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

<ul>
<li>Soft PC Results from Dell and HPQ and Delayed Industry PC Upgrades into  2025E; Dell and HPQ Shares Fall Sharply</li>
<li>Conclusion: Both Firms Confirm Relative Strength for Commercial and Weakness for Consumer; AI PCs and Windows 11 to Drive 2025E Upgrades</li>
<li>Asia PC Makers Showing Stronger Growth; However, Dell &amp; HPQ Share Rout May Weigh on Sentiment</li>
</ul>


Soft PC Results from Dell and HPQ and Delayed Industry PC Upgrades into  2025E; Dell and HPQ Shares Fall Sharply
Conclusion: Both Firms Confirm Relative Strength for Commercial and Weakness for Consumer; AI PCs and Windows 11 to Drive 2025E Upgrades
Asia PC Makers Showing Stronger Growth; However, Dell &amp; HPQ Share Rout May Weigh on Sentiment


PC Monitor: Dell & HPQ Highlight Sharp Divide Between Corporate and Consumer PC Demand; Shares Slump

<ul>
<li>Asustek Guides for 20%+ YoY PC Revenue Growth in 4Q24E;  Lenovo Delivers 17% YoY PC Revenue Growth in CY3Q24</li>
<li>AI PCs: A Multi-Year Upgrade Cycle with Rising Average Selling Prices; AI PCs 80% of the PC Market by 2027E</li>
<li>Maintain Structural Long View for AI PC Up-Cycle; Asustek, Acer, &amp; Lenovo Well-Positioned Through 2025E</li>
</ul>


Asustek Guides for 20%+ YoY PC Revenue Growth in 4Q24E;  Lenovo Delivers 17% YoY PC Revenue Growth in CY3Q24
AI PCs: A Multi-Year Upgrade Cycle with Rising Average Selling Prices; AI PCs 80% of the PC Market by 2027E
Maintain Structural Long View for AI PC Up-Cycle; Asustek, Acer, &amp; Lenovo Well-Positioned Through 2025E


PC Monitor: Asustek & Lenovo Signal Strong PC Growth, AI PC Expansion in Process

Tracking developments across tech supply chains, Tech Supply Chain Tracker

Tech Supply Chain Tracker

Tracking developments across tech supply chains

<ul><li>Smart mobility is driving up demand for parking spaces, raising concerns about the availability and sustainability of parking infrastructure in urban areas.</li><li>Silverstone's high-tech innovations are extending beyond the racing industry, impacting various sectors with its advancements and technological breakthroughs.</li><li>Challenges faced by generative AI, including limited data, resource constraints, and material shortages like copper, are causing bottlenecks in the development and adoption of this technology.</li></ul>

Smart mobility is driving up demand for parking spaces, raising concerns about the availability and sustainability of parking infrastructure in urban areas.Silverstone's high-tech innovations are extending beyond the racing industry, impacting various sectors with its advancements and technological breakthroughs.Challenges faced by generative AI, including limited data, resource constraints, and material shortages like copper, are causing bottlenecks in the development and adoption of this technology.

Tech Supply Chain Tracker (05-Nov-2024): Smart mobility impacts parking.

<ul>
<li>Branded PC makers' shares have been mostly lower in April, however Intel and Microsoft developments are providing strong signals for a future PC upgrade cycle into AI PCs.</li>
<li>Over 60% of Fortune 500 companies are now using Microsoft's CoPilot AI assistant; Intel expects the industry to exceed its prior forecast for AI PC shipments in 2024E.</li>
<li>CoPilot is the killer app that will trigger a global enterprise PC upgrade cycle; The next generation of CoPilot will be an edge AI app that will require powerful hardware.</li>
</ul>


Branded PC makers' shares have been mostly lower in April, however Intel and Microsoft developments are providing strong signals for a future PC upgrade cycle into AI PCs.
Over 60% of Fortune 500 companies are now using Microsoft's CoPilot AI assistant; Intel expects the industry to exceed its prior forecast for AI PC shipments in 2024E.
CoPilot is the killer app that will trigger a global enterprise PC upgrade cycle; The next generation of CoPilot will be an edge AI app that will require powerful hardware.


PC Monitor: The Next Version of MSFT CoPilot Will Be the Killer App for a Global AI PC Upgrade Cycle

<ul>
<li>PC &amp; Server solutions names have fallen moderately from highs in June, however enterprise server company HPE soared 20% on AI strength.</li>
<li>Despite the market pullback from highs, we note that 2025E forward growth expectations have generally increased for the universe over the last month.</li>
<li>Latest Taiwan PC company revenues indicate healthy growth and HPE's management guided for Enterprise AI orders to accelerate.</li>
</ul>


PC &amp; Server solutions names have fallen moderately from highs in June, however enterprise server company HPE soared 20% on AI strength.
Despite the market pullback from highs, we note that 2025E forward growth expectations have generally increased for the universe over the last month.
Latest Taiwan PC company revenues indicate healthy growth and HPE's management guided for Enterprise AI orders to accelerate.


PC Monitor: Growth Expectations Have Increased Recently; HPE Signals Enterprise AI Acceleration

Taiwan

Asustek Computer Inc. manufactures and markets computer motherboards, interface cards, notebook computers, and other related products.

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Asustek Computer (2357 TT)

PC Monitor: Dell & HPQ Highlight Sharp Divide Between Corporate and Consumer PC Demand; Shares Slump

Dell and HPQ report soft PC results, with industry upgrades delayed until 2025. Commercial strength confirmed, while consumer weakness persists.

Vincent Fernando, CFA

PC Monitor: Asustek & Lenovo Signal Strong PC Growth, AI PC Expansion in Process

Asustek, Acer, and Lenovo well-positioned for AI PC market growth, with Asus guiding for 20%+ YoY PC revenue growth in 4Q24E. AI PCs expected to...

Vincent Fernando, CFA

Tech Supply Chain Tracker (05-Nov-2024): Smart mobility impacts parking.

Smart mobility raises concerns about parking infrastructure, Silverstone drives innovation across industries, generative AI faces challenges,...

Tech Supply Chain Tracker

PC Monitor: The Next Version of MSFT CoPilot Will Be the Killer App for a Global AI PC Upgrade Cycle

CoPilot, as an edge AI app, will drive a global PC upgrade cycle with its next-gen version requiring advanced hardware.

Vincent Fernando, CFA

PC Monitor: Growth Expectations Have Increased Recently; HPE Signals Enterprise AI Acceleration

PC & Server Solution share prices have dipped from recent highs, however forward growth expectations have increased over the last month and...

Vincent Fernando, CFA

Price Gauge

52-week Range

Market Cap (USDm)

P/E

Dividend (Yield)

PC Monitor: Dell & HPQ Highlight Sharp Divide Between Corporate and Consumer PC Demand; Shares Slump

​Dell and HPQ report soft PC results, with industry upgrades delayed until 2025. Commercial strength confirmed, while consumer weakness persists.

Vincent Fernando, CFA

PC Monitor: Asustek & Lenovo Signal Strong PC Growth, AI PC Expansion in Process

​Asustek, Acer, and Lenovo well-positioned for AI PC market growth, with Asus guiding for 20%+ YoY PC revenue growth in 4Q24E. AI PCs expected to...

Vincent Fernando, CFA

Tech Supply Chain Tracker (05-Nov-2024): Smart mobility impacts parking.

Smart mobility raises concerns about parking infrastructure, Silverstone drives innovation across industries, generative AI faces challenges,...

Tech Supply Chain Tracker

PC Monitor: The Next Version of MSFT CoPilot Will Be the Killer App for a Global AI PC Upgrade Cycle

​CoPilot, as an edge AI app, will drive a global PC upgrade cycle with its next-gen version requiring advanced hardware.

Vincent Fernando, CFA

PC Monitor: Growth Expectations Have Increased Recently; HPE Signals Enterprise AI Acceleration

​PC & Server Solution share prices have dipped from recent highs, however forward growth expectations have increased over the last month and...

Vincent Fernando, CFA

Dell and HPQ report soft PC results, with industry upgrades delayed until 2025. Commercial strength confirmed, while consumer weakness persists.

Asustek, Acer, and Lenovo well-positioned for AI PC market growth, with Asus guiding for 20%+ YoY PC revenue growth in 4Q24E. AI PCs expected to...

CoPilot, as an edge AI app, will drive a global PC upgrade cycle with its next-gen version requiring advanced hardware.

PC & Server Solution share prices have dipped from recent highs, however forward growth expectations have increased over the last month and...