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

<ul>
<li>Apple Set to Launch iPhone SE 4 and Updated iPad Air in Early 2025: Key Developments to Watch</li>
<li>META's Orion AR Glasses: Next Major Computing Platform After the Smartphone?</li>
<li>Apple Supply Chain Monitor: Key IPhone Suppliers Didn't Rally With Apple; Opportunity for Rebound?</li>
</ul>


Apple Set to Launch iPhone SE 4 and Updated iPad Air in Early 2025: Key Developments to Watch
META's Orion AR Glasses: Next Major Computing Platform After the Smartphone?
Apple Supply Chain Monitor: Key IPhone Suppliers Didn't Rally With Apple; Opportunity for Rebound?


Taiwan Tech Weekly: Apple Shifting AR Strategy After Meta Orion Showcase; Apple Supply Chain Monitor

Taiwan Tech Focused Senior Analyst

Patrick Liao

<ul>
<li>China's central bank cuts rates and unveils new measures to combat economic slowdown, creating a more relaxed monetary policy environment to stimulate consumption and investment.</li>
<li>Silergy's Automotive segment remains a driving force, especially with the addition of the Electric Vehicle ( EV) market.</li>
<li>While Silergy faced demand insufficiency previously, it has indicated that the end demand is expected to revive by the end of 2024 from the 4th quarter.</li>
</ul>


China's central bank cuts rates and unveils new measures to combat economic slowdown, creating a more relaxed monetary policy environment to stimulate consumption and investment.
Silergy's Automotive segment remains a driving force, especially with the addition of the Electric Vehicle ( EV) market.
While Silergy faced demand insufficiency previously, it has indicated that the end demand is expected to revive by the end of 2024 from the 4th quarter.


Silergy (6415.TT): Positive Optimistic Future Outlook

SMIC (Semiconductor Manufacturing International Corp) / Equity Bottom-Up

SMIC (Semiconductor Manufacturing International Corp) (981 HK)

SMIC (Semiconductor Manufacturing International Corp)

<ul>
<li>SMIC's revenue might be looking at around US$2bn in 4Q24 and it's a bit reduction of GM from 3Q24 because of the seasonality at the year end.</li>
<li>Since around 2019, US was putting an sanction on China, no matter how the argument is true.</li>
<li>SMIC continued delivering 7nm chips, and even the 5nm chips could be further delivered using a similar method, although the yield rate may be a concern.</li>
</ul>


SMIC's revenue might be looking at around US$2bn in 4Q24 and it's a bit reduction of GM from 3Q24 because of the seasonality at the year end.
Since around 2019, US was putting an sanction on China, no matter how the argument is true.
SMIC continued delivering 7nm chips, and even the 5nm chips could be further delivered using a similar method, although the yield rate may be a concern.


SMIC (981.HK): Surviving Amidst a Prolonged US-China Trade War

TSMC (Taiwan Semiconductor Manufacturing) / Equity Bottom-Up

TSMC (Taiwan Semiconductor Manufacturing) (TSM US)

TSMC (Taiwan Semiconductor Manufacturing)

<ul>
<li>Latest Industry Signals -- Nvidia Crashed While Marvell Soared... Custom Silicon a Threat to Nvidia's Monster Growth? Taiwan AI/Server Exposed Names Were a Mixed Bag of Performance</li>
<li>Key Events to Watch -- SEMICON Taiwan This Week, We Will Be Attending</li>
<li>Perspective -- NVIDIA's &gt;5x YoY "Singapore" Revenue Growth Is A Red Flag</li>
</ul>


Latest Industry Signals -- Nvidia Crashed While Marvell Soared... Custom Silicon a Threat to Nvidia's Monster Growth? Taiwan AI/Server Exposed Names Were a Mixed Bag of Performance
Key Events to Watch -- SEMICON Taiwan This Week, We Will Be Attending
Perspective -- NVIDIA's &gt;5x YoY "Singapore" Revenue Growth Is A Red Flag


Taiwan Tech Weekly: Nvidia's SG Revenue Red Flag; Rise of Custom Silicon; SEMICON Taiwan This Week

<ul>
<li>Company's 2Q24 overall performance exceeded expectations, and 3Q and 4Q are expected to be flat and to grow by 10-20% per quarter, respectively.</li>
<li>With expectations of continued improvement in ASP and cost structure, overall gross profit margin is expected to continue to grow.</li>
<li>Gen4 (12") is mainly applied in EV, AI server, and new energy sectors, as these applications have higher specification requirements.</li>
</ul>


Company's 2Q24 overall performance exceeded expectations, and 3Q and 4Q are expected to be flat and to grow by 10-20% per quarter, respectively.
With expectations of continued improvement in ASP and cost structure, overall gross profit margin is expected to continue to grow.
Gen4 (12") is mainly applied in EV, AI server, and new energy sectors, as these applications have higher specification requirements.


Silergy (6415.TT): 2024 Can Be Operating Trough, and Revenue in 2025 Is Expected to Grow by 20-30%.

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

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Silergy Corp (6415 TT)

Taiwan Tech Weekly: Apple Shifting AR Strategy After Meta Orion Showcase; Apple Supply Chain Monitor

Apple is set to launch new iPhone SE 4 and iPad Air in 2025, Meta's Orion AR Glasses could be the next big thing, and Apple is being forced to react.

Vincent Fernando, CFA

Silergy (6415.TT): Positive Optimistic Future Outlook

China's central bank eases monetary policy to boost economy, Silergy sees growth in Automotive EV markets, expects demand to pick up by end of 2024.

Patrick Liao

SMIC (981.HK): Surviving Amidst a Prolonged US-China Trade War

SMIC's revenue for 4Q24 expected ~US$2bn, slight reduction from 3Q24 due to year-end seasonality. Despite US sanctions on China since 2019, SMIC...

Patrick Liao

Taiwan Tech Weekly: Nvidia's SG Revenue Red Flag; Rise of Custom Silicon; SEMICON Taiwan This Week

Latest Industry Results -- Nvidia Crashed While Marvell Soared... Custom Silicon a Threat to Nvidia's Monster Growth? Taiwan AI/Server Exposed...

Vincent Fernando, CFA

Silergy (6415.TT): 2024 Can Be Operating Trough, and Revenue in 2025 Is Expected to Grow by 20-30%.

Company's strong 2Q24 performance surpasses expectations, with flat 3Q and 10-20% growth in 4Q; Gen4 mainly used in EV, AI server, and new energy...

Patrick Liao

Price Gauge

52-week Range

Market Cap (USDm)

P/E

Dividend (Yield)

Taiwan Tech Weekly: Apple Shifting AR Strategy After Meta Orion Showcase; Apple Supply Chain Monitor

​Apple is set to launch new iPhone SE 4 and iPad Air in 2025, Meta's Orion AR Glasses could be the next big thing, and Apple is being forced to react.

Vincent Fernando, CFA

Silergy (6415.TT): Positive Optimistic Future Outlook

​China's central bank eases monetary policy to boost economy, Silergy sees growth in Automotive EV markets, expects demand to pick up by end of 2024.

Patrick Liao

SMIC (981.HK): Surviving Amidst a Prolonged US-China Trade War

​SMIC's revenue for 4Q24 expected ~US$2bn, slight reduction from 3Q24 due to year-end seasonality. Despite US sanctions on China since 2019, SMIC...

Patrick Liao

Taiwan Tech Weekly: Nvidia's SG Revenue Red Flag; Rise of Custom Silicon; SEMICON Taiwan This Week

Latest Industry Results -- Nvidia Crashed While Marvell Soared... Custom Silicon a Threat to Nvidia's Monster Growth? Taiwan AI/Server Exposed...

Vincent Fernando, CFA

Silergy (6415.TT): 2024 Can Be Operating Trough, and Revenue in 2025 Is Expected to Grow by 20-30%.

​Company's strong 2Q24 performance surpasses expectations, with flat 3Q and 10-20% growth in 4Q; Gen4 mainly used in EV, AI server, and new energy...

Patrick Liao

Apple is set to launch new iPhone SE 4 and iPad Air in 2025, Meta's Orion AR Glasses could be the next big thing, and Apple is being forced to react.

China's central bank eases monetary policy to boost economy, Silergy sees growth in Automotive EV markets, expects demand to pick up by end of 2024.

SMIC's revenue for 4Q24 expected ~US$2bn, slight reduction from 3Q24 due to year-end seasonality. Despite US sanctions on China since 2019, SMIC...

Company's strong 2Q24 performance surpasses expectations, with flat 3Q and 10-20% growth in 4Q; Gen4 mainly used in EV, AI server, and new energy...