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 reported 4Q23 results at the upper end of its guidance. More importantly, the company guided for low/mid 20% 2024E sales growth and reiterated an expected 15-20% multi-year CAGR.</li>
<li>The company provided optimistic guidance for the overall semiconductor industry, forecasting 10% growth in 2024E. TSMC expects to grow much faster than the industry, however.</li>
<li>TSMC is one of our Structural Longs; our NT$760 target implies 29% upside. The latest results make TSMC's Buy case even more clear, in our view.</li>
</ul>


TSMC reported 4Q23 results at the upper end of its guidance. More importantly, the company guided for low/mid 20% 2024E sales growth and reiterated an expected 15-20% multi-year CAGR.
The company provided optimistic guidance for the overall semiconductor industry, forecasting 10% growth in 2024E. TSMC expects to grow much faster than the industry, however.
TSMC is one of our Structural Longs; our NT$760 target implies 29% upside. The latest results make TSMC's Buy case even more clear, in our view.


TSMC Results Make Buy Story Even More Clear; Strong 2024E Guidance & Reiterates Multi-Year Growth

External broker reports(aggregated public sources), CMB International

CMB International

External broker reports(aggregated public sources)

Incorporated in Hong Kong, supported by the mainland and targeting in global market, CMB International Capital Corporation Limited (“CMBI”) is an integrated financial institution providing comprehensive and professional services. As a wholly-owned subsidiary of China Merchants Bank ("CMB"), by leveraging on the Group’s synergy and coordination in domestic and overseas markets, as well as CMB’s strong resources and outstanding social reputation, CMBI and its subsidiaries have been actively implementing diversified business strategies and set up an overall layout of main business segments including Corporate Finance, Asset Management, Wealth Management, Global Markets and Structured Finance, etc. Adhering to the philosophy of “being clients oriented and increasing our own values by the way of creating value for clients”, CMBI endeavors to provide quality and integrated financial services to institutional, corporate and individual customers both domestic and overseas including Hong Kong IPO sponsorship and underwriting, share placement and rights issue for listed companies, financial advisors, bonds issuance services, asset management, direct investment, wealth management, equity sales and trading, etc.

Thematic (Sector/Industry)

<ul><li>At Consumer Electronics Show (CES) 2024, leading tech giants including Nvidia, AMD, Intel, and Qualcomm unveiled their latest offerings, signaling a competitive race to launch AI-centric products for consumer use.</li><li>These new releases are set to enhance the capabilities of upcoming AI-integrated smartphones and PCs amid other applications, launching later this year.</li><li>We anticipate these innovations will spark consumer interest, encouraging purchases or upgrades, and contribute to healthy shipment growth, continuing the momentum from the seasonal restocking observed in the second half of 2023.</li></ul><p><em>Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.</em></p>

At Consumer Electronics Show (CES) 2024, leading tech giants including Nvidia, AMD, Intel, and Qualcomm unveiled their latest offerings, signaling a competitive race to launch AI-centric products for consumer use.These new releases are set to enhance the capabilities of upcoming AI-integrated smartphones and PCs amid other applications, launching later this year.We anticipate these innovations will spark consumer interest, encouraging purchases or upgrades, and contribute to healthy shipment growth, continuing the momentum from the seasonal restocking observed in the second half of 2023.Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

Research from Value Investing, Value Investing

Value Investing

Research from Value Investing

I am a value investor. "Value", as defined in Value Investing, is simply the act of buying something for less than its worth. I treat my equity investment as a loan to the business - where the priority is to get back my principal in full, rather than achieving maximum yield. I consider my equity investment as a slightly higher risk loan extended to the business with slightly more accommodative loan covenants - hence justifying a slightly higher yield. While I identify as a value investor and cover all stocks and macro topics indiscriminately, most of my research will have an ASEAN bent as that’s where I’m geographically located.

<ul><li>The red &amp; blue arrows highlight the apples-to-apples comparisons to be made between the respective bars (more details below)</li><li>Around this time last year , I did a portfolio performance review based on all the stocks I had written about in 2022.</li><li>This article is a repeat of that for all the stocks I had written about in 2023.</li></ul>

The red &amp; blue arrows highlight the apples-to-apples comparisons to be made between the respective bars (more details below)Around this time last year , I did a portfolio performance review based on all the stocks I had written about in 2022.This article is a repeat of that for all the stocks I had written about in 2023.

Value Investing Substack Portfolio Review | Annual Letter 2023

Energy Transition | AI | Shifting World Order, Mint Finance

Amrutha Raj

Energy Transition | AI | Shifting World Order

Deep Fundamental Analysis

Mint Finance

Mint Finance's investment research blends deep fundamental analysis with technical & quant insights. Investment strategies straddle across multiple asset classes with risk management embedded into every trade to deliver an outsized reward-to-risk ratio.

Mint Finance's research is centered around three key themes. First, energy transition and climate change. Second, artificial intelligence. Third, shifting world order with its impact across politics and monetary economics.

<ul>
<li>Like them or despise them. But one thing you can’t do is ignore them. The Super Sevens have become a force to reckon with.</li>
<li>Super Sevens appear homogenous but exhibit heterogeneity and diversity. They have growth stock like features while at the same time provide value stock like defensiveness.</li>
<li>Super Sevens aggregate market cap is a staggering USD 12.14 trillion. They comprise 27% of S&amp;P 500 and 55% of the Nasdaq 100 index collectively.</li>
</ul>


Like them or despise them. But one thing you can’t do is ignore them. The Super Sevens have become a force to reckon with.
Super Sevens appear homogenous but exhibit heterogeneity and diversity. They have growth stock like features while at the same time provide value stock like defensiveness.
Super Sevens aggregate market cap is a staggering USD 12.14 trillion. They comprise 27% of S&amp;P 500 and 55% of the Nasdaq 100 index collectively.


[S7 Chronicles 1] Super Sevens Will Continue to Dominate Markets in 2024

Independent research on the U.S. markets, Baptista Research

Baptista Research

Independent research on the U.S. markets

Baptista Research is an independent financial research house focused on the U.S. markets. We provide equity research as well as credit research reports on the top-listed U.S. companies with most of our focus on technology, consumer goods and services, automobiles, industrials, oil and gas, pharma, and healthcare. Our research has served more than 3000 institutional investors including mutual funds, hedge funds, banks, family offices, and various buy-side firms. We operate a research subscription service where institutions, as well as retail investors, can have priority access to all our research. We also have a wide distribution of our research reports across some of the top global financial platforms. Apart from equity research and credit research, we also provide advisory services with respect to mergers & acquisitions (M&A), private equity/ venture capital fundraising, valuation reports, and investment management services for corporates.
Baptista Research is owned and managed by Ishan Majumdar, an ex-Venture Capitalist/ Investment Banker, a Chartered Accountant, and a Masters’ degree holder in Management from HEC Paris. Ishan has nearly a decade of experience in Mergers and Acquisitions, Leveraged Buyouts (LBOs), Venture Capital Investing, Corporate Strategy, and Valuation in front-office roles at the likes of BNP Paribas CIB, Credit Agricole CIB, Groupe Danone, and TIW Private Equity. He has worked on and closed multiple acquisition deals, leveraged buyouts, and start-up investment transactions.

<ul><li>NVIDIA Corporation surpassed the revenue expectations as well as the earnings expectations of Wall Street, revealing a revenue surge to $18.1 billion, exceeding their outlook of $16 billion and marking a 34% sequential increase and a remarkable 200% YoY growth.</li><li>The data center segment primarily propelled the stellar performance, where the NVIDIA HGX platform, based on the innovative Hopper Tensor Core GPU architecture, combined with InfiniBand networking, achieved significant revenue of $14.5 billion.</li><li>In this report, we have carried out a fundamental analysis of the historical financial statements of the company.</li></ul>

NVIDIA Corporation surpassed the revenue expectations as well as the earnings expectations of Wall Street, revealing a revenue surge to $18.1 billion, exceeding their outlook of $16 billion and marking a 34% sequential increase and a remarkable 200% YoY growth.The data center segment primarily propelled the stellar performance, where the NVIDIA HGX platform, based on the innovative Hopper Tensor Core GPU architecture, combined with InfiniBand networking, achieved significant revenue of $14.5 billion.In this report, we have carried out a fundamental analysis of the historical financial statements of the company.

NVIDIA Corporation: Progress In Generative AI & Transformative Computing Transition! - Major Drivers

United States

NVIDIA Corporation designs, develops, and markets three dimensional (3D) graphics processors and related software.  The Company's products provide interactive 3D graphics to the mainstream personal computer market.

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NVIDIA Corp (NVDA US)

TSMC Results Make Buy Story Even More Clear; Strong 2024E Guidance & Reiterates Multi-Year Growth

TSMC reported strong 4Q23 results and expects over 20% 2024E sales growth. The company expects to outperform the semiconductor industry by a wide...

Vincent Fernando, CFA

Semiconductor – CES 2024 Wrap Up

At Consumer Electronics Show (CES) 2024, leading tech giants including Nvidia, AMD, Intel, and Qualcomm unveiled their latest offerings, signaling...

CMB International

Value Investing Substack Portfolio Review | Annual Letter 2023

Around this time last year , I did a portfolio performance review based on all the stocks I had written about in 2022. This article is a repeat of...

Value Investing

[S7 Chronicles 1] Super Sevens Will Continue to Dominate Markets in 2024

Market Cap of the Super Seven combines eclipse the market capitalization of all the countries in the world except for USA. Super Sevens will...

Mint Finance

NVIDIA Corporation: Progress In Generative AI & Transformative Computing Transition! - Major Drivers

NVIDIA Corporation surpassed the revenue expectations as well as the earnings expectations of Wall Street, revealing a revenue surge to $18.1...

Baptista Research

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52-week Range

Market Cap (USDm)

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TSMC Results Make Buy Story Even More Clear; Strong 2024E Guidance & Reiterates Multi-Year Growth

​TSMC reported strong 4Q23 results and expects over 20% 2024E sales growth. The company expects to outperform the semiconductor industry by a wide...

Vincent Fernando, CFA

Semiconductor – CES 2024 Wrap Up

At Consumer Electronics Show (CES) 2024, leading tech giants including Nvidia, AMD, Intel, and Qualcomm unveiled their latest offerings, signaling...

CMB International

Value Investing Substack Portfolio Review | Annual Letter 2023

Around this time last year , I did a portfolio performance review based on all the stocks I had written about in 2022. This article is a repeat of...

Value Investing

[S7 Chronicles 1] Super Sevens Will Continue to Dominate Markets in 2024

Market Cap of the Super Seven combines eclipse the market capitalization of all the countries in the world except for USA. Super Sevens will...

Mint Finance

NVIDIA Corporation: Progress In Generative AI & Transformative Computing Transition! - Major Drivers

NVIDIA Corporation surpassed the revenue expectations as well as the earnings expectations of Wall Street, revealing a revenue surge to $18.1...

Baptista Research

TSMC reported strong 4Q23 results and expects over 20% 2024E sales growth. The company expects to outperform the semiconductor industry by a wide...