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

<ul>
<li>This week will see a wave of earnings releases for the industry including Intel, Microsofot, Mediatek, ASE, and UMC.</li>
<li>TSMC results last week provided positive color on the 2024E onwards outlook for the company as well as comments regarding a turn around for PC and mobile.</li>
<li>Taiwan AI names were some of the top losers across our Taiwan Tech universe last week.</li>
</ul>


This week will see a wave of earnings releases for the industry including Intel, Microsofot, Mediatek, ASE, and UMC.
TSMC results last week provided positive color on the 2024E onwards outlook for the company as well as comments regarding a turn around for PC and mobile.
Taiwan AI names were some of the top losers across our Taiwan Tech universe last week.


Taiwan Tech Weekly: Watch for Intel, Microsoft, Mediatek, ASE, UMC Results; AI Names Top Losers

Hon Hai Precision Industry / Equity Bottom-Up

<ul>
<li>Nvidia's CEO Jensen Huang joined Hon Hai at its annual Tech Day yesterday, announcing  an expansion of their partnership into the development of AI factories that will produce new software.</li>
<li>Hon Hai unveiled its new 'Model N' EV, a van designed for logistics use cases. Its Model C SUV will have first customer deliveries in Taiwan in January 2024E.</li>
<li>The latest Nvidia partnership expansion announcement and EV developments will transform Hon Hai's unique value proposition to automakers. We continue to expect nearly 50% upside for the shares.</li>
</ul>


Nvidia's CEO Jensen Huang joined Hon Hai at its annual Tech Day yesterday, announcing  an expansion of their partnership into the development of AI factories that will produce new software.
Hon Hai unveiled its new 'Model N' EV, a van designed for logistics use cases. Its Model C SUV will have first customer deliveries in Taiwan in January 2024E.
The latest Nvidia partnership expansion announcement and EV developments will transform Hon Hai's unique value proposition to automakers. We continue to expect nearly 50% upside for the shares.


Hon Hai Tech Day Takeaways: Nvidia Announces AI Factories Partnership; Competitive Advantage for EVs

Energy Transition | AI | Shifting World Order, Mint Finance

Srinidhi Raghavendra

Energy Transition | AI | Shifting World Order

Deep Fundamental Analysis

Mint Finance

Mint Finance's investment research blends deep fundamental analysis with technical & quant insights. Investment strategies straddle across multiple asset classes with risk management embedded into every trade to deliver an outsized reward-to-risk ratio.

Mint Finance's research is centered around three key themes. First, energy transition and climate change. Second, artificial intelligence. Third, shifting world order with its impact across politics and monetary economics.

<ul>
<li>If you're an investor in any firm with some form of dominance in US markets, then you need to know who Ms Lina Khan is.</li>
<li>Corporate misbehavior is a topic of her interest. She shows zero tolerance towards large corporations who wield outsized market power.</li>
<li>FTC along with 17 US states filed a lawsuit against Amazon for illegally maintaining monopoly power. How will Amazon be impacted?</li>
</ul>


If you're an investor in any firm with some form of dominance in US markets, then you need to know who Ms Lina Khan is.
Corporate misbehavior is a topic of her interest. She shows zero tolerance towards large corporations who wield outsized market power.
FTC along with 17 US states filed a lawsuit against Amazon for illegally maintaining monopoly power. How will Amazon be impacted?


Who Is Lina Khan? Why Should Investors Bother?

Head of Research, IPOs & Placements, Aequitas Research

Sumeet Singh

Head of Research, IPOs & Placements

IPOs and Placements coverage across Asia Pacific

Aequitas Research

We cover all listing across the Asia Pacific along with follow-up placements. As of Dec 2020, our team had covered 539 IPOs with a hit rate of 73.5% and 685 placements with a hit rate of 66.8%.

We combine fundamental bottom-up views with our proprietary quantitative framework to provide a holistic coverage across new listings and placements. Our coverage includes pre-IPO notes before the deal is launched, follow-up analysis once the deal is live and post-listing trading analysis as well.

Equity Capital Markets

Kokusai Electric  / Equity Capital Markets

<ul>
<li>KKR is looking to raise around US$730m via selling a stake in <a href="https://www.smartkarma.com/entities/kokusai-electric-corp" target="_blank" data-smartkarma-citation="entities:40152:1" rel="noopener">Kokusai Electric (6525 JP)</a> (KE) in its Japan IPO.</li>
<li>KE main business activities consist of the manufacturing, sales and maintenance service of semiconductor manufacturing equipment.</li>
<li>In our previous notes we have looked at the company’s past performance and undertook a peer comparison. In this note, we talk about valuations.</li>
</ul>


KKR is looking to raise around US$730m via selling a stake in Kokusai Electric (6525 JP) (KE) in its Japan IPO.
KE main business activities consist of the manufacturing, sales and maintenance service of semiconductor manufacturing equipment.
In our previous notes we have looked at the company’s past performance and undertook a peer comparison. In this note, we talk about valuations.


Kokusai Electric IPO - Not Wholly Convinced, One Needs to Look past the Cycle

Taiwan Semiconductor (TSMC) / Equity Bottom-Up

<ul>
<li>Samsung Electronics and Nanya Technology will report their results this week. Samsung could reportedly increase NAND prices this month, giving a potential hint to the memory outlook they will provide.</li>
<li>Hon Hai will begin mass production of its Model C electric car in 4Q23E in Taiwan. This will provide a proof point for Hon Hai's global EV platform business model.</li>
<li>Top gainers recently have included rebounding AI names -- One can consider using the bounce to find AI shorts to pair against an Nvidia long.</li>
</ul>


Samsung Electronics and Nanya Technology will report their results this week. Samsung could reportedly increase NAND prices this month, giving a potential hint to the memory outlook they will provide.
Hon Hai will begin mass production of its Model C electric car in 4Q23E in Taiwan. This will provide a proof point for Hon Hai's global EV platform business model.
Top gainers recently have included rebounding AI names -- One can consider using the bounce to find AI shorts to pair against an Nvidia long.


Taiwan Tech Weekly: Samsung & Nanya Earnings; AI Names Rebound Again

United States

Microsoft Corporation operates as a software company. The Company offers applications, extra cloud storage, and advanced security solutions. Microsoft serves customers worldwide.

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Microsoft Corp (MSFT US)

Taiwan Tech Weekly: Watch for Intel, Microsoft, Mediatek, ASE, UMC Results; AI Names Top Losers

TSMC results last week provided positive color on the 2024E onwards outlook for the company as well as comments regarding a turn around for PC and...

Vincent Fernando, CFA

Hon Hai Tech Day Takeaways: Nvidia Announces AI Factories Partnership; Competitive Advantage for EVs

The latest Nvidia partnership expansion will transform Hon Hai's unique value proposition to automakers. We continue to expect nearly 50% upside...

Vincent Fernando, CFA

Who Is Lina Khan? Why Should Investors Bother?

Competition is good. For consumers. Not so for firms. It eats into profits. Regulatory action aimed at key elements of a model can impede earnings...

Mint Finance

Kokusai Electric IPO - Not Wholly Convinced, One Needs to Look past the Cycle

KKR is looking to raise around US$730m via selling a stake in Kokusai Electric (6525 JP) (KE) in its Japan IPO. In this note, we talk about the...

Sumeet Singh

Taiwan Tech Weekly: Samsung & Nanya Earnings; AI Names Rebound Again

Top gainers recently have included rebounding AI names -- One can consider using the bounce to find AI shorts to pair against an Nvidia long.

Vincent Fernando, CFA

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