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

Taiwan Semiconductor (TSMC) - ADR / Equity Bottom-Up

Taiwan Semiconductor Manufacturing Company Ltd. manufactures integrated circuits based on its proprietary designs.  The Company offers a comprehensive set of integrated circuit fabrication processes to manufacture CMOS logic, mixed-mode, volatile and non-volatile memory and BiCMOS chips.  Taiwan Semiconductor is an affiliate of Philips Electronics N.V.

Taiwan Semiconductor (TSMC) - ADR (TSM US)

<ul>
<li>TSMC 4Q24 Gross Margin Comes In At High End of Range; Profit +57% YoY</li>
<li>TSMC's Latest Strong Capex Guidance is Good News for Industry Sentiment</li>
<li>Long-Term Gross Margins -- Will Recently High Gross Margins Become a "New Normal"?</li>
</ul>


TSMC 4Q24 Gross Margin Comes In At High End of Range; Profit +57% YoY
TSMC's Latest Strong Capex Guidance is Good News for Industry Sentiment
Long-Term Gross Margins -- Will Recently High Gross Margins Become a "New Normal"?


TSMC 4Q24 Results Signal Multi-Year Market Share Gains; Margin Strength; Sustainable Industry Growth

<ul>
<li>TSMC Results Today; Arizona Production of 4nm Started, Yield on Par with Taiwan</li>
<li>TSMC Q424 Earnings Preview, 2025 Outlook &amp; Q125 Look Ahead </li>
<li>Delta Taiwan Vs. Thailand Monitor: Convertible Sale; Delta Thailand Should Underperform Vs Parent Co </li>
</ul>


TSMC Results Today; Arizona Production of 4nm Started, Yield on Par with Taiwan
TSMC Q424 Earnings Preview, 2025 Outlook &amp; Q125 Look Ahead 
Delta Taiwan Vs. Thailand Monitor: Convertible Sale; Delta Thailand Should Underperform Vs Parent Co 


Taiwan Tech Weekly: TSMC Results; Earnings Preview; Delta Thailand Convertible

Delta Electronics Thailand  / Equity Bottom-Up

Delta Electronics (Thailand) PCL designs and manufactures electronic equipment. The Company produces power systems for telecommunications, medical equipment, and industrial automation.  Delta also produces fans, electromagnetic interference filters, and solenoids.

<ul>
<li>Delta Thailand Weakness Amid Block Trade and Convertible Bond News</li>
<li>Delta Taiwan Offering Convertible Bonds, Convertible into Delta Thailand Shares</li>
<li>Delta Thailand Still Overvalued Relative to Delta Taiwan -- Short Delta Thailand vs. Long Delta Taiwan</li>
</ul>


Delta Thailand Weakness Amid Block Trade and Convertible Bond News
Delta Taiwan Offering Convertible Bonds, Convertible into Delta Thailand Shares
Delta Thailand Still Overvalued Relative to Delta Taiwan -- Short Delta Thailand vs. Long Delta Taiwan


Delta Taiwan Vs. Thailand Monitor: Convertible Sale; Delta Thailand Should Underperform Vs Parent Co

<ul>
<li>TSMC: +28.4% Premium; Near-All-Time High, Good Level to Short the Spread</li>
<li>UMC: -0.4% Discount; Fifth Consecutive Month of Increase in ADR Headroom</li>
<li>CHT: -0.9% Discount; Good Level to Go Long the Spread</li>
</ul>


TSMC: +28.4% Premium; Near-All-Time High, Good Level to Short the Spread
UMC: -0.4% Discount; Fifth Consecutive Month of Increase in ADR Headroom
CHT: -0.9% Discount; Good Level to Go Long the Spread


Taiwan Dual-Listings Monitor: TSMC Premium Near All-Time Highs; CHT Rare Discount Level

<ul>
<li>Latest TSMC Price Hike -- Introducing the $18,000 Wafer; Supports The Case That Management Margin Guidance is Overly Conservative</li>
<li>Mover Over Apple, Nvidia Could Become TSMC's Largest Customer in 2025E</li>
<li>SK Hynix(000660.KS): Insisting on HBM Technology and Continuing to Surpass Samsung in Net Earnings </li>
</ul>


Latest TSMC Price Hike -- Introducing the $18,000 Wafer; Supports The Case That Management Margin Guidance is Overly Conservative
Mover Over Apple, Nvidia Could Become TSMC's Largest Customer in 2025E
SK Hynix(000660.KS): Insisting on HBM Technology and Continuing to Surpass Samsung in Net Earnings 


Taiwan Tech Weekly: Latest TSMC Pricing for Apple Supports Bullish Margin Case; SK Hynix's HBM Win

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

Vincent Fernando, CFA
Managing Director, Zero One
• Zero One

Taiwan Tech Weekly: TSMC Results; Earnings Preview; Delta Thailand Convertible

TSMC results to be released today, with reports that its Arizona production of 4nm chips is matching Taiwan's yield. Will Japan's Rapidus threaten...

Vincent Fernando, CFA

Delta Taiwan Vs. Thailand Monitor: Convertible Sale; Delta Thailand Should Underperform Vs Parent Co

Delta Thailand's weakness and overvaluation compared to Delta Taiwan prompts a short on Delta Thailand and long on Delta Taiwan strategy.

Vincent Fernando, CFA

Taiwan Dual-Listings Monitor: TSMC Premium Near All-Time Highs; CHT Rare Discount Level

We analyze the premium and discount levels of dual-listed Taiwan companies, suggesting potential spread trading levels based on historical trends.

Vincent Fernando, CFA

Taiwan Tech Weekly: Latest TSMC Pricing for Apple Supports Bullish Margin Case; SK Hynix's HBM Win

TSMC's price hike and potential shift in top customers could impact margins, while SK Hynix maintains lead over Samsung in earnings with focus on...

Vincent Fernando, CFA

TSMC 4Q24 Results Signal Multi-Year Market Share Gains; Margin Strength; Sustainable Industry Growth

​TSMC's strong 4Q24 performance and capex guidance suggest a positive outlook for the industry. We delve into key factors signaling why TSMC's...

Vincent Fernando, CFA

Taiwan Tech Weekly: TSMC Results; Earnings Preview; Delta Thailand Convertible

​TSMC results to be released today, with reports that its Arizona production of 4nm chips is matching Taiwan's yield. Will Japan's Rapidus threaten...

Vincent Fernando, CFA

Delta Taiwan Vs. Thailand Monitor: Convertible Sale; Delta Thailand Should Underperform Vs Parent Co

​Delta Thailand's weakness and overvaluation compared to Delta Taiwan prompts a short on Delta Thailand and long on Delta Taiwan strategy.

Vincent Fernando, CFA

Taiwan Dual-Listings Monitor: TSMC Premium Near All-Time Highs; CHT Rare Discount Level

We analyze the premium and discount levels of dual-listed Taiwan companies, suggesting potential spread trading levels based on historical trends.

Vincent Fernando, CFA

Taiwan Tech Weekly: Latest TSMC Pricing for Apple Supports Bullish Margin Case; SK Hynix's HBM Win

​TSMC's price hike and potential shift in top customers could impact margins, while SK Hynix maintains lead over Samsung in earnings with focus on...

Vincent Fernando, CFA

TSMC's strong 4Q24 performance and capex guidance suggest a positive outlook for the industry. We delve into key factors signaling why TSMC's...

TSMC results to be released today, with reports that its Arizona production of 4nm chips is matching Taiwan's yield. Will Japan's Rapidus threaten...

Delta Thailand's weakness and overvaluation compared to Delta Taiwan prompts a short on Delta Thailand and long on Delta Taiwan strategy.

TSMC's price hike and potential shift in top customers could impact margins, while SK Hynix maintains lead over Samsung in earnings with focus on...