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

<ul>
<li>Apple 1Q25 Results -- Overall Price-Supportive for Taiwan Supplier Share Prices When the Taiwan Market Re-Opens Monday</li>
<li>Why Zhen Ding Technology Holding (4958 TT) and Kinsus Interconnect Tech (3189 TT) Could Be in a Favorable Position Relative to Apple's AI Trajectory</li>
<li>Increasingly sophisticated Apple products require significantly more complex PCBs &amp; interconnect solutions, especially as advanced packaging has become a key enabler of high-performance computing.</li>
</ul>


Apple 1Q25 Results -- Overall Price-Supportive for Taiwan Supplier Share Prices When the Taiwan Market Re-Opens Monday
Why Zhen Ding Technology Holding (4958 TT) and Kinsus Interconnect Tech (3189 TT) Could Be in a Favorable Position Relative to Apple's AI Trajectory
Increasingly sophisticated Apple products require significantly more complex PCBs &amp; interconnect solutions, especially as advanced packaging has become a key enabler of high-performance computing.


Apple Supply Chain Monitor: Latest AAPL Results -- Taiwan Suppliers Well Placed for Monday Re-Open

TSMC (Taiwan Semiconductor Manufacturing) / Equity Bottom-Up

TSMC (Taiwan Semiconductor Manufacturing) (TSM US)

TSMC (Taiwan Semiconductor Manufacturing)

<ul>
<li>TSMC October Revenue Rises 29.2% YoY; Continued Strong Growth Despite Harder YoY Comparison</li>
<li>GlobalWafers (6488.TT): The Recovery Expectation Has Been Delayed from 2H24 to 2025.</li>
<li>UMC (2303.TT; UMC.US): 4Q24 Sales Might Reduce; GM Is Down Due to Inflation and Electricity Costs.</li>
</ul>


TSMC October Revenue Rises 29.2% YoY; Continued Strong Growth Despite Harder YoY Comparison
GlobalWafers (6488.TT): The Recovery Expectation Has Been Delayed from 2H24 to 2025.
UMC (2303.TT; UMC.US): 4Q24 Sales Might Reduce; GM Is Down Due to Inflation and Electricity Costs.


Taiwan Tech Weekly: TSMC Oct Revenue; GlobalWafers Recovery Pushed to 2025E; UMC 4Q24E Challenges

<ul>
<li>We identify key Taiwan-based Apple suppliers that have underperformed recently, and highlight which suppliers' revenue growth will outpace Apple in 2025E.</li>
<li>Rise of India -- Latest Apple data shows massive iPhone production growth in the country.</li>
<li>Apple's next-generation M5 chip will continue using TSMC's 3nm node, launching 2H25E; Supports that TSMC's 3nm process is expected to maintain strong demand even with the arrival of 2nm.</li>
</ul>


We identify key Taiwan-based Apple suppliers that have underperformed recently, and highlight which suppliers' revenue growth will outpace Apple in 2025E.
Rise of India -- Latest Apple data shows massive iPhone production growth in the country.
Apple's next-generation M5 chip will continue using TSMC's 3nm node, launching 2H25E; Supports that TSMC's 3nm process is expected to maintain strong demand even with the arrival of 2nm.


Apple Supply Chain Monitor: Laggards to Outgrow Apple in 2025E; India's IPhone Surge; New IMacs W/AI

<ul>
<li>Key iPhone components suppliers' share prices have substantially underperformed Apple, particularly Largan Precision, Genius Electronic Optical, and Zhen Ding.</li>
<li>There are reasons for iPhone 16 upgrade optimism. We also note that key suppliers failed to rally with Apple shares post-Fed rate cut.</li>
<li>Apple suppliers' 2025E forecasts haven't fallen much so far, despite the negative stock market reaction. If negative iPhone 16 reports prove exaggerated, Largan, Genius, and Zhen Ding could rebound.</li>
</ul>


Key iPhone components suppliers' share prices have substantially underperformed Apple, particularly Largan Precision, Genius Electronic Optical, and Zhen Ding.
There are reasons for iPhone 16 upgrade optimism. We also note that key suppliers failed to rally with Apple shares post-Fed rate cut.
Apple suppliers' 2025E forecasts haven't fallen much so far, despite the negative stock market reaction. If negative iPhone 16 reports prove exaggerated, Largan, Genius, and Zhen Ding could rebound.


Apple Supply Chain Monitor: Key IPhone Suppliers Didn't Rally With Apple; Opportunity for Rebound?

<ul>
<li>TSMC's U.S. Production Strategy Achieves Major Milestone - Begins Production of Apple A16 Chips in Arizona</li>
<li>Reports of Apple's Disappointing Initial iPhone 16 Sales Data; Key Taiwan Suppliers Top Losers Recently</li>
<li>Samsung Falling Behind TSMC - New Report of Low Yields Continuing to Plague Samsung's 3nm AI Processors</li>
</ul>


TSMC's U.S. Production Strategy Achieves Major Milestone - Begins Production of Apple A16 Chips in Arizona
Reports of Apple's Disappointing Initial iPhone 16 Sales Data; Key Taiwan Suppliers Top Losers Recently
Samsung Falling Behind TSMC - New Report of Low Yields Continuing to Plague Samsung's 3nm AI Processors


Taiwan Tech Weekly: TSMC Apple Arizona Production Milestone, Samsung 3nm Yield Still Weak Vs. TSMC

Taiwan

Zhen Ding Technology Holding Ltd is a manufacturer of printed circuit board. The Company design, development, manufacture and sale of printed circuit board.

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

Zhen Ding Technology Holding (4958 TT)

Apple Supply Chain Monitor: Latest AAPL Results -- Taiwan Suppliers Well Placed for Monday Re-Open

Apple's strong 1Q25 results are expected to boost Taiwan supplier share prices when the market re-opens. Zhen Ding and Kinsus Interconnect could...

Vincent Fernando, CFA

Taiwan Tech Weekly: TSMC Oct Revenue; GlobalWafers Recovery Pushed to 2025E; UMC 4Q24E Challenges

TSMC sees strong revenue growth in October, while GlobalWafers delays recovery expectations and UMC faces challenges with potential sales...

Vincent Fernando, CFA

Apple Supply Chain Monitor: Laggards to Outgrow Apple in 2025E; India's IPhone Surge; New IMacs W/AI

Underperforming suppliers expect revenue growth surpassing Apple in 2025E; India sees massive iPhone production growth; Apple's M5 chip...

Vincent Fernando, CFA

Apple Supply Chain Monitor: Key IPhone Suppliers Didn't Rally With Apple; Opportunity for Rebound?

iPhone suppliers' shares have lagged behind Apple's, but could revert and catch up if initial negative iPhone reports prove unfounded. Solid 2025E...

Vincent Fernando, CFA

Taiwan Tech Weekly: TSMC Apple Arizona Production Milestone, Samsung 3nm Yield Still Weak Vs. TSMC

TSMC's U.S. production milestone with Apple A16 chips in Arizona. Reports of Apple's disappointing iPhone 16 sales. Samsung is still struggling...

Vincent Fernando, CFA

Price Gauge

52-week Range

Market Cap (USDm)

P/E

Dividend (Yield)

Apple Supply Chain Monitor: Latest AAPL Results -- Taiwan Suppliers Well Placed for Monday Re-Open

​Apple's strong 1Q25 results are expected to boost Taiwan supplier share prices when the market re-opens. Zhen Ding and Kinsus Interconnect could...

Vincent Fernando, CFA

Taiwan Tech Weekly: TSMC Oct Revenue; GlobalWafers Recovery Pushed to 2025E; UMC 4Q24E Challenges

​TSMC sees strong revenue growth in October, while GlobalWafers delays recovery expectations and UMC faces challenges with potential sales...

Vincent Fernando, CFA

Apple Supply Chain Monitor: Laggards to Outgrow Apple in 2025E; India's IPhone Surge; New IMacs W/AI

​Underperforming suppliers expect revenue growth surpassing Apple in 2025E; India sees massive iPhone production growth; Apple's M5 chip...

Vincent Fernando, CFA

Apple Supply Chain Monitor: Key IPhone Suppliers Didn't Rally With Apple; Opportunity for Rebound?

​iPhone suppliers' shares have lagged behind Apple's, but could revert and catch up if initial negative iPhone reports prove unfounded. Solid 2025E...

Vincent Fernando, CFA

Taiwan Tech Weekly: TSMC Apple Arizona Production Milestone, Samsung 3nm Yield Still Weak Vs. TSMC

​TSMC's U.S. production milestone with Apple A16 chips in Arizona. Reports of Apple's disappointing iPhone 16 sales. Samsung is still struggling...

Vincent Fernando, CFA

Apple's strong 1Q25 results are expected to boost Taiwan supplier share prices when the market re-opens. Zhen Ding and Kinsus Interconnect could...

TSMC sees strong revenue growth in October, while GlobalWafers delays recovery expectations and UMC faces challenges with potential sales...

Underperforming suppliers expect revenue growth surpassing Apple in 2025E; India sees massive iPhone production growth; Apple's M5 chip...

iPhone suppliers' shares have lagged behind Apple's, but could revert and catch up if initial negative iPhone reports prove unfounded. Solid 2025E...

TSMC's U.S. production milestone with Apple A16 chips in Arizona. Reports of Apple's disappointing iPhone 16 sales. Samsung is still struggling...