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

Taiwan Semiconductor (TSMC) / Equity Bottom-Up

<ul>
<li>Key Results This Week: Delta, Elan, ChipMOS, Nuvoton, AU Optronics in Taiwan... Plus Samsung, AMD, and Qualcomm.</li>
<li>Positive signs for the PC &amp; mobile space have come from recent Intel, UMC, Mediatek results.</li>
<li>Top Losers: Macronix Slumps on Weak Results and Outlook, Hon Hai Slumps on China Tax &amp; Land Probe</li>
</ul>


Key Results This Week: Delta, Elan, ChipMOS, Nuvoton, AU Optronics in Taiwan... Plus Samsung, AMD, and Qualcomm.
Positive signs for the PC &amp; mobile space have come from recent Intel, UMC, Mediatek results.
Top Losers: Macronix Slumps on Weak Results and Outlook, Hon Hai Slumps on China Tax &amp; Land Probe


Taiwan Tech Weekly: Wave of Key Taiwan Results; Heavyweights Samsung, AMD, Qualcomm Internationally

Equity Long-Short, Semiconductors, Fabricated Knowledge

Douglas O'Laughlin

Equity Long-Short, Semiconductors

Fabricated Knowledge

Learn more about the world's most important manufactured product. Meaningful insight, timely analysis, and an occasional investment idea.

Infineon Technologies  / Equity Bottom-Up

<ul><li><p>Infineon’s big news is that they, too, will be building one of the largest Silicon Carbide fabs in the world. This makes Wolfspeed’s Siler City look puny in comparison.</p><section class="figure"><figure class="editor-figure mceNonEditable"></figure></section></li><li>Infineon is now looking to be number three in the Silicon Carbide device game, targeting ~500 million in 2023.</li><li>So given the impressive growth, Infineon is a bit late but plans to spend 5 billion dollars over five years for the factory in Kulim.</li></ul>

Infineon’s big news is that they, too, will be building one of the largest Silicon Carbide fabs in the world. This makes Wolfspeed’s Siler City look puny in comparison.Infineon is now looking to be number three in the Silicon Carbide device game, targeting ~500 million in 2023.So given the impressive growth, Infineon is a bit late but plans to spend 5 billion dollars over five years for the factory in Kulim.

Earnings: MCHP and IFX, SIMO Rumors, SMCI, POWI, GFS, COHR, WOLF, AMAT, CSCO

Semiconductors, Memory and SSDs Specialist, Objective Analysis

Jim Handy

Semiconductors, Memory and SSDs Specialist

Objective Analysis

Objective Analysis offers third-party independent market research and data for the semiconductor industry and investors in the semiconductor industry.

Semiconductors, Memory and SSDs

Silicon Motion Technology / Equity Bottom-Up

<ul>
<li>MaxLinear's acquisition of Silicon Motion has been abandoned, with both sides threatening arbitration. </li>
<li>It is difficult to understand why the acquisition would have resulted in the synergies projected by management.  The businesses are very different.</li>
<li>Assuming the companies go different ways, expect for SiMo to perform as it has in the past.</li>
</ul>


MaxLinear's acquisition of Silicon Motion has been abandoned, with both sides threatening arbitration. 
It is difficult to understand why the acquisition would have resulted in the synergies projected by management.  The businesses are very different.
Assuming the companies go different ways, expect for SiMo to perform as it has in the past.


<ul>
<li>Last week saw a wave of major tech companies report earnings with significance toward the semiconductor and technology space in Taiwan.</li>
<li>Memory chip takeaways - SK Hynix, Samsung see better supply/demand in 2023E. PC market -- Recent results discuss slight decline, potential stabilization in 2023E.</li>
<li>Mobile phones -- Relative strength in high-end vs. low-end. Auto &amp; Industrial -- Relative strength seen continuing. AMD, Qualcom, Elan, CHIPMos, Acer, Globalwafers results ahead.</li>
</ul>


Last week saw a wave of major tech companies report earnings with significance toward the semiconductor and technology space in Taiwan.
Memory chip takeaways - SK Hynix, Samsung see better supply/demand in 2023E. PC market -- Recent results discuss slight decline, potential stabilization in 2023E.
Mobile phones -- Relative strength in high-end vs. low-end. Auto &amp; Industrial -- Relative strength seen continuing. AMD, Qualcom, Elan, CHIPMos, Acer, Globalwafers results ahead.


Taiwan Tech Weekly: Earnings Insights Emerging for Memory, Mobiles, PCs, and Autos

AlphaSituations-Event/Catalyst Driven Research, AlphaSituations

Robert Sassoon

AlphaSituations-Event/Catalyst Driven Research

AlphaSituations

Since its establishment, AlphaSituations has delivered a track record of outperformance with a hit rate of winners of more than 70% of its portfolio of ideas generating annualized average returns of 20%. In January 2022, AlphaSituations was contracted by Water Tower Research, an investor engagement and stakeholder communication platform to provide coverage of Special Situations

Event-Driven

<ul>
<li>Turbulent markets can  widen merger spreads arbitrarily creating attractive  arb opportunities with the potential for outsized IRRs</li>
<li>Among the several live transactions indicating unusually high spreads, none looks more alluring than the prospective MaxLinear (MX US) acquisition of Silicon Motion (SIMO US) in the semiconductor sector</li>
<li>The combination of an exceptionally wide spread driven by unsupported skepticism that the merger will not pass muster with China's SAMR and historically low valuations make SIMO's risk-reward profile  enticing</li>
</ul>


Turbulent markets can  widen merger spreads arbitrarily creating attractive  arb opportunities with the potential for outsized IRRs
Among the several live transactions indicating unusually high spreads, none looks more alluring than the prospective MaxLinear (MX US) acquisition of Silicon Motion (SIMO US) in the semiconductor sector
The combination of an exceptionally wide spread driven by unsupported skepticism that the merger will not pass muster with China's SAMR and historically low valuations make SIMO's risk-reward profile  enticing


MergerTalk:Market Turbulence/Wide Spreads-Spotlight On MaxLinear's Acquisition Of Silicon Motion

Taiwan

Silicon Motion Technology Corporation is a semiconductor company that designs, develops, and markets semiconductor products for the multimedia consumer electronics market. The Company's products include controllers used in mobile storage media and multimedia systems on a chip.

Price Gauge
52-week Range	0.00 - 0.00
Market Cap (USDm)	0.00
P/E	0.00
Dividend (Yield)	0.00

Silicon Motion Technology (SIMO US)

Taiwan Tech Weekly: Wave of Key Taiwan Results; Heavyweights Samsung, AMD, Qualcomm Internationally

This week's key results in Taiwan include Delta, Elan, ChipMOS, Nuvoton, and AU Optronics. Positive signs for the PC and mobile space have been...

Vincent Fernando, CFA

Earnings: MCHP and IFX, SIMO Rumors, SMCI, POWI, GFS, COHR, WOLF, AMAT, CSCO

Analog inventory, Coherent's ghost guide, and whipsaw China read through. Infineon’s big news is that they, too, will be building one of the...

Fabricated Knowledge

What's Next for SiMo?

MaxLinear has called off its planned acquisition of Silicon Motion. Does this indicate future problems for SiMo? Not necessarily.

Jim Handy

Taiwan Tech Weekly: Earnings Insights Emerging for Memory, Mobiles, PCs, and Autos

Last week saw a wave of major tech companies report earnings with significance toward the semiconductor and technology space in Taiwan.

Vincent Fernando, CFA

MergerTalk:Market Turbulence/Wide Spreads-Spotlight On MaxLinear's Acquisition Of Silicon Motion

A 90% plus spread would typically represent a big red flag for a merger transaction. However in the context of current dislocated markets, the...

Robert Sassoon

Price Gauge

52-week Range

Market Cap (USDm)

P/E

Dividend (Yield)