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>Taiwan Tech and Nvidia Rally Ahead of Nvidia Earnings Next Week; Microsoft Build Conference Could Showcase Edge AI Copilot</li>
<li>Hon Hai: Traditional Server Market Now Adding to AI Growth; Expects Market Share Gains in 2024E </li>
<li>Asustek: Margin Beat, Guides More Upside; Qualcomm for AI PCs; Why Asus Confident in AI PC Up-Cycle </li>
</ul>


Taiwan Tech and Nvidia Rally Ahead of Nvidia Earnings Next Week; Microsoft Build Conference Could Showcase Edge AI Copilot
Hon Hai: Traditional Server Market Now Adding to AI Growth; Expects Market Share Gains in 2024E 
Asustek: Margin Beat, Guides More Upside; Qualcomm for AI PCs; Why Asus Confident in AI PC Up-Cycle 


Taiwan Tech Weekly: All Eyes on Nvidia Results Next Week; Microsoft Copilot Edge AI To Be Showcased?

<ul>
<li>TSMC (2330.TT; TSM.US): US$6.6bn from US CHIPS Act; the Earthquake Impact and the 2nd Japanese Fab. </li>
<li>Memory Monitor: Nanya's Results to Provide Latest Color on DRAM Post Earthquake; Short Int Rising </li>
<li>UMC (2303.TT; UMC.US): Some Rush Orders Coming in and 2Q24F Could Post Positive QoQ. </li>
</ul>


TSMC (2330.TT; TSM.US): US$6.6bn from US CHIPS Act; the Earthquake Impact and the 2nd Japanese Fab. 
Memory Monitor: Nanya's Results to Provide Latest Color on DRAM Post Earthquake; Short Int Rising 
UMC (2303.TT; UMC.US): Some Rush Orders Coming in and 2Q24F Could Post Positive QoQ. 


Taiwan Tech Weekly: TSMC Wins Major U.S. Support; Nanya Results; UMC Rush Orders

TSMC (Taiwan Semiconductor Manufacturing) / Equity Bottom-Up

TSMC (Taiwan Semiconductor Manufacturing)

<ul>
<li>There's been a major disconnect between performance of the Philly Semiconductor Index and the Taiwan market recently.</li>
<li>Semi optimism has picked up substantially in U.S. markets and institutional favor towards the Taiwan market could improve as a result.</li>
<li>We indentify US$1bn+  market cap stocks most under-held by institutions, as well as those who may be most at risk of a short squeeze.</li>
</ul>


There's been a major disconnect between performance of the Philly Semiconductor Index and the Taiwan market recently.
Semi optimism has picked up substantially in U.S. markets and institutional favor towards the Taiwan market could improve as a result.
We indentify US$1bn+  market cap stocks most under-held by institutions, as well as those who may be most at risk of a short squeeze.


Taiwan Short Squeeze Ahead? Taiwan Market Significantly Lagging Philly SOX Index

Pan-Asia Index Rebalances/ Events/ Delta One, Periscope Analytics

Brian Freitas

Pan-Asia Index Rebalances/ Events/ Delta One

Periscope Analytics

Periscope Analytics focuses on event-driven trades across Asia Pacific and provides comprehensive, timely and systematic coverage of index changes to major Asia Pacific indices in a structured manner.

The analysis includes forecasted inclusions and exclusions to all major Asian indices that have significant amount of tracking assets, including estimates of passive buy/sell flow on the stocks. The service also provides commentary and impact of market consultations, ground rule changes, and other events (IPOs, spin-offs, M&A) that could lead to index changes and passive flow.

Periscope Analytics works with multi-strategy hedge funds, proprietary trading firms, stat arb trading groups and long-only investors that invest and trade in the Asia Pacific region with the data being used to trade index rebalances, avoid pre-positioning and passive flow, and to time entry into and exit from stocks.

Event-Driven Trades Across Asia Pacific

Index Rebalance

<ul>
<li>The TIP Taiwan Select High Dividend ETF (00919 TW) tracks the TIP Customized Taiwan Select High Dividend Index and has an AUM of TWD 403bn (US$12.8bn).</li>
<li>We forecast 8 changes a side at the December rebalance with an estimated one-way turnover of 30.6% resulting in a round-trip trade of US$7.9bn.</li>
<li>The forecast adds have outperformed the forecast deletes over the last couple of weeks and we expect the adds to continue outperforming the deletes over the next few days.</li>
</ul>


The TIP Taiwan Select High Dividend ETF (00919 TW) tracks the TIP Customized Taiwan Select High Dividend Index and has an AUM of TWD 403bn (US$12.8bn).
We forecast 8 changes a side at the December rebalance with an estimated one-way turnover of 30.6% resulting in a round-trip trade of US$7.9bn.
The forecast adds have outperformed the forecast deletes over the last couple of weeks and we expect the adds to continue outperforming the deletes over the next few days.


TIP Customized Taiwan Select High Dividend Index Rebal Preview: 8 Changes; US$8bn Trade

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 analysed the earning revision of component stocks of MSCI Taiwan in the past month.</li>
<li>We tabulated stocks with the top impact on index's EPS, stocks' EPS revision, and revenue revision.</li>
<li>We highlighted EPS revision on WPG, Taiwan Cement, MSI, Wan Hai Lines, AU Optronics, King Yuan Electronics, TSMC, Synnex Technology International, King Yuan Electronics, TSMC, Wpg, Synnex Technology International, MSI.</li>
</ul>


We analysed the earning revision of component stocks of MSCI Taiwan in the past month.
We tabulated stocks with the top impact on index's EPS, stocks' EPS revision, and revenue revision.
We highlighted EPS revision on WPG, Taiwan Cement, MSI, Wan Hai Lines, AU Optronics, King Yuan Electronics, TSMC, Synnex Technology International, King Yuan Electronics, TSMC, Wpg, Synnex Technology International, MSI.


MSCI Taiwan Index Earning Revision (Nov): WPG, Taiwan Cement, MSI, Wan Hai Lines, AU Optronics

Taiwan

WPG Holdings Ltd. distributes electronic components such as central processing units, memory integrated chips (ICs), application specific standard product (ASSP) ICs, logic and linear ICs, and discrete ICs. The Company distributes for Intel, Texas Instrument, Philips, Hynix, Vishay and other IC manufacturers.

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WPG Holdings (3702 TT)

Taiwan Tech Weekly: All Eyes on Nvidia Results Next Week; Microsoft Copilot Edge AI To Be Showcased?

Taiwan's earnings season is wrapping up but one of the most important companies for the market, Nvidia, is set to release results next week.

Vincent Fernando, CFA

Taiwan Tech Weekly: TSMC Wins Major U.S. Support; Nanya Results; UMC Rush Orders

TSMC receives $6.6bn from US CHIPS Act; also plans for 2nd Japanese fab; Nanya's results to shed light on DRAM post-earthquake; UMC sees rush...

Vincent Fernando, CFA

Taiwan Short Squeeze Ahead? Taiwan Market Significantly Lagging Philly SOX Index

We indentify US$1bn+ market cap stocks most under-held by institutions, as well as those who may be most at risk of a short squeeze.

Vincent Fernando, CFA

TIP Customized Taiwan Select High Dividend Index Rebal Preview: 8 Changes; US$8bn Trade

We forecast 8 changes a side at the December rebalance with an estimated one-way turnover of 30.6% resulting in a round-trip trade of US$7.9bn....

Brian Freitas

MSCI Taiwan Index Earning Revision (Nov): WPG, Taiwan Cement, MSI, Wan Hai Lines, AU Optronics

We analyzed MSCI Taiwan's consensus for Nov 2025 and highlighted changes of EPS in WPG (3702 TT), Taiwan Cement (1101 TT), MSI (2377 TT), Wan Hai...

Ke Yan, CFA, FRM

Price Gauge

52-week Range

Market Cap (USDm)

P/E

Dividend (Yield)

Taiwan Tech Weekly: All Eyes on Nvidia Results Next Week; Microsoft Copilot Edge AI To Be Showcased?

​Taiwan's earnings season is wrapping up but one of the most important companies for the market, Nvidia, is set to release results next week.

Vincent Fernando, CFA

Taiwan Tech Weekly: TSMC Wins Major U.S. Support; Nanya Results; UMC Rush Orders

​TSMC receives $6.6bn from US CHIPS Act; also plans for 2nd Japanese fab; Nanya's results to shed light on DRAM post-earthquake; UMC sees rush...

Vincent Fernando, CFA

Taiwan Short Squeeze Ahead? Taiwan Market Significantly Lagging Philly SOX Index

We indentify US$1bn+ market cap stocks most under-held by institutions, as well as those who may be most at risk of a short squeeze.

Vincent Fernando, CFA

TIP Customized Taiwan Select High Dividend Index Rebal Preview: 8 Changes; US$8bn Trade

We forecast 8 changes a side at the December rebalance with an estimated one-way turnover of 30.6% resulting in a round-trip trade of US$7.9bn....

Brian Freitas

MSCI Taiwan Index Earning Revision (Nov): WPG, Taiwan Cement, MSI, Wan Hai Lines, AU Optronics

We analyzed MSCI Taiwan's consensus for Nov 2025 and highlighted changes of EPS in WPG (3702 TT), Taiwan Cement (1101 TT), MSI (2377 TT), Wan Hai...

Ke Yan, CFA, FRM

Taiwan's earnings season is wrapping up but one of the most important companies for the market, Nvidia, is set to release results next week.

TSMC receives $6.6bn from US CHIPS Act; also plans for 2nd Japanese fab; Nanya's results to shed light on DRAM post-earthquake; UMC sees rush...