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>Nvidia Results Today U.S. Time -- Taiwan Market Surged Recently on Improving AI/Semiconductor Expectations and Potential for Easing U.S.-China Tensions.</li>
<li>Taiwan: Underowned, Yet Gaining on Peers. Our Fellow Insight Provider Analyzes Why Taiwan Might Still Be Underowned.</li>
<li>Asia Geopolitics: Following Biden-Xi Meeting, Asia Is a Safer Place For Now.</li>
</ul>


Nvidia Results Today U.S. Time -- Taiwan Market Surged Recently on Improving AI/Semiconductor Expectations and Potential for Easing U.S.-China Tensions.
Taiwan: Underowned, Yet Gaining on Peers. Our Fellow Insight Provider Analyzes Why Taiwan Might Still Be Underowned.
Asia Geopolitics: Following Biden-Xi Meeting, Asia Is a Safer Place For Now.


Taiwan Tech Weekly: Nvidia Results Today; Taiwan Market Surged But Why It Might Be Still Underowned

Asia and Global Semiconductor and Tech Research

Andrew Lu

<ul>
<li>More y/y improvement (or decline deceleration) for PC/server, power management IC (PMIC), CMOS sensor/touch controller, GaAs RF/VCSEL, gaming GPU card, memory, and foundry vendors</li>
<li>GaAs RF/VCSEL and gaming GPU card vendors saw very impressive sales growth, driven by new phones introduction and rush orders to use NVIDIA RTX 4090 gaming card for AI training.</li>
<li>Stronger than expected Oct for TSMC and Gigabyte might drive 4Q sales and near term share price upside; Visera, Andes Tech, and AP Memory might see sales and price downside.</li>
</ul>


More y/y improvement (or decline deceleration) for PC/server, power management IC (PMIC), CMOS sensor/touch controller, GaAs RF/VCSEL, gaming GPU card, memory, and foundry vendors
GaAs RF/VCSEL and gaming GPU card vendors saw very impressive sales growth, driven by new phones introduction and rush orders to use NVIDIA RTX 4090 gaming card for AI training.
Stronger than expected Oct for TSMC and Gigabyte might drive 4Q sales and near term share price upside; Visera, Andes Tech, and AP Memory might see sales and price downside.


What Early Indicators from the Reported Oct 23 Taiwan Semi Sales

Vanguard Intl Semiconductor / Equity Bottom-Up

<ul>
<li>Shortage/Oversupply, price hike/cut, automotive/industrial demand and inventory corrections are still cyclical. Gross margin should double from 22-24% now once utilization returning to 100% and no more free wafer by 2025.</li>
<li>LCD driver foundry is facing a structural competition as China panel customers are building a local supply chain.</li>
<li>Attractive below NT$70 as: 1. inventory correction should be done by 2Q24; 2. global 8" foundry sales y/y improvement began 3Q23; 3. closing to cyclical low P/BV of 2.5x.</li>
</ul>


Shortage/Oversupply, price hike/cut, automotive/industrial demand and inventory corrections are still cyclical. Gross margin should double from 22-24% now once utilization returning to 100% and no more free wafer by 2025.
LCD driver foundry is facing a structural competition as China panel customers are building a local supply chain.
Attractive below NT$70 as: 1. inventory correction should be done by 2Q24; 2. global 8" foundry sales y/y improvement began 3Q23; 3. closing to cyclical low P/BV of 2.5x.


Why Is Vanguard Semi Becoming to a Bad Student, Cyclical or Structural?

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

Shenton Research

Shenton 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 Oct 8th. The aggregated holding was USD2,409.2bn.</li>
<li>We estimate that foreign flows to be inflows of USD6,235mln. 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 Wiwynn, MediaTek, TSMC, Unimicron Technology, Zhen Ding Technology.</li>
</ul>


We analyzed the changes in foreign holdings of TWSE Stocks as of Oct 8th. The aggregated holding was USD2,409.2bn.
We estimate that foreign flows to be inflows of USD6,235mln. 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 Wiwynn, MediaTek, TSMC, Unimicron Technology, Zhen Ding Technology.


TWSE Foreign Holding Weekly (Oct 8th): Wiwynn, MediaTek, TSMC, Unimicron Technology

Taiwan Tech Focused Senior Analyst

Patrick Liao

Novatek Microelectronics Corp / Equity Bottom-Up

<ul>
<li>4Q25 Guidance: Revenue NT$22–23bn (declined 4.9% QQ); Entering traditional low season. Gross Margin: 35–38%; Operating Margin: 14.5–17.5%.</li>
<li>AI-Integrated products currently ~20% of SoC revenue and growing. Image SoC / New Camera Trends: New AI Vlog cameras seeing positive demand. </li>
<li>Key 2026 factors: FX, gold price, raw materials (KGD, substrate) supply.</li>
</ul>


4Q25 Guidance: Revenue NT$22–23bn (declined 4.9% QQ); Entering traditional low season. Gross Margin: 35–38%; Operating Margin: 14.5–17.5%.
AI-Integrated products currently ~20% of SoC revenue and growing. Image SoC / New Camera Trends: New AI Vlog cameras seeing positive demand. 
Key 2026 factors: FX, gold price, raw materials (KGD, substrate) supply.


Novatek (3034.TT): 4Q25 Decline; AI-Integrated Products Currently ~20% of SoC Revenue and Growing.

Taiwan

Novatek Microelectronics Corporation designs, manufactures, and markets integrated circuits (ICs).  The Company's products are used in telecommunication, computer peripherals, and LCD (liquid crystal display) drivers.

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Novatek Microelectronics Corp (3034 TT)

Taiwan Tech Weekly: Nvidia Results Today; Taiwan Market Surged But Why It Might Be Still Underowned

NVIDIA Corp (NVDA US) will report today U.S. time with its analyst call at 14:00 PDT, we are maintaining our Short basket of Taiwan AI names vs....

Vincent Fernando, CFA

What Early Indicators from the Reported Oct 23 Taiwan Semi Sales

What Early Indicators from the Reported Oct 23 Taiwan Semi Sales? PC/server, PMIC, CMOS sensor/touch controller, GaAs RF, gaming GPU card, memory...

Andrew Lu

Why Is Vanguard Semi Becoming to a Bad Student, Cyclical or Structural?

Why Is Vanguard Semi Becoming to a Bad Student? Some Cyclical or some Structural reasons for the weaknesses coupled with three reasons suggested...

Andrew Lu

TWSE Foreign Holding Weekly (Oct 8th): Wiwynn, MediaTek, TSMC, Unimicron Technology

We analyzed TWSE foreign holding data for the past week and highlighted foreign holding changes in Wiwynn, MediaTek, TSMC, Unimicron Technology,...

Ke Yan, CFA, FRM

Novatek (3034.TT): 4Q25 Decline; AI-Integrated Products Currently ~20% of SoC Revenue and Growing.

Q4 guidance of NT$22-23bn with declining margins. AI-integrated products growing, new AI Vlog cameras in demand. Key factors for 2026: FX, gold...

Patrick Liao

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Taiwan Tech Weekly: Nvidia Results Today; Taiwan Market Surged But Why It Might Be Still Underowned

NVIDIA Corp (NVDA US) will report today U.S. time with its analyst call at 14:00 PDT, we are maintaining our Short basket of Taiwan AI names vs....

Vincent Fernando, CFA

What Early Indicators from the Reported Oct 23 Taiwan Semi Sales

What Early Indicators from the Reported Oct 23 Taiwan Semi Sales? PC/server, PMIC, CMOS sensor/touch controller, GaAs RF, gaming GPU card, memory...

Andrew Lu

Why Is Vanguard Semi Becoming to a Bad Student, Cyclical or Structural?

Why Is Vanguard Semi Becoming to a Bad Student? Some Cyclical or some Structural reasons for the weaknesses coupled with three reasons suggested...

Andrew Lu

TWSE Foreign Holding Weekly (Oct 8th): Wiwynn, MediaTek, TSMC, Unimicron Technology

We analyzed TWSE foreign holding data for the past week and highlighted foreign holding changes in Wiwynn, MediaTek, TSMC, Unimicron Technology,...

Ke Yan, CFA, FRM

Novatek (3034.TT): 4Q25 Decline; AI-Integrated Products Currently ~20% of SoC Revenue and Growing.

​Q4 guidance of NT$22-23bn with declining margins. AI-integrated products growing, new AI Vlog cameras in demand. Key factors for 2026: FX, gold...

Patrick Liao

Q4 guidance of NT$22-23bn with declining margins. AI-integrated products growing, new AI Vlog cameras in demand. Key factors for 2026: FX, gold...