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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A Bull Investment Case for TSMC (Summary Version)

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>We visited Yageo's headquarters to learn more about the business and strategy. We expect revenue quality to improve, margins to rise through 2025E, and possible accretive acquisitions.</li>
<li>The company is a heavily shorted stock based on our short model -- This implies short squeeze potential we believe. The company has over US$1.5bn of dry powder for acquisitions.</li>
<li>We rate Yageo as a Structural Long with a NT$690 target price. Potential upside catalysts outnumber downside catalysts in our view.</li>
</ul>


We visited Yageo's headquarters to learn more about the business and strategy. We expect revenue quality to improve, margins to rise through 2025E, and possible accretive acquisitions.
The company is a heavily shorted stock based on our short model -- This implies short squeeze potential we believe. The company has over US$1.5bn of dry powder for acquisitions.
We rate Yageo as a Structural Long with a NT$690 target price. Potential upside catalysts outnumber downside catalysts in our view.


Yageo: Company Visit -- Improving Revenue Quality & Cashed-Up Actively Looking For Acquisitions

Yageo Corporation

Yageo: Company Visit -- Improving Revenue Quality & Cashed-Up Actively Looking For Acquisitions