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)

<ul>
<li>Nvidia GTC Conference This Week Likely to Create Newsflow for Many Tech Names</li>
<li>Samsung Could Hike NAND Flash Prices by 20%; Silicon Motion for Exposure</li>
<li>TSMC Reportedly Placing Orders for Additional Advanced Packaging Capacity, Likely In Response to Demand Strength</li>
</ul>


Nvidia GTC Conference This Week Likely to Create Newsflow for Many Tech Names
Samsung Could Hike NAND Flash Prices by 20%; Silicon Motion for Exposure
TSMC Reportedly Placing Orders for Additional Advanced Packaging Capacity, Likely In Response to Demand Strength


Taiwan Tech Weekly: Nvidia Conference; Samsung to Hike NAND Prices; TSMC Adding Capex Due to Demand

Pan-Asia Index Rebalances/ Events/ Delta One, Periscope Analytics

Brian Freitas

Pan-Asia Index Rebalances/ Events/ Delta One

Periscope Analytics

Periscope Analytics focuses on event-driven trades across Asia Pacific and provides comprehensive, timely and systematic coverage of index changes to major Asia Pacific indices in a structured manner.

The analysis includes forecasted inclusions and exclusions to all major Asian indices that have significant amount of tracking assets, including estimates of passive buy/sell flow on the stocks. The service also provides commentary and impact of market consultations, ground rule changes, and other events (IPOs, spin-offs, M&A) that could lead to index changes and passive flow.

Periscope Analytics works with multi-strategy hedge funds, proprietary trading firms, stat arb trading groups and long-only investors that invest and trade in the Asia Pacific region with the data being used to trade index rebalances, avoid pre-positioning and passive flow, and to time entry into and exit from stocks.

Event-Driven Trades Across Asia Pacific

Event-Driven

TSMC (Taiwan Semiconductor Manufacturing) / Event-Driven

<ul>
<li>We first wrote about the <a href="https://www.smartkarma.com/entities/ishares-msci-emerging-markets-223f5da3-7054-4e4f-bc55-b7f0852c2581" target="_blank" data-smartkarma-citation="entities:31998:1" rel="noopener">iShares Emerging Markets ex-China (EMXC US)</a> ETF 3 years ago when AUM was less than US$500m. AUM now stands at US$11bn.</li>
<li>
<a href="https://www.smartkarma.com/entities/ishares-msci-emerging-markets-223f5da3-7054-4e4f-bc55-b7f0852c2581" target="_blank" data-smartkarma-citation="entities:31998:1" rel="noopener">IShares Emerging Markets ex-China (EMXC US)</a> has outperformed <a href="https://www.smartkarma.com/entities/ishares-msci-emerging-markets" target="_blank" data-smartkarma-citation="entities:438:1" rel="noopener">iShares Emerging Markets (EEM US)</a> and <a href="https://www.smartkarma.com/entities/ishares-msci-emerging-markets-217fc48e-4faa-4bc3-b730-443d6e06728b" target="_blank" data-smartkarma-citation="entities:32500:1" rel="noopener">iShares Emerging Markets Asia (EEMA US)</a> with lower volatility and a lower drawdown.</li>
<li>With the Chinese economy misfiring and markets under pressure, we could see a further shift in positioning away from China and that means inflows to other Emerging Markets.</li>
</ul>


We first wrote about the iShares Emerging Markets ex-China (EMXC US) ETF 3 years ago when AUM was less than US$500m. AUM now stands at US$11bn.

IShares Emerging Markets ex-China (EMXC US) has outperformed iShares Emerging Markets (EEM US) and iShares Emerging Markets Asia (EEMA US) with lower volatility and a lower drawdown.
With the Chinese economy misfiring and markets under pressure, we could see a further shift in positioning away from China and that means inflows to other Emerging Markets.


Emerging Markets Ex-China: Looking Back... And Forward

Asia and Global Semiconductor and Tech Research

Andrew Lu

<ul>
<li>Post 35% price gain in a quarter, many good news we expected and other analysts expected already factored into the share price. We believe the risk/reward not attractive here.</li>
<li>TSMC guides stronger 1Q24 and 2024, helped by Nvidia and copy cat AI GPU/ASIC orders. We see greater opportunities for alternative copy cat solutions like AMD and Alchip.</li>
<li>We attribute Nvidia customers' sales discrepancy to AI server is cannibalizing non-AI server and Nvidia is allocating more GPUs to premium price paying customers in 1H24 and reverse in 2H24.</li>
</ul>


Post 35% price gain in a quarter, many good news we expected and other analysts expected already factored into the share price. We believe the risk/reward not attractive here.
TSMC guides stronger 1Q24 and 2024, helped by Nvidia and copy cat AI GPU/ASIC orders. We see greater opportunities for alternative copy cat solutions like AMD and Alchip.
We attribute Nvidia customers' sales discrepancy to AI server is cannibalizing non-AI server and Nvidia is allocating more GPUs to premium price paying customers in 1H24 and reverse in 2H24.


From Nvidia Results to See Supply Chain Stories?

TSMC (Taiwan Semiconductor Manufacturing) - ADR / Equity Bottom-Up

TSMC (Taiwan Semiconductor Manufacturing) - ADR

<ul>
<li>UMC &amp; Mediatek Results Today in Taiwan, Samsung Also Reporting; Taiwan AI Names Flying; Himax &amp; Novatek Top Losers Ahead of Results.</li>
<li>Semiconductor Surge: Southeast Asia Taking Center Stage Amid Taiwan's Geopolitical Shift</li>
<li>First Run of Tech/Semis' Guidance Tells Us What Industries and Companies to Avoid</li>
</ul>


UMC &amp; Mediatek Results Today in Taiwan, Samsung Also Reporting; Taiwan AI Names Flying; Himax &amp; Novatek Top Losers Ahead of Results.
Semiconductor Surge: Southeast Asia Taking Center Stage Amid Taiwan's Geopolitical Shift
First Run of Tech/Semis' Guidance Tells Us What Industries and Companies to Avoid


Taiwan Tech Weekly: Semiconductors Surging in Southeast Asia; UMC & Mediatek Results Today

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.

<ul>
<li>TSMC started this season’s earnings with a strong result. Shares rallied immensely on this print, and it’s justified. In almost every metric, TSMC came out ahead.</li>
<li>
<p>TSMC had a revenue, operating income, and gross margin beat and guided above the street.</p>
</li>
<li>
<p>Now let’s break out revenue by node and platform for a further look into the results of the world’s largest foundry.</p>
</li>
</ul>


TSMC started this season’s earnings with a strong result. Shares rallied immensely on this print, and it’s justified. In almost every metric, TSMC came out ahead.

TSMC had a revenue, operating income, and gross margin beat and guided above the street.


Now let’s break out revenue by node and platform for a further look into the results of the world’s largest foundry.



TSMC, SMCI, Texas Instruments, AWE, ASML, and LRCX

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 Tech Weekly: Nvidia Conference; Samsung to Hike NAND Prices; TSMC Adding Capex Due to Demand

Many Taiwanese companies participating at Nvidia's GTC conference this week. Local reports say Samsung to hike NAND flash prices by 20%. Also,...

Vincent Fernando, CFA

Emerging Markets Ex-China: Looking Back... And Forward

EMXC's AUM has increased from US$420m in March2021 to US$11bn now. That has led to selling of China stocks and buying of other EM stocks. The U.S....

Brian Freitas

From Nvidia Results to See Supply Chain Stories?

From Nvidia Results to See Supply Chain Stories? Post 35% price gain in a quarter, many good news already factored into the share price. We...

Andrew Lu

Taiwan Tech Weekly: Semiconductors Surging in Southeast Asia; UMC & Mediatek Results Today

Key Taiwan results ahead include Mediatek, UMC, Realtek, Novatek, and Himax. Taiwan AI names have been flying lately while Novatek and Himax have...

Vincent Fernando, CFA

TSMC, SMCI, Texas Instruments, AWE, ASML, and LRCX

Its the first week of earnings, and it's already a busy one. TSMC started this season’s earnings with a strong result. Shares rallied immensely on...

Fabricated Knowledge

Price Gauge

52-week Range

Market Cap (USDm)

P/E

Dividend (Yield)

Taiwan Tech Weekly: Nvidia Conference; Samsung to Hike NAND Prices; TSMC Adding Capex Due to Demand

​Many Taiwanese companies participating at Nvidia's GTC conference this week. Local reports say Samsung to hike NAND flash prices by 20%. Also,...

Vincent Fernando, CFA

Emerging Markets Ex-China: Looking Back... And Forward

EMXC's AUM has increased from US$420m in March2021 to US$11bn now. That has led to selling of China stocks and buying of other EM stocks. The U.S....

Brian Freitas

From Nvidia Results to See Supply Chain Stories?

From Nvidia Results to See Supply Chain Stories? Post 35% price gain in a quarter, many good news already factored into the share price. We...

Andrew Lu

Taiwan Tech Weekly: Semiconductors Surging in Southeast Asia; UMC & Mediatek Results Today

Key Taiwan results ahead include Mediatek, UMC, Realtek, Novatek, and Himax. Taiwan AI names have been flying lately while Novatek and Himax have...

Vincent Fernando, CFA

TSMC, SMCI, Texas Instruments, AWE, ASML, and LRCX

Its the first week of earnings, and it's already a busy one. TSMC started this season’s earnings with a strong result. Shares rallied immensely on...

Fabricated Knowledge

Many Taiwanese companies participating at Nvidia's GTC conference this week. Local reports say Samsung to hike NAND flash prices by 20%. Also,...