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>Intel Tapes Out New PC Chips on TSMC 2nm -- Dual-Node Nova Lake Strategy Shows Dependence on TSMC... and Value of UMC for INTC in the Long-Term</li>
<li>DRAM Memory Outlook -- Nanya Results See Non-AI DRAM Demand Rebound; DDR4 Shortage Tightens, Expects Continued Strength in 2H25</li>
<li>PC 2Q25: 6-7% Unit Growth YoY Is Pretty Good. 2025 Looks like a 5-6% Growth Year </li>
</ul>


Intel Tapes Out New PC Chips on TSMC 2nm -- Dual-Node Nova Lake Strategy Shows Dependence on TSMC... and Value of UMC for INTC in the Long-Term
DRAM Memory Outlook -- Nanya Results See Non-AI DRAM Demand Rebound; DDR4 Shortage Tightens, Expects Continued Strength in 2H25
PC 2Q25: 6-7% Unit Growth YoY Is Pretty Good. 2025 Looks like a 5-6% Growth Year 


Taiwan Tech Weekly: Intel Tapes Out New Chips at TSMC - What It Means; PC Demand Growth in Focus

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 11th. The aggregated holding was USD1,134.8bn.</li>
<li>We estimate that foreign flows to be inflows of USD1,141mln. 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, Mediatek, Hon Hai Precision, Ctbc Financial.</li>
</ul>


We analyzed the changes in foreign holdings of TWSE Stocks as of Jul 11th. The aggregated holding was USD1,134.8bn.
We estimate that foreign flows to be inflows of USD1,141mln. 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, Mediatek, Hon Hai Precision, Ctbc Financial.


TWSE Foreign Holding Weekly (Jul 11th): TSMC, Mediatek, Hon Hai Precision, Ctbc Financial

<ul>
<li>We analyzed the changes in short interest of TWSE Stocks as of Jul 11th. The aggregated short interest was USD25.6bn.</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 Unimicron Technology, Zhen Ding Technology, Ase Industrial, Mediatek, Asustek Computer.</li>
</ul>


We analyzed the changes in short interest of TWSE Stocks as of Jul 11th. The aggregated short interest was USD25.6bn.
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 Unimicron Technology, Zhen Ding Technology, Ase Industrial, Mediatek, Asustek Computer.


TWSE Short Interest Weekly (Jul 11th): Unimicron Technology, Zhen Ding Technology, Ase Industrial

Pan-Asia Tactical Market Calls (Quant-Driven), MRM Research

Nico Rosti

Pan-Asia Tactical Market Calls (Quant-Driven)

MRM Research

Quantitative Research

Equity Derivatives

<ul>
<li>A quick synoptic look at the tactical models for some key indices, stocks, commodities and bonds we cover, for the week July 14 - July 19.</li>
<li>The most noticeable highlights are: all US markets and stocks we cover sold off last week, apart from <a href="https://www.smartkarma.com/entities/amazon-com-inc" target="_blank" data-smartkarma-citation="entities:409:1" rel="noopener">Amazon.com (AMZN US)</a> , <a href="https://www.smartkarma.com/entities/alphabet-inc-cl-c" target="_blank" data-smartkarma-citation="entities:11369:1" rel="noopener">Alphabet (GOOG US)</a> and <a href="https://www.smartkarma.com/entities/nvidia-corp" target="_blank" data-smartkarma-citation="entities:5891:1" rel="noopener">NVIDIA Corp (NVDA US)</a> </li>
<li>In Asia, <a href="https://www.smartkarma.com/entities/byd-co-ltd-h" target="_blank" data-smartkarma-citation="entities:20962:1" rel="noopener"><strong>BYD (1211 HK)</strong></a><strong> is very oversold</strong>, and <a href="https://www.smartkarma.com/entities/fast-retailing-co-ltd" target="_blank" data-smartkarma-citation="entities:751:1" rel="noopener">Fast Retailing (9983 JP)</a> is also oversold. <a href="https://www.smartkarma.com/entities/gold" target="_blank" data-smartkarma-citation="entities:22870:1" rel="noopener">Gold (GOLD COMDTY)</a> and <a href="https://www.smartkarma.com/entities/crude-oil" target="_blank" data-smartkarma-citation="entities:22869:1" rel="noopener">Crude Oil (CL1 COM COMDTY)</a> start to be overbought.</li>
</ul>


A quick synoptic look at the tactical models for some key indices, stocks, commodities and bonds we cover, for the week July 14 - July 19.
The most noticeable highlights are: all US markets and stocks we cover sold off last week, apart from Amazon.com (AMZN US) , Alphabet (GOOG US) and NVIDIA Corp (NVDA US) 
In Asia, BYD (1211 HK) is very oversold, and Fast Retailing (9983 JP) is also oversold. Gold (GOLD COMDTY) and Crude Oil (CL1 COM COMDTY) start to be overbought.


Global Markets Tactical Outlook: Week of July 14 – July 19

Taiwan Tech Focused Senior Analyst

Patrick Liao

<ul>
<li>For <a href="https://www.smartkarma.com/entities/mediatek-inc" target="_blank" data-smartkarma-citation="entities:772:1" rel="noopener">Mediatek Inc (2454 TT)'s</a> 3Q25 outlook, its revenue is expected to decline by approximately 0–6% quarter-over-quarter, reflecting a relative low seasonal factors and order adjustments.  </li>
<li>Regarding Mediatek Inc (2454 TT)'s partnership with Alphabet (GOOGL US), the TPU v7e is expected to begin tape-out in September 2025.  </li>
<li>Based on current project developments using TSMC’s 2nm process, MediaTek is highly likely to co-develop the next-generation MTIA v4 ASIC with <a href="https://www.smartkarma.com/entities/meta-platforms-inc-class-a-facebook" target="_blank" data-smartkarma-citation="entities:665:1" rel="noopener">Meta (META US)</a>.</li>
</ul>


For Mediatek Inc (2454 TT)'s 3Q25 outlook, its revenue is expected to decline by approximately 0–6% quarter-over-quarter, reflecting a relative low seasonal factors and order adjustments.  
Regarding Mediatek Inc (2454 TT)'s partnership with Alphabet (GOOGL US), the TPU v7e is expected to begin tape-out in September 2025.  
Based on current project developments using TSMC’s 2nm process, MediaTek is highly likely to co-develop the next-generation MTIA v4 ASIC with Meta (META US).


MediaTek (2454.TT): 3Q25 Outlook Is Expected to Decline by Approximately 0–6%.

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: Intel Tapes Out New Chips at TSMC - What It Means; PC Demand Growth in Focus

Intel relies on TSMC for new PC chips, Nanya sees rebound in non-AI DRAM demand, PC unit growth expected to continue in 2025.

Vincent Fernando, CFA

TWSE Foreign Holding Weekly (Jul 11th): TSMC, Mediatek, Hon Hai Precision, Ctbc Financial

We analyzed TWSE foreign holding data for the past week and highlighted foreign holding changes in TSMC, Mediatek, Hon Hai Precision, Ctbc Financial.

Ke Yan, CFA, FRM

TWSE Short Interest Weekly (Jul 11th): Unimicron Technology, Zhen Ding Technology, Ase Industrial

We analyzed TWSE short interest report for the past week and highlighted short interest changes in Unimicron Technology, Zhen Ding Technology, Ase...

Ke Yan, CFA, FRM

Global Markets Tactical Outlook: Week of July 14 – July 19

Our Weekly Tactical Outlook: US sold-off last week, except for Amazon, Alphabet, and NVIDIA (overbought). BYD and Fast Retailing are oversold in...

Nico Rosti

MediaTek (2454.TT): 3Q25 Outlook Is Expected to Decline by Approximately 0–6%.

Mediatek Inc's 3Q25 revenue expected to decline, partnership with Alphabet for TPU v7e tape-out, potential co-development with Meta for next-gen...

Patrick Liao

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52-week Range

Market Cap (USDm)

P/E

Dividend (Yield)

Taiwan Tech Weekly: Intel Tapes Out New Chips at TSMC - What It Means; PC Demand Growth in Focus

​Intel relies on TSMC for new PC chips, Nanya sees rebound in non-AI DRAM demand, PC unit growth expected to continue in 2025.

Vincent Fernando, CFA

TWSE Foreign Holding Weekly (Jul 11th): TSMC, Mediatek, Hon Hai Precision, Ctbc Financial

We analyzed TWSE foreign holding data for the past week and highlighted foreign holding changes in TSMC, Mediatek, Hon Hai Precision, Ctbc Financial.

Ke Yan, CFA, FRM

TWSE Short Interest Weekly (Jul 11th): Unimicron Technology, Zhen Ding Technology, Ase Industrial

We analyzed TWSE short interest report for the past week and highlighted short interest changes in Unimicron Technology, Zhen Ding Technology, Ase...

Ke Yan, CFA, FRM

Global Markets Tactical Outlook: Week of July 14 – July 19

Our Weekly Tactical Outlook: US sold-off last week, except for Amazon, Alphabet, and NVIDIA (overbought). BYD and Fast Retailing are oversold in...

Nico Rosti

MediaTek (2454.TT): 3Q25 Outlook Is Expected to Decline by Approximately 0–6%.

​Mediatek Inc's 3Q25 revenue expected to decline, partnership with Alphabet for TPU v7e tape-out, potential co-development with Meta for next-gen...

Patrick Liao

Intel relies on TSMC for new PC chips, Nanya sees rebound in non-AI DRAM demand, PC unit growth expected to continue in 2025.

Mediatek Inc's 3Q25 revenue expected to decline, partnership with Alphabet for TPU v7e tape-out, potential co-development with Meta for next-gen...