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 October Revenue Rises 29.2% YoY; Continued Strong Growth Despite Harder YoY Comparison</li>
<li>GlobalWafers (6488.TT): The Recovery Expectation Has Been Delayed from 2H24 to 2025.</li>
<li>UMC (2303.TT; UMC.US): 4Q24 Sales Might Reduce; GM Is Down Due to Inflation and Electricity Costs.</li>
</ul>


TSMC October Revenue Rises 29.2% YoY; Continued Strong Growth Despite Harder YoY Comparison
GlobalWafers (6488.TT): The Recovery Expectation Has Been Delayed from 2H24 to 2025.
UMC (2303.TT; UMC.US): 4Q24 Sales Might Reduce; GM Is Down Due to Inflation and Electricity Costs.


Taiwan Tech Weekly: TSMC Oct Revenue; GlobalWafers Recovery Pushed to 2025E; UMC 4Q24E Challenges

<ul>
<li>We identify key Taiwan-based Apple suppliers that have underperformed recently, and highlight which suppliers' revenue growth will outpace Apple in 2025E.</li>
<li>Rise of India -- Latest Apple data shows massive iPhone production growth in the country.</li>
<li>Apple's next-generation M5 chip will continue using TSMC's 3nm node, launching 2H25E; Supports that TSMC's 3nm process is expected to maintain strong demand even with the arrival of 2nm.</li>
</ul>


We identify key Taiwan-based Apple suppliers that have underperformed recently, and highlight which suppliers' revenue growth will outpace Apple in 2025E.
Rise of India -- Latest Apple data shows massive iPhone production growth in the country.
Apple's next-generation M5 chip will continue using TSMC's 3nm node, launching 2H25E; Supports that TSMC's 3nm process is expected to maintain strong demand even with the arrival of 2nm.


Apple Supply Chain Monitor: Laggards to Outgrow Apple in 2025E; India's IPhone Surge; New IMacs W/AI

Tracking developments across tech supply chains, Tech Supply Chain Tracker

Tech Supply Chain Tracker

Tracking developments across tech supply chains

Hon Hai Precision Industry / Equity Bottom-Up

<ul><li>Foxconn benefits from regionalized production with improved efficiency, reduced shipping costs, and better supply chain integration.</li><li>AMEC is confident in their lawsuit against the US Department of Defense, showing strong belief in the merit of their legal case.</li><li>Japan's economy faces uncertainty with financial resources at risk after Kishida's resignation, raising concerns amidst the country's economic landscape and supply chain players cautiously optimistic about AI server boom.</li></ul>

Foxconn benefits from regionalized production with improved efficiency, reduced shipping costs, and better supply chain integration.AMEC is confident in their lawsuit against the US Department of Defense, showing strong belief in the merit of their legal case.Japan's economy faces uncertainty with financial resources at risk after Kishida's resignation, raising concerns amidst the country's economic landscape and supply chain players cautiously optimistic about AI server boom.

Tech Supply Chain Tracker (20-Aug-2024): Regional production helps Foxconn.

Blackcow Food Co Ltd A / Equity Bottom-Up

<ul><li>Taiwan plans to release offshore wind regulations by 3Q24, boosting the renewable energy sector's growth and investment opportunities.</li><li>Chinese investment in 8.6G OLED technology is boosting the South Korean display equipment industry, leading to potential economic growth.</li><li>VinFast's Indian factory may open earlier than expected, while mobile device suppliers show interest in using edge AI to enhance the market.</li></ul>

Taiwan plans to release offshore wind regulations by 3Q24, boosting the renewable energy sector's growth and investment opportunities.Chinese investment in 8.6G OLED technology is boosting the South Korean display equipment industry, leading to potential economic growth.VinFast's Indian factory may open earlier than expected, while mobile device suppliers show interest in using edge AI to enhance the market.

Tech Supply Chain Tracker (04-Jul-2024): Taiwan to announce offshore wind rules by 3Q24.

Advanced Process Systems / Equity Bottom-Up

<ul><li>Taiwan set to release offshore wind regulations by 3Q24, opening doors for growth and innovation in the industry.</li><li>China's significant investment in OLED technology boosts South Korean display equipment sector, creating opportunities for growth.</li><li>Telecoms facing challenges with slow 5G adoption, pushing them to adapt and transform strategies to overcome obstacles.</li></ul>

Taiwan set to release offshore wind regulations by 3Q24, opening doors for growth and innovation in the industry.China's significant investment in OLED technology boosts South Korean display equipment sector, creating opportunities for growth.Telecoms facing challenges with slow 5G adoption, pushing them to adapt and transform strategies to overcome obstacles.

Tech Supply Chain Tracker (03-Jul-2024): Taiwan to announce offshore wind rules by 3Q24.

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: TSMC Oct Revenue; GlobalWafers Recovery Pushed to 2025E; UMC 4Q24E Challenges

TSMC sees strong revenue growth in October, while GlobalWafers delays recovery expectations and UMC faces challenges with potential sales...

Vincent Fernando, CFA

Apple Supply Chain Monitor: Laggards to Outgrow Apple in 2025E; India's IPhone Surge; New IMacs W/AI

Underperforming suppliers expect revenue growth surpassing Apple in 2025E; India sees massive iPhone production growth; Apple's M5 chip...

Vincent Fernando, CFA

Tech Supply Chain Tracker (20-Aug-2024): Regional production helps Foxconn.

Regionalized production boosts efficiency for Foxconn, AMEC confident in lawsuit, Japan's financial resources in jeopardy, supply chain players...

Tech Supply Chain Tracker

Tech Supply Chain Tracker (04-Jul-2024): Taiwan to announce offshore wind rules by 3Q24.

Taiwan progresses in offshore wind regulations, while collaborations with Poland advance in photonics; China's OLED investment benefits South...

Tech Supply Chain Tracker

Tech Supply Chain Tracker (03-Jul-2024): Taiwan to announce offshore wind rules by 3Q24.

Taiwan to release offshore wind regulations, Poland-Taiwan industrial cooperation, China's OLED investment, VinFast factory in India, edge AI...

Tech Supply Chain Tracker

Price Gauge

52-week Range

Market Cap (USDm)

P/E

Dividend (Yield)

Taiwan Tech Weekly: TSMC Oct Revenue; GlobalWafers Recovery Pushed to 2025E; UMC 4Q24E Challenges

​TSMC sees strong revenue growth in October, while GlobalWafers delays recovery expectations and UMC faces challenges with potential sales...

Vincent Fernando, CFA

Apple Supply Chain Monitor: Laggards to Outgrow Apple in 2025E; India's IPhone Surge; New IMacs W/AI

​Underperforming suppliers expect revenue growth surpassing Apple in 2025E; India sees massive iPhone production growth; Apple's M5 chip...

Vincent Fernando, CFA

Tech Supply Chain Tracker (20-Aug-2024): Regional production helps Foxconn.

Regionalized production boosts efficiency for Foxconn, AMEC confident in lawsuit, Japan's financial resources in jeopardy, supply chain players...

Tech Supply Chain Tracker

Tech Supply Chain Tracker (04-Jul-2024): Taiwan to announce offshore wind rules by 3Q24.

Taiwan progresses in offshore wind regulations, while collaborations with Poland advance in photonics; China's OLED investment benefits South...

Tech Supply Chain Tracker

Tech Supply Chain Tracker (03-Jul-2024): Taiwan to announce offshore wind rules by 3Q24.

Taiwan to release offshore wind regulations, Poland-Taiwan industrial cooperation, China's OLED investment, VinFast factory in India, edge AI...

Tech Supply Chain Tracker

TSMC sees strong revenue growth in October, while GlobalWafers delays recovery expectations and UMC faces challenges with potential sales...

Underperforming suppliers expect revenue growth surpassing Apple in 2025E; India sees massive iPhone production growth; Apple's M5 chip...