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>Micron, Apple and AMD committed a combined US$43bn-plus to the suppliers they depend on, moving the industry from ordering capacity to financing it and shifting build risk onto the buyers.</li>
<li>Memory economics reached record levels: Samsung's operating profit rose 19x, and Nanya's gross margin hit 79.5% on flat shipments, with prices doing all the work.</li>
<li>SK Hynix raised US$26.5bn for ADRs in the largest US listing by a foreign company, and the week's selloff reversed in two sessions as money returned to memory and compute.</li>
</ul>


Micron, Apple and AMD committed a combined US$43bn-plus to the suppliers they depend on, moving the industry from ordering capacity to financing it and shifting build risk onto the buyers.
Memory economics reached record levels: Samsung's operating profit rose 19x, and Nanya's gross margin hit 79.5% on flat shipments, with prices doing all the work.
SK Hynix raised US$26.5bn for ADRs in the largest US listing by a foreign company, and the week's selloff reversed in two sessions as money returned to memory and compute.


Taiwan Tech Weekly: Micron, Apple and AMD Start Funding Their Suppliers

Pan-Asia Tactical Market Calls (Quant-Driven), MRM Research

Nico Rosti

Pan-Asia Tactical Market Calls (Quant-Driven)

MRM Research

Quantitative Research

Equity Derivatives

<ul>
<li>According to our model <a href="https://www.smartkarma.com/entities/sk-hynix-inc" target="_blank" data-smartkarma-citation="entities:16955:1" rel="noopener">SK Hynix (000660 KS)</a> shares are quantifiably very oversold, this could catalyze the U.S. ADR rally.</li>
<li>Our model sees an immediate tactical entry point for long/short and macro mandates looking to capture a new rally, as global capital flows into the newly liquid Nasdaq vehicle.</li>
<li>
<a href="https://www.smartkarma.com/entities/sk-hynix-inc-a4e8e2ec-1a75-4752-b58c-eaa0d074d145" target="_blank" data-smartkarma-citation="entities:50283:1" rel="noopener">SK Hynix (SKHY US)</a> opened at 170 on Friday, a bit lower than expected but this does not change <strong>our tactical view: local oversold &gt; local rally &gt; ADR rally.</strong>
</li>
</ul>


According to our model SK Hynix (000660 KS) shares are quantifiably very oversold, this could catalyze the U.S. ADR rally.
Our model sees an immediate tactical entry point for long/short and macro mandates looking to capture a new rally, as global capital flows into the newly liquid Nasdaq vehicle.

SK Hynix (SKHY US) opened at 170 on Friday, a bit lower than expected but this does not change our tactical view: local oversold &gt; local rally &gt; ADR rally.



SK Hynix Tactical Outlook: Upcoming Local Reversal Primes ADR for Rally

Equity Long-Short

Mo Aziz

<ul>
<li>Priced at US$149/ADR, raising US$26.5bn — the largest-ever US first-time share sale by a foreign company. Order book approached US$200bn. Access thesis emphatically validated.</li>
<li>KRX fell ~15% during the roadshow on memory-sector unwind — our buy-the-dip window arrived early. <strong>BUY reiterated: KRX TP ₩3.5mn unchanged; ADR TP ~US$230,</strong> +54% from pricing.</li>
<li>Fungibility is now the live trade: UBS is pushing long-ADR/short-KRX citing conversion restrictions. The Form F-6 read — our flagged Risk #4 — decides the premium path.</li>
</ul>


Priced at US$149/ADR, raising US$26.5bn — the largest-ever US first-time share sale by a foreign company. Order book approached US$200bn. Access thesis emphatically validated.
KRX fell ~15% during the roadshow on memory-sector unwind — our buy-the-dip window arrived early. BUY reiterated: KRX TP ₩3.5mn unchanged; ADR TP ~US$230, +54% from pricing.
Fungibility is now the live trade: UBS is pushing long-ADR/short-KRX citing conversion restrictions. The Form F-6 read — our flagged Risk #4 — decides the premium path.


SK Hynix ADR: US$200bn Book, US$26.5bn Raised — Marking Our Calls to Market on Debut Day

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.

Event-Driven

<ul>
<li>
<a href="https://www.smartkarma.com/entities/sk-hynix-inc" target="_blank" data-smartkarma-citation="entities:16955:1" rel="noopener">SK Hynix (000660 KS)</a> (SKH), a leading global memory producer, raised around US$26.5bn via an ADR listing.</li>
<li>We have looked at the past performance and other deal dynamics in our previous notes.</li>
<li>In this note, we talk about the recent updates and trading dynamics.</li>
</ul>



SK Hynix (000660 KS) (SKH), a leading global memory producer, raised around US$26.5bn via an ADR listing.
We have looked at the past performance and other deal dynamics in our previous notes.
In this note, we talk about the recent updates and trading dynamics.


Aequitas: SK Hynix US$26.5bn ADR Trading - Where to from Here? Samsung -Ve, Micron +ve Influence

Equity Capital Markets

GigaDevice Semiconductor / Equity Capital Markets

<ul>
<li>
<a href="https://www.smartkarma.com/entities/giga-device-semiconductor-inc-class-h" target="_blank" data-smartkarma-citation="entities:46238:1" rel="noopener">GigaDevice Semiconductor (3986 HK)</a> (GD), an IC design house, raised around US$690m in its H-share listing. Its cornerstone investors will soon be released from their lockup.</li>
<li>GD is a leading specialty memory chip and MCU company in mainland China.</li>
<li>In this note, we will talk about the lockup dynamics and possible placement.</li>
</ul>



GigaDevice Semiconductor (3986 HK) (GD), an IC design house, raised around US$690m in its H-share listing. Its cornerstone investors will soon be released from their lockup.
GD is a leading specialty memory chip and MCU company in mainland China.
In this note, we will talk about the lockup dynamics and possible placement.


Aequitas: GigaDevice A/H Lockup Expiry - US$1.4bn Lockup Release with 5x Gains

South Korea

SK hynix Inc. provides products and services for the electronic components industries. The Company manufactures semiconductors such as dynamic random access memory (DRAM), NAND flash memory, and static random access memory (SRAM) chips.

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

SK Hynix (SKHY US)

Taiwan Tech Weekly: Micron, Apple and AMD Start Funding Their Suppliers

Tech giants like Micron, Apple, and AMD are investing billions in their suppliers, shifting industry dynamics and pushing memory economics to...

Vincent Fernando, CFA

SK Hynix Tactical Outlook: Upcoming Local Reversal Primes ADR for Rally

SK Hynix (000660 KS) is about to reverse according to our model: this should spark a U.S. ADR rally from this week. Profit targets and tactical...

Nico Rosti

SK Hynix ADR: US$200bn Book, US$26.5bn Raised — Marking Our Calls to Market on Debut Day

Foreign company's US$26.5bn share sale sets record, KRX falls during roadshow, buy-the-dip opportunity identified, UBS pushes long-ADR/short-KRX...

Mo Aziz

Aequitas: SK Hynix US$26.5bn ADR Trading - Where to from Here? Samsung -Ve, Micron +ve Influence

SK Hynix (000660 KS) (SKH), a leading global memory producer, raised around US$25bn via an ADR listing. In this note, we talk about the trading...

Sumeet Singh

Aequitas: GigaDevice A/H Lockup Expiry - US$1.4bn Lockup Release with 5x Gains

GigaDevice Semiconductor (3986 HK) (GD), an IC design house, raised around US$690m in its H-share listing. Its cornerstone investors will soon be...

Sumeet Singh

Price Gauge

52-week Range

Market Cap (USDm)

P/E

Dividend (Yield)

Taiwan Tech Weekly: Micron, Apple and AMD Start Funding Their Suppliers

​Tech giants like Micron, Apple, and AMD are investing billions in their suppliers, shifting industry dynamics and pushing memory economics to...

Vincent Fernando, CFA

SK Hynix Tactical Outlook: Upcoming Local Reversal Primes ADR for Rally

SK Hynix (000660 KS) is about to reverse according to our model: this should spark a U.S. ADR rally from this week. Profit targets and tactical...

Nico Rosti

SK Hynix ADR: US$200bn Book, US$26.5bn Raised — Marking Our Calls to Market on Debut Day

​Foreign company's US$26.5bn share sale sets record, KRX falls during roadshow, buy-the-dip opportunity identified, UBS pushes long-ADR/short-KRX...

Mo Aziz

Aequitas: SK Hynix US$26.5bn ADR Trading - Where to from Here? Samsung -Ve, Micron +ve Influence

SK Hynix (000660 KS) (SKH), a leading global memory producer, raised around US$25bn via an ADR listing. In this note, we talk about the trading...

Sumeet Singh

Aequitas: GigaDevice A/H Lockup Expiry - US$1.4bn Lockup Release with 5x Gains

GigaDevice Semiconductor (3986 HK) (GD), an IC design house, raised around US$690m in its H-share listing. Its cornerstone investors will soon be...

Sumeet Singh

Tech giants like Micron, Apple, and AMD are investing billions in their suppliers, shifting industry dynamics and pushing memory economics to...

Foreign company's US$26.5bn share sale sets record, KRX falls during roadshow, buy-the-dip opportunity identified, UBS pushes long-ADR/short-KRX...