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

Hon Hai Precision Industry / Equity Bottom-Up

<ul>
<li>Hon Hai's Latest Key Take Aways -- No Slowdown for AI Server or Mobile Demand Indicated</li>
<li>Zhen Ding -- Delivers Higher Than Expected 2Q24 Growth; No Indication of AI Server or Mobile Slowdown</li>
<li>Taiwan AI Supply Chain Names Have Lagged Nvidia's Massive Rebound Since August 9th</li>
</ul>


Hon Hai's Latest Key Take Aways -- No Slowdown for AI Server or Mobile Demand Indicated
Zhen Ding -- Delivers Higher Than Expected 2Q24 Growth; No Indication of AI Server or Mobile Slowdown
Taiwan AI Supply Chain Names Have Lagged Nvidia's Massive Rebound Since August 9th


Hon Hai & Zhen Ding Show No Major AI Slowdown; Taiwan AI Supply Chain Names Lag Nvidia's Rebound

Blue Lotus China New Economy Research, Blue Lotus Research Institute

Eric Wen

Blue Lotus China New Economy Research

China growth and global non-US Internet equities

Blue Lotus Research Institute

Blue Lotus Research is a Hong Kong Type 4 Licensed investment advisory firm focusing on Chinese growth equities and global non-US Internet equities

Thematic (Sector/Industry)

<ul>
<li>LKNCY US: The drink "Tengyun American" coffee package jointly launched by Luckin and "Black Myth: Wukong" game was sold out in its first day （/）</li>
<li>1519 HK/ZTO US: Weekly parcel volume grew ~29% y-o-y (+)</li>
<li>Consumer Industry update:China's Retail Industry Prosperity Index moderate rebound in August, mainly from offline retail recovery. (+)</li>
</ul>


LKNCY US: The drink "Tengyun American" coffee package jointly launched by Luckin and "Black Myth: Wukong" game was sold out in its first day （/）
1519 HK/ZTO US: Weekly parcel volume grew ~29% y-o-y (+)
Consumer Industry update:China's Retail Industry Prosperity Index moderate rebound in August, mainly from offline retail recovery. (+)


[Blue Lotus Daily]:LKNCY US/1519 HK/ZTO US/BZ US/1810 HK/981 HK/AAPL US

Korea/Asia, Events, IPOs, Douglas Research Advisory

Douglas Kim

Korea/Asia, Events, IPOs

Douglas Research Advisory

<ul>
<li>In this insight, we discuss how Warren Buffett's recent investment in Ulta Beauty is likely to have a positive impact on CJ Corp's valuation. </li>
<li>CJ Olive Young (largest shareholder is CJ Corp) is the dominant health &amp; beauty cosmetics chain in Korea. CJ Olive Young has a similar business model to Ulta Beauty.</li>
<li>Our NAV analysis suggests an implied market cap of 4.7 trillion won or implied price of 160,977 won per share for CJ Corp, representing a 38% upside from current levels.</li>
</ul>


In this insight, we discuss how Warren Buffett's recent investment in Ulta Beauty is likely to have a positive impact on CJ Corp's valuation. 
CJ Olive Young (largest shareholder is CJ Corp) is the dominant health &amp; beauty cosmetics chain in Korea. CJ Olive Young has a similar business model to Ulta Beauty.
Our NAV analysis suggests an implied market cap of 4.7 trillion won or implied price of 160,977 won per share for CJ Corp, representing a 38% upside from current levels.


Warren Buffett Invests in Ulta Beauty - Positive Impact on CJ Corp?

Global Emerging Market Equities, Propitious Research

Wium Malan, CFA

Global Emerging Market Equities

Independent, Fundamental Quantitative Research

Propitious Research

Fully independent, fundamental and quantitative equity research, focused on companies in the Telecommunication, Media, Technology, Internet and Healthcare sectors in the Global Emerging Markets. Idea generation focused on Quality stocks, trading below their intrinsic Value, with sound Corporate Governance.

Taiwan Semiconductor (TSMC) / Equity Bottom-Up

<ul>
<li>
<a href="https://www.smartkarma.com/entities/taiwan-semiconductor-manufacturing-company" target="_blank" data-smartkarma-citation="entities:11230:1" rel="noopener">Taiwan Semiconductor (TSMC) (2330 TT)</a> has significantly outperformed this year, driven by a global AI-driven tailwind resulting in substantial revenue growth acceleration and a significant earnings upgrade cycle.</li>
<li>Record levels of FCF generation have supported dividend increases, and whilst future DPS expectations seem conservative, the current dividend yield suggests future increases have been priced in.</li>
<li>TSMC trades just above its 5-year historic average trading levels and at a premium to its key competitors, other smaller listed foundries, its main customers, and large suppliers.</li>
</ul>



Taiwan Semiconductor (TSMC) (2330 TT) has significantly outperformed this year, driven by a global AI-driven tailwind resulting in substantial revenue growth acceleration and a significant earnings upgrade cycle.
Record levels of FCF generation have supported dividend increases, and whilst future DPS expectations seem conservative, the current dividend yield suggests future increases have been priced in.
TSMC trades just above its 5-year historic average trading levels and at a premium to its key competitors, other smaller listed foundries, its main customers, and large suppliers.


TSMC (2330-TT): Revisiting Previous Bullish Themes Following Outperformance

<ul>
<li>Consumer Industry Update:Hubei province takes the lead in implementing the home appliance replacement policy (+)</li>
<li>ATAT US/TCOM US:The year-on-year decline in hotel RevPAR narrowed in the second week of August, showing resilient in hotel demand.(+/+)</li>
<li>ATAT US/TCOM US: MCT plans to cut the prices of scenic spot tickets, bodes well to tourism demand. (+/+)</li>
</ul>


Consumer Industry Update:Hubei province takes the lead in implementing the home appliance replacement policy (+)
ATAT US/TCOM US:The year-on-year decline in hotel RevPAR narrowed in the second week of August, showing resilient in hotel demand.(+/+)
ATAT US/TCOM US: MCT plans to cut the prices of scenic spot tickets, bodes well to tourism demand. (+/+)


[Blue Lotus Daily]:ATAT US/TCOM US/1810 HK/AAPL US/1519 HK/ZTO US/XPEV US/2454 TT/QCOM US/LKNCY US

United States

Apple Inc. designs, manufactures, and markets smartphones, personal computers, tablets, wearables and accessories, and sells a variety of related accessories. The Company also offers payment, digital content, cloud and advertising services. Apple Inc.'s customers are primarily in consumer, small & mid-sized business, education, enterprise and government markets worldwide.

Price Gauge
52-week Range	0.00 - 0.00
Market Cap (USDm)	0.00
P/E	0.00
Dividend (Yield)	0.00

Apple (AAPL US)

Hon Hai & Zhen Ding Show No Major AI Slowdown; Taiwan AI Supply Chain Names Lag Nvidia's Rebound

Hon Hai and Zhen Ding report strong growth with no signs of slowdown in AI server or mobile demand, while Taiwan AI supply chain names have not...

Vincent Fernando, CFA

[Blue Lotus Daily]:LKNCY US/1519 HK/ZTO US/BZ US/1810 HK/981 HK/AAPL US

Luckin and "Black Myth: Wukong" game's coffee collaboration sells out in first day, parcel volume grows 29% y-o-y, China's Retail Industry sees...

Blue Lotus Research Institute

Warren Buffett Invests in Ulta Beauty - Positive Impact on CJ Corp?

In this insight, we discuss how Warren Buffett's recent investment in Ulta Beauty is likely to have a positive impact on CJ Corp's valuation.

Douglas Kim

TSMC (2330-TT): Revisiting Previous Bullish Themes Following Outperformance

In this insight, we revisit our bullish outlook for TSMC by analysing its revenue growth and margin prospects, Free Cash Flow generation outlook,...

Wium Malan, CFA

[Blue Lotus Daily]:ATAT US/TCOM US/1810 HK/AAPL US/1519 HK/ZTO US/XPEV US/2454 TT/QCOM US/LKNCY US

Hubei province leads in home appliance replacement policy; hotel RevPAR decline narrows in August; MCT cuts scenic spot ticket prices to boost...

Blue Lotus Research Institute

Price Gauge

52-week Range

Market Cap (USDm)

P/E

Dividend (Yield)

Hon Hai & Zhen Ding Show No Major AI Slowdown; Taiwan AI Supply Chain Names Lag Nvidia's Rebound

​Hon Hai and Zhen Ding report strong growth with no signs of slowdown in AI server or mobile demand, while Taiwan AI supply chain names have not...

Vincent Fernando, CFA

[Blue Lotus Daily]:LKNCY US/1519 HK/ZTO US/BZ US/1810 HK/981 HK/AAPL US

​Luckin and "Black Myth: Wukong" game's coffee collaboration sells out in first day, parcel volume grows 29% y-o-y, China's Retail Industry sees...

Blue Lotus Research Institute

Warren Buffett Invests in Ulta Beauty - Positive Impact on CJ Corp?

In this insight, we discuss how Warren Buffett's recent investment in Ulta Beauty is likely to have a positive impact on CJ Corp's valuation.

Douglas Kim

TSMC (2330-TT): Revisiting Previous Bullish Themes Following Outperformance

In this insight, we revisit our bullish outlook for TSMC by analysing its revenue growth and margin prospects, Free Cash Flow generation outlook,...

Wium Malan, CFA

[Blue Lotus Daily]:ATAT US/TCOM US/1810 HK/AAPL US/1519 HK/ZTO US/XPEV US/2454 TT/QCOM US/LKNCY US

​Hubei province leads in home appliance replacement policy; hotel RevPAR decline narrows in August; MCT cuts scenic spot ticket prices to boost...

Blue Lotus Research Institute

Hon Hai and Zhen Ding report strong growth with no signs of slowdown in AI server or mobile demand, while Taiwan AI supply chain names have not...

Luckin and "Black Myth: Wukong" game's coffee collaboration sells out in first day, parcel volume grows 29% y-o-y, China's Retail Industry sees...

Hubei province leads in home appliance replacement policy; hotel RevPAR decline narrows in August; MCT cuts scenic spot ticket prices to boost...