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>Taiwan PC makers have been top performers in the market; some may worry that their rallies have become over-extended by too much AI PC excitement.</li>
<li>We believe Dell may present a Long opportunity as the Long side to a Long/Short trade whereby one Sells Acer against it. Acer rose over 50% in December.</li>
<li>Dell will report its results end-February. We would Long Dell vs. Short Acer ahead of the Dell earnings event. We see more upside surprise potential in Dell.</li>
</ul>


Taiwan PC makers have been top performers in the market; some may worry that their rallies have become over-extended by too much AI PC excitement.
We believe Dell may present a Long opportunity as the Long side to a Long/Short trade whereby one Sells Acer against it. Acer rose over 50% in December.
Dell will report its results end-February. We would Long Dell vs. Short Acer ahead of the Dell earnings event. We see more upside surprise potential in Dell.


AI PC Reality Check: PC Upgrade Cycle Ahead, But Worth a 50% 1M Acer Rally? Long Dell Vs. Short Acer

Independent research on the U.S. markets, Baptista Research

Baptista Research

Independent research on the U.S. markets

Baptista Research is an independent financial research house focused on the U.S. markets. We provide equity research as well as credit research reports on the top-listed U.S. companies with most of our focus on technology, consumer goods and services, automobiles, industrials, oil and gas, pharma, and healthcare. Our research has served more than 3000 institutional investors including mutual funds, hedge funds, banks, family offices, and various buy-side firms. We operate a research subscription service where institutions, as well as retail investors, can have priority access to all our research. We also have a wide distribution of our research reports across some of the top global financial platforms. Apart from equity research and credit research, we also provide advisory services with respect to mergers & acquisitions (M&A), private equity/ venture capital fundraising, valuation reports, and investment management services for corporates.
Baptista Research is owned and managed by Ishan Majumdar, an ex-Venture Capitalist/ Investment Banker, a Chartered Accountant, and a Masters’ degree holder in Management from HEC Paris. Ishan has nearly a decade of experience in Mergers and Acquisitions, Leveraged Buyouts (LBOs), Venture Capital Investing, Corporate Strategy, and Valuation in front-office roles at the likes of BNP Paribas CIB, Credit Agricole CIB, Groupe Danone, and TIW Private Equity. He has worked on and closed multiple acquisition deals, leveraged buyouts, and start-up investment transactions.

Hewlett Packard Enterprise  / Equity Bottom-Up

<ul><li>Hewlett Packard Enterprise delivered a mixed result in the recent quarter, with revenues below market expectations, but it managed to surpass the analyst consensus regarding earnings.</li><li>With the exception of Compute, they saw year-over-year revenue growth across all of their major business segments.</li><li>We give Hewlett Packard Enterprise a 'Hold' rating with a revised target price.</li></ul>

Hewlett Packard Enterprise delivered a mixed result in the recent quarter, with revenues below market expectations, but it managed to surpass the analyst consensus regarding earnings.With the exception of Compute, they saw year-over-year revenue growth across all of their major business segments.We give Hewlett Packard Enterprise a 'Hold' rating with a revised target price.

Hewlett Packard Enterprise: The Axis Security Acquisition & 3 Other Possible Catalysts For The Company’s Growth – Financial Forecasts

Articles from Caixin Global, Caixin Global

Caixin Global

Articles from Caixin Global

Caixin is a media group dedicated to providing financial and business news through periodicals, online content, mobile apps, conferences, books and TV/video programs. Caixin aims to blaze a trail that helps traditional media prosper in the new media age through integrated multimedia platforms.

News from Caixin

Cross Asset Strategy

<ul><li>Tobacco / Cover Story: China’s tobacco monopoly is swept up in corruption probes</li><li>Workers / Eastern province eases upper age limit for construction workers amid labor shortage</li><li>Moon / China plans first crewed moon landing by 2030</li></ul>

Tobacco / Cover Story: China’s tobacco monopoly is swept up in corruption probesWorkers / Eastern province eases upper age limit for construction workers amid labor shortageMoon / China plans first crewed moon landing by 2030

CX Daily: China’s Tobacco Monopoly Is Swept Up in Corruption Probes

Value Investing

Vladimir Dimitrov, CFA

International Business Machines / Equity Bottom-Up

<ul>
<li>IBM has delivered a positive return of nearly 20% over the past two years, but that has little to do with actual business performance.</li>
<li>In addition to sluggish growth, IBM's declining profitability remains a problem.Issues related to the company's high debt load, low dividend coverage and an addiction to acquisitions have not gone away.</li>
<li>
Being an IBM (NYSE:IBM) shareholder hasn't been easy over the years as the market continues to make new highs, while IBM still trades at levels from 2010.

</li>
</ul>


IBM has delivered a positive return of nearly 20% over the past two years, but that has little to do with actual business performance.
In addition to sluggish growth, IBM's declining profitability remains a problem.Issues related to the company's high debt load, low dividend coverage and an addiction to acquisitions have not gone away.

Being an IBM (NYSE:IBM) shareholder hasn't been easy over the years as the market continues to make new highs, while IBM still trades at levels from 2010.




IBM: Don't Be Fooled By Recent Share Price Performance

Research from Quam Securities, Quam Securities

Quam Securities Research

Research from Quam Securities

Quam Securities

Since its inception in 1986, Quam Securities Limited (Quam Securities) has grown to become one of the few mid-tier securities brokerages in Hong Kong with global execution capabilities for both private and institutional clients. It boasts a well-established network in Greater China including Taiwan and in major world markets through the Global Alliance Partners (GAP). Quam Securities is well-positioned not only to harness and drive business within the China Tonghai International Financial Limited but also between China and the world markets.

Thematic (Sector/Industry)

<ul><li>Global #3 server vendor Inspur has been placed on the entity list of the US, which could severely hit its sales due to potential difficulty in procurement of key parts and components.</li><li>The move could potentially benefit competitors, such as Lenovo, which has already enjoyed strong growth in server sales in the past few years.</li><li>Inspur (000977 CH, NR) is global #3 server vendor and, according to IDC data, it had 8.1% market share for 9M22, which was behind #1 Dell’s (DELL US, NR) 16.6% and #2 HP Enterprise’s (HPE US, NR) 13.8% but ahead of #4 Lenovo’s 6.2%.</li></ul>

Global #3 server vendor Inspur has been placed on the entity list of the US, which could severely hit its sales due to potential difficulty in procurement of key parts and components.The move could potentially benefit competitors, such as Lenovo, which has already enjoyed strong growth in server sales in the past few years.Inspur (000977 CH, NR) is global #3 server vendor and, according to IDC data, it had 8.1% market share for 9M22, which was behind #1 Dell’s (DELL US, NR) 16.6% and #2 HP Enterprise’s (HPE US, NR) 13.8% but ahead of #4 Lenovo’s 6.2%.

Lenovo (992 HK, NR) - The Fastest Growing Segment May Get a Further Boost

United States

Hewlett Packard Enterprise Company provides information technology solutions. The Company offers enterprise security, analytics and data management, applications development and testing, data center care, cloud consulting, and business process services. Hewlett Packard Enterprise serves customers worldwide.

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Hewlett Packard Enterprise (HPE US)

AI PC Reality Check: PC Upgrade Cycle Ahead, But Worth a 50% 1M Acer Rally? Long Dell Vs. Short Acer

Dell will report its results end-February. We would Long Dell vs. Short Acer ahead of the Dell earnings event. We see more upside surprise...

Vincent Fernando, CFA

Hewlett Packard Enterprise: The Axis Security Acquisition & 3 Other Possible Catalysts For The Company’s Growth – Financial Forecasts

Hewlett Packard Enterprise delivered a mixed result in the recent quarter, with revenues below market expectations, but it managed to surpass the...

Baptista Research

CX Daily: China’s Tobacco Monopoly Is Swept Up in Corruption Probes

Cover Story: China’s tobacco monopoly is swept up in corruption probes. Eastern province eases upper age limit for construction workers amid labor...

Caixin Global

Lenovo (992 HK, NR) - The Fastest Growing Segment May Get a Further Boost

Global #3 server vendor Inspur has been placed on the entity list of the US, which could severely hit its sales due to potential difficulty in...

Quam Securities

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