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>Dell has outperformed Acer and other Taiwan PC names Asus and MSI by a wide margin. Close Long Dell vs. Short Acer. Dell's value gap has dissipated.</li>
<li>Latest indications from Dell and HP highlight that the AI PC's will drive upgrades from customers, but the PC recovery remains soft. AI PC impact only in 2025E.</li>
<li>Dell and HPQ's recent results provide positive color for upcoming Asus, Acer, and MSI results. Trade: Long Asus into its upcoming earnings results.</li>
</ul>


Dell has outperformed Acer and other Taiwan PC names Asus and MSI by a wide margin. Close Long Dell vs. Short Acer. Dell's value gap has dissipated.
Latest indications from Dell and HP highlight that the AI PC's will drive upgrades from customers, but the PC recovery remains soft. AI PC impact only in 2025E.
Dell and HPQ's recent results provide positive color for upcoming Asus, Acer, and MSI results. Trade: Long Asus into its upcoming earnings results.


PC Monitor: Long Dell Vs. Short Acer Update; Dell & HPQ Results Indicate Opportunity in Asus

Taiwan Semiconductor (TSMC) - ADR / Equity Bottom-Up

<ul>
<li>Nvidia Results Today U.S. Time -- Taiwan Market Surged Recently on Improving AI/Semiconductor Expectations and Potential for Easing U.S.-China Tensions.</li>
<li>Taiwan: Underowned, Yet Gaining on Peers. Our Fellow Insight Provider Analyzes Why Taiwan Might Still Be Underowned.</li>
<li>Asia Geopolitics: Following Biden-Xi Meeting, Asia Is a Safer Place For Now.</li>
</ul>


Nvidia Results Today U.S. Time -- Taiwan Market Surged Recently on Improving AI/Semiconductor Expectations and Potential for Easing U.S.-China Tensions.
Taiwan: Underowned, Yet Gaining on Peers. Our Fellow Insight Provider Analyzes Why Taiwan Might Still Be Underowned.
Asia Geopolitics: Following Biden-Xi Meeting, Asia Is a Safer Place For Now.


Taiwan Tech Weekly: Nvidia Results Today; Taiwan Market Surged But Why It Might Be Still Underowned

<ul>
<li>Asustek reported results on November 13th that beat analyst expectations thanks to a major margin rebound. The stock soared post results.</li>
<li>Asus plans to be the first company globally to release an AI PC, leveraging extensive AI R&amp;D across different devices as well as its leading market share in gaming PCs.</li>
<li>However, gaming PC competitor MSI is already moving fast; Shows how gaming PCs are likely to be the first AI PC battleground. Long Asustek, remains preferred over Acer.</li>
</ul>


Asustek reported results on November 13th that beat analyst expectations thanks to a major margin rebound. The stock soared post results.
Asus plans to be the first company globally to release an AI PC, leveraging extensive AI R&amp;D across different devices as well as its leading market share in gaming PCs.
However, gaming PC competitor MSI is already moving fast; Shows how gaming PCs are likely to be the first AI PC battleground. Long Asustek, remains preferred over Acer.


How Asustek Plans to Take the Lead Globally in AI PCs; Gaming PCs First Key Battleground

<ul>
<li>Dell and HP's latest results indicate an improving PC industry environment in 2H23E, though weaker than expected China demand has softened initial expectations.</li>
<li>A key take-away is that a major AI PC upgrade cycle is indeed on the horizon, with additional clarity now provided as to when and how it will unfold.</li>
<li>A 'step-change' AI PC upgrade cycle will make the strength of the current near-term cycle recovery less relevant, and isn't yet priced-in by the market.</li>
</ul>


Dell and HP's latest results indicate an improving PC industry environment in 2H23E, though weaker than expected China demand has softened initial expectations.
A key take-away is that a major AI PC upgrade cycle is indeed on the horizon, with additional clarity now provided as to when and how it will unfold.
A 'step-change' AI PC upgrade cycle will make the strength of the current near-term cycle recovery less relevant, and isn't yet priced-in by the market.


Recent Dell & HP Results Provide Additional Clarity on Coming AI PC Wave

<ul>
<li>Asustek and Acer recently reported 2Q23 results with both companies showing a rebound in margins and normalized inventory levels. The cycle trough is clearly past.</li>
<li>Asustek expects to grow its server product revenue by 500% by 2027 and is also developing AI PCs that could generate a significant sales volume by 3Q24.</li>
<li>The latest results and comments not just make a coming PC up-cycle clear, but also imply that it could be stronger than previous cycles thanks to AI PCs.</li>
</ul>


Asustek and Acer recently reported 2Q23 results with both companies showing a rebound in margins and normalized inventory levels. The cycle trough is clearly past.
Asustek expects to grow its server product revenue by 500% by 2027 and is also developing AI PCs that could generate a significant sales volume by 3Q24.
The latest results and comments not just make a coming PC up-cycle clear, but also imply that it could be stronger than previous cycles thanks to AI PCs.


PC Monitor: Asustek Preparing for AI PC Upgrade Wave, Volume Sales in 3Q24

United States

HP Inc. provides imaging and printing systems, computing systems, mobile devices, solutions, and services for business and home. The Company offers products which includes laser and inkjet printers, scanners, copiers and faxes, personal computers, workstations, storage solutions, and other computing and printing systems. HP sells its products worldwide.

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Hewlett Packard Co (HPQ US)

PC Monitor: Long Dell Vs. Short Acer Update; Dell & HPQ Results Indicate Opportunity in Asus

Dell has outperformed Acer and other Taiwan PC names. Positive results from Dell and HPQ remove risk of disappointment in upcoming results for...

Vincent Fernando, CFA

Taiwan Tech Weekly: Nvidia Results Today; Taiwan Market Surged But Why It Might Be Still Underowned

NVIDIA Corp (NVDA US) will report today U.S. time with its analyst call at 14:00 PDT, we are maintaining our Short basket of Taiwan AI names vs....

Vincent Fernando, CFA

How Asustek Plans to Take the Lead Globally in AI PCs; Gaming PCs First Key Battleground

However, gaming PC competitor MSI is already moving fast; Shows how gaming PCs are likely to be the first AI PC battleground. Long Asustek, remains...

Vincent Fernando, CFA

Recent Dell & HP Results Provide Additional Clarity on Coming AI PC Wave

A 'step-change' AI PC upgrade cycle will make the strength of the current near-term cycle recovery less relevant, and isn't yet priced-in by the...

Vincent Fernando, CFA

PC Monitor: Asustek Preparing for AI PC Upgrade Wave, Volume Sales in 3Q24

Asustek and Acer recently reported 2Q23 results with both companies showing a rebound in margins and normalized inventory levels. The cycle trough...

Vincent Fernando, CFA

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52-week Range

Market Cap (USDm)

P/E

Dividend (Yield)

PC Monitor: Long Dell Vs. Short Acer Update; Dell & HPQ Results Indicate Opportunity in Asus

​Dell has outperformed Acer and other Taiwan PC names. Positive results from Dell and HPQ remove risk of disappointment in upcoming results for...

Vincent Fernando, CFA

Taiwan Tech Weekly: Nvidia Results Today; Taiwan Market Surged But Why It Might Be Still Underowned

NVIDIA Corp (NVDA US) will report today U.S. time with its analyst call at 14:00 PDT, we are maintaining our Short basket of Taiwan AI names vs....

Vincent Fernando, CFA

How Asustek Plans to Take the Lead Globally in AI PCs; Gaming PCs First Key Battleground

However, gaming PC competitor MSI is already moving fast; Shows how gaming PCs are likely to be the first AI PC battleground. Long Asustek, remains...

Vincent Fernando, CFA

Recent Dell & HP Results Provide Additional Clarity on Coming AI PC Wave

A 'step-change' AI PC upgrade cycle will make the strength of the current near-term cycle recovery less relevant, and isn't yet priced-in by the...

Vincent Fernando, CFA

PC Monitor: Asustek Preparing for AI PC Upgrade Wave, Volume Sales in 3Q24

Asustek and Acer recently reported 2Q23 results with both companies showing a rebound in margins and normalized inventory levels. The cycle trough...

Vincent Fernando, CFA

Dell has outperformed Acer and other Taiwan PC names. Positive results from Dell and HPQ remove risk of disappointment in upcoming results for...