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>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

Senior Credit Analyst, Lucror Analytics

Trung Nguyen

Senior Credit Analyst

High Yield Experts

Lucror Analytics

Lucror Analytics is a leading credit and ESG research specialist and a provider of technology solutions for differentiated fixed income strategies. Our roots are in bottom-up fundamental credit analysis with a specialization in high yield corporate credits from Europe, Asia and Latin America. We are one of few research specialists integrating ESG considerations with fundamental credit research through a dedicated ESG platform. Our ESG assessment covers five key criteria: Disclosure, E,S, & G Pillars, Controversies, ESG Impact on Credit and ESG Momentum.

Recognizing the importance and value-add of Factor Investing in fixed income, Lucror developed the Smart Quant Navigator (SQN), an intuitive platform that helps clients devise and implement factor-based strategies ranging from pure quant to active fundamental, with integrated ESG.

Our company has been at the forefront of developments in the fixed income markets, identifying opportunities and consistently delivering new products and value-adding solutions to clients. Lucror has close relationships with the largest and most reputable asset managers, family offices, hedge funds, investment and wealth managers globally.

Credit

<ul>
<li>Lenovo’s Q4/24-25 performance was weak in our view, while the full-year results were acceptable.</li>
<li>The company recorded solid revenue growth and higher profitability across segments.</li>
<li>The PC segment has benefited from: [1] the upcoming cessation of Windows 10 support and interest in on-device AI; [2] a rush to ship PCs early in Q1/25 to avoid potential new US tariffs.</li>
</ul>


Lenovo’s Q4/24-25 performance was weak in our view, while the full-year results were acceptable.
The company recorded solid revenue growth and higher profitability across segments.
The PC segment has benefited from: [1] the upcoming cessation of Windows 10 support and interest in on-device AI; [2] a rush to ship PCs early in Q1/25 to avoid potential new US tariffs.


Lenovo - Earnings Flash - FY 2024-25 Results - Lucror Analytics

Technology / Semiconductor / Internet Research

Nicolas Baratte

<ul>
<li>PC units grew by 1% in 2024, accelerating to 5% YoY in 1Q25. Best performers: Apple, Lenovo. Higher shipments to the US ahead of potential import tariffs but flat end-demand.</li>
<li>~70% of Computers are Made in China, US consumes 25% of total PC. The supply chain is accelerating relocating US-purchased PC out of China, this should be done by end-2025.</li>
<li>There is a risk of over-built and over-stocking in my view if PC Brands are too optimistic on Windows 10 end-of-support and AI PC upgrades.</li>
</ul>


PC units grew by 1% in 2024, accelerating to 5% YoY in 1Q25. Best performers: Apple, Lenovo. Higher shipments to the US ahead of potential import tariffs but flat end-demand.
~70% of Computers are Made in China, US consumes 25% of total PC. The supply chain is accelerating relocating US-purchased PC out of China, this should be done by end-2025.
There is a risk of over-built and over-stocking in my view if PC Brands are too optimistic on Windows 10 end-of-support and AI PC upgrades.


PC 1Q25: 5% YoY Growth but Shipments Inflated Ahead of US Tariffs. Dream of a Refresh Cycle Continue

<ul>
<li>In today's Convertibles Brief publication we comment on developments of the following high yield issuers: Lenovo</li>
<li>
<p>Credit markets widened yesterday, with the iTraxx X-Over up 36 bps at 428 bps.</p>
</li>
<li>
<p>Equities were mixed, with European bourses sliding 2.2-4.2%, as the markets closed before US President Donald Trump announced a 90-day pause on additional tariffs for all countries except China. </p>
</li>
</ul>


In today's Convertibles Brief publication we comment on developments of the following high yield issuers: Lenovo

Credit markets widened yesterday, with the iTraxx X-Over up 36 bps at 428 bps.


Equities were mixed, with European bourses sliding 2.2-4.2%, as the markets closed before US President Donald Trump announced a 90-day pause on additional tariffs for all countries except China. 



<ul>
<li>In the US, the Conference Board leading economic index fell 0.3% (-0.1% e / 0.1% revised p) to 101.5 in January.</li>
<li>Overall, the index recorded a 0.9% decline in the six months ended January 2025, which was lower than the 1.7% drop over the preceding six months.</li>
<li>Separately, initial jobless claims for the week ended February 15th edged up to 219 k (215 k e / 214 k revised p). </li>
</ul>


In the US, the Conference Board leading economic index fell 0.3% (-0.1% e / 0.1% revised p) to 101.5 in January.
Overall, the index recorded a 0.9% decline in the six months ended January 2025, which was lower than the 1.7% drop over the preceding six months.
Separately, initial jobless claims for the week ended February 15th edged up to 219 k (215 k e / 214 k revised p). 


China

Lenovo Group Limited, through its subsidiaries, sells, and manufactures personal computers and handheld devices. The Company also provides Internet services and IT services, and contracting manufacturing business.

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

Lenovo Group Ltd Adr (LNVGY US)

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

Lenovo - Earnings Flash - FY 2024-25 Results - Lucror Analytics

Lenovo’s Q4/24-25 performance was weak in our view, while the full-year results were acceptable. The company recorded solid revenue growth and...

Lucror Analytics

PC 1Q25: 5% YoY Growth but Shipments Inflated Ahead of US Tariffs. Dream of a Refresh Cycle Continue

PC unit growth accelerates in 2025, driven by Apple and Lenovo, but dreams of a Windows 10 and AI PC upgrade pose risks of over-building and over...

Nicolas Baratte

Lucror Analytics - Convertibles Brief

In today's Convertibles Brief publication we comment on developments of the following high yield issuers: LenovoCredit markets widened yesterday,...

Lucror Analytics

Lucror Analytics - Morning Views Asia

In the US, the Conference Board leading economic index fell 0.3% (-0.1% e / 0.1% revised p) to 101.5 in January. Overall, the index recorded a 0.9%...

Lucror Analytics

Price Gauge

52-week Range

Market Cap (USDm)

P/E

Dividend (Yield)

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

Lenovo - Earnings Flash - FY 2024-25 Results - Lucror Analytics

Lenovo’s Q4/24-25 performance was weak in our view, while the full-year results were acceptable. The company recorded solid revenue growth and...

Lucror Analytics

PC 1Q25: 5% YoY Growth but Shipments Inflated Ahead of US Tariffs. Dream of a Refresh Cycle Continue

​PC unit growth accelerates in 2025, driven by Apple and Lenovo, but dreams of a Windows 10 and AI PC upgrade pose risks of over-building and over...

Nicolas Baratte

Lucror Analytics - Convertibles Brief

In today's Convertibles Brief publication we comment on developments of the following high yield issuers: LenovoCredit markets widened yesterday,...

Lucror Analytics

Lucror Analytics - Morning Views Asia

In the US, the Conference Board leading economic index fell 0.3% (-0.1% e / 0.1% revised p) to 101.5 in January. Overall, the index recorded a 0.9%...

Lucror Analytics

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

PC unit growth accelerates in 2025, driven by Apple and Lenovo, but dreams of a Windows 10 and AI PC upgrade pose risks of over-building and over...