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>Himax 4Q24 Results Show Auto Display Surge -- Structural Growth Story Visible with Touch Panel Usage in Vehicles Soaring</li>
<li>China vs. the Rest of the World: Who’s Moving Faster? China Automakers Far Ahead in Display Sophistication</li>
<li>Himax on Co-Packaged Optics (CPO) -- A Critical New Technology for AI and HPC Processing</li>
</ul>


Himax 4Q24 Results Show Auto Display Surge -- Structural Growth Story Visible with Touch Panel Usage in Vehicles Soaring
China vs. the Rest of the World: Who’s Moving Faster? China Automakers Far Ahead in Display Sophistication
Himax on Co-Packaged Optics (CPO) -- A Critical New Technology for AI and HPC Processing


Himax Sees Chinese Automakers Far Ahead in Adopting Touch Displays; CoPackaged Optics Key for AI/HPC

Taiwan Tech Focused Senior Analyst

Patrick Liao

ASE Technology Holding   / Equity Bottom-Up

<ul>
<li>4Q24 IC ATM sales recorded NT$162bn, up 1% QoQ, GM: 16.4%, down 0.1% QoQ. EMS sales were NT$74.9bn, down 1% QoQ mainly due to seasonality. </li>
<li>1Q25 EMS sales will decline slightly YoY, and OPM is down 0.13ppts YoY. IC-ATM sales will decline mid-single-digits QoQ and GM is down slightly more than 1% QoQ.</li>
<li>Believes it will bring upside from new US BIS policy to ban non-listed OSAT vendors (especially China vendors) to produce US-related chip, but can’t quantify at this moment.</li>
</ul>


4Q24 IC ATM sales recorded NT$162bn, up 1% QoQ, GM: 16.4%, down 0.1% QoQ. EMS sales were NT$74.9bn, down 1% QoQ mainly due to seasonality. 
1Q25 EMS sales will decline slightly YoY, and OPM is down 0.13ppts YoY. IC-ATM sales will decline mid-single-digits QoQ and GM is down slightly more than 1% QoQ.
Believes it will bring upside from new US BIS policy to ban non-listed OSAT vendors (especially China vendors) to produce US-related chip, but can’t quantify at this moment.


ASEH (3711.TT; ASX.US): A Seasonal Decline in 1Q25, But US BIS Policy Will Help ASEH Business.

Asia L/S Equity PM/Macro/Thematic Idea Generation

Rikki Malik

Cross Asset Strategy

<ul>
<li>A review of recent events/data impacting our investment themes or outlook</li>
<li>China listed HK shares continue to lead the pack in Asia</li>
<li>India's rate cuts, tax cuts and election wins are not supporting the market</li>
</ul>


A review of recent events/data impacting our investment themes or outlook
China listed HK shares continue to lead the pack in Asia
India's rate cuts, tax cuts and election wins are not supporting the market


Overview #15 – Who's Afraid of the USD?

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

TSMC (Taiwan Semiconductor Manufacturing) - ADR

<ul>
<li>TSMC: +24.7% Premium; Can Consider Shorting the Spread At Current Level</li>
<li>ASE: +2.6% Premium; Wait for Closer to Parity Before Going Long Again</li>
<li>ChipMOS: +1.8% Premium; Can Continue to Consider Shorting at Current Level</li>
</ul>


TSMC: +24.7% Premium; Can Consider Shorting the Spread At Current Level
ASE: +2.6% Premium; Wait for Closer to Parity Before Going Long Again
ChipMOS: +1.8% Premium; Can Continue to Consider Shorting at Current Level


Taiwan Dual-Listings Monitor: TSMC Spread Back to Extremes; ChipMOS Still High

Tracking developments across tech supply chains, Tech Supply Chain Tracker

Tech Supply Chain Tracker

Tracking developments across tech supply chains

<ul><li>Sumco to stop silicon wafer production at Miyazaki plant by 2026, impacting supply chain for semiconductor industry.</li><li>MediaTek experiences revenue spike in January due to tariff uncertainty and Chinese subsidies, indicating potential market volatility.</li><li>Pegatron maintains consistent performance in January amid transition period, highlighting company stability.</li></ul>

Sumco to stop silicon wafer production at Miyazaki plant by 2026, impacting supply chain for semiconductor industry.MediaTek experiences revenue spike in January due to tariff uncertainty and Chinese subsidies, indicating potential market volatility.Pegatron maintains consistent performance in January amid transition period, highlighting company stability.

Tech Supply Chain Tracker (12-Feb-2025): Sumco to cease Miyazaki plant's wafer production by 2026.

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)

Himax Sees Chinese Automakers Far Ahead in Adopting Touch Displays; CoPackaged Optics Key for AI/HPC

Himax's 4Q24 results highlight auto display surge and China's lead in display sophistication, while also focusing on Co-Packaged Optics for AI and...

Vincent Fernando, CFA

ASEH (3711.TT; ASX.US): A Seasonal Decline in 1Q25, But US BIS Policy Will Help ASEH Business.

4Q24 saw a slight increase in IC ATM sales and a decrease in EMS sales due to seasonality. 1Q25 is expected declining in both EMS and IC ATM...

Patrick Liao

Overview #15 – Who's Afraid of the USD?

A review of recent events/data impacting our investment themes and outlook. We takea quick tour around China, India and Japan

Rikki Malik

Taiwan Dual-Listings Monitor: TSMC Spread Back to Extremes; ChipMOS Still High

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

Vincent Fernando, CFA

Tech Supply Chain Tracker (12-Feb-2025): Sumco to cease Miyazaki plant's wafer production by 2026.

Sumco to cease silicon wafer production in Miyazaki by 2026, MediaTek revenue up in January, Pegatron steady amid transition, Trump imposes steel...

Tech Supply Chain Tracker

Price Gauge

52-week Range

Market Cap (USDm)

P/E

Dividend (Yield)

Himax Sees Chinese Automakers Far Ahead in Adopting Touch Displays; CoPackaged Optics Key for AI/HPC

​Himax's 4Q24 results highlight auto display surge and China's lead in display sophistication, while also focusing on Co-Packaged Optics for AI and...

Vincent Fernando, CFA

ASEH (3711.TT; ASX.US): A Seasonal Decline in 1Q25, But US BIS Policy Will Help ASEH Business.

​4Q24 saw a slight increase in IC ATM sales and a decrease in EMS sales due to seasonality. 1Q25 is expected declining in both EMS and IC ATM...

Patrick Liao

Overview #15 – Who's Afraid of the USD?

A review of recent events/data impacting our investment themes and outlook. We takea quick tour around China, India and Japan

Rikki Malik

Taiwan Dual-Listings Monitor: TSMC Spread Back to Extremes; ChipMOS Still High

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

Vincent Fernando, CFA

Tech Supply Chain Tracker (12-Feb-2025): Sumco to cease Miyazaki plant's wafer production by 2026.

Sumco to cease silicon wafer production in Miyazaki by 2026, MediaTek revenue up in January, Pegatron steady amid transition, Trump imposes steel...

Tech Supply Chain Tracker

Himax's 4Q24 results highlight auto display surge and China's lead in display sophistication, while also focusing on Co-Packaged Optics for AI and...

4Q24 saw a slight increase in IC ATM sales and a decrease in EMS sales due to seasonality. 1Q25 is expected declining in both EMS and IC ATM...