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>TSMC: +23.4% Premium; Near Levels to Open Fresh ADR Spread Short</li>
<li>ASE: +0.3% Premium; Good Level to Long the ADR Spread</li>
<li>ChipMOS: -7.5% Discount; Local Shares Rally Makes ADR Deeply Discounted</li>
</ul>


TSMC: +23.4% Premium; Near Levels to Open Fresh ADR Spread Short
ASE: +0.3% Premium; Good Level to Long the ADR Spread
ChipMOS: -7.5% Discount; Local Shares Rally Makes ADR Deeply Discounted


Taiwan Dual-Listings Monitor: TSMC Near Fresh Spread Short Level; ChipMOS Rare Discount

<ul>
<li>Windows 10's End-of-Life Becomes Apple's Windfall as Second Fastest Growing Computer Brand</li>
<li>Eyes on Yageo Results Coming October 30 After 35% 1-Week Surge</li>
<li>China Tightens Rare Earth Grip: TSMC Says It's Prepared with Inventory</li>
</ul>


Windows 10's End-of-Life Becomes Apple's Windfall as Second Fastest Growing Computer Brand
Eyes on Yageo Results Coming October 30 After 35% 1-Week Surge
China Tightens Rare Earth Grip: TSMC Says It's Prepared with Inventory


Taiwan Tech Weekly: Apple's Macbook Windfall; Yageo's Rally; TSMC's Massive Rare Earth Stockpile

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 valuation rerating seems over. Future market performance would likely be driven by earnings growth. On current consensus forecasts, Taiwan, Korea, China and India lead the future earnings growth leaderboard.</li>
<li>Growth adjusted relative valuations are similar to early 2025, but markets are more closely aligned along the trendline. India is relatively less expensive and Korea relatively less cheap than previously.</li>
<li>Analysts are turning more bullish on 2026 than on 2025. For most large markets, especially Korea and Taiwan, 2026 consensus EPS estimates have moved up while 2025 estimates have declined.</li>
</ul>


Asia's valuation rerating seems over. Future market performance would likely be driven by earnings growth. On current consensus forecasts, Taiwan, Korea, China and India lead the future earnings growth leaderboard.
Growth adjusted relative valuations are similar to early 2025, but markets are more closely aligned along the trendline. India is relatively less expensive and Korea relatively less cheap than previously.
Analysts are turning more bullish on 2026 than on 2025. For most large markets, especially Korea and Taiwan, 2026 consensus EPS estimates have moved up while 2025 estimates have declined.


Asian Equities: Divergent EPS Trajectory, Narrowing Valuation Spread; KR-TW Leading EPS Upgrades

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 Oct 24th. The aggregated holding was USD1,379.0bn.</li>
<li>We estimate that foreign flows to be outflows of USD1,005mln. 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, Hon Hai Precision, Wistron, Yageo, MediaTek, Hon Hai Precision, Yageo, TSMC, Wistron, Mediatek.</li>
</ul>


We analyzed the changes in foreign holdings of TWSE Stocks as of Oct 24th. The aggregated holding was USD1,379.0bn.
We estimate that foreign flows to be outflows of USD1,005mln. 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, Hon Hai Precision, Wistron, Yageo, MediaTek, Hon Hai Precision, Yageo, TSMC, Wistron, Mediatek.


TWSE Foreign Holding Weekly (Oct 24th): TSMC, Hon Hai Precision, Wistron, Yageo, MediaTek

<ul>
<li>We analyzed the changes in short interest of TWSE Stocks as of Oct 24th. The aggregated short interest was USD27.3bn.</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 TECO Electric &amp; Machinery, Wistron, Unimicron Technology, LARGAN Precision, Yageo, TECO Electric &amp; Machinery, Wistron, Unimicron Technology, LARGAN Precision, Yageo.</li>
</ul>


We analyzed the changes in short interest of TWSE Stocks as of Oct 24th. The aggregated short interest was USD27.3bn.
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 TECO Electric &amp; Machinery, Wistron, Unimicron Technology, LARGAN Precision, Yageo, TECO Electric &amp; Machinery, Wistron, Unimicron Technology, LARGAN Precision, Yageo.


TWSE Short Interest Weekly (Oct 24th): TECO Electric & Machinery, Wistron, Unimicron Technology

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)

Price Gauge
52-week Range	0.00 - 0.00
Market Cap (USDm)	0.00
P/E	0.00
Dividend (Yield)	0.00

TSMC (Taiwan Semiconductor Manufacturing) - ADR (TSM US)

Taiwan Dual-Listings Monitor: TSMC Near Fresh Spread Short Level; ChipMOS 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: Apple's Macbook Windfall; Yageo's Rally; TSMC's Massive Rare Earth Stockpile

Windows 10's end-of-life is benefiting Apple. Yageo's results ahead after a 35% surge, while TSMC is prepared for China's tightening grip on rare...

Vincent Fernando, CFA

Asian Equities: Divergent EPS Trajectory, Narrowing Valuation Spread; KR-TW Leading EPS Upgrades

Asia's valn rerating seems over, with future performance driven by EPS grwth. TW, KR, CN, IN to lead future EPS growth. Analysts turning more...

Manishi Raychaudhuri

TWSE Foreign Holding Weekly (Oct 24th): TSMC, Hon Hai Precision, Wistron, Yageo, MediaTek

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

Ke Yan, CFA, FRM

TWSE Short Interest Weekly (Oct 24th): TECO Electric & Machinery, Wistron, Unimicron Technology

We analyzed TWSE short interest report for the past week and highlighted short interest changes in TECO Electric & Machinery (1504 TT), Wistron...

Ke Yan, CFA, FRM

Price Gauge

52-week Range

Market Cap (USDm)

P/E

Dividend (Yield)

Taiwan Dual-Listings Monitor: TSMC Near Fresh Spread Short Level; ChipMOS 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: Apple's Macbook Windfall; Yageo's Rally; TSMC's Massive Rare Earth Stockpile

​Windows 10's end-of-life is benefiting Apple. Yageo's results ahead after a 35% surge, while TSMC is prepared for China's tightening grip on rare...

Vincent Fernando, CFA

Asian Equities: Divergent EPS Trajectory, Narrowing Valuation Spread; KR-TW Leading EPS Upgrades

​Asia's valn rerating seems over, with future performance driven by EPS grwth. TW, KR, CN, IN to lead future EPS growth. Analysts turning more...

Manishi Raychaudhuri

TWSE Foreign Holding Weekly (Oct 24th): TSMC, Hon Hai Precision, Wistron, Yageo, MediaTek

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

Ke Yan, CFA, FRM

TWSE Short Interest Weekly (Oct 24th): TECO Electric & Machinery, Wistron, Unimicron Technology

We analyzed TWSE short interest report for the past week and highlighted short interest changes in TECO Electric & Machinery (1504 TT), Wistron...

Ke Yan, CFA, FRM

Windows 10's end-of-life is benefiting Apple. Yageo's results ahead after a 35% surge, while TSMC is prepared for China's tightening grip on rare...

Asia's valn rerating seems over, with future performance driven by EPS grwth. TW, KR, CN, IN to lead future EPS growth. Analysts turning more...