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: +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

Silicon Motion Technology / Equity Bottom-Up

Silicon Motion Technology Corporation is a semiconductor company that designs, develops, and markets semiconductor products for the multimedia consumer electronics market. The Company's products include controllers used in mobile storage media and multimedia systems on a chip.

<ul>
<li>We engaged with the company recently -- SIMO remains in a strong position to capitalize on global increased need for high-end NAND memory controllers across mobiles, PCs, and enterprise AI.</li>
<li>SIMO’s strong positioning in the Client SSD market and its technology leadership in PCIe 5 SSD and MonTitan solutions provide significant growth opportunities into 2025E and beyond.</li>
<li>Reiterate Structural Long. Given the company's net cash balance sheet, depressed market price, and multi-year growth outlook, in our view a share buyback program would be accretive to shareholder value.</li>
</ul>


We engaged with the company recently -- SIMO remains in a strong position to capitalize on global increased need for high-end NAND memory controllers across mobiles, PCs, and enterprise AI.
SIMO’s strong positioning in the Client SSD market and its technology leadership in PCIe 5 SSD and MonTitan solutions provide significant growth opportunities into 2025E and beyond.
Reiterate Structural Long. Given the company's net cash balance sheet, depressed market price, and multi-year growth outlook, in our view a share buyback program would be accretive to shareholder value.


Silicon Motion: NAND Controller Leader; Positioned for a Transformative 2025E; Structural Long

<ul>
<li>Leaked Mediatek Chip Specs? -- Talk of a "Qualcomm Killer"</li>
<li>Hon Hai in the New York Times -- Why Foxconn is Investing in Texas &amp; Thailand</li>
<li>TSMC's Arizona 4nm Production On Track to Start 2H25E -- Still Expected to Be 30% Higher Cost vs. Taiwan and That's Okay</li>
</ul>


Leaked Mediatek Chip Specs? -- Talk of a "Qualcomm Killer"
Hon Hai in the New York Times -- Why Foxconn is Investing in Texas &amp; Thailand
TSMC's Arizona 4nm Production On Track to Start 2H25E -- Still Expected to Be 30% Higher Cost vs. Taiwan and That's Okay


Taiwan Tech Weekly: Leaked Mediatek Specs Spur Talk Of "Qualcomm Killer"'; TSMC on Track in Arizona

Thematic (Sector/Industry)

<ul>
<li>Board Gender Diversity and Turnover: Companies with higher female representation on boards exhibit lower employee turnover rates, indicating that diversity in leadership fosters a more cohesive and inclusive workplace culture.</li>
<li>Female Workforce Representation: While female workforce representation correlates with higher turnover in non-real estate sectors, the Real Estate sector benefits from slightly improved retention with greater gender diversity.</li>
<li>For SGX-listed companies, enhancing gender diversity and leveraging board experience present opportunities to drive both social and financial performance.</li>
</ul>


Board Gender Diversity and Turnover: Companies with higher female representation on boards exhibit lower employee turnover rates, indicating that diversity in leadership fosters a more cohesive and inclusive workplace culture.
Female Workforce Representation: While female workforce representation correlates with higher turnover in non-real estate sectors, the Real Estate sector benefits from slightly improved retention with greater gender diversity.
For SGX-listed companies, enhancing gender diversity and leveraging board experience present opportunities to drive both social and financial performance.


Diversity’s Dividend: ESG Insights on Retention in SGX-Listed Companies

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

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

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

Silicon Motion: NAND Controller Leader; Positioned for a Transformative 2025E; Structural Long

SIMO is well-positioned to capitalize on the growing demand for high-end NAND memory controllers. We believe a share buyback program could enhance...

Vincent Fernando, CFA

Taiwan Tech Weekly: Leaked Mediatek Specs Spur Talk Of "Qualcomm Killer"'; TSMC on Track in Arizona

Leaked Mediatek chip specs hint at potential rival to Qualcomm's flagship chips; Foxconn investing in Texas & Thailand; TSMC's Arizona production...

Vincent Fernando, CFA

Diversity’s Dividend: ESG Insights on Retention in SGX-Listed Companies

Higher female representation on boards leads to lower employee turnover rates. SGX-listed companies can drive social and financial performance...

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

Silicon Motion: NAND Controller Leader; Positioned for a Transformative 2025E; Structural Long

​SIMO is well-positioned to capitalize on the growing demand for high-end NAND memory controllers. We believe a share buyback program could enhance...

Vincent Fernando, CFA

Taiwan Tech Weekly: Leaked Mediatek Specs Spur Talk Of "Qualcomm Killer"'; TSMC on Track in Arizona

​Leaked Mediatek chip specs hint at potential rival to Qualcomm's flagship chips; Foxconn investing in Texas & Thailand; TSMC's Arizona production...

Vincent Fernando, CFA

Diversity’s Dividend: ESG Insights on Retention in SGX-Listed Companies

​Higher female representation on boards leads to lower employee turnover rates. SGX-listed companies can drive social and financial performance...

Vincent Fernando, CFA

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...

SIMO is well-positioned to capitalize on the growing demand for high-end NAND memory controllers. We believe a share buyback program could enhance...

Leaked Mediatek chip specs hint at potential rival to Qualcomm's flagship chips; Foxconn investing in Texas & Thailand; TSMC's Arizona production...

Higher female representation on boards leads to lower employee turnover rates. SGX-listed companies can drive social and financial performance...