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

Taiwan Dual-Listings Monitor: TSMC Breaks Down From Extreme, UMC Discount Near Historical Low

Taiwan Tech Weekly: Semi/AI Darlings Slammed; TSMC Supply Chain Insights; ASE Wins Key IPhone Order

Memory Monitor: What SK Hynix Sees For PC and Server Markets Ahead; TSMC's Strength Vs. Samsung

TSMC: Defensive AI Play in Long Upward Re-Rating Trend?

Memory Monitor: Micron Leapfrogging Into HBM3E for AI; Nanya Lagging Peers But Poised to Benefit

Taiwan Tech Weekly: Apple Suppliers Slump on IPhone; PC Volumes Back to Growth; TSMC & ASML Results

Nanya Technology Sees DRAM Industry Pricing Rising Through 2024E; But Is Underperforming Financially

Nanya. Tailwinds Mount Albeit Profits Still Elude

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 (TSM US)

TSMC (Taiwan Semiconductor Manufacturing) - ADR

<ul>
<li>TSMC and ASML reported 1Q24 results last week; both stocks have fallen post results, impacted by global concerns despite a strong outlook for these two leaders into 2025E.</li>
<li>TSMC guided for strong growth not just in 2024E, but if one digs into management's comments, they actually provided strong visibility into their 2028E internal revenue expectations.</li>
<li>For ASML, its EUV product business is the key indicator to watch. We believe TSMC shares will continue to re-rate even through a period of global economic softness.</li>
</ul>


TSMC and ASML reported 1Q24 results last week; both stocks have fallen post results, impacted by global concerns despite a strong outlook for these two leaders into 2025E.
TSMC guided for strong growth not just in 2024E, but if one digs into management's comments, they actually provided strong visibility into their 2028E internal revenue expectations.
For ASML, its EUV product business is the key indicator to watch. We believe TSMC shares will continue to re-rate even through a period of global economic softness.


TSMC (Taiwan Semiconductor Manufacturing) (2330 TT)

TSMC (Taiwan Semiconductor Manufacturing)

TSMC Just Provided Substantial Visibility into Their Long-Term Growth Estimate; ASML Adds Color