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

APAC IPOs & Placements, Aequitas Research

Akshat Shah

APAC IPOs & Placements

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.

Equity Capital Markets

Powerchip Semiconductor Manufa / Equity Capital Markets

<ul>
<li>
<a href="https://www.smartkarma.com/entities/powerchip-semiconductor-manufa" target="_blank" data-smartkarma-citation="entities:35299:1" rel="noopener">Powerchip Semiconductor Manufacturing (6770 TT)</a> is looking to raise around US$895m, selling 420m shares (28m GDRs) via a GDR offering.</li>
<li>Similar to previous GDR listings, the firm has undergone a long drawn out process prior to launching the deal, having to jump through a number of board/shareholder/regulatory approval loops.</li>
<li>In this note, we run the deal through our ECM framework and comment on deal dynamics.</li>
</ul>



Powerchip Semiconductor Manufacturing (6770 TT) is looking to raise around US$895m, selling 420m shares (28m GDRs) via a GDR offering.
Similar to previous GDR listings, the firm has undergone a long drawn out process prior to launching the deal, having to jump through a number of board/shareholder/regulatory approval loops.
In this note, we run the deal through our ECM framework and comment on deal dynamics.


Aequitas: Powerchip Semiconductor Manufacturing GDR Offering -

Head of Research, IPOs & Placements, Aequitas Research

Sumeet Singh

Head of Research, IPOs & Placements

<ul>
<li>Aequitas Research's weekly update on the IPOs, placements, lockup expiry and other ECM linked events that were covered by the team over the past week.</li>
<li>On the IPO front, <a href="https://www.smartkarma.com/entities/space-exploration-technologies-corp-spacex" target="_blank" data-smartkarma-citation="entities:33284:1" rel="noopener">SpaceX (SPCX US)</a> kicked off the process for what will be the largest global IPO ever.</li>
<li>There were a few placements over the past week, while we also had a look at some of the upcoming lockup expiries.</li>
</ul>


Aequitas Research's weekly update on the IPOs, placements, lockup expiry and other ECM linked events that were covered by the team over the past week.
On the IPO front, SpaceX (SPCX US) kicked off the process for what will be the largest global IPO ever.
There were a few placements over the past week, while we also had a look at some of the upcoming lockup expiries.


Aequitas ECM Weekly (8 June 2026) - SpaceX, GO, Dajin, Merdeka Gold, DSC, WT Micro, JD Industrial

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

DZT Research

DZT 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 Jun 5th. The aggregated holding was USD2,282.9bn.</li>
<li>We estimate that foreign flows to be outflows of USD3,589mln. 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 TSMC, UMC, Quanta Computer, MediaTek, Winbond Electronics.</li>
</ul>


We analyzed the changes in foreign holdings of TWSE Stocks as of Jun 5th. The aggregated holding was USD2,282.9bn.
We estimate that foreign flows to be outflows of USD3,589mln. 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 TSMC, UMC, Quanta Computer, MediaTek, Winbond Electronics.


TWSE Foreign Holding Weekly (Jun 5th): TSMC, UMC, Quanta Computer, MediaTek, Winbond Electronics

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>There are 18 adds and 18 deletes for the TIP Customized Taiwan Select High Dividend Index in June. The TIP Taiwan Select High Dividend ETF has an AUM of US$16.9bn.</li>
<li>The ETF has started trading the stocks and is expected to continue trading for the next 7 trading days.</li>
<li>The adds are outperforming the deletes today and that trend could continue for the next few days as the ETF trades the stocks.</li>
</ul>


There are 18 adds and 18 deletes for the TIP Customized Taiwan Select High Dividend Index in June. The TIP Taiwan Select High Dividend ETF has an AUM of US$16.9bn.
The ETF has started trading the stocks and is expected to continue trading for the next 7 trading days.
The adds are outperforming the deletes today and that trend could continue for the next few days as the ETF trades the stocks.


TIP Customized Taiwan Select High Dividend Index Rebalance: US$13.6bn Trade over the Next Week

Taiwan

WT Microelectronics Co., Ltd. develops and markets integrated circuits (IC) products.  The Company's products include linear IC, applied IC, admixture semaphore IC, logic IC, image detecting IC, and memory IC.  Wintech acts as an agent for Texas Instruments, Fairchild, ST Microelectronics, Marvell, Wolfson, and Bowoon.

Price Gauge
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WT Microelectronics (3036 TT)

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

Aequitas: Powerchip Semiconductor Manufacturing GDR Offering -

Powerchip Semiconductor Manufacturing (6770.TT) is looking to raise around US$895m, selling 420m shares (28m GDRs) via a GDR offering.

Akshat Shah

Aequitas ECM Weekly (8 June 2026) - SpaceX, GO, Dajin, Merdeka Gold, DSC, WT Micro, JD Industrial

Aequitas Research's weekly update on the IPOs, placements, lockup expiry and other ECM linked events that were covered by the team over the past week.

Sumeet Singh

TWSE Foreign Holding Weekly (Jun 5th): TSMC, UMC, Quanta Computer, MediaTek, Winbond Electronics

We analyzed TWSE foreign holding data for the past week and highlighted foreign holding changes in TSMC, UMC, Quanta Computer, MediaTek, Winbond...

Ke Yan, CFA, FRM

TIP Customized Taiwan Select High Dividend Index Rebalance: US$13.6bn Trade over the Next Week

There are 18 adds and 18 deletes for the index. Estimated one-way turnover is 40.6% resulting in a round-trip trade of US$13.6bn. Adds are...

Brian Freitas

Price Gauge

52-week Range

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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

Aequitas: Powerchip Semiconductor Manufacturing GDR Offering -

Powerchip Semiconductor Manufacturing (6770.TT) is looking to raise around US$895m, selling 420m shares (28m GDRs) via a GDR offering.

Akshat Shah

Aequitas ECM Weekly (8 June 2026) - SpaceX, GO, Dajin, Merdeka Gold, DSC, WT Micro, JD Industrial

Aequitas Research's weekly update on the IPOs, placements, lockup expiry and other ECM linked events that were covered by the team over the past week.

Sumeet Singh

TWSE Foreign Holding Weekly (Jun 5th): TSMC, UMC, Quanta Computer, MediaTek, Winbond Electronics

We analyzed TWSE foreign holding data for the past week and highlighted foreign holding changes in TSMC, UMC, Quanta Computer, MediaTek, Winbond...

Ke Yan, CFA, FRM

TIP Customized Taiwan Select High Dividend Index Rebalance: US$13.6bn Trade over the Next Week

There are 18 adds and 18 deletes for the index. Estimated one-way turnover is 40.6% resulting in a round-trip trade of US$13.6bn. Adds are...

Brian Freitas

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