly: Mediatek Eyes US Manufacturing, 40% Global Mkt Share; Micron Earnings Take-Aways

​Micron sees AI memory demand rising, MediaTek targets 40% market share, KYEC's stock surge driven by strong fundamentals.

Vincent Fernando, CFA

TWSE Foreign Holding Weekly (Sep 19th): Hon Hai Precision, Nanya Technology, TSMC

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

Ke Yan, CFA, FRM

Memory Monitor: The Sticky Era -- Memory’s Transition from Spot Pricing to Long-Cycle Commitments

​The industry is transitioning to a "sticky pricing era" due to the difficulty of swapping out HBM memory in GPU products, leading to a structural...

Vincent Fernando, CFA

Memory Monitor: SK Hynix Vs. Micron -- Different Speeds & Focus, Same Structural Shift

​The memory market is shifting towards specialized AI infrastructure, with SK Hynix leading in HBM4 execution. #AI #memory #technology

Vincent Fernando, CFA

TWSE Foreign Holding Weekly (Jul 18th): TSMC, Alchip Technologies, UMC, Asia Vital Components

We analyzed TWSE foreign holding data for the past week and highlighted foreign holding changes in TSMC, Alchip Technologies, UMC, Asia Vital...

Ke Yan, CFA, FRM

Micron sees AI memory demand rising, MediaTek targets 40% market share, KYEC's stock surge driven by strong fundamentals.

The industry is transitioning to a "sticky pricing era" due to the difficulty of swapping out HBM memory in GPU products, leading to a structural...

The memory market is shifting towards specialized AI infrastructure, with SK Hynix leading in HBM4 execution. #AI #memory #technology