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>
COMPUTEX 2025 Kicks Off -- Nvidia CEO unveils Taiwan AI Supercomputer investment plan with Hon Hai, TSMC as key partners.</li>
<li>
Nvidia Opens Up Ecosystem with new "NVLink Fusion" -- A strategic move to cement long-term platform dominance.</li>
<li>
PC Monitor -- Asus Results Warn of Coming Slowdown; PCs' Next Edge AI Shift </li>
</ul>



COMPUTEX 2025 Kicks Off -- Nvidia CEO unveils Taiwan AI Supercomputer investment plan with Hon Hai, TSMC as key partners.

Nvidia Opens Up Ecosystem with new "NVLink Fusion" -- A strategic move to cement long-term platform dominance.

PC Monitor -- Asus Results Warn of Coming Slowdown; PCs' Next Edge AI Shift 


Taiwan Tech Weekly: COMPUTEX 2025 Kicks Off -- Nvidia CEO Unveils Taiwan AI Supercomputer Investment

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 Apr 25th which has an aggregated holding worth USD845.1bn.</li>
<li>We estimate that foreign flows to be inflows of USD721mln. We tabulate the league table 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 (2330 TT).</li>
</ul>


We analyzed the changes in foreign holdings of TWSE Stocks as of Apr 25th which has an aggregated holding worth USD845.1bn.
We estimate that foreign flows to be inflows of USD721mln. We tabulate the league table for top changes by value for 1W/4W/1Y and top stocks held by foreign institutions.
We highlight changes of foreign holdings in TSMC (2330 TT).


TWSE Foreign Holding Weekly (Apr 25th): TSMC

APAC IPOs & Placements, Aequitas Research

Akshat Shah

APAC IPOs & Placements

Equity Capital Markets

<ul>
<li>
<a href="https://www.smartkarma.com/entities/wistron-corp" target="_blank" data-smartkarma-citation="entities:2189:1" rel="noopener">Wistron Corp (3231 TT)</a> is looking to raise up to US$760m in its upcoming global depository receipts (GDRs) offering.</li>
<li>On 2nd Apr 2025, Wistron announced that it had received its board’s approval to sell up to 250m common shares via a GDR offering.</li>
<li>Similar to previous GDR listings, the deal is a long drawn out process with the firm required to jump through a number of board/shareholder/regulatory approval loops.</li>
</ul>



Wistron Corp (3231 TT) is looking to raise up to US$760m in its upcoming global depository receipts (GDRs) offering.
On 2nd Apr 2025, Wistron announced that it had received its board’s approval to sell up to 250m common shares via a GDR offering.
Similar to previous GDR listings, the deal is a long drawn out process with the firm required to jump through a number of board/shareholder/regulatory approval loops.


Wistron GDR Early Look - Riding the AI Server Boom Amid Macroeconomic Headwinds

<ul>
<li>Google Diversifying from Broadcom to Mediatek for Next Generation AI Chip</li>
<li>Hon Hai CEO: Clients' U.S.-Based Tech Manufacturing Set To Expand</li>
<li>Memory Monitor: Multiple Reports Indicate Rising NAND &amp; DRAM Prices</li>
</ul>


Google Diversifying from Broadcom to Mediatek for Next Generation AI Chip
Hon Hai CEO: Clients' U.S.-Based Tech Manufacturing Set To Expand
Memory Monitor: Multiple Reports Indicate Rising NAND &amp; DRAM Prices


Taiwan Tech Weekly: Mediatek Wins Google AI Chip from Broadcom; Hon Hai to Expand U.S. Production

Index Rebal Trades & Special Situations, Quiddity Advisors

Janaghan Jeyakumar, CFA

Index Rebal Trades & Special Situations

Quiddity Advisors

Pan-Asia Catalysts/Events

Index Rebalance

Cheng Shin Rubber Ind Co., Ltd. / Index Rebalance

<ul>
<li>The index changes for the T50/100 index family and the TDIV index were confirmed after market close on Friday 7th March 2025.</li>
<li>There will be one change for T50 and two other changes for T100. There will be no changes for the TDIV index but there will be capping flows.</li>
<li>In this insight, we will take a look at our final flow expectations for the March 2025 index rebal event.</li>
</ul>


The index changes for the T50/100 index family and the TDIV index were confirmed after market close on Friday 7th March 2025.
There will be one change for T50 and two other changes for T100. There will be no changes for the TDIV index but there will be capping flows.
In this insight, we will take a look at our final flow expectations for the March 2025 index rebal event.


Quiddity TDIV/50/100 Mar25 Results: US$500Mn+ One-Way Flows Collectively; Only One Surprise

Taiwan

Pegatron Corp is a design, manufacturing and service company. The Company produces motherboards, desktop PCs, notebooks, broadband, wireless systems, game consoles, networking, multimedia, LCD TV, and more.

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Pegatron Corp (4938 TT)

Taiwan Tech Weekly: COMPUTEX 2025 Kicks Off -- Nvidia CEO Unveils Taiwan AI Supercomputer Investment

Nvidia CEO announces investment plan for Taiwan AI Supercomputer with key partners, Asus warns of PC slowdown; but remains strongly positioned for...

Vincent Fernando, CFA

TWSE Foreign Holding Weekly (Apr 25th): TSMC

We analyzed TWSE foreign holding data for the past week. We estimate that weekly foreign flows to be inflows of USD721m and highlighted foreign...

Ke Yan, CFA, FRM

Wistron GDR Early Look - Riding the AI Server Boom Amid Macroeconomic Headwinds

Wistron Corporation is looking to raise up to US$760m in its upcoming GDRs offering. Wistron announced of its board’s approval to sell up to 250m...

Akshat Shah

Taiwan Tech Weekly: Mediatek Wins Google AI Chip from Broadcom; Hon Hai to Expand U.S. Production

Google is switching from Broadcom to Mediatek for AI chips, Hon Hai CEO predicts growth in U.S.-based tech manufacturing, and reports show...

Vincent Fernando, CFA

Quiddity TDIV/50/100 Mar25 Results: US$500Mn+ One-Way Flows Collectively; Only One Surprise

Many TDIV members have more than 2x ADV to trade. Cheng Shin Rubber is the highest-impact name with 7.4x ADV to sell. We expect this name to...

Janaghan Jeyakumar, CFA

Price Gauge

52-week Range

Market Cap (USDm)

P/E

Dividend (Yield)

Taiwan Tech Weekly: COMPUTEX 2025 Kicks Off -- Nvidia CEO Unveils Taiwan AI Supercomputer Investment

​Nvidia CEO announces investment plan for Taiwan AI Supercomputer with key partners, Asus warns of PC slowdown; but remains strongly positioned for...

Vincent Fernando, CFA

TWSE Foreign Holding Weekly (Apr 25th): TSMC

We analyzed TWSE foreign holding data for the past week. We estimate that weekly foreign flows to be inflows of USD721m and highlighted foreign...

Ke Yan, CFA, FRM

Wistron GDR Early Look - Riding the AI Server Boom Amid Macroeconomic Headwinds

Wistron Corporation is looking to raise up to US$760m in its upcoming GDRs offering. Wistron announced of its board’s approval to sell up to 250m...

Akshat Shah

Taiwan Tech Weekly: Mediatek Wins Google AI Chip from Broadcom; Hon Hai to Expand U.S. Production

​Google is switching from Broadcom to Mediatek for AI chips, Hon Hai CEO predicts growth in U.S.-based tech manufacturing, and reports show...

Vincent Fernando, CFA

Quiddity TDIV/50/100 Mar25 Results: US$500Mn+ One-Way Flows Collectively; Only One Surprise

Many TDIV members have more than 2x ADV to trade. Cheng Shin Rubber is the highest-impact name with 7.4x ADV to sell. We expect this name to...

Janaghan Jeyakumar, CFA

Nvidia CEO announces investment plan for Taiwan AI Supercomputer with key partners, Asus warns of PC slowdown; but remains strongly positioned for...

Google is switching from Broadcom to Mediatek for AI chips, Hon Hai CEO predicts growth in U.S.-based tech manufacturing, and reports show...