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

<ul>
<li>We Engaged with Kinik Recently to Get Insight on Activity Strength for TSMC's Expansion into Nodes 2nm and Below</li>
<li>Diamond Tooling: Quietly Powering Advanced Logic; Kinik Recently Running at Max Capacity for Key DBU Business Segment... also at 100% for SBU Segment</li>
<li>Takeaways -- Kinik as a Concentrated Play on Advanced Node Transitions... Also, We Believe Signs Remain Positive for TSMC's Recent Activity Momentum</li>
</ul>


We Engaged with Kinik Recently to Get Insight on Activity Strength for TSMC's Expansion into Nodes 2nm and Below
Diamond Tooling: Quietly Powering Advanced Logic; Kinik Recently Running at Max Capacity for Key DBU Business Segment... also at 100% for SBU Segment
Takeaways -- Kinik as a Concentrated Play on Advanced Node Transitions... Also, We Believe Signs Remain Positive for TSMC's Recent Activity Momentum


TechChain Insights: Kinik - The Hidden Enabler Behind TSMC’s Sub-2nm Push

TSMC (Taiwan Semiconductor Manufacturing) - ADR / Equity Bottom-Up

TSMC (Taiwan Semiconductor Manufacturing) - ADR

<ul>
<li>TSMC: +20.6% Premium; FY2Q25 Results This Week a Key Catalyst</li>
<li>UMC: 0.0% Premium (Parity); Wait for More Extreme Levels Before Going Long or Short</li>
<li>ASE: -0.8% Discount; Historically Rare Discount, Long the ADR Spread</li>
</ul>


TSMC: +20.6% Premium; FY2Q25 Results This Week a Key Catalyst
UMC: 0.0% Premium (Parity); Wait for More Extreme Levels Before Going Long or Short
ASE: -0.8% Discount; Historically Rare Discount, Long the ADR Spread


Taiwan Dual-Listings Monitor: TSMC Results Ahead; ASE Historically Rare Discount

<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

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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52-week Range	0.00 - 0.00
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TSMC (Taiwan Semiconductor Manufacturing) - ADR (TSM US)

TechChain Insights: Kinik - The Hidden Enabler Behind TSMC’s Sub-2nm Push

Insight from Kinik suggests positive momentum for TSMC's expansion into nodes 2nm and below, with Kinik running at max capacity for key business...

Vincent Fernando, CFA

Taiwan Dual-Listings Monitor: TSMC Results Ahead; ASE Historically Rare Discount

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

Vincent Fernando, CFA

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

Price Gauge

52-week Range

Market Cap (USDm)

P/E

Dividend (Yield)

TechChain Insights: Kinik - The Hidden Enabler Behind TSMC’s Sub-2nm Push

​Insight from Kinik suggests positive momentum for TSMC's expansion into nodes 2nm and below, with Kinik running at max capacity for key business...

Vincent Fernando, CFA

Taiwan Dual-Listings Monitor: TSMC Results Ahead; ASE Historically Rare Discount

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

Vincent Fernando, CFA

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

Insight from Kinik suggests positive momentum for TSMC's expansion into nodes 2nm and below, with Kinik running at max capacity for key business...

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