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

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

<ul>
<li>PC Shares Soaring -- After 1) Intel's AI Everywhere AI chip launch, 2) Launch of First AI PCs, 3) Micron's positive outlook for PCs in its latest results</li>
<li>Micron Analysis, Industry Takeaways: Memory Market TAM New Highs into 2025; SK Hynix Trade</li>
<li>Taiwan Dual-Listings Monitor: TSMC Premium at a Decent Short Level; ASE Short Interest Declining</li>
</ul>


PC Shares Soaring -- After 1) Intel's AI Everywhere AI chip launch, 2) Launch of First AI PCs, 3) Micron's positive outlook for PCs in its latest results
Micron Analysis, Industry Takeaways: Memory Market TAM New Highs into 2025; SK Hynix Trade
Taiwan Dual-Listings Monitor: TSMC Premium at a Decent Short Level; ASE Short Interest Declining


Taiwan Tech Weekly: PC Shares Clearly On Santa's Nice List; Soaring After AI PC Releases; Dell Trade

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.

<ul><li>HP delivered a mixed set of results in its most recent result, with revenues falling short of Wall Street expectations but above-par earnings.</li><li>PS margins had steady sequential growth due to their deliberate mix strategy and cost reductions in a market with aggressive pricing.</li><li>HP successfully increased PS services, with notably good results in digital services.</li></ul>

HP delivered a mixed set of results in its most recent result, with revenues falling short of Wall Street expectations but above-par earnings.PS margins had steady sequential growth due to their deliberate mix strategy and cost reductions in a market with aggressive pricing.HP successfully increased PS services, with notably good results in digital services.

HP Inc.: Is Cost Reduction The Way Forward In A Slowing Market? – Key Drivers

<ul>
<li>Hon Hai shares have broken out to near-term highs after news flow regarding its investment agreement in Lordstown Motors.</li>
<li>PC makers Acer &amp; Asustek's share prices remain subdued since Nvidia results despite AI's potential to accelerate the PC upgrade cycle.</li>
<li>TSMC's ADR premium went even higher just today; Also, Realtek is suing Mediatek in the U.S., adding to our Long/Short watchlists.</li>
</ul>


Hon Hai shares have broken out to near-term highs after news flow regarding its investment agreement in Lordstown Motors.
PC makers Acer &amp; Asustek's share prices remain subdued since Nvidia results despite AI's potential to accelerate the PC upgrade cycle.
TSMC's ADR premium went even higher just today; Also, Realtek is suing Mediatek in the U.S., adding to our Long/Short watchlists.


Taiwan Tech Weekly: Hon Hai Breaking Out of Range; Acer/Asustek Subdued Despite PC Upgrade Potential

<ul>
<li>HP and Dell's industry outlook after their results last week indicate a PC market stabilizing and set for growth in 2024E. Qualcomm provided AI comments at a recent conference.</li>
<li>Both HP and Dell managed to beat earnings expectations despite experiencing 20%+ YoY revenue declines. Neither stock's price has made a significant move since results.</li>
<li>AI incorporated into Windows 11 and PC's themselves could be a major reason for companies and consumers to buy new PC's. PC's are being designed to run AI capabilities locally.</li>
</ul>


HP and Dell's industry outlook after their results last week indicate a PC market stabilizing and set for growth in 2024E. Qualcomm provided AI comments at a recent conference.
Both HP and Dell managed to beat earnings expectations despite experiencing 20%+ YoY revenue declines. Neither stock's price has made a significant move since results.
AI incorporated into Windows 11 and PC's themselves could be a major reason for companies and consumers to buy new PC's. PC's are being designed to run AI capabilities locally.


Dell, HP, Qualcomm Signal AI-Driven PC Refresh Cycle, 2024E PC Growth, Accelerated Windows Upgrades

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)

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

Taiwan Tech Weekly: PC Shares Clearly On Santa's Nice List; Soaring After AI PC Releases; Dell Trade

PC Shares Soaring -- After 1) Intel's AI Everywhere AI chip launch, 2) Launch of First AI PCs, 3) Micron's positive outlook for PCs in its latest...

Vincent Fernando, CFA

HP Inc.: Is Cost Reduction The Way Forward In A Slowing Market? – Key Drivers

HP delivered a mixed set of results in its most recent result, with revenues falling short of Wall Street expectations but above-par earnings. PS...

Baptista Research

Taiwan Tech Weekly: Hon Hai Breaking Out of Range; Acer/Asustek Subdued Despite PC Upgrade Potential

TSMC's ADR premium went even higher just today; Also, Realtek is suing Mediatek in the U.S., adding to our Long/Short watchlists.

Vincent Fernando, CFA

Dell, HP, Qualcomm Signal AI-Driven PC Refresh Cycle, 2024E PC Growth, Accelerated Windows Upgrades

AI incorporated into Windows 11 and PC's themselves could be a major reason for companies and consumers to buy new PC's. PC's are being designed to...

Vincent Fernando, CFA

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