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>TSMC: +21.8% Premium; Wait for Higher Premium Before Fresh Short of the Spread</li>
<li>UMC: -0.6% Discount; Wait for More Extreme ADR Spread Level</li>
<li>ASE: +0.4% Premium; Good Level to Go Long the ADR Spread</li>
</ul>


TSMC: +21.8% Premium; Wait for Higher Premium Before Fresh Short of the Spread
UMC: -0.6% Discount; Wait for More Extreme ADR Spread Level
ASE: +0.4% Premium; Good Level to Go Long the ADR Spread


Taiwan Dual-Listings Monitor: TSMC Premium Remains Elevated; ASE Drops Down to Near Parity

Technical Analyst, Vermilion Research

Joe Jasper

Technical Analyst

Technical and Quantitative Research

Vermilion Research

Vermilion’s objective is to deliver timely, actionable, and unique technical research to professional investors through the application of our various technical indicators.

Our research strategists seek to highlight securities which we believe are at major inflection points, based on our various technical and quantitative indicators, and offer asymmetric risk/return profiles. Our unique research methodology, centered on relative strength, enables our strategists to deliver superior investment recommendations.

Our process begins by organizing the universe of actively traded stocks into discrete sectors, then into industry groups. We then apply our technical and quantitative tools to identify developing price trends. Once attractive trends are identified within a selected sector or group, we screen for individual stocks which we believe offer the best risk/reward profile. We provide a historical perspective that often reveals, through our long-term charts, how price patterns often repeat themselves over time.

Technical Analysis

Giant Network Group Co Ltd / Technical Analysis

<ul>
<li>We remain near-term bullish since our 4/22/25 Compass, and our intermediate-term outlook remains bullish as well (as of our 5/14/25 Compass), with Int’l Compass reports all echoing this sentiment.</li>
<li>We will maintain our bullish intermediate-term view as long as market dynamics remain healthy and the SPX and ACWI-US are above 6028-6059 and $119-$121.</li>
<li>We remain overweight/continue to have a major focus on China (Shanghai Composite). It continues to offer the most attractive opportunities, with a significant number of today's recommendations coming from China.</li>
</ul>


We remain near-term bullish since our 4/22/25 Compass, and our intermediate-term outlook remains bullish as well (as of our 5/14/25 Compass), with Int’l Compass reports all echoing this sentiment.
We will maintain our bullish intermediate-term view as long as market dynamics remain healthy and the SPX and ACWI-US are above 6028-6059 and $119-$121.
We remain overweight/continue to have a major focus on China (Shanghai Composite). It continues to offer the most attractive opportunities, with a significant number of today's recommendations coming from China.


Sticking With China; Bullish Outlook Intact. Buys in Consumer Discretionary, Materials, and Tech

AI | Semiconductors | Commodities, Mint Finance

Raghav Vashisht

AI | Semiconductors | Commodities

Deep Fundamental Analysis

Mint Finance

Mint Finance's investment research blends deep fundamental analysis with technical & quant insights. Investment strategies straddle across multiple asset classes with risk management embedded into every trade to deliver an outsized reward-to-risk ratio.

Mint Finance's research is centered around three key themes. First, energy transition and climate change. Second, artificial intelligence. Third, shifting world order with its impact across politics and monetary economics.

<ul>
<li>Nvidia beat revenue expectations by 1.5% with $46.7 billion in revenue; data centre growth underwhelmed, with compute slipping sequentially.</li>
<li>Blackwell is ramping at full speed, while Rubin’s six chips have already taped out at TSMC, keeping Nvidia’s annual launch cadence intact.</li>
<li>Inventory jumped to $15B, and China licenses remain uncertain, leaving little margin for error.</li>
</ul>


Nvidia beat revenue expectations by 1.5% with $46.7 billion in revenue; data centre growth underwhelmed, with compute slipping sequentially.
Blackwell is ramping at full speed, while Rubin’s six chips have already taped out at TSMC, keeping Nvidia’s annual launch cadence intact.
Inventory jumped to $15B, and China licenses remain uncertain, leaving little margin for error.


Networking Powers Nvidia's Quarter, but Core Growth Under Scrutiny

Chief Executive Officer, Emmer Capital Partners Limited

Manishi Raychaudhuri

Chief Executive Officer

Emmer Capital Partners Limited

Emmer Capital Partners is an Asia Pacific focused financial advisory firm engaging in strategic financial asset allocation advice, bespoke thematic research and advising early-stage companies and connecting them to investors. Emmer Capital provides macro-economic and multi-asset investment strategy inputs to institutions, family offices, private wealth managers, private equity, and corporate boards directly and through independent research platforms. Emmer Capital also advises a wide range of startup companies on fund raising and business strategy. Emmer Capital's active engagement with the print and electronic media reaches a broad spectrum of investors across the globe.

Cross Asset Strategy

<ul>
<li>A look at Asian markets' PE relative to future EPS growth and PBV relative to future ROE re-establishes the conclusion that Korea and Philippines are cheap, and India is expensive. </li>
<li>Market buoyancy and EPS estimate downgrades have taken Asia-ex- Japan's and HK/China's 12-month forward PE to 15-17% higher than long-term average.  So are Korea (6%), Taiwan (21%) and India (26%).</li>
<li>We're cautious on India. We'll watch HK/China's valuation closely but aren't too worried about them. Korea's valuation can expand further. We'll turn watchful here only after another 10% appreciation.</li>
</ul>


A look at Asian markets' PE relative to future EPS growth and PBV relative to future ROE re-establishes the conclusion that Korea and Philippines are cheap, and India is expensive. 
Market buoyancy and EPS estimate downgrades have taken Asia-ex- Japan's and HK/China's 12-month forward PE to 15-17% higher than long-term average.  So are Korea (6%), Taiwan (21%) and India (26%).
We're cautious on India. We'll watch HK/China's valuation closely but aren't too worried about them. Korea's valuation can expand further. We'll turn watchful here only after another 10% appreciation.


Asian Equities: China, Taiwan PE Slightly Stretched; More Upside in Korea; India to Correct More

<ul>
<li>Apple Secures Over Half of TSMC’s Cutting-Edge 2nm Capacity; How TSMC Anchors Apple’s Product Leadership Strategy</li>
<li>NVIDIA Results Key Take-Away: Long-Reasoning AI Models Driving Massive Compute Demand</li>
<li>Intel (INTC.US): Intel–U.S. Government Equity Deal: Implications and Industry Perspective </li>
</ul>


Apple Secures Over Half of TSMC’s Cutting-Edge 2nm Capacity; How TSMC Anchors Apple’s Product Leadership Strategy
NVIDIA Results Key Take-Away: Long-Reasoning AI Models Driving Massive Compute Demand
Intel (INTC.US): Intel–U.S. Government Equity Deal: Implications and Industry Perspective 


Taiwan Teck Weekly: Apple Snags Over Half of TSMC's Best Chips; Long-Reasoning AI Will Surge Compute

Taiwan

Taiwan Semiconductor Manufacturing Company Ltd. manufactures integrated circuits based on its proprietary designs.  The Company offers a comprehensive set of integrated circuit fabrication processes to manufacture CMOS logic, mixed-mode, volatile and non-volatile memory and BiCMOS chips.  Taiwan Semiconductor is an affiliate of Philips Electronics N.V.

TSMC (Taiwan Semiconductor Manufacturing) - ADR (TSM US)

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TSMC (Taiwan Semiconductor Manufacturing) - ADR (TSM US)

Taiwan Dual-Listings Monitor: TSMC Premium Remains Elevated; ASE Drops Down to Near Parity

We analyze the premium and discount levels of dual-listed Taiwan companies, suggesting potential spread trading levels based on historical trends.

Vincent Fernando, CFA

Sticking With China; Bullish Outlook Intact. Buys in Consumer Discretionary, Materials, and Tech

Still Bullish. China (Shanghai Composite) has been a major focus ever since our July 3 Int'l Compass titled "China and Japan Breaking Out." It...

Vermilion Research

Networking Powers Nvidia's Quarter, but Core Growth Under Scrutiny

Nvidia exceeded revenue expectations but faces challenges with data centre growth vis-à-vis falling compute, along with uncertainty in China...

Mint Finance

Asian Equities: China, Taiwan PE Slightly Stretched; More Upside in Korea; India to Correct More

Many Asian market's valuations are higher than long term averages - notably AxJ (17% premium), CN (15%), HK (17%), TW (21%) & India (26%). KR's 6%...

Manishi Raychaudhuri

Taiwan Teck Weekly: Apple Snags Over Half of TSMC's Best Chips; Long-Reasoning AI Will Surge Compute

Apple secures majority of TSMC's 2nm capacity, NVIDIA sees demand for AI models, Intel's equity deal with US government raises industry implications.

Vincent Fernando, CFA

Price Gauge

52-week Range

Market Cap (USDm)

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Dividend (Yield)

Taiwan Dual-Listings Monitor: TSMC Premium Remains Elevated; ASE Drops Down to Near Parity

We analyze the premium and discount levels of dual-listed Taiwan companies, suggesting potential spread trading levels based on historical trends.

Vincent Fernando, CFA

Sticking With China; Bullish Outlook Intact. Buys in Consumer Discretionary, Materials, and Tech

Still Bullish. China (Shanghai Composite) has been a major focus ever since our July 3 Int'l Compass titled "China and Japan Breaking Out." It...

Vermilion Research

Networking Powers Nvidia's Quarter, but Core Growth Under Scrutiny

​Nvidia exceeded revenue expectations but faces challenges with data centre growth vis-à-vis falling compute, along with uncertainty in China...

Mint Finance

Asian Equities: China, Taiwan PE Slightly Stretched; More Upside in Korea; India to Correct More

​Many Asian market's valuations are higher than long term averages - notably AxJ (17% premium), CN (15%), HK (17%), TW (21%) & India (26%). KR's 6%...

Manishi Raychaudhuri

Taiwan Teck Weekly: Apple Snags Over Half of TSMC's Best Chips; Long-Reasoning AI Will Surge Compute

​Apple secures majority of TSMC's 2nm capacity, NVIDIA sees demand for AI models, Intel's equity deal with US government raises industry implications.

Vincent Fernando, CFA

Nvidia exceeded revenue expectations but faces challenges with data centre growth vis-à-vis falling compute, along with uncertainty in China...

Many Asian market's valuations are higher than long term averages - notably AxJ (17% premium), CN (15%), HK (17%), TW (21%) & India (26%). KR's 6%...

Apple secures majority of TSMC's 2nm capacity, NVIDIA sees demand for AI models, Intel's equity deal with US government raises industry implications.