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>Himax (HIMX US): Silicon Photonics Becomes Strategic Imperative for Foundries, Reinforcing Long View </li>
<li>Silicon Motion (SIMO US): Multiple Growth Drivers Converging Into 2026E </li>
<li>Taiwan Dual-Listings Monitor: TSMC &amp; UMC Spreads at Historically Rare Levels </li>
</ul>


Himax (HIMX US): Silicon Photonics Becomes Strategic Imperative for Foundries, Reinforcing Long View 
Silicon Motion (SIMO US): Multiple Growth Drivers Converging Into 2026E 
Taiwan Dual-Listings Monitor: TSMC &amp; UMC Spreads at Historically Rare Levels 


Taiwan Tech Weekly: Industry Moves Show Silicon Photonics Becoming Must-Have for Next Gen Compute

Himax Technologies Inc Adr / Equity Bottom-Up

<ul>
<li>Latest industry developments show silicon photonics becoming a must-have capability for leading foundries as AI bandwidth needs push the limits of traditional chip interconnect technology.</li>
<li>Himax is well positioned as a key upstream supplier of CPO optical engines and nano-optics used in TSMC’s silicon-photonics packaging for next-generation NVIDIA platforms.</li>
<li>Himax’s validated CPO roadmap, proprietary WLO nano-optics platform, and a 2026E-2028E commercialization timeline position the company well. We reiterate our Structural Long rating for Himax into 2026E.</li>
</ul>


Latest industry developments show silicon photonics becoming a must-have capability for leading foundries as AI bandwidth needs push the limits of traditional chip interconnect technology.
Himax is well positioned as a key upstream supplier of CPO optical engines and nano-optics used in TSMC’s silicon-photonics packaging for next-generation NVIDIA platforms.
Himax’s validated CPO roadmap, proprietary WLO nano-optics platform, and a 2026E-2028E commercialization timeline position the company well. We reiterate our Structural Long rating for Himax into 2026E.


Himax (HIMX US): Silicon Photonics Becomes Strategic Imperative for Foundries, Reinforcing Long View

Korea/Asia, Events, IPOs, Douglas Research Advisory

Douglas Kim

Korea/Asia, Events, IPOs

Douglas Research Advisory

Event-Driven

<ul>
<li>According to numerous local media, SK Hynix is considering on listing its treasury shares (2.4% of outstanding shares representing 17.4 million shares) as ADRs.</li>
<li>SK Hynix could cancel its treasury shares or list them as ADRs. The bigger bang for the buck will likely be to list them as ADRs. </li>
<li>By listing its shares as ADRs, the valuation gap between SK Hynix and other listed peers (such as MU and TSMC) could be reduced. </li>
</ul>


According to numerous local media, SK Hynix is considering on listing its treasury shares (2.4% of outstanding shares representing 17.4 million shares) as ADRs.
SK Hynix could cancel its treasury shares or list them as ADRs. The bigger bang for the buck will likely be to list them as ADRs. 
By listing its shares as ADRs, the valuation gap between SK Hynix and other listed peers (such as MU and TSMC) could be reduced. 


A Potential Listing of ADRs for SK Hynix Using Its Treasury Shares?

AI | Semiconductors | Commodities, Mint Finance

Raghav Vashisht

AI | Semiconductors | Commodities

Deep Fundamental Analysis

Mint Finance

Mint Finance's investment research blends deep fundamental analysis with technical & quant insights. Investment strategies straddle across multiple asset classes with risk management embedded into every trade to deliver an outsized reward-to-risk ratio.

Mint Finance's research is centered around three key themes. First, energy transition and climate change. Second, artificial intelligence. Third, shifting world order with its impact across politics and monetary economics.

<ul>
<li>Intel's supply constraints aren't manufacturing issues; three independent demand drivers have converged simultaneously, something which the firm seemed to have under-modelled.  </li>
<li>Hyperscalers are abandoning their flexible procurement model to secure multi-year CPU commitments for the first time, indicating structural demand shifts rather than temporary spikes.</li>
<li>Even TSMC-manufactured Intel products are sold out, proving this is demand-driven across both internal and outsourced capacity.</li>
</ul>


Intel's supply constraints aren't manufacturing issues; three independent demand drivers have converged simultaneously, something which the firm seemed to have under-modelled.  
Hyperscalers are abandoning their flexible procurement model to secure multi-year CPU commitments for the first time, indicating structural demand shifts rather than temporary spikes.
Even TSMC-manufactured Intel products are sold out, proving this is demand-driven across both internal and outsourced capacity.


The Structural Forces Behind Intel's Supply Squeeze

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>Asia's forward PE and P/BV peaked in late October and are moderating now. Korea, Taiwan, China rerated the most. But viewed against ROE, Korea looks cheaper than 6 months ago.</li>
<li>Going by PE viewed against forward EPS growth and P/BV against forward ROE, the well-known conclusion - Korea cheap, India expensive - remains unaltered. Onshore China appears slightly overvalued now.</li>
<li>Persistent initiatives to improve corporate governance are boosting Korea's and Taiwan's valuation. Upward revisions in earnings estimates are getting broad-based, indicating the commencement of improving earnings momentum.</li>
</ul>


Asia's forward PE and P/BV peaked in late October and are moderating now. Korea, Taiwan, China rerated the most. But viewed against ROE, Korea looks cheaper than 6 months ago.
Going by PE viewed against forward EPS growth and P/BV against forward ROE, the well-known conclusion - Korea cheap, India expensive - remains unaltered. Onshore China appears slightly overvalued now.
Persistent initiatives to improve corporate governance are boosting Korea's and Taiwan's valuation. Upward revisions in earnings estimates are getting broad-based, indicating the commencement of improving earnings momentum.


Asian Equities: Valuation Leaderboard Reshuffle Driven by Market Reforms and Earnings Boost.

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: Industry Moves Show Silicon Photonics Becoming Must-Have for Next Gen Compute

Silicon photonics and multiple growth drivers are shaping the strategic imperatives for firms like Himax and Silicon Motion in Taiwan. TSMC and...

Vincent Fernando, CFA

Himax (HIMX US): Silicon Photonics Becomes Strategic Imperative for Foundries, Reinforcing Long View

Latest developments show silicon photonics becoming essential for leading foundries as AI demands strain chip interconnect tech. Himax well...

Vincent Fernando, CFA

A Potential Listing of ADRs for SK Hynix Using Its Treasury Shares?

According to numerous local media, SK Hynix is considering on listing its treasury shares (2.4% of outstanding shares representing 17.4 million...

Douglas Kim

The Structural Forces Behind Intel's Supply Squeeze

Intel is facing supply constraints due to three simultaneous demand drivers, including hyperscalers securing multi-year CPU commitments, leading...

Mint Finance

Asian Equities: Valuation Leaderboard Reshuffle Driven by Market Reforms and Earnings Boost.

Asia's valuations are justifiably moderating. Over the past 6 months CN, KR & TW rerated & their EPS & ROE estimates increased too. KR & CN...

Manishi Raychaudhuri

Price Gauge

52-week Range

Market Cap (USDm)

P/E

Dividend (Yield)

Taiwan Tech Weekly: Industry Moves Show Silicon Photonics Becoming Must-Have for Next Gen Compute

​Silicon photonics and multiple growth drivers are shaping the strategic imperatives for firms like Himax and Silicon Motion in Taiwan. TSMC and...

Vincent Fernando, CFA

Himax (HIMX US): Silicon Photonics Becomes Strategic Imperative for Foundries, Reinforcing Long View

​Latest developments show silicon photonics becoming essential for leading foundries as AI demands strain chip interconnect tech. Himax well...

Vincent Fernando, CFA

A Potential Listing of ADRs for SK Hynix Using Its Treasury Shares?

According to numerous local media, SK Hynix is considering on listing its treasury shares (2.4% of outstanding shares representing 17.4 million...

Douglas Kim

The Structural Forces Behind Intel's Supply Squeeze

​Intel is facing supply constraints due to three simultaneous demand drivers, including hyperscalers securing multi-year CPU commitments, leading...

Mint Finance

Asian Equities: Valuation Leaderboard Reshuffle Driven by Market Reforms and Earnings Boost.

​Asia's valuations are justifiably moderating. Over the past 6 months CN, KR & TW rerated & their EPS & ROE estimates increased too. KR & CN...

Manishi Raychaudhuri

Silicon photonics and multiple growth drivers are shaping the strategic imperatives for firms like Himax and Silicon Motion in Taiwan. TSMC and...

Latest developments show silicon photonics becoming essential for leading foundries as AI demands strain chip interconnect tech. Himax well...

Intel is facing supply constraints due to three simultaneous demand drivers, including hyperscalers securing multi-year CPU commitments, leading...

Asia's valuations are justifiably moderating. Over the past 6 months CN, KR & TW rerated & their EPS & ROE estimates increased too. KR & CN...