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>OpenAI, Samsung &amp; SK Hynix Lock In Memory Pact — Taiwan Next Stop</li>
<li>MediaTek’s Major ASIC Ambitions Face Delays from Some Key Clients</li>
<li>TSMC: New Signals Underscore N2’s Rise as a Blockbuster Node </li>
</ul>


OpenAI, Samsung &amp; SK Hynix Lock In Memory Pact — Taiwan Next Stop
MediaTek’s Major ASIC Ambitions Face Delays from Some Key Clients
TSMC: New Signals Underscore N2’s Rise as a Blockbuster Node 


Taiwan Tech Weekly: OpenAI to Consume Nearly Half of Global DRAM; Why TSMC 2nm Will Be A Blockbuster

Korea/Asia, Events, IPOs, Douglas Research Advisory

Douglas Kim

Korea/Asia, Events, IPOs

Douglas Research Advisory

<ul>
<li>In this insight, we highlight the recent pricing gap divergences of the major Korean holdcos and opcos which could provide trading opportunities in 4Q 2025.</li>
<li>This was a STRONG REVERSAL of the relative share price performances of these 38 pairs in 3Q 2025 versus in 2Q 2025.</li>
<li>We provide four holdco/opco pairs that have experienced noticeable divergence in the past three months and we expect closing of their gaps could occur in the next several weeks</li>
</ul>


In this insight, we highlight the recent pricing gap divergences of the major Korean holdcos and opcos which could provide trading opportunities in 4Q 2025.
This was a STRONG REVERSAL of the relative share price performances of these 38 pairs in 3Q 2025 versus in 2Q 2025.
We provide four holdco/opco pairs that have experienced noticeable divergence in the past three months and we expect closing of their gaps could occur in the next several weeks


Korean Holdcos Vs Opcos Gap Trading Opportunities in 4Q 2025

Technology / Semiconductor / Internet Research

Nicolas Baratte

TSMC (Taiwan Semiconductor Manufacturing) / Equity Bottom-Up

TSMC (Taiwan Semiconductor Manufacturing)

<ul>
<li>USG 1:1 domestic / import ratio for semi manufacturing not a clear positive for Intel. Intel needs a 14A node very quickly. But it’s positive to TSMC, increase pricing power.</li>
<li>The 1:1 rule is potentially positive for Intel and Samsung but only if they fix yield problems and offer complete design and IP tools to their customers. Long road ahead.</li>
<li>TSMC could increase US Capex and lower Taiwan Capex. But TSMC plans to make 30% of its advanced chips in the US from 2027. Capex increase would be mild.</li>
</ul>


USG 1:1 domestic / import ratio for semi manufacturing not a clear positive for Intel. Intel needs a 14A node very quickly. But it’s positive to TSMC, increase pricing power.
The 1:1 rule is potentially positive for Intel and Samsung but only if they fix yield problems and offer complete design and IP tools to their customers. Long road ahead.
TSMC could increase US Capex and lower Taiwan Capex. But TSMC plans to make 30% of its advanced chips in the US from 2027. Capex increase would be mild.


USG 1:1 Rule on Semi Manufacturing: Not a Clear Positive to Intel but Clearly Positive to TSMC

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 short interest of KRX stocks as of Sep 26th. The aggregated short interest was USD11.0bn.</li>
<li>We tabulate league tables for top short by value and short as multiple of ADT, as well as weekly increases &amp; decreases in short value, short as multiple of ADT.</li>
<li>We highlight short interest changes in Kakao, Alteogen, Doosan Enerbility, SamsungElecMech, Samsung Electronics.</li>
</ul>


We analyzed the changes in short interest of KRX stocks as of Sep 26th. The aggregated short interest was USD11.0bn.
We tabulate league tables for top short by value and short as multiple of ADT, as well as weekly increases &amp; decreases in short value, short as multiple of ADT.
We highlight short interest changes in Kakao, Alteogen, Doosan Enerbility, SamsungElecMech, Samsung Electronics.


KRX Short Interest Weekly (Sep 26th): Kakao, Alteogen, Doosan Enerbility, SamsungElecMech

Derivatives and Quantitative Strategist

Gaudenz Schneider

Event-Driven

<ul>
<li>
Exchange holidays: Early October holidays in China (Golden Week) and South Korea (Chuseok) may dampen market activity, while India’s Diwali on 21–22 October brings the traditional Muhurat trading session.</li>
<li>
Earnings season begins in the final third of October across India, Japan, China/Hong Kong, and South Korea, alongside key central bank meetings and the TOPIX rebalance on 30 October.</li>
<li>
Why Read: Plan ahead and take into account known market events when making investment and trading decision.</li>
</ul>



Exchange holidays: Early October holidays in China (Golden Week) and South Korea (Chuseok) may dampen market activity, while India’s Diwali on 21–22 October brings the traditional Muhurat trading session.

Earnings season begins in the final third of October across India, Japan, China/Hong Kong, and South Korea, alongside key central bank meetings and the TOPIX rebalance on 30 October.

Why Read: Plan ahead and take into account known market events when making investment and trading decision.


Earnings Kickoff Dominates October 2025 Key Events

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.

Price Gauge
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Samsung Electronics (SMSN LI)

Taiwan Tech Weekly: OpenAI to Consume Nearly Half of Global DRAM; Why TSMC 2nm Will Be A Blockbuster

OpenAI, Samsung, and SK Hynix are forming alliances in the memory industry, while MediaTek faces delays in its ASIC ambitions and TSMC's N2 node is...

Vincent Fernando, CFA

Korean Holdcos Vs Opcos Gap Trading Opportunities in 4Q 2025

In this insight, we highlight the recent pricing gap divergences of the major Korean holdcos and opcos which could provide trading opportunities in...

Douglas Kim

USG 1:1 Rule on Semi Manufacturing: Not a Clear Positive to Intel but Clearly Positive to TSMC

USG 1:1 ratio not clear win for Intel, needs 14A node fast. Positive for TSMC, boost pricing power. TSMC may up US Capex, lower Taiwan Capex, make...

Nicolas Baratte

KRX Short Interest Weekly (Sep 26th): Kakao, Alteogen, Doosan Enerbility, SamsungElecMech

We analyzed KRX short interest report for the past week and highlighted short interest changes in Kakao, Alteogen, Doosan Enerbility,...

Ke Yan, CFA, FRM

Earnings Kickoff Dominates October 2025 Key Events

October 2025 kicks off earnings season – reports from Fast Retailing (9983 JP), ICICI Bank (ICICIB IN) & more – alongside holidays and central bank...

Gaudenz Schneider

Price Gauge

52-week Range

Market Cap (USDm)

P/E

Dividend (Yield)

Taiwan Tech Weekly: OpenAI to Consume Nearly Half of Global DRAM; Why TSMC 2nm Will Be A Blockbuster

OpenAI, Samsung, and SK Hynix are forming alliances in the memory industry, while MediaTek faces delays in its ASIC ambitions and TSMC's N2 node is...

Vincent Fernando, CFA

Korean Holdcos Vs Opcos Gap Trading Opportunities in 4Q 2025

In this insight, we highlight the recent pricing gap divergences of the major Korean holdcos and opcos which could provide trading opportunities in...

Douglas Kim

USG 1:1 Rule on Semi Manufacturing: Not a Clear Positive to Intel but Clearly Positive to TSMC

​USG 1:1 ratio not clear win for Intel, needs 14A node fast. Positive for TSMC, boost pricing power. TSMC may up US Capex, lower Taiwan Capex, make...

Nicolas Baratte

KRX Short Interest Weekly (Sep 26th): Kakao, Alteogen, Doosan Enerbility, SamsungElecMech

We analyzed KRX short interest report for the past week and highlighted short interest changes in Kakao, Alteogen, Doosan Enerbility,...

Ke Yan, CFA, FRM

Earnings Kickoff Dominates October 2025 Key Events

October 2025 kicks off earnings season – reports from Fast Retailing (9983 JP), ICICI Bank (ICICIB IN) & more – alongside holidays and central bank...

Gaudenz Schneider

USG 1:1 ratio not clear win for Intel, needs 14A node fast. Positive for TSMC, boost pricing power. TSMC may up US Capex, lower Taiwan Capex, make...