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

Himax Technologies Inc Adr / Equity Bottom-Up

<ul>
<li>
2Q25 beat on margins, in-line on profit; automotive and non-driver ICs resilient despite macro headwinds; guidance points to weaker 3Q25 from seasonal bonus costs and softer demand. </li>
<li>
Automotive, OLED, WiseEye AI, and WLO/CPO remain multi-year growth drivers; CPO mass production targeted for 2026 with early-stage annualized revenue potential above US$100m.</li>
<li>
Shares likely fell on weak near-term outlook, but structural leadership in automotive display ICs, AI sensing, and optical technologies underpins long-term growth runway through 2028.</li>
</ul>



2Q25 beat on margins, in-line on profit; automotive and non-driver ICs resilient despite macro headwinds; guidance points to weaker 3Q25 from seasonal bonus costs and softer demand. 

Automotive, OLED, WiseEye AI, and WLO/CPO remain multi-year growth drivers; CPO mass production targeted for 2026 with early-stage annualized revenue potential above US$100m.

Shares likely fell on weak near-term outlook, but structural leadership in automotive display ICs, AI sensing, and optical technologies underpins long-term growth runway through 2028.


Himax (HIMX US) - Share Drop: Near-Term Weakness Offset by Structural Automotive & AI Growth Drivers

Asia Pac IPO & Placement Research, China biotech, Aequitas Research

Ke Yan, CFA, FRM

Asia Pac IPO & Placement Research, China biotech

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.

Quantitative Analysis

<ul>
<li>We analyzed the changes in foreign holdings of TWSE Stocks as of Aug 8th. The aggregated holding was USD1,194.8bn.</li>
<li>We estimate that foreign flows to be inflows of USD1,623mln. We tabulate the league tables for top changes by value for 1W/4W/1Y and top stocks held by foreign institutions.</li>
<li>We highlight changes of foreign holdings in TSMC, Hon Hai Precision, Quanta Computer, Taishin Financial, Wistron, TSMC, Hon Hai Precision, Quanta Computer, Wistron, Taishin Financial.</li>
</ul>


We analyzed the changes in foreign holdings of TWSE Stocks as of Aug 8th. The aggregated holding was USD1,194.8bn.
We estimate that foreign flows to be inflows of USD1,623mln. We tabulate the league tables for top changes by value for 1W/4W/1Y and top stocks held by foreign institutions.
We highlight changes of foreign holdings in TSMC, Hon Hai Precision, Quanta Computer, Taishin Financial, Wistron, TSMC, Hon Hai Precision, Quanta Computer, Wistron, Taishin Financial.


TWSE Foreign Holding Weekly (Aug 8th): TSMC, Hon Hai Precision, Quanta Computer, Taishin Financial

<ul>
<li>We analyzed the changes in short interest of TWSE Stocks as of Aug 8th. The aggregated short interest was USD25.3bn.</li>
<li>We tabulate league tables for top short by value and short as multiple of ADT, as well as weekly increases &amp; decreases in short value, short as multiple of ADT.</li>
<li>We highlight short interest changes in Lite-On Technology, CTBC Financial, Taishin Financial, Realtek Semiconductor, ASE Industrial, Lite-On Technology, CTBC Financial, Taishin Financial, Realtek Semiconductor, ASE Industrial.</li>
</ul>


We analyzed the changes in short interest of TWSE Stocks as of Aug 8th. The aggregated short interest was USD25.3bn.
We tabulate league tables for top short by value and short as multiple of ADT, as well as weekly increases &amp; decreases in short value, short as multiple of ADT.
We highlight short interest changes in Lite-On Technology, CTBC Financial, Taishin Financial, Realtek Semiconductor, ASE Industrial, Lite-On Technology, CTBC Financial, Taishin Financial, Realtek Semiconductor, ASE Industrial.


TWSE Short Interest Weekly (Aug 8th): Lite-On Technology, CTBC Financial, Taishin Financial

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.

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)

TWSE Foreign Holding Weekly (Aug 8th): TSMC, Hon Hai Precision, Quanta Computer, Taishin Financial

We analyzed TWSE foreign holding data for the past week and highlighted foreign holding changes in TSMC (2330 TT), Hon Hai Precision (2317 TT),...

Ke Yan, CFA, FRM

TWSE Short Interest Weekly (Aug 8th): Lite-On Technology, CTBC Financial, Taishin Financial

We analyzed TWSE short interest report for the past week and highlighted short interest changes in Lite-On Technology (2301 TT), CTBC Financial...

Ke Yan, CFA, FRM

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

Price Gauge

52-week Range

Market Cap (USDm)

P/E

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Himax (HIMX US) - Share Drop: Near-Term Weakness Offset by Structural Automotive & AI Growth Drivers

​2Q25 saw strong margins but weaker 3Q25 expected; long-term growth drivers in automotive, OLED, AI, and optical tech remain solid despite near...

Vincent Fernando, CFA

TWSE Foreign Holding Weekly (Aug 8th): TSMC, Hon Hai Precision, Quanta Computer, Taishin Financial

We analyzed TWSE foreign holding data for the past week and highlighted foreign holding changes in TSMC (2330 TT), Hon Hai Precision (2317 TT),...

Ke Yan, CFA, FRM

TWSE Short Interest Weekly (Aug 8th): Lite-On Technology, CTBC Financial, Taishin Financial

We analyzed TWSE short interest report for the past week and highlighted short interest changes in Lite-On Technology (2301 TT), CTBC Financial...

Ke Yan, CFA, FRM

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

2Q25 saw strong margins but weaker 3Q25 expected; long-term growth drivers in automotive, OLED, AI, and optical tech remain solid despite near...

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