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>NVIDIA guided FY28 revenue growth near 70% and Huang said demand is much greater than that. The ceiling is memory supply, not demand.</li>
<li>The limit is physical. HBM needs roughly 3x the wafer area of DDR5 per gigabyte, and is about 90% of the silicon area in a two-GPU package.</li>
<li>What lifts NVIDIA's ceiling is how they allocate wafers between HBM and commodity parts, not the price print.</li>
</ul>


NVIDIA guided FY28 revenue growth near 70% and Huang said demand is much greater than that. The ceiling is memory supply, not demand.
The limit is physical. HBM needs roughly 3x the wafer area of DDR5 per gigabyte, and is about 90% of the silicon area in a two-GPU package.
What lifts NVIDIA's ceiling is how they allocate wafers between HBM and commodity parts, not the price print.


NVIDIA Capped Its Growth at 70% Because HBM Takes 3x the Silicon of Ordinary Memory

Semiconductors, Memory and SSDs Specialist, Objective Analysis

Jim Handy

Semiconductors, Memory and SSDs Specialist

Objective Analysis

Objective Analysis offers third-party independent market research and data for the semiconductor industry and investors in the semiconductor industry.

Semiconductors, Memory and SSDs

Thematic (Sector/Industry)

<ul>
<li>SK hynix' earnings call has been scheduled for 9:00 AM Korea, January 25, and Samsung's for 10:00 AM Korea, January 31.  What can investors expect to hear?</li>
<li>Three indicators have provided a preview of the two calls' directions: WSTS, Spot Pricing, and Micron's earnings call one month earlier.</li>
<li>The news for the market is positive, so expect to hear that these companies are making progress towards regaining profitability in semiconductors.</li>
</ul>


SK hynix' earnings call has been scheduled for 9:00 AM Korea, January 25, and Samsung's for 10:00 AM Korea, January 31.  What can investors expect to hear?
Three indicators have provided a preview of the two calls' directions: WSTS, Spot Pricing, and Micron's earnings call one month earlier.
The news for the market is positive, so expect to hear that these companies are making progress towards regaining profitability in semiconductors.


What to Expect In SK Hynix and Samsung Earnings Calls

Asia Pac ECM and Index Rebal, Shenton Research

Ke Yan, CFA, FRM

Asia Pac ECM and Index Rebal

Asia Pac IPO & Placement Research, China Biotech

Shenton Research

Shenton Research is an independent Asia Pacific equity specialist. Our quantitative research covers index rebalancing flows, alongside exchange data analytics accross Asia Pacific. On the equity capital markets side, we focus on Asia Pacific ECM, especially biotech and TMT. Our lead analyst is frequently cited by international media.

Quantitative Analysis

<ul>
<li>We analyzed the changes in foreign holdings of TWSE Stocks as of Aug 21st. The aggregated holding was USD2,218.0bn.</li>
<li>We estimate that foreign flows to be inflows of USD800mln. 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 Unimicron Technology, Nanya Technology, Powerchip Semiconductor Manufacturing, Evergreen Marine, Hon Hai Precision.</li>
</ul>


We analyzed the changes in foreign holdings of TWSE Stocks as of Aug 21st. The aggregated holding was USD2,218.0bn.
We estimate that foreign flows to be inflows of USD800mln. 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 Unimicron Technology, Nanya Technology, Powerchip Semiconductor Manufacturing, Evergreen Marine, Hon Hai Precision.


TWSE Foreign Holding Weekly (Aug 21st): Unimicron Technology, Nanya Technology, Evergreen Marine

<ul>
<li>We analyzed the changes in short interest of TWSE Stocks as of Aug 21st. The aggregated short interest was USD42.3bn.</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 Shin Kong Financial, MediaTek, Evergreen Marine, Quanta Computer, Asia Vital Components.</li>
</ul>


We analyzed the changes in short interest of TWSE Stocks as of Aug 21st. The aggregated short interest was USD42.3bn.
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 Shin Kong Financial, MediaTek, Evergreen Marine, Quanta Computer, Asia Vital Components.


TWSE Short Interest Weekly (Aug 21st): Shin Kong Financial, MediaTek, Evergreen Marine

<ul>
<li>There are signs of a recovery in the chip sector</li>
<li>Memory spot prices are up, and revenues have risen for six consecutive months</li>
<li>Growth is higher than average, indicating the start of another super-cycle</li>
</ul>


There are signs of a recovery in the chip sector
Memory spot prices are up, and revenues have risen for six consecutive months
Growth is higher than average, indicating the start of another super-cycle


Taiwan

Winbond Electronics Corporation designs, manufactures, and sells integrated circuits (IC) and related products.  The Company sells its products in Taiwan, the United States, and Hong Kong.

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

Winbond Electronics (2344 TT)

NVIDIA Capped Its Growth at 70% Because HBM Takes 3x the Silicon of Ordinary Memory

NVIDIA guided FY28 revenue growth near 70% and Huang said demand is much greater than that. The ceiling is memory supply, not demand.

Vincent Fernando, CFA

What to Expect In SK Hynix and Samsung Earnings Calls

How will the SK hynix earnings call on Jan 25 and the Samsung earnings call on Jan 31 play out? Certain indicators, spelled out in this insight,...

Jim Handy

TWSE Foreign Holding Weekly (Aug 21st): Unimicron Technology, Nanya Technology, Evergreen Marine

We analyzed TWSE foreign holding data for the past week and highlighted foreign holding changes in Unimicron Technology (3037 TT), Nanya Technology...

Ke Yan, CFA, FRM

TWSE Short Interest Weekly (Aug 21st): Shin Kong Financial, MediaTek, Evergreen Marine

We analyzed TWSE short interest report for the past week and highlighted short interest changes in Shin Kong Financial, MediaTek, Evergreen Marine,...

Ke Yan, CFA, FRM

Are Semiconductors Finally Recovering?

The chip sector is beginning to recover with rising memory prices and six consecutive months of above-average revenue growth, suggesting the onset...

Jim Handy

Price Gauge

52-week Range

Market Cap (USDm)

P/E

Dividend (Yield)

NVIDIA Capped Its Growth at 70% Because HBM Takes 3x the Silicon of Ordinary Memory

NVIDIA guided FY28 revenue growth near 70% and Huang said demand is much greater than that. The ceiling is memory supply, not demand.

Vincent Fernando, CFA

What to Expect In SK Hynix and Samsung Earnings Calls

How will the SK hynix earnings call on Jan 25 and the Samsung earnings call on Jan 31 play out? Certain indicators, spelled out in this insight,...

Jim Handy

TWSE Foreign Holding Weekly (Aug 21st): Unimicron Technology, Nanya Technology, Evergreen Marine

We analyzed TWSE foreign holding data for the past week and highlighted foreign holding changes in Unimicron Technology (3037 TT), Nanya Technology...

Ke Yan, CFA, FRM

TWSE Short Interest Weekly (Aug 21st): Shin Kong Financial, MediaTek, Evergreen Marine

We analyzed TWSE short interest report for the past week and highlighted short interest changes in Shin Kong Financial, MediaTek, Evergreen Marine,...

Ke Yan, CFA, FRM

Are Semiconductors Finally Recovering?

​The chip sector is beginning to recover with rising memory prices and six consecutive months of above-average revenue growth, suggesting the onset...

Jim Handy

The chip sector is beginning to recover with rising memory prices and six consecutive months of above-average revenue growth, suggesting the onset...