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) - ADR / Equity Bottom-Up

<ul>
<li>We believe TSMC represents defensive exposure to AI for investors concerned that many other AI-related stocks' valuations may be too high.</li>
<li>While one may think TSMC seems too obvious as a play, we note that the stock is up only 4.5% over the last six months.</li>
<li>We view TSMC as trading at an inexpensive valuation; even a cheap valuation should our hypothesis that the stock is structurally re-rating upwards turn out to be true.</li>
</ul>


We believe TSMC represents defensive exposure to AI for investors concerned that many other AI-related stocks' valuations may be too high.
While one may think TSMC seems too obvious as a play, we note that the stock is up only 4.5% over the last six months.
We view TSMC as trading at an inexpensive valuation; even a cheap valuation should our hypothesis that the stock is structurally re-rating upwards turn out to be true.


TSMC: Defensive AI Play in Long Upward Re-Rating Trend?

<ul>
<li>Taiwan AI Plays Top Losers Recently, Dell Results Coming Today U.S. Time to Provide Color for PCs and Servers</li>
<li>Taiwan Tech Post-Earnings Takeaways: Semis Margins Underestimated? Hardware 2024E Forecasts Ramped</li>
<li>Nanya, Yageo Top Gainers; We Rate the Stocks Outperform and Structural Long Respectively</li>
</ul>


Taiwan AI Plays Top Losers Recently, Dell Results Coming Today U.S. Time to Provide Color for PCs and Servers
Taiwan Tech Post-Earnings Takeaways: Semis Margins Underestimated? Hardware 2024E Forecasts Ramped
Nanya, Yageo Top Gainers; We Rate the Stocks Outperform and Structural Long Respectively


Taiwan Tech Weekly: Taiwan AI Top Losers; Dell to Provide PC/Server Color; Post-3Q Results Takeaways

<ul>
<li>Taiwan Tech companies beat analyst expectations by a high rate in the latest quarter</li>
<li>Semiconductors: Consensus could be underestimating a margin rebound for 2024E</li>
<li>Hardware aggregate forecast earnings growth increased significantly for 2024E as compared to just three months ago</li>
</ul>


Taiwan Tech companies beat analyst expectations by a high rate in the latest quarter
Semiconductors: Consensus could be underestimating a margin rebound for 2024E
Hardware aggregate forecast earnings growth increased significantly for 2024E as compared to just three months ago


Taiwan Tech Post-Earnings Takeaways: Semis Margins Underestimated? Hardware 2024E Forecasts Ramped

<ul>
<li>TSMC: 8.2% Premium -- Still Best to Wait for Better Levels</li>
<li>ASE: 6.4% Premium -- Wait for 5% as the Level to Go Long the Spread</li>
<li>ChipMOS: -0.5% Discount -- Stay Long the Spread if You Started at -2.0%</li>
</ul>


TSMC: 8.2% Premium -- Still Best to Wait for Better Levels
ASE: 6.4% Premium -- Wait for 5% as the Level to Go Long the Spread
ChipMOS: -0.5% Discount -- Stay Long the Spread if You Started at -2.0%


Taiwan Dual Listings Monitor: Spreads Generally Trading in the Middle of Their Ranges

Taiwan Tech Focused Senior Analyst

Patrick Liao

<ul>
<li>TSMC is expected to experience growth of ~15% YoY in 2024F.</li>
<li>TSMC's N3 is expected to dominate the market in 2024F, with applications in CPU, GPU, smartphone SoC, and more.</li>
<li>We also estimate that the N2 pilot run will begin in 4Q24.</li>
</ul>


TSMC is expected to experience growth of ~15% YoY in 2024F.
TSMC's N3 is expected to dominate the market in 2024F, with applications in CPU, GPU, smartphone SoC, and more.
We also estimate that the N2 pilot run will begin in 4Q24.


TSMC (2330.TT; TSM.US): 2024 High Conviction for Upside >15% YoY

Taiwan

Taiwan Semiconductor Manufacturing Company, Ltd. manufactures and markets integrated circuits. The Company provides the following services: wafer manufacturing, wafer probing, assembly and testing, mask production, and design services. TSMC's ICs are used in computer, communication, consumer electronics, automotive, and industrial equipment industries.

52-week Range	0.00 - 0.00
Market Cap (USDm)	0.00
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Dividend (Yield)	0.00

Taiwan Semiconductor (TSMC) (2330 TT)

TSMC: Defensive AI Play in Long Upward Re-Rating Trend?

We view TSMC as trading at an inexpensive valuation; even a cheap valuation should our hypothesis that the stock is structurally re-rating upwards...

Vincent Fernando, CFA

Taiwan Tech Weekly: Taiwan AI Top Losers; Dell to Provide PC/Server Color; Post-3Q Results Takeaways

Nanya and Yageo have been top gainers recently with Yageo achieving new 52-week highs; We rate the stocks as Outperform and Structural Long...

Vincent Fernando, CFA

Taiwan Tech Post-Earnings Takeaways: Semis Margins Underestimated? Hardware 2024E Forecasts Ramped

We analyze aggregate 3Q23 results data and analyst estimate changes for our entire Taiwan Tech universe. Changes for Hardware vs. Semiconductor...

Vincent Fernando, CFA

Taiwan Dual Listings Monitor: Spreads Generally Trading in the Middle of Their Ranges

In this piece, we provide our long and short levels for each dual-listing spread. Spreads are generally near the middle of their historical ranges.

Vincent Fernando, CFA

TSMC (2330.TT; TSM.US): 2024 High Conviction for Upside >15% YoY

TSMC is expected to experience growth of ~15% YoY in 2024F. TSMC's N3 is expected to dominate the market in 2024F, with applications in CPU, GPU,...

Patrick Liao

52-week Range

Market Cap (USDm)

P/E

Dividend (Yield)