Managing Director, Zero One, Zero One

Vincent Fernando, CFA

20 years of experience researching capital markets in Asia and the USA.

Managing Director, Zero One

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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

ASE Technology Holding   / Equity Bottom-Up

<ul>
<li>A TALE OF TWO SEMI INDUSTRIES: ASE's latest earnings commentary indicates that the performance gap between "leading-edge" technologies and "traditional/mature" semiconductor technologies may be widening.</li>
<li>CAPITAL REQUIREMENT TO KEEP PACE IS RISING: Capacity utilization is starkly different for traditional vs. leading-edge capacity; and capital requirements to keep up in terms of advanced capacity is rising.</li>
<li>ENTRY BARRIERS RISING: We suspect that smaller players could face significant challenges in keeping up with the investments necessary for leading-edge packaging and testing capacity. ASE needs to invest heavily.</li>
</ul>


A TALE OF TWO SEMI INDUSTRIES: ASE's latest earnings commentary indicates that the performance gap between "leading-edge" technologies and "traditional/mature" semiconductor technologies may be widening.
CAPITAL REQUIREMENT TO KEEP PACE IS RISING: Capacity utilization is starkly different for traditional vs. leading-edge capacity; and capital requirements to keep up in terms of advanced capacity is rising.
ENTRY BARRIERS RISING: We suspect that smaller players could face significant challenges in keeping up with the investments necessary for leading-edge packaging and testing capacity. ASE needs to invest heavily.


ASE Color Suggests Widening Performance Gap Between Leading-Edge and Mature Semiconductor Players