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: +25.6% Premium: Latest Spike is Opportunity to Short the ADR Spread</li>
<li>UMC: +2.0% Premium; Near Level to Go Short the ADR Spread</li>
<li>ASE: +5.1% Premium; Good Level to Take Profits on Previous Long Since Parity</li>
</ul>


TSMC: +25.6% Premium: Latest Spike is Opportunity to Short the ADR Spread
UMC: +2.0% Premium; Near Level to Go Short the ADR Spread
ASE: +5.1% Premium; Good Level to Take Profits on Previous Long Since Parity


Taiwan Dual-Listings Monitor: TSMC Premium Spike Opportunity; ASE Hard Bounce to Prem from Discount

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 Aug 15th. The aggregated holding was USD1,198.8bn.</li>
<li>We estimate that foreign flows to be inflows of USD374mln. 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 Hon Hai Precision, Quanta Computer, TSMC, Wistron, Zhen Ding Technology, Hon Hai Precision, Zhen Ding Technology, Quanta Computer, TSMC, Wistron.</li>
</ul>


We analyzed the changes in foreign holdings of TWSE Stocks as of Aug 15th. The aggregated holding was USD1,198.8bn.
We estimate that foreign flows to be inflows of USD374mln. 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 Hon Hai Precision, Quanta Computer, TSMC, Wistron, Zhen Ding Technology, Hon Hai Precision, Zhen Ding Technology, Quanta Computer, TSMC, Wistron.


TWSE Foreign Holding Weekly (Aug 15th): Hon Hai Precision, Quanta Computer, TSMC, Wistron

<ul>
<li>We analyzed the changes in short interest of TWSE Stocks as of Aug 22nd. The aggregated short interest was USD25.0bn.</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 King Yuan Electronics, Alchip Technologies, Hon Hai Precision, HTC, Wiwynn, King Yuan Electronics, Alchip Technologies, Hon Hai Precision, HTC, Wiwynn.</li>
</ul>


We analyzed the changes in short interest of TWSE Stocks as of Aug 22nd. The aggregated short interest was USD25.0bn.
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 King Yuan Electronics, Alchip Technologies, Hon Hai Precision, HTC, Wiwynn, King Yuan Electronics, Alchip Technologies, Hon Hai Precision, HTC, Wiwynn.


TWSE Short Interest Weekly (Aug 22nd): King Yuan Electronics, Alchip Technologies, Hon Hai Precision

Taiwan Tech Focused Senior Analyst

Patrick Liao

<ul>
<li>Intel has reached an agreement with the U.S. government, under which Washington will invest $8.9bn for a 9.9% equity stake in the company.  </li>
<li>Intel benefits from the optics of government backing, which could help sentiment and prevent downside pressure on the stock in the short term, i.e. near-term optics positive, fundamentals unchanged. </li>
<li>TSMC’s Japan and Germany fabs were structured through co-investments and partnerships, with equity involvement only when tied to technology access (e.g., Sony CMOS JV). </li>
</ul>


Intel has reached an agreement with the U.S. government, under which Washington will invest $8.9bn for a 9.9% equity stake in the company.  
Intel benefits from the optics of government backing, which could help sentiment and prevent downside pressure on the stock in the short term, i.e. near-term optics positive, fundamentals unchanged. 
TSMC’s Japan and Germany fabs were structured through co-investments and partnerships, with equity involvement only when tied to technology access (e.g., Sony CMOS JV). 


Intel (INTC.US): Intel–U.S. Government Equity Deal: Implications and Industry Perspective

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>As the earnings reporting season nears completion, our EPS estimate tracker reveals a downgrade to Asian EPS. AxJ EPS declined only 0.5%-0.8%. But several constituent markets' EPS declined much more.</li>
<li>Asian EPS estimates were supported by China and somewhat surprisingly, Thailand. Indian estimates continued to decline. Even Korea and Taiwan, the recent earnings outperformers, were downgraded during this season. </li>
<li>Unlike Asia, US EPS estimates rose during this season. Japan's and Europe's declined. In a subsequent note we shall track the estimates of all the sectors in each Asian Market.</li>
</ul>


As the earnings reporting season nears completion, our EPS estimate tracker reveals a downgrade to Asian EPS. AxJ EPS declined only 0.5%-0.8%. But several constituent markets' EPS declined much more.
Asian EPS estimates were supported by China and somewhat surprisingly, Thailand. Indian estimates continued to decline. Even Korea and Taiwan, the recent earnings outperformers, were downgraded during this season. 
Unlike Asia, US EPS estimates rose during this season. Japan's and Europe's declined. In a subsequent note we shall track the estimates of all the sectors in each Asian Market.


Asian Equity: As the Result Season Nears Its End, Asian EPS Estimates Suffer a Surprising Downgrade

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 Dual-Listings Monitor: TSMC Premium Spike Opportunity; ASE Hard Bounce to Prem from 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

TWSE Foreign Holding Weekly (Aug 15th): Hon Hai Precision, Quanta Computer, TSMC, Wistron

We analyzed TWSE foreign holding data for the past week and highlighted foreign holding changes in Hon Hai Precision (2317 TT), Quanta Computer...

Ke Yan, CFA, FRM

TWSE Short Interest Weekly (Aug 22nd): King Yuan Electronics, Alchip Technologies, Hon Hai Precision

We analyzed TWSE short interest report for the past week and highlighted short interest changes in King Yuan Electronics (2449 TT), Alchip...

Ke Yan, CFA, FRM

Intel (INTC.US): Intel–U.S. Government Equity Deal: Implications and Industry Perspective

U.S. government invests $8.9bn in Intel for 9.9% stake, boosting company sentiment and stock value in the short term- near-term optics positive,...

Patrick Liao

Asian Equity: As the Result Season Nears Its End, Asian EPS Estimates Suffer a Surprising Downgrade

Asian EPS estimate saw a downgrade during the earnings season that's drawing to a close. CN & TH moved up while India, KR & TW declined. US EPS...

Manishi Raychaudhuri

Price Gauge

52-week Range

Market Cap (USDm)

P/E

Dividend (Yield)

Taiwan Dual-Listings Monitor: TSMC Premium Spike Opportunity; ASE Hard Bounce to Prem from 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

TWSE Foreign Holding Weekly (Aug 15th): Hon Hai Precision, Quanta Computer, TSMC, Wistron

We analyzed TWSE foreign holding data for the past week and highlighted foreign holding changes in Hon Hai Precision (2317 TT), Quanta Computer...

Ke Yan, CFA, FRM

TWSE Short Interest Weekly (Aug 22nd): King Yuan Electronics, Alchip Technologies, Hon Hai Precision

We analyzed TWSE short interest report for the past week and highlighted short interest changes in King Yuan Electronics (2449 TT), Alchip...

Ke Yan, CFA, FRM

Intel (INTC.US): Intel–U.S. Government Equity Deal: Implications and Industry Perspective

​U.S. government invests $8.9bn in Intel for 9.9% stake, boosting company sentiment and stock value in the short term- near-term optics positive,...

Patrick Liao

Asian Equity: As the Result Season Nears Its End, Asian EPS Estimates Suffer a Surprising Downgrade

​Asian EPS estimate saw a downgrade during the earnings season that's drawing to a close. CN & TH moved up while India, KR & TW declined. US EPS...

Manishi Raychaudhuri

U.S. government invests $8.9bn in Intel for 9.9% stake, boosting company sentiment and stock value in the short term- near-term optics positive,...

Asian EPS estimate saw a downgrade during the earnings season that's drawing to a close. CN & TH moved up while India, KR & TW declined. US EPS...