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's Most Advanced Node -- 5x Growth to 200K Wafers a Month? Upcoming 2nm Node Capacity Ramp Could Be Much Bigger Than Many Think</li>
<li>OpenAI's Sam Altman 'Jokes' About Owning US$3 Trillion Worth of GPUs One Day...</li>
<li>AI PC Delay -- Nvidia-MediaTek Push AI PC Chip Launch to 2026</li>
</ul>


TSMC's Most Advanced Node -- 5x Growth to 200K Wafers a Month? Upcoming 2nm Node Capacity Ramp Could Be Much Bigger Than Many Think
OpenAI's Sam Altman 'Jokes' About Owning US$3 Trillion Worth of GPUs One Day...
AI PC Delay -- Nvidia-MediaTek Push AI PC Chip Launch to 2026


Taiwan Tech Weekly: TSMC Preparing 5x 2nm Ramp into 2027; Altman 'Jokes' About Buying 100x More GPUs

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 Jul 18th. The aggregated holding was USD1,172.9bn.</li>
<li>We estimate that foreign flows to be inflows of USD2,885mln. 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, Alchip Technologies, UMC, Asia Vital Components, Hon Hai Precision.</li>
</ul>


We analyzed the changes in foreign holdings of TWSE Stocks as of Jul 18th. The aggregated holding was USD1,172.9bn.
We estimate that foreign flows to be inflows of USD2,885mln. 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, Alchip Technologies, UMC, Asia Vital Components, Hon Hai Precision.


TWSE Foreign Holding Weekly (Jul 18th): TSMC, Alchip Technologies, UMC, Asia Vital Components

Technology / Semiconductor / Internet Research

Nicolas Baratte

<ul>
<li>IDC and Counterpoint released their 2Q25 smartphone estimates. Smartphone units increased 1-2% YoY. Best performer: Samsung +8% YoY, but this didn’t help 2Q operating profits. Vivo +5%, Apple +2%.</li>
<li>The smartphone market is desperately flat – or in slow decline. Smartphone is 76% of revenues for Qualcomm, 57% for Mediatek, 50% Apple and Xiaomi, 35% Samsung, 31% TSMC. Problem?</li>
<li>For Semiconductor firms (QCOM, MTK, TSM), chips ASP increases 10-15% at each generation, between node migration (N3, N2) and increasing AI functionalities. For hardware vendors (Apple, Samsung, Xiaomi), it’s worse.</li>
</ul>


IDC and Counterpoint released their 2Q25 smartphone estimates. Smartphone units increased 1-2% YoY. Best performer: Samsung +8% YoY, but this didn’t help 2Q operating profits. Vivo +5%, Apple +2%.
The smartphone market is desperately flat – or in slow decline. Smartphone is 76% of revenues for Qualcomm, 57% for Mediatek, 50% Apple and Xiaomi, 35% Samsung, 31% TSMC. Problem?
For Semiconductor firms (QCOM, MTK, TSM), chips ASP increases 10-15% at each generation, between node migration (N3, N2) and increasing AI functionalities. For hardware vendors (Apple, Samsung, Xiaomi), it’s worse.


<ul>
<li>TSMC Beats, Raises, and Confirms AI Ramp Is Real, Despite FX Drag</li>
<li>Conclusion -- Maintain Structural Long View, 2026 Growth Likely Underappreciated</li>
<li>TSMC ADR Premium Rebounds to 23.6% -- US Investor Positioning Skewed Toward TSMC's Unique AI Exposure</li>
</ul>


TSMC Beats, Raises, and Confirms AI Ramp Is Real, Despite FX Drag
Conclusion -- Maintain Structural Long View, 2026 Growth Likely Underappreciated
TSMC ADR Premium Rebounds to 23.6% -- US Investor Positioning Skewed Toward TSMC's Unique AI Exposure


TSMC 2Q25 Takeways: Undervalued Op Leverage and Capacity Strain Setting Up 2026 N2 Growth Suprise

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>We take a detailed look at forward PE multiples, absolute and relative to Asia, of all Asia ex Japan markets.  North Asia is in line with average valuations, India expensive.</li>
<li>Juxtaposing valuations in comparison to history with the earnings environment of each market, we arrive at conclusions about which market should rerate and which should derate.</li>
<li>We posit continued rerating for Korea and Philippines. India should derate. HK, Taiwan, Indonesia and Singapore could rerate modestly. Malaysia and Thailand are cheap but seem destined to remain so.</li>
</ul>


We take a detailed look at forward PE multiples, absolute and relative to Asia, of all Asia ex Japan markets.  North Asia is in line with average valuations, India expensive.
Juxtaposing valuations in comparison to history with the earnings environment of each market, we arrive at conclusions about which market should rerate and which should derate.
We posit continued rerating for Korea and Philippines. India should derate. HK, Taiwan, Indonesia and Singapore could rerate modestly. Malaysia and Thailand are cheap but seem destined to remain so.


Asian Equities: Absolute and Relative Valuations – Spotting Mean Reversion Opportunities

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: TSMC Preparing 5x 2nm Ramp into 2027; Altman 'Jokes' About Buying 100x More GPUs

TSMC's upcoming 2nm node could see a significant increase in wafer capacity, OpenAI's Sam Altman jokes about owning trillions worth of GPUs, and...

Vincent Fernando, CFA

TWSE Foreign Holding Weekly (Jul 18th): TSMC, Alchip Technologies, UMC, Asia Vital Components

We analyzed TWSE foreign holding data for the past week and highlighted foreign holding changes in TSMC, Alchip Technologies, UMC, Asia Vital...

Ke Yan, CFA, FRM

Smartphone 2Q25: Boring Boring

2Q25 smartphone estimates show slight YoY increase in units, but market is flat or declining. Semiconductor firms see ASP increases, while...

Nicolas Baratte

TSMC 2Q25 Takeways: Undervalued Op Leverage and Capacity Strain Setting Up 2026 N2 Growth Suprise

TSMC's strong performance and focus on AI growth is underappreciated, with US investors showing a skewed positioning towards the company's unique...

Vincent Fernando, CFA

Asian Equities: Absolute and Relative Valuations – Spotting Mean Reversion Opportunities

Korea's, Hong Kong's and Singapore's continued rerating is in line with our expectations, as is the derating of India - especially when it comes to...

Manishi Raychaudhuri

Price Gauge

52-week Range

Market Cap (USDm)

P/E

Dividend (Yield)

Taiwan Tech Weekly: TSMC Preparing 5x 2nm Ramp into 2027; Altman 'Jokes' About Buying 100x More GPUs

​TSMC's upcoming 2nm node could see a significant increase in wafer capacity, OpenAI's Sam Altman jokes about owning trillions worth of GPUs, and...

Vincent Fernando, CFA

TWSE Foreign Holding Weekly (Jul 18th): TSMC, Alchip Technologies, UMC, Asia Vital Components

We analyzed TWSE foreign holding data for the past week and highlighted foreign holding changes in TSMC, Alchip Technologies, UMC, Asia Vital...

Ke Yan, CFA, FRM

Smartphone 2Q25: Boring Boring

​2Q25 smartphone estimates show slight YoY increase in units, but market is flat or declining. Semiconductor firms see ASP increases, while...

Nicolas Baratte

TSMC 2Q25 Takeways: Undervalued Op Leverage and Capacity Strain Setting Up 2026 N2 Growth Suprise

​TSMC's strong performance and focus on AI growth is underappreciated, with US investors showing a skewed positioning towards the company's unique...

Vincent Fernando, CFA

Asian Equities: Absolute and Relative Valuations – Spotting Mean Reversion Opportunities

Korea's, Hong Kong's and Singapore's continued rerating is in line with our expectations, as is the derating of India - especially when it comes to...

Manishi Raychaudhuri

TSMC's upcoming 2nm node could see a significant increase in wafer capacity, OpenAI's Sam Altman jokes about owning trillions worth of GPUs, and...

2Q25 smartphone estimates show slight YoY increase in units, but market is flat or declining. Semiconductor firms see ASP increases, while...

TSMC's strong performance and focus on AI growth is underappreciated, with US investors showing a skewed positioning towards the company's unique...