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>Samsung Said to Have Give Up Chasing TSMC at the Leading Edge of Chip Manufacturing</li>
<li>Xiaomi’s Tesla-Killer YU7 EV Surges in Orders -- TSMC Rides the Wave as Core Chip Supplier</li>
<li>TSMC (2330.TT; TSM.US): Will Rapidus Threaten TSMC's 2nm Market? We Think It's Too Early to Say (II)</li>
</ul>


Samsung Said to Have Give Up Chasing TSMC at the Leading Edge of Chip Manufacturing
Xiaomi’s Tesla-Killer YU7 EV Surges in Orders -- TSMC Rides the Wave as Core Chip Supplier
TSMC (2330.TT; TSM.US): Will Rapidus Threaten TSMC's 2nm Market? We Think It's Too Early to Say (II)


Taiwan Tech Weekly: Has Samsung Given Up Chasing TSMC?; Xiaomi Tesla-Killer EV Using Key TSMC Chips

Head of Research, IPOs & Placements, Aequitas Research

Sumeet Singh

Head of Research, IPOs & Placements

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.

Equity Capital Markets

Lens Technology   / Equity Capital Markets

<ul>
<li>
<a href="https://www.smartkarma.com/entities/lens-technology-co-ltd" target="_blank" data-smartkarma-citation="entities:24231:1" rel="noopener">Lens Technology (300433 CH)</a>, a precision manufacturing solution provider, aims to raise around US$600m in its H-share listing.</li>
<li>Lens Technology (LT) is one of the leading players in precision structural parts and modules integrated solutions for both consumer electronics and smart vehicles interaction systems.</li>
<li>We have looked at the past performance and likely A/H premium in our previous note. In this note, we talk about the IPO pricing.</li>
</ul>



Lens Technology (300433 CH), a precision manufacturing solution provider, aims to raise around US$600m in its H-share listing.
Lens Technology (LT) is one of the leading players in precision structural parts and modules integrated solutions for both consumer electronics and smart vehicles interaction systems.
We have looked at the past performance and likely A/H premium in our previous note. In this note, we talk about the IPO pricing.


Lens Technology A/H Listing - Pricing Looks Decent

Asia Pac IPO & Placement Research, China biotech, Aequitas Research

Ke Yan, CFA, FRM

Asia Pac IPO & Placement Research, China biotech

Quantitative Analysis

<ul>
<li>We analyzed the changes in foreign holdings of KRX stocks as of Jun 27th. The aggregated holding was USD625.5bn.</li>
<li>We estimate that foreign flows to be inflows of USD100mln. We tabulates 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 SK Hynix, Kakaopay, Naver.</li>
</ul>


We analyzed the changes in foreign holdings of KRX stocks as of Jun 27th. The aggregated holding was USD625.5bn.
We estimate that foreign flows to be inflows of USD100mln. We tabulates 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 SK Hynix, Kakaopay, Naver.


KRX Foreign Holding Weekly (Jun 27th): SK Hynix, Kakaopay, Naver

<ul>
<li>
<a href="https://www.smartkarma.com/entities/lens-technology-co-ltd" target="_blank" data-smartkarma-citation="entities:24231:1" rel="noopener">Lens Technology (300433 CH)</a>, a precision manufacturing solution provider, aims to raise around US$1bn in its H-share listing.</li>
<li>Lens Technology (LT) is one of the leading players in precision structural parts and modules integrated solutions for both consumer electronics and smart vehicles interaction systems.</li>
<li>In this note, we look at its past performance and other deal dynamics that might impact the listing.</li>
</ul>



Lens Technology (300433 CH), a precision manufacturing solution provider, aims to raise around US$1bn in its H-share listing.
Lens Technology (LT) is one of the leading players in precision structural parts and modules integrated solutions for both consumer electronics and smart vehicles interaction systems.
In this note, we look at its past performance and other deal dynamics that might impact the listing.


Lens Technology A/H Listing - PHIP Updates and Thoughts on A/H Premium

Semiconductor & Technology Specialist, Ingenuity

William Keating

Semiconductor & Technology Specialist

Ingenuity

Our focus is exclusively on in-depth research & consulting in the broader semiconductor industry. We focus on the key players, namely Intel, Micron, Qualcomm, Apple, Samsung, NVIDIA, AMD, TSMC & Global Foundries - as well as some of the lesser known, but nonetheless critical, companies such as ASML (for EUV), Mellanox, Cavium, Xilinx etc. We specialise in their products, roadmaps, process technologies, competitive advantages & threats etc. We also help our clients understand the implications of new and emerging technologies, e.g. 3D X-Point, 3D NAND, Carbon Nanotubes, Autonomous Driving, Graphene, Silicon Photonics, Wafer-Level Optics, Artificial Intelligence, FPGA, GPU, ASIC etc. 

Semiconductor Analysis & Research

<ul>
<li>Q325 revenues of $9.3 billion, up 15% QoQ and up 37% YoY and $500 million above the guided midpoint. This represented a new quarterly revenue record for the company</li>
<li>Micron forecasted current quarter revenues of $10.7 billion, up 15% QoQ, with gross margin of 42%, up 300 basis points sequentially</li>
<li>HBM negotiations for 2026 supply &amp; pricing still ongoing. Could Micron be holding out for a better deal?</li>
</ul>


Q325 revenues of $9.3 billion, up 15% QoQ and up 37% YoY and $500 million above the guided midpoint. This represented a new quarterly revenue record for the company
Micron forecasted current quarter revenues of $10.7 billion, up 15% QoQ, with gross margin of 42%, up 300 basis points sequentially
HBM negotiations for 2026 supply &amp; pricing still ongoing. Could Micron be holding out for a better deal?


Micron Q325 Earnings: NAND's Surprising Rebound While HBM Already @$6 Billion Annual Run Rate.

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.

Samsung Electronics Pref Shares (005935 KS)

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Samsung Electronics Pref Shares (005935 KS)

Taiwan Tech Weekly: Has Samsung Given Up Chasing TSMC?; Xiaomi Tesla-Killer EV Using Key TSMC Chips

Samsung has reportedly stopped trying to catch up to TSMC in chip manufacturing, while TSMC benefits from Xiaomi's surge in EV orders. The threat...

Vincent Fernando, CFA

Lens Technology A/H Listing - Pricing Looks Decent

Lens Technology (300433 CH), a precision manufacturing solution provider, aims to raise around US$600m in its H-share listing. In this note, we...

Sumeet Singh

KRX Foreign Holding Weekly (Jun 27th): SK Hynix, Kakaopay, Naver

We analyzed KRX foreign holding data for the past week and highlighted foreign holding changes in SK Hynix, Kakaopay, Naver.

Ke Yan, CFA, FRM

Lens Technology A/H Listing - PHIP Updates and Thoughts on A/H Premium

Lens Technology (300433 CH), a precision manufacturing solution provider, aims to raise around US$1bn in its H-share listing. In this note, we talk...

Sumeet Singh

Micron Q325 Earnings: NAND's Surprising Rebound While HBM Already @$6 Billion Annual Run Rate.

Micron's HBM negotiations for 2026 supply & pricing are still ongoing. Could they be holding out for a better deal? Let's see...

William Keating

Price Gauge

52-week Range

Market Cap (USDm)

P/E

Dividend (Yield)

Taiwan Tech Weekly: Has Samsung Given Up Chasing TSMC?; Xiaomi Tesla-Killer EV Using Key TSMC Chips

​Samsung has reportedly stopped trying to catch up to TSMC in chip manufacturing, while TSMC benefits from Xiaomi's surge in EV orders. The threat...

Vincent Fernando, CFA

Lens Technology A/H Listing - Pricing Looks Decent

Lens Technology (300433 CH), a precision manufacturing solution provider, aims to raise around US$600m in its H-share listing. In this note, we...

Sumeet Singh

KRX Foreign Holding Weekly (Jun 27th): SK Hynix, Kakaopay, Naver

We analyzed KRX foreign holding data for the past week and highlighted foreign holding changes in SK Hynix, Kakaopay, Naver.

Ke Yan, CFA, FRM

Lens Technology A/H Listing - PHIP Updates and Thoughts on A/H Premium

Lens Technology (300433 CH), a precision manufacturing solution provider, aims to raise around US$1bn in its H-share listing. In this note, we talk...

Sumeet Singh

Micron Q325 Earnings: NAND's Surprising Rebound While HBM Already @$6 Billion Annual Run Rate.

Micron's HBM negotiations for 2026 supply & pricing are still ongoing. Could they be holding out for a better deal? Let's see...

William Keating

Samsung has reportedly stopped trying to catch up to TSMC in chip manufacturing, while TSMC benefits from Xiaomi's surge in EV orders. The threat...