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) / Equity Bottom-Up

TSMC (Taiwan Semiconductor Manufacturing) (TSM US)

TSMC (Taiwan Semiconductor Manufacturing)

<ul>
<li>Nvidia Pushes TSMC for More Capacity as AI Chip Demand Surges</li>
<li>Apple Expands Its Satellite Ambitions for iPhones Beyond Just Emergencies -- A Step Towards Disintermediating Telcos?</li>
<li>Nvidia’s International HQ in Taipei Deal Clears Final Hurdle -- Boost for Taiwan 2026E-2027E</li>
</ul>


Nvidia Pushes TSMC for More Capacity as AI Chip Demand Surges
Apple Expands Its Satellite Ambitions for iPhones Beyond Just Emergencies -- A Step Towards Disintermediating Telcos?
Nvidia’s International HQ in Taipei Deal Clears Final Hurdle -- Boost for Taiwan 2026E-2027E


Taiwan Tech Weekly: Nvidia Asking TSMC for More Capacity; Apple to Disintermediate Telcos?

Asia Pac ECM and Index Rebal, Shenton Research

Ke Yan, CFA, FRM

Asia Pac ECM and Index Rebal

Asia Pac IPO & Placement Research, China Biotech

DZT Research

DZT Research is an independent Asia Pacific equity specialist. Our quantitative research covers index rebalancing flows, alongside exchange data analytics accross Asia Pacific. On the equity capital markets side, we focus on Asia Pacific ECM, especially biotech and TMT. Our lead analyst is frequently cited by international media.

Quantitative Analysis

<ul>
<li>We analyzed the changes in short interest of TWSE Stocks as of Oct 10th. The aggregated short interest was USD27.2bn.</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 Accton Technology, Yageo, Lite-On Technology, Winbond Electronics, King Slide Works, Accton Technology, Yageo, Lite-On Technology, Winbond Electronics, King Slide Works.</li>
</ul>


We analyzed the changes in short interest of TWSE Stocks as of Oct 10th. The aggregated short interest was USD27.2bn.
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 Accton Technology, Yageo, Lite-On Technology, Winbond Electronics, King Slide Works, Accton Technology, Yageo, Lite-On Technology, Winbond Electronics, King Slide Works.


TWSE Short Interest Weekly (Oct 10th): Accton Technology, Yageo, Lite-On Technology

<ul>
<li>We analyzed the changes in short interest of TWSE Stocks as of Sep 12th. The aggregated short interest was USD26.9bn.</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 Lite-On Technology, MiTAC, Accton Technology, Elite Material, Wiwynn, Lite-On Technology, MiTAC, Accton Technology, Elite Material, Wiwynn.</li>
</ul>


We analyzed the changes in short interest of TWSE Stocks as of Sep 12th. The aggregated short interest was USD26.9bn.
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 Lite-On Technology, MiTAC, Accton Technology, Elite Material, Wiwynn, Lite-On Technology, MiTAC, Accton Technology, Elite Material, Wiwynn.


TWSE Short Interest Weekly (Sep 12th): Lite-On Technology, MiTAC, Accton Technology, Elite Material

Taiwan Tech Focused Senior Analyst

Patrick Liao

<ul>
<li>3Q25: Revenue flat to slightly up QoQ; GM stable at 52–54%. FY25: Prior 20%+ growth target unlikely to be achieved; weaker demand due to trade war &amp; customer conservatism.</li>
<li>No evidence of significant market share loss; instead, delayed demand.  </li>
<li>Automotive Ssegment continues to trend upward with new EV-related products. Competition in China is intense, especially EVs, but pricing remains rational.</li>
</ul>


3Q25: Revenue flat to slightly up QoQ; GM stable at 52–54%. FY25: Prior 20%+ growth target unlikely to be achieved; weaker demand due to trade war &amp; customer conservatism.
No evidence of significant market share loss; instead, delayed demand.  
Automotive Ssegment continues to trend upward with new EV-related products. Competition in China is intense, especially EVs, but pricing remains rational.


Silergy (6415.TT): 3Q25 Revenue Flat to Slightly Up QoQ; Annual Growth May Fall Short of 20%+.

<ul>
<li>Looking ahead to the second quarter, Silergy Corp (6415 TT) did not provide specific guidance targets but emphasized that uncertainty in customers’ decisions regarding chip production locations could impact seasonal demand.  </li>
<li>Despite short-term challenges, Silergy Corp (6415 TT) still anticipates 2025 to be a year of growth.  </li>
<li>In terms of profitability, Silergy Corp (6415 TT) expects that capacity at Chinese foundries will approach full utilization, leading to supply chain tightness and helping maintain stable gross margins.</li>
</ul>


Looking ahead to the second quarter, Silergy Corp (6415 TT) did not provide specific guidance targets but emphasized that uncertainty in customers’ decisions regarding chip production locations could impact seasonal demand.  
Despite short-term challenges, Silergy Corp (6415 TT) still anticipates 2025 to be a year of growth.  
In terms of profitability, Silergy Corp (6415 TT) expects that capacity at Chinese foundries will approach full utilization, leading to supply chain tightness and helping maintain stable gross margins.


Silergy (6415.TT): Annual Growth Could Be Lower Than Earlier Expectation Of 20-25%.

China

Silergy Corp designs and manufactures a broad range of high performance analog integrated circuits.  The Company's products include single output step down regulators, dual output regulators, single output step by step regulators, power management ICs, step up LED backlight regulator, AC-DC LED lighting controller, DC input LED lighting drivers, LDO regulators, and protection switch

Price Gauge
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Silergy Corp (6415 TT)

Taiwan Tech Weekly: Nvidia Asking TSMC for More Capacity; Apple to Disintermediate Telcos?

Nvidia and Apple are both making strategic moves to secure more capacity and expand their reach in the tech industry, potentially disrupting...

Vincent Fernando, CFA

TWSE Short Interest Weekly (Oct 10th): Accton Technology, Yageo, Lite-On Technology

We analyzed TWSE short interest report for the past week and highlighted short interest changes in Accton Technology (2345 TT), Yageo (2327 TT),...

Ke Yan, CFA, FRM

TWSE Short Interest Weekly (Sep 12th): Lite-On Technology, MiTAC, Accton Technology, Elite Material

We analyzed TWSE short interest report for the past week and highlighted short interest changes in Lite-On Technology (2301 TT), MiTAC (3706 TT),...

Ke Yan, CFA, FRM

Silergy (6415.TT): 3Q25 Revenue Flat to Slightly Up QoQ; Annual Growth May Fall Short of 20%+.

Revenue flat to slightly up in 3Q25 due to trade war and customer demand conservatism. Automotive trending up with new EV products despite intense...

Patrick Liao

Silergy (6415.TT): Annual Growth Could Be Lower Than Earlier Expectation Of 20-25%.

Silergy Corp (6415 TT) anticipates growth in 2025 despite uncertainty in customers' chip production decisions and expects supply chain tightness...

Patrick Liao

Price Gauge

52-week Range

Market Cap (USDm)

P/E

Dividend (Yield)

Taiwan Tech Weekly: Nvidia Asking TSMC for More Capacity; Apple to Disintermediate Telcos?

​Nvidia and Apple are both making strategic moves to secure more capacity and expand their reach in the tech industry, potentially disrupting...

Vincent Fernando, CFA

TWSE Short Interest Weekly (Oct 10th): Accton Technology, Yageo, Lite-On Technology

We analyzed TWSE short interest report for the past week and highlighted short interest changes in Accton Technology (2345 TT), Yageo (2327 TT),...

Ke Yan, CFA, FRM

TWSE Short Interest Weekly (Sep 12th): Lite-On Technology, MiTAC, Accton Technology, Elite Material

We analyzed TWSE short interest report for the past week and highlighted short interest changes in Lite-On Technology (2301 TT), MiTAC (3706 TT),...

Ke Yan, CFA, FRM

Silergy (6415.TT): 3Q25 Revenue Flat to Slightly Up QoQ; Annual Growth May Fall Short of 20%+.

​Revenue flat to slightly up in 3Q25 due to trade war and customer demand conservatism. Automotive trending up with new EV products despite intense...

Patrick Liao

Silergy (6415.TT): Annual Growth Could Be Lower Than Earlier Expectation Of 20-25%.

​Silergy Corp (6415 TT) anticipates growth in 2025 despite uncertainty in customers' chip production decisions and expects supply chain tightness...

Patrick Liao

Nvidia and Apple are both making strategic moves to secure more capacity and expand their reach in the tech industry, potentially disrupting...

Revenue flat to slightly up in 3Q25 due to trade war and customer demand conservatism. Automotive trending up with new EV products despite intense...

Silergy Corp (6415 TT) anticipates growth in 2025 despite uncertainty in customers' chip production decisions and expects supply chain tightness...