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) / Equity Bottom-Up

TSMC (Taiwan Semiconductor Manufacturing) (TSM US)

TSMC (Taiwan Semiconductor Manufacturing)

<ul>
<li>TSMC: +12.0% Premium; Below -1 SD Band; Long the ADR Spread</li>
<li>ASE: +0.0% Premium (ADR at Parity); Long the ADR Spread</li>
<li>CHT: -1.3% Discount; Below -1 SD Band; Long the ADR Spread</li>
</ul>


TSMC: +12.0% Premium; Below -1 SD Band; Long the ADR Spread
ASE: +0.0% Premium (ADR at Parity); Long the ADR Spread
CHT: -1.3% Discount; Below -1 SD Band; Long the ADR Spread


Taiwan Dual-Listings Monitor: Multiple ADR Spreads Due for a Bounce

Semiconductor & Technology Specialist, Ingenuity

William Keating

Semiconductor & Technology Specialist

Ingenuity

Our focus is exclusively on in-depth research & consulting in the broader semiconductor industry. We focus on the key players, namely Intel, Micron, Qualcomm, Apple, Samsung, NVIDIA, AMD, TSMC & Global Foundries - as well as some of the lesser known, but nonetheless critical, companies such as ASML (for EUV), Mellanox, Cavium, Xilinx etc. We specialise in their products, roadmaps, process technologies, competitive advantages & threats etc. We also help our clients understand the implications of new and emerging technologies, e.g. 3D X-Point, 3D NAND, Carbon Nanotubes, Autonomous Driving, Graphene, Silicon Photonics, Wafer-Level Optics, Artificial Intelligence, FPGA, GPU, ASIC etc. 

Semiconductor Analysis & Research

TSMC (Taiwan Semiconductor Manufacturing) (2330 TT)

<ul>
<li>In US dollar terms, TSMC's second quarter revenue was $40.20 billion, which increased 33.7% year-over-year and increased 12.0% from the previous quarter.</li>
<li>Current quarter guidance for revenues between US$44.6 billion and US$45.8 billion. At 1 US$ to 32 NT$, gross profit margin is expected to be between 65% and 67%</li>
<li>Supported by their robust technology differentiation and the broad customer base, TSMC now expects full-year 2026 revenue growth of slightly above 40% YoY in US dollar terms. Yikes!</li>
</ul>


In US dollar terms, TSMC's second quarter revenue was $40.20 billion, which increased 33.7% year-over-year and increased 12.0% from the previous quarter.
Current quarter guidance for revenues between US$44.6 billion and US$45.8 billion. At 1 US$ to 32 NT$, gross profit margin is expected to be between 65% and 67%
Supported by their robust technology differentiation and the broad customer base, TSMC now expects full-year 2026 revenue growth of slightly above 40% YoY in US dollar terms. Yikes!


TSMC Q226. You Put All The Truth Together, It's Not The Truth

Taiwan Tech Focused Senior Analyst

Patrick Liao

<ul>
<li>Before the Peak, Few People Realized They Were at the Top of a Bubble.</li>
<li>The recent sharp decline can be summarized by the following observations:  AI is real, but the next challenge may be valuation compression.   </li>
<li>When evaluating the current market correction, the first step is to acknowledge a simple fact. Investors may consider waiting until pessimism has become widespread.  </li>
</ul>


Before the Peak, Few People Realized They Were at the Top of a Bubble.
The recent sharp decline can be summarized by the following observations:  AI is real, but the next challenge may be valuation compression.   
When evaluating the current market correction, the first step is to acknowledge a simple fact. Investors may consider waiting until pessimism has become widespread.  


TSMC (2330.TT; TSM.US): Stock Prices Had Already Priced in Excessively Optimistic Expectations.

Independent research on the U.S. markets, Baptista Research

Baptista Research

Independent research on the U.S. markets

Baptista Research is an independent financial research house focused on the U.S. markets. We provide equity research as well as credit research reports on the top-listed U.S. companies with most of our focus on technology, consumer goods and services, automobiles, industrials, oil and gas, pharma, and healthcare. Our research has served more than 3000 institutional investors including mutual funds, hedge funds, banks, family offices, and various buy-side firms. We operate a research subscription service where institutions, as well as retail investors, can have priority access to all our research. We also have a wide distribution of our research reports across some of the top global financial platforms. Apart from equity research and credit research, we also provide advisory services with respect to mergers & acquisitions (M&A), private equity/ venture capital fundraising, valuation reports, and investment management services for corporates.
Baptista Research is owned and managed by Ishan Majumdar, an ex-Venture Capitalist/ Investment Banker, a Chartered Accountant, and a Masters’ degree holder in Management from HEC Paris. Ishan has nearly a decade of experience in Mergers and Acquisitions, Leveraged Buyouts (LBOs), Venture Capital Investing, Corporate Strategy, and Valuation in front-office roles at the likes of BNP Paribas CIB, Credit Agricole CIB, Groupe Danone, and TIW Private Equity. He has worked on and closed multiple acquisition deals, leveraged buyouts, and start-up investment transactions.

<ul><li>Taiwan Semiconductor Manufacturing Company Limited reported second quarter 2026 results highlighted by revenue growth driven primarily by strong demand for advanced process technologies, notably the 2-nanometer ramp, with these technologies (7-nanometer and below) accounting for 77% of wafer revenue.</li><li>High-performance computing (HPC) contributed 66% of revenue, showing a 20% sequential increase, while smartphone revenue declined 4%.</li><li>Other platforms, including Internet of Things (IoT) and automotive, increased modestly.</li></ul>

Taiwan Semiconductor Manufacturing Company Limited reported second quarter 2026 results highlighted by revenue growth driven primarily by strong demand for advanced process technologies, notably the 2-nanometer ramp, with these technologies (7-nanometer and below) accounting for 77% of wafer revenue.High-performance computing (HPC) contributed 66% of revenue, showing a 20% sequential increase, while smartphone revenue declined 4%.Other platforms, including Internet of Things (IoT) and automotive, increased modestly.

TSMC At 40% Growth: Can Its 2-Nanometer Ramp Protect Margins?

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>Asian headline indices are almost at pre-war levels. However, Philippines, Indonesia, Thailand and Korea are significantly below and Taiwan significantly above the pre-war peaks. Hong Kong, Singapore are at parity.</li>
<li>Utilities, consumer services, consumer durables are prominent decliners. Industrials, health tech (pharmaceuticals), process industries and technology are above pre-war levels. The market seems concerned about fuel and industrial input shortage.</li>
<li>After this relative valuation churn, Korea, Indonesia and Philippines appear the cheapest on PE vs EPS growth and P/BV vs ROE. We remain overweight Korea, HK/China and Singapore.</li>
</ul>


Asian headline indices are almost at pre-war levels. However, Philippines, Indonesia, Thailand and Korea are significantly below and Taiwan significantly above the pre-war peaks. Hong Kong, Singapore are at parity.
Utilities, consumer services, consumer durables are prominent decliners. Industrials, health tech (pharmaceuticals), process industries and technology are above pre-war levels. The market seems concerned about fuel and industrial input shortage.
After this relative valuation churn, Korea, Indonesia and Philippines appear the cheapest on PE vs EPS growth and P/BV vs ROE. We remain overweight Korea, HK/China and Singapore.


Asian Equities: Headline Indices Back to Pre-War, but Not All Markets or Sectors Are

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.

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TSMC (Taiwan Semiconductor Manufacturing) (TSM US)

Taiwan Dual-Listings Monitor: Multiple ADR Spreads Due for a Bounce

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

Vincent Fernando, CFA

TSMC Q226. You Put All The Truth Together, It's Not The Truth

Supported by their robust technology differentiation and the broad customer base, TSMC now expects full-year 2026 revenue growth of slightly above...

William Keating

TSMC (2330.TT; TSM.US): Stock Prices Had Already Priced in Excessively Optimistic Expectations.

Investors may not have realized they were in a bubble before the recent sharp decline, now facing the challenge of valuation compression and...

Patrick Liao

TSMC At 40% Growth: Can Its 2-Nanometer Ramp Protect Margins?

Taiwan Semiconductor Manufacturing Company Limited reported second quarter 2026 results highlighted by revenue growth driven primarily by strong...

Baptista Research

Asian Equities: Headline Indices Back to Pre-War, but Not All Markets or Sectors Are

In Asia post-war, some markets are below pre-war levels & others above. Market concerns include fuel and industrial input shortage. KR, INDO,...

Manishi Raychaudhuri

Price Gauge

52-week Range

Market Cap (USDm)

P/E

Dividend (Yield)

Taiwan Dual-Listings Monitor: Multiple ADR Spreads Due for a Bounce

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

Vincent Fernando, CFA

TSMC Q226. You Put All The Truth Together, It's Not The Truth

Supported by their robust technology differentiation and the broad customer base, TSMC now expects full-year 2026 revenue growth of slightly above...

William Keating

TSMC (2330.TT; TSM.US): Stock Prices Had Already Priced in Excessively Optimistic Expectations.

​Investors may not have realized they were in a bubble before the recent sharp decline, now facing the challenge of valuation compression and...

Patrick Liao

TSMC At 40% Growth: Can Its 2-Nanometer Ramp Protect Margins?

Taiwan Semiconductor Manufacturing Company Limited reported second quarter 2026 results highlighted by revenue growth driven primarily by strong...

Baptista Research

Asian Equities: Headline Indices Back to Pre-War, but Not All Markets or Sectors Are

​In Asia post-war, some markets are below pre-war levels & others above. Market concerns include fuel and industrial input shortage. KR, INDO,...

Manishi Raychaudhuri

Investors may not have realized they were in a bubble before the recent sharp decline, now facing the challenge of valuation compression and...

In Asia post-war, some markets are below pre-war levels & others above. Market concerns include fuel and industrial input shortage. KR, INDO,...