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 reported 3Q23 results yesterday -- Gross margin beat expectations and remains near historical highs.</li>
<li>TSMC maintains expectation of a 15-20% earnings CAGR through 2026E. Gross margin guided to remain near all-time highs.</li>
<li>Accumulate TSMC as a Structural Long position -- Undemanding multiple can drive Target Price NT$760 for ~40% Upside.</li>
</ul>


TSMC reported 3Q23 results yesterday -- Gross margin beat expectations and remains near historical highs.
TSMC maintains expectation of a 15-20% earnings CAGR through 2026E. Gross margin guided to remain near all-time highs.
Accumulate TSMC as a Structural Long position -- Undemanding multiple can drive Target Price NT$760 for ~40% Upside.


TSMC Results Highlight PC, Smartphone, Auto Turn-Arounds; Undemanding Valuation Can Drive 40% Upside

Founder & CEO Bond Angle, LLC, Bond Angle, LLC

Vicki Bryan

Founder & CEO Bond Angle, LLC

Bond Angle, LLC

Insightful commentary and analysis on bond markets and market movers, including financial, economic, and industry catalysts and management shenanigans. 

High yield market investment research

Credit

<ul>
<li>Factory shutdowns for "updates" doesn't explain Tesla's huge Q3 miss on deliveries.</li>
<li>Why? Because bloated excess inventory was enough to cover the 20k "miss" some 3-5x. </li>
<li>A better explanation: Tesla's accelerating demand erosion, which I have been tracking since last year in every major market.</li>
</ul>


Factory shutdowns for "updates" doesn't explain Tesla's huge Q3 miss on deliveries.
Why? Because bloated excess inventory was enough to cover the 20k "miss" some 3-5x. 
A better explanation: Tesla's accelerating demand erosion, which I have been tracking since last year in every major market.


Tesla's Problem Is Fading Demand, Not Disruptive Factory "Updates"

Pan-Asia Catalysts/Events, Quiddity Advisors

David Blennerhassett

Pan-Asia Catalysts/Events

Quiddity Advisors

Event-Driven

<ul>
<li>Back on the 28 March, <a href="https://www.smartkarma.com/entities/liontown-resources-ltd" target="_blank" data-smartkarma-citation="entities:20488:1" rel="noopener">Liontown Resources (LTR AU)</a> rejected the third proposal of $2.50/share from <a href="https://www.smartkarma.com/entities/albemarle-corp" target="_blank" data-smartkarma-citation="entities:7678:1" rel="noopener">Albemarle (ALB US)</a>, the world’s largest lithium producer, citing terms were opportunistic.</li>
<li>Then everything went quiet. There appeared to be an interested party building a stake ~$2.75/share, but nothing concrete emerged. </li>
<li>Now Albemarle has returned with a revised indicative proposal of $3.00/share - best and final. Due diligence has been granted. The board is supportive if terms are firmed.</li>
</ul>


Back on the 28 March, Liontown Resources (LTR AU) rejected the third proposal of $2.50/share from Albemarle (ALB US), the world’s largest lithium producer, citing terms were opportunistic.
Then everything went quiet. There appeared to be an interested party building a stake ~$2.75/share, but nothing concrete emerged. 
Now Albemarle has returned with a revised indicative proposal of $3.00/share - best and final. Due diligence has been granted. The board is supportive if terms are firmed.


ASEAN Insight Provider, CrossASEAN Research

Angus Mackintosh

ASEAN Insight Provider

CrossASEAN Research

At CrossASEAN Research we strive to produce unbiased and differentiated on the ground insights on companies across South East Asia. Our Research is produced for the most part after face to face meetings and conversations with company management to dig deep into the long term vision and strategy of the companies we cover. We seek to deliver investable and actionable themes on sectors and markets across SE Asia, often in collaboration with other Insight Providers across the region, pooling the vast experience of the analysts within the Smartkarma Ecosystem. We also offer bespoke work and tailor made trips for our clients. 

Insights across South East Asia

Cross Asset Strategy

<ul>
<li>Indonesia's election race is about to begin with the Presidential candidates announcing running mates on 26th October and with campaigns that could boost consumer demand. </li>
<li>The Indonesian economy should see GDP growth above 5% in 2023 and 2024, with inflation already under control at 2.28% in September. FDI remains positive although may slow before elections. </li>
<li>We explore the prospects for different sectors with a positive view on banks, retail, consumer staples, property, and <a href="https://www.smartkarma.com/entities/astra-international-tbk-pt" target="_blank" data-smartkarma-citation="entities:46:1" rel="noopener">Astra International</a> as a market proxy, with some opportunities in tech.</li>
</ul>


Indonesia's election race is about to begin with the Presidential candidates announcing running mates on 26th October and with campaigns that could boost consumer demand. 
The Indonesian economy should see GDP growth above 5% in 2023 and 2024, with inflation already under control at 2.28% in September. FDI remains positive although may slow before elections. 
We explore the prospects for different sectors with a positive view on banks, retail, consumer staples, property, and Astra International as a market proxy, with some opportunities in tech.


Indonesian Strategy - Election Race Hots Up Amidst Profits Recovery

Articles from Caixin Global, Caixin Global

Caixin Global

Articles from Caixin Global

Caixin is a media group dedicated to providing financial and business news through periodicals, online content, mobile apps, conferences, books and TV/video programs. Caixin aims to blaze a trail that helps traditional media prosper in the new media age through integrated multimedia platforms.

News from Caixin

<ul><li>Tesla Inc. will have to sell a record number of cars in the fourth quarter to reach its goal for the year after third-quarter deliveries declined.</li><li>The electric-car maker produced 430,488 vehicles in the third quarter, down 10% from the second, and delivered 435,059 units, down 6.7%, Tesla said Monday.</li><li>The drop in deliveries resulted from production stoppages at its factory in Fremont, California. Tesla CEO Elon Musk said in July that production facilities would be closed at various times in the third quarter to perform plant upgrades.</li></ul>

Tesla Inc. will have to sell a record number of cars in the fourth quarter to reach its goal for the year after third-quarter deliveries declined.The electric-car maker produced 430,488 vehicles in the third quarter, down 10% from the second, and delivered 435,059 units, down 6.7%, Tesla said Monday.The drop in deliveries resulted from production stoppages at its factory in Fremont, California. Tesla CEO Elon Musk said in July that production facilities would be closed at various times in the third quarter to perform plant upgrades.

Tesla Cuts Prices of Top Models After Deliveries Fall

United States

Tesla Inc. operates as a multinational automotive and clean energy company. The Company designs and manufactures electric vehicles, battery energy storage from home to grid-scale, solar panels and solar roof tiles, and related products and services. Tesla owns its sales and service network and sells electric power train components to other automobile manufacturers.

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Tesla (TSLA US)

TSMC Results Highlight PC, Smartphone, Auto Turn-Arounds; Undemanding Valuation Can Drive 40% Upside

TSMC maintained its expectation of a 15-20% earnings CAGR through 2026E. It also reiterated its view that it can maintain its gross margin near all...

Vincent Fernando, CFA

Tesla's Problem Is Fading Demand, Not Disruptive Factory "Updates"

Tesla reports earnings this week: As I expected. Plunging market consensus estimates now approach my previously below market estimates for Q3...

Vicki Bryan

Liontown Warms To Albemarle's Bump

Albermarle withdraws NBIO "due to the growing complexities associated with executing the transaction". Shares subsequently halted until Wednesday...

David Blennerhassett

Indonesian Strategy - Election Race Hots Up Amidst Profits Recovery

We explore the prospects across different sectors in Indonesia with a positive view on banks, retail, consumer staples, property, and Astra...

Angus Mackintosh

Tesla Cuts Prices of Top Models After Deliveries Fall

Tesla Inc. will have to sell a record number of cars in the fourth quarter to reach its goal for the year after third-quarter deliveries...

Caixin Global

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