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>
 Memory's price surge stalled month-over-month. The median memory name's sequential revenue growth fell from +32% in April to +4% in May, back at its no-cycle baseline.</li>
<li>
 The PC pull-forward could be unwinding a quarter early. Acer's and ASUS's revenue both fell roughly 16% month-over-month, against positive seasonality, with neither company commenting.</li>
<li>
 AI server demand is so far untouched, and it is not lifting everything. A fifth straight month of ramp, Hon Hai re-accelerating, a record TSMC month.</li>
</ul>



 Memory's price surge stalled month-over-month. The median memory name's sequential revenue growth fell from +32% in April to +4% in May, back at its no-cycle baseline.

 The PC pull-forward could be unwinding a quarter early. Acer's and ASUS's revenue both fell roughly 16% month-over-month, against positive seasonality, with neither company commenting.

 AI server demand is so far untouched, and it is not lifting everything. A fifth straight month of ramp, Hon Hai re-accelerating, a record TSMC month.


Taiwan Revenue Signals -- Memory Growth Stalls While AI Servers Remain Robust

<ul>
<li>COMPUTEX and GTC Taipei drove TSMC and the TAIEX to records, before a US$1.3tn AI selloff in the U.S. sent Taiwan index futures down a record 6.65%.</li>
<li>The trigger was expectations, not fundamentals: Broadcom beat but held rather than raised its long-term AI target, and a hot US jobs report killed Fed rate-cut hopes.</li>
<li>Yet demand kept accelerating through the rout: Winbond, Foxconn and Aspeed posted record sales, and Apollo and Blackstone closed US$35bn to buy AI chips for Anthropic.</li>
</ul>


COMPUTEX and GTC Taipei drove TSMC and the TAIEX to records, before a US$1.3tn AI selloff in the U.S. sent Taiwan index futures down a record 6.65%.
The trigger was expectations, not fundamentals: Broadcom beat but held rather than raised its long-term AI target, and a hot US jobs report killed Fed rate-cut hopes.
Yet demand kept accelerating through the rout: Winbond, Foxconn and Aspeed posted record sales, and Apollo and Blackstone closed US$35bn to buy AI chips for Anthropic.


Taiwan Tech Weekly: COMPUTEX Drives TSMC to Records, Then a US$1.3tn AI Selloff

<ul>
<li>TSMC: +10.6% Premium; Fell Further on Market Weakness; But Likely to Remain Key Foundry Play for U.S. Investors</li>
<li>UMC: -5.6% Discount; Below -1 SD Band; Deep ADR Discount Unlikely to Persist</li>
<li>ASE: -7.1% Discount; Below -1 SD; Another Deep ADR Discount Unlikely to Persist</li>
</ul>


TSMC: +10.6% Premium; Fell Further on Market Weakness; But Likely to Remain Key Foundry Play for U.S. Investors
UMC: -5.6% Discount; Below -1 SD Band; Deep ADR Discount Unlikely to Persist
ASE: -7.1% Discount; Below -1 SD; Another Deep ADR Discount Unlikely to Persist


Taiwan Dual-Listings Monitor: Deep ADR Discounts Unlikely to Persist

<ul>
<li>TSMC: +11.5% Premium; Taiwan Relative Bullishness is Opportunity to Long the ADR Spread</li>
<li>UMC: -3.7% Discount; Persisting Discount = Opportunity to Long the ADR Spread</li>
<li>ASE: -1.6% Discount; Persisting Below Zero... Another Opportunity Long the ADR Spread</li>
</ul>


TSMC: +11.5% Premium; Taiwan Relative Bullishness is Opportunity to Long the ADR Spread
UMC: -3.7% Discount; Persisting Discount = Opportunity to Long the ADR Spread
ASE: -1.6% Discount; Persisting Below Zero... Another Opportunity Long the ADR Spread


Taiwan Dual-Listings Monitor: Taiwan Domestic Investors' Relative Bullishness Is an Opportunity

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.

TSMC (Taiwan Semiconductor Manufacturing) (2330 TT)

<ul>
<li>Asia's near its peak but concerns galore about AI capex durability and interest rate hikes across economies. Selecting high growth stocks with reasonable valuations and strong balance sheets is essential.</li>
<li>We screen 73 large cap stocks (&gt;US$10bn) with strong growth forecasts, reasonable valuations, rising EPS estimates, low leverage in onshore China (26), HK (19), Korea (8), Taiwan (17), India (2).</li>
<li>Prominent technology players and some from manufacturing and basic materials form the core of our list. The stocks from Hong Kong are the most diverse.</li>
</ul>


Asia's near its peak but concerns galore about AI capex durability and interest rate hikes across economies. Selecting high growth stocks with reasonable valuations and strong balance sheets is essential.
We screen 73 large cap stocks (&gt;US$10bn) with strong growth forecasts, reasonable valuations, rising EPS estimates, low leverage in onshore China (26), HK (19), Korea (8), Taiwan (17), India (2).
Prominent technology players and some from manufacturing and basic materials form the core of our list. The stocks from Hong Kong are the most diverse.


Asian Equities: The Asian Large Cap Focus List - 73 Stocks with Growth, Value, Quality Balance Sheet

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.

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) (TSM US)

Taiwan Revenue Signals -- Memory Growth Stalls While AI Servers Remain Robust

Memory prices stalled, PC pull-forward unwinding early, AI server demand remains strong but not boosting all sectors. We analyze the Taiwan AI...

Vincent Fernando, CFA

Taiwan Tech Weekly: COMPUTEX Drives TSMC to Records, Then a US$1.3tn AI Selloff

COMPUTEX and GTC Taipei drove TSMC & TAIEX to records, but a US$1.3tn U.S. AI selloff caused Taiwan index futures to drop 6.65%. Nevertheless,...

Vincent Fernando, CFA

Taiwan Dual-Listings Monitor: Deep ADR Discounts Unlikely to Persist

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 Dual-Listings Monitor: Taiwan Domestic Investors' Relative Bullishness Is an Opportunity

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

Vincent Fernando, CFA

Asian Equities: The Asian Large Cap Focus List - 73 Stocks with Growth, Value, Quality Balance Sheet

Choosing reasonably valued high growth stocks with strong balance sheets is key amid concerns about AI capex durability & interest rate hikes. We...

Manishi Raychaudhuri

Price Gauge

52-week Range

Market Cap (USDm)

P/E

Dividend (Yield)

Taiwan Revenue Signals -- Memory Growth Stalls While AI Servers Remain Robust

​Memory prices stalled, PC pull-forward unwinding early, AI server demand remains strong but not boosting all sectors. We analyze the Taiwan AI...

Vincent Fernando, CFA

Taiwan Tech Weekly: COMPUTEX Drives TSMC to Records, Then a US$1.3tn AI Selloff

​COMPUTEX and GTC Taipei drove TSMC & TAIEX to records, but a US$1.3tn U.S. AI selloff caused Taiwan index futures to drop 6.65%. Nevertheless,...

Vincent Fernando, CFA

Taiwan Dual-Listings Monitor: Deep ADR Discounts Unlikely to Persist

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 Dual-Listings Monitor: Taiwan Domestic Investors' Relative Bullishness Is an Opportunity

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

Vincent Fernando, CFA

Asian Equities: The Asian Large Cap Focus List - 73 Stocks with Growth, Value, Quality Balance Sheet

​Choosing reasonably valued high growth stocks with strong balance sheets is key amid concerns about AI capex durability & interest rate hikes. We...

Manishi Raychaudhuri

Memory prices stalled, PC pull-forward unwinding early, AI server demand remains strong but not boosting all sectors. We analyze the Taiwan AI...

COMPUTEX and GTC Taipei drove TSMC & TAIEX to records, but a US$1.3tn U.S. AI selloff caused Taiwan index futures to drop 6.65%. Nevertheless,...

Choosing reasonably valued high growth stocks with strong balance sheets is key amid concerns about AI capex durability & interest rate hikes. We...