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

Silicon Motion Technology / Equity Bottom-Up

<ul>
<li>Silicon Motion reported 2Q24 results on Friday, describing strong demand for NAND flash controllers driven by the PC industry and improving demand from the smartphone industry.</li>
<li>The company expects industry NAND flash pricing to continue improving into 2025E. Moreover, SIMO expects to expand its market share for NAND flash controllers by year-end.</li>
<li>Maintain Structural Long rating for SIMO. The recent share price decline is painful for holders however share weakness is an accumulation opportunity with an investment view to mid-2025E.</li>
</ul>


Silicon Motion reported 2Q24 results on Friday, describing strong demand for NAND flash controllers driven by the PC industry and improving demand from the smartphone industry.
The company expects industry NAND flash pricing to continue improving into 2025E. Moreover, SIMO expects to expand its market share for NAND flash controllers by year-end.
Maintain Structural Long rating for SIMO. The recent share price decline is painful for holders however share weakness is an accumulation opportunity with an investment view to mid-2025E.


Silicon Motion 2Q24 Results Take-Aways: Strong Growth & NAND Flash Market Share Gains Expected

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 KRX stocks as of Aug 2nd which has an aggregated holding worth USD547.0bn.</li>
<li>We estimate that foreign flows to be inflows of USD1,687mln. 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 foreign changes in Hyundai Glovis, Woori Financial, Korea Aerospace, Samsung Biologic, Sk Hynix.</li>
</ul>


We analyzed the changes in foreign holdings of KRX stocks as of Aug 2nd which has an aggregated holding worth USD547.0bn.
We estimate that foreign flows to be inflows of USD1,687mln. We tabulate the league table for top changes by value for 1W/4W/1Y and top stocks held by foreign institutions.
We highlight foreign changes in Hyundai Glovis, Woori Financial, Korea Aerospace, Samsung Biologic, Sk Hynix.


KRX Foreign Holding Weekly (Aug 2nd): Hyundai Glovis, Woori Financial, Korea Aerospace

United Microelectron Sp Adr / Equity Bottom-Up

<ul>
<li>UMC's latest results indicate a mild recovery for consumer, communications, and computing industries. UMC's capacity utilization to continue improving but industry inventory correction could last until end-2024E.</li>
<li>UMC maintained 2024E capex guidance however it's increasingly clear UMC can't keep up the capex arms race alone. Hence we see UMC &amp; Intel becoming closer and closer partners.</li>
<li>We continue to view UMC as a long-term accumulate, and rate the stock as Structural Long, this however requires a longer than usual multi-year holding period.</li>
</ul>


UMC's latest results indicate a mild recovery for consumer, communications, and computing industries. UMC's capacity utilization to continue improving but industry inventory correction could last until end-2024E.
UMC maintained 2024E capex guidance however it's increasingly clear UMC can't keep up the capex arms race alone. Hence we see UMC &amp; Intel becoming closer and closer partners.
We continue to view UMC as a long-term accumulate, and rate the stock as Structural Long, this however requires a longer than usual multi-year holding period.


UMC Signals Non-AI Industry Inventory Correction Through 2024E; Why Intel Is Increasingly Important

Tracking developments across tech supply chains, Tech Supply Chain Tracker

Tech Supply Chain Tracker

Tracking developments across tech supply chains

<ul><li>E Ink and Himax introduce new color e-paper controller to enhance display technology, offering improved visual experience.</li><li>Taiwan's Economic Minister outlines plans to boost global competitiveness, focusing on strategic initiatives to strengthen economy.</li><li>Shanghai commits $13.7 billion investment in IC, AI, and biopharma industries, driving growth in technology sectors.</li></ul>

E Ink and Himax introduce new color e-paper controller to enhance display technology, offering improved visual experience.Taiwan's Economic Minister outlines plans to boost global competitiveness, focusing on strategic initiatives to strengthen economy.Shanghai commits $13.7 billion investment in IC, AI, and biopharma industries, driving growth in technology sectors.

Tech Supply Chain Tracker (02-Aug-2024): E Ink & Himax reveal color e-paper controller.

<ul><li>CoSAI is a collaboration between tech giants like Intel, Google, and IBM to drive innovation in the automotive industry.</li><li>Knobs and buttons are making a comeback in car interfaces, reflecting a trend in automotive design for more tactile controls.</li><li>Apple opposes Tata-Vivo partnership as Vivo marks its 10th anniversary in India, while Biden admin shows support for CHIPS Act to boost packaging and testing industry.</li></ul>

CoSAI is a collaboration between tech giants like Intel, Google, and IBM to drive innovation in the automotive industry.Knobs and buttons are making a comeback in car interfaces, reflecting a trend in automotive design for more tactile controls.Apple opposes Tata-Vivo partnership as Vivo marks its 10th anniversary in India, while Biden admin shows support for CHIPS Act to boost packaging and testing industry.

Tech Supply Chain Tracker (01-Aug-2024): Top tech firms join CoSAI.

South Korea

Samsung Electronics Co., Ltd. manufactures a wide range of consumer and industrial electronic equipment and products such as semiconductors, personal computers, peripherals, monitors, televisions, and home appliances including air conditioners and microwave ovens. The Company also produces Internet access network systems and telecommunications equipment including mobile phones.

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Samsung Electronics (SMSN LI)

KRX Foreign Holding Weekly (Aug 2nd): Hyundai Glovis, Woori Financial, Korea Aerospace

We analyzed KRX foreign holding data for the past week and highlighted foreign holding changes in Hyundai Glovis, Woori Financial, Korea Aerospace,...

Ke Yan, CFA, FRM

UMC Signals Non-AI Industry Inventory Correction Through 2024E; Why Intel Is Increasingly Important

UMC sees mild industry end demand improvement, but inventory correction may last until end-2024E. UMC and Intel's partnership will deepen over...

Vincent Fernando, CFA

Tech Supply Chain Tracker (02-Aug-2024): E Ink & Himax reveal color e-paper controller.

E Ink and Himax unveil color e-paper controller; Taiwan, Shanghai, Qualcomm, Samsung, and Melexis make moves in semiconductor industry to enhance...

Tech Supply Chain Tracker

Tech Supply Chain Tracker (01-Aug-2024): Top tech firms join CoSAI.

CoSAI partners with tech giants, car interfaces embrace knobs, Apple opposes Tata-Vivo, Biden supports CHIPS Act, Micron ships 9th-gen NAND, Taiwan...

Tech Supply Chain Tracker

Price Gauge

52-week Range

Market Cap (USDm)

P/E

Dividend (Yield)

Silicon Motion 2Q24 Results Take-Aways: Strong Growth & NAND Flash Market Share Gains Expected

​Silicon Motion sees strong demand for NAND flash controllers from PC and smartphone industries. Expects pricing to improve into 2025E and market...

Vincent Fernando, CFA

KRX Foreign Holding Weekly (Aug 2nd): Hyundai Glovis, Woori Financial, Korea Aerospace

We analyzed KRX foreign holding data for the past week and highlighted foreign holding changes in Hyundai Glovis, Woori Financial, Korea Aerospace,...

Ke Yan, CFA, FRM

UMC Signals Non-AI Industry Inventory Correction Through 2024E; Why Intel Is Increasingly Important

​UMC sees mild industry end demand improvement, but inventory correction may last until end-2024E. UMC and Intel's partnership will deepen over...

Vincent Fernando, CFA

Tech Supply Chain Tracker (02-Aug-2024): E Ink & Himax reveal color e-paper controller.

E Ink and Himax unveil color e-paper controller; Taiwan, Shanghai, Qualcomm, Samsung, and Melexis make moves in semiconductor industry to enhance...

Tech Supply Chain Tracker

Tech Supply Chain Tracker (01-Aug-2024): Top tech firms join CoSAI.

CoSAI partners with tech giants, car interfaces embrace knobs, Apple opposes Tata-Vivo, Biden supports CHIPS Act, Micron ships 9th-gen NAND, Taiwan...

Tech Supply Chain Tracker

Silicon Motion sees strong demand for NAND flash controllers from PC and smartphone industries. Expects pricing to improve into 2025E and market...

UMC sees mild industry end demand improvement, but inventory correction may last until end-2024E. UMC and Intel's partnership will deepen over...