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: +22.8% Premium; ADR Spread Remains at Historically Extreme Levels</li>
<li>UMC: -0.8% Discount; Wait for More Extreme Levels; Short Interest in ADRs Falling</li>
<li>ASE: -0.1% Discount; Continued Opportunity to Go Long the ADR Spread</li>
</ul>


TSMC: +22.8% Premium; ADR Spread Remains at Historically Extreme Levels
UMC: -0.8% Discount; Wait for More Extreme Levels; Short Interest in ADRs Falling
ASE: -0.1% Discount; Continued Opportunity to Go Long the ADR Spread


Taiwan Dual-Listings Monitor: TSMC Spread Remains Extreme; UMC ADR Short Interest Falling

Taiwan Tech Focused Senior Analyst

Patrick Liao

<ul>
<li>US President Trump urged <a href="https://www.smartkarma.com/entities/intel-corp" target="_blank" data-smartkarma-citation="entities:16764:1" rel="noopener">Intel Corp (INTC US)</a> yesterday to replace its current CEO, Mr. Lip-Bu Tan.</li>
<li>We believe Intel Foundry Services (IFS) could be a highly challenging — or even misguided — strategy</li>
<li>Intel Corp’s share price has declined about 23% since Mr. Lip-Pu Tan took office.</li>
</ul>


US President Trump urged Intel Corp (INTC US) yesterday to replace its current CEO, Mr. Lip-Bu Tan.
We believe Intel Foundry Services (IFS) could be a highly challenging — or even misguided — strategy
Intel Corp’s share price has declined about 23% since Mr. Lip-Pu Tan took office.


Intel (INTC.US): Changing the CEO Could Save This Company? Probably the Wrong Direction.

Chief Economist, Aletheia Capital

Dr. Jim Walker

Chief Economist

Independent and original Asian investment research

Aletheia Capital

Aletheia Capital (HK) Ltd. (previously known as Asianomics) combines the extensive knowledge of its experienced team with technology and regulatory changes to disrupt Global Markets business in Asia. The firm is completely independent with no conflicts of interest either on Investment Banking advisory or Capital Markets execution.

Macroeconomics

<ul><li><p>Of the 12 regional economies tracked, only 4 are above the 50 PMI boom-bust line: India (59) continues to lead. Vietnam, Philippines, and Thailand also remain in expansion territory.</p></li><li dir="ltr" style="list-style-type: disc;" aria-level="1"><p>Indonesia reported 5.1% growth—no surprise. It’s the same figure (rounded) they’ve reported nearly every quarter over the past decade, barring COVID. It raises credibility questions.</p></li><li>Tariff announcements expected this week remain vague, especially concerning China.</li></ul>

Of the 12 regional economies tracked, only 4 are above the 50 PMI boom-bust line: India (59) continues to lead. Vietnam, Philippines, and Thailand also remain in expansion territory.Indonesia reported 5.1% growth—no surprise. It’s the same figure (rounded) they’ve reported nearly every quarter over the past decade, barring COVID. It raises credibility questions.Tariff announcements expected this week remain vague, especially concerning China.

Walker’s Weekly: Dr. Jim's Summary of Key Global Macro Developments - 8 August 2025

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>Our analysis of quarterly returns of each Asian market and each of the sectors within them shows clear cyclical patterns of performance, driven, we believe, by market/sector rotation by investors.</li>
<li>These cyclical patterns indicate that in the near-term, investors could rotate out of onshore China, India, Singapore, Indonesia and Thailand and rotate into Hong Kong, Korea, Malaysia and Philippines.</li>
<li>Korean Technology, Financials and Industrials, Hong Kong Energy, Communications and Technology Services, and Malaysian and Philippines Industrial Services are the secularly outperforming sectors among these likely beneficiary sectors.  </li>
</ul>


Our analysis of quarterly returns of each Asian market and each of the sectors within them shows clear cyclical patterns of performance, driven, we believe, by market/sector rotation by investors.
These cyclical patterns indicate that in the near-term, investors could rotate out of onshore China, India, Singapore, Indonesia and Thailand and rotate into Hong Kong, Korea, Malaysia and Philippines.
Korean Technology, Financials and Industrials, Hong Kong Energy, Communications and Technology Services, and Malaysian and Philippines Industrial Services are the secularly outperforming sectors among these likely beneficiary sectors.  


Asian Equities: Cyclical Patterns and Sector/Market Rotations Tell Us Where to Look Next

Semiconductor Manufacturing International Corp (SMIC) / Equity Bottom-Up

Semiconductor Manufacturing International Corp (SMIC)

<ul>
<li>
<a href="https://www.smartkarma.com/entities/semiconductor-manufacturing-international-corp-smic" target="_blank" data-smartkarma-citation="entities:14231:1" rel="noopener">Semiconductor Manufacturing International Corp (SMIC) (981 HK)</a> reported in-line 2Q25 results, while its 3Q25 guidance appears somewhat cautious, particularly in terms of gross margin.</li>
<li>The Americas continued to contribute a low-teens percentage to revenue, accounting for 12.9% in 2Q25, while China and Eurasia comprised the remaining majority.</li>
<li>Our top questions for the upcoming SMIC's 3Q25 earnings conference call.   </li>
</ul>



Semiconductor Manufacturing International Corp (SMIC) (981 HK) reported in-line 2Q25 results, while its 3Q25 guidance appears somewhat cautious, particularly in terms of gross margin.
The Americas continued to contribute a low-teens percentage to revenue, accounting for 12.9% in 2Q25, while China and Eurasia comprised the remaining majority.
Our top questions for the upcoming SMIC's 3Q25 earnings conference call.   


SMIC (981.HK): 2Q25 Results in Line; 3Q25 May Offer Mild Upside, but GM Is Expected to Be Flattish.

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 Spread Remains Extreme; UMC ADR Short Interest Falling

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

Vincent Fernando, CFA

Intel (INTC.US): Changing the CEO Could Save This Company? Probably the Wrong Direction.

US President wants Intel Corp to replace CEO Lip-Pu Tan. The strategy of Intel Foundry Services is seen as potentially problematic.

Patrick Liao

Walker’s Weekly: Dr. Jim's Summary of Key Global Macro Developments - 8 August 2025

Of the 12 regional economies tracked, only 4 are above the 50 PMI boom-bust line: India (59) continues to lead. Vietnam, Philippines, and...

Dr. Jim Walker

Asian Equities: Cyclical Patterns and Sector/Market Rotations Tell Us Where to Look Next

Asian market returns evince cyclical patterns driven by investor rotation. Near-term shifts likely from onshore CN, India, SG, Indonesia to HK,...

Manishi Raychaudhuri

SMIC (981.HK): 2Q25 Results in Line; 3Q25 May Offer Mild Upside, but GM Is Expected to Be Flattish.

SMIC reports in-line 2Q25 results but cautious 3Q25 guidance, with Americas contributing low teens to revenue. Top questions for upcoming earnings...

Patrick Liao

Price Gauge

52-week Range

Market Cap (USDm)

P/E

Dividend (Yield)

Taiwan Dual-Listings Monitor: TSMC Spread Remains Extreme; UMC ADR Short Interest Falling

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

Vincent Fernando, CFA

Intel (INTC.US): Changing the CEO Could Save This Company? Probably the Wrong Direction.

​US President wants Intel Corp to replace CEO Lip-Pu Tan. The strategy of Intel Foundry Services is seen as potentially problematic.

Patrick Liao

Walker’s Weekly: Dr. Jim's Summary of Key Global Macro Developments - 8 August 2025

Of the 12 regional economies tracked, only 4 are above the 50 PMI boom-bust line: India (59) continues to lead. Vietnam, Philippines, and...

Dr. Jim Walker

Asian Equities: Cyclical Patterns and Sector/Market Rotations Tell Us Where to Look Next

​Asian market returns evince cyclical patterns driven by investor rotation. Near-term shifts likely from onshore CN, India, SG, Indonesia to HK,...

Manishi Raychaudhuri

SMIC (981.HK): 2Q25 Results in Line; 3Q25 May Offer Mild Upside, but GM Is Expected to Be Flattish.

​SMIC reports in-line 2Q25 results but cautious 3Q25 guidance, with Americas contributing low teens to revenue. Top questions for upcoming earnings...

Patrick Liao

US President wants Intel Corp to replace CEO Lip-Pu Tan. The strategy of Intel Foundry Services is seen as potentially problematic.

Asian market returns evince cyclical patterns driven by investor rotation. Near-term shifts likely from onshore CN, India, SG, Indonesia to HK,...

SMIC reports in-line 2Q25 results but cautious 3Q25 guidance, with Americas contributing low teens to revenue. Top questions for upcoming earnings...