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

Hon Hai Precision Industry / Equity Bottom-Up

<ul>
<li>Mitsubishi Motors plans to outsource EV production to Foxconn, signaling the most significant commercial validation of Foxconn’s MIH EV platform to date.</li>
<li>While Foxconn’s AI server manufacturing is currently the company’s strongest growth driver, its EV strategy is increasingly gaining credibility as a second long-term pillar.</li>
<li>Foxconn -- Structural Long. We see depressed share price as buying opportunity. Mitsubishi contract win increases the probability for additional major OEM production partnership wins this year for Foxconn.</li>
</ul>


Mitsubishi Motors plans to outsource EV production to Foxconn, signaling the most significant commercial validation of Foxconn’s MIH EV platform to date.
While Foxconn’s AI server manufacturing is currently the company’s strongest growth driver, its EV strategy is increasingly gaining credibility as a second long-term pillar.
Foxconn -- Structural Long. We see depressed share price as buying opportunity. Mitsubishi contract win increases the probability for additional major OEM production partnership wins this year for Foxconn.


Foxconn's Huge EV Bet Pays Off: Key Mitsubishi Win Could Spark Additional Automaker Deals to Come

Head of Research, IPOs & Placements, Aequitas Research

Sumeet Singh

Head of Research, IPOs & Placements

IPOs and Placements coverage across Asia Pacific

Aequitas Research

We cover all listing across the Asia Pacific along with follow-up placements. As of Dec 2020, our team had covered 539 IPOs with a hit rate of 73.5% and 685 placements with a hit rate of 66.8%.

We combine fundamental bottom-up views with our proprietary quantitative framework to provide a holistic coverage across new listings and placements. Our coverage includes pre-IPO notes before the deal is launched, follow-up analysis once the deal is live and post-listing trading analysis as well.

Equity Capital Markets

<ul>
<li>
<a href="https://www.smartkarma.com/entities/byd-co-ltd-h" target="_blank" data-smartkarma-citation="entities:20962:1" rel="noopener">BYD (1211 HK)</a> is looking to raise around US$5.2bn via selling 4% additional shares.</li>
<li>The company has undertaken a few deals before and they have ended up performing well.</li>
<li>In this note, we will talk about the placement and run the deal through our ECM framework.</li>
</ul>



BYD (1211 HK) is looking to raise around US$5.2bn via selling 4% additional shares.
The company has undertaken a few deals before and they have ended up performing well.
In this note, we will talk about the placement and run the deal through our ECM framework.


BYD US$5.2bn Placement - Large Only in Absolute Size, past Deals Have Done Well

Tracking developments across tech supply chains, Tech Supply Chain Tracker

Tech Supply Chain Tracker

Tracking developments across tech supply chains

<ul><li>Honda-Nissan merger and Renault-Geely alliance shake up auto industry landscape, causing speculation and uncertainty.</li><li>AI technology leading to increased demand for edge computing and device upgrades due to affordable costs and improved efficiency.</li><li>Liquid-cooled fast charging technology set to revolutionize EV charging by 2025, allowing for ultrafast charging speeds. Tesla's India factory plans criticized by Trump. Grok 3 drives spike in AI server demand.</li></ul>

Honda-Nissan merger and Renault-Geely alliance shake up auto industry landscape, causing speculation and uncertainty.AI technology leading to increased demand for edge computing and device upgrades due to affordable costs and improved efficiency.Liquid-cooled fast charging technology set to revolutionize EV charging by 2025, allowing for ultrafast charging speeds. Tesla's India factory plans criticized by Trump. Grok 3 drives spike in AI server demand.

Tech Supply Chain Tracker (21-Feb-2025): Honda-Nissan merger drama as Renault strengthens ties.

<ul><li>China smartphone market in 4Q 2024 expected to see growth, intensifying competition among top brands.</li><li>GlobalWafers remains stable despite uncertainty around US CHIPS Act funding.</li><li>Yageo surprises with Shibaura Electronics takeover bid, Foxconn proposes partnership with Nissan, Forces Mos wins patent case against Asus.</li></ul>

China smartphone market in 4Q 2024 expected to see growth, intensifying competition among top brands.GlobalWafers remains stable despite uncertainty around US CHIPS Act funding.Yageo surprises with Shibaura Electronics takeover bid, Foxconn proposes partnership with Nissan, Forces Mos wins patent case against Asus.

Tech Supply Chain Tracker (15-Feb-2025): China smartphone market, 4Q '24

<ul><li>Honda and Nissan cancel US$60 billion merger due to restructuring clashes, impacting future strategic moves by both companies.</li><li>CXMT progresses to 16nm DRAM production and shifts focus to 15nm development for technological advances in the future.</li><li>DeepSeek emerges as a strong AI player in China, intensifying competition for Apple in the technology market, while the US exit from the Paris Agreement raises concerns globally.</li></ul>

Honda and Nissan cancel US$60 billion merger due to restructuring clashes, impacting future strategic moves by both companies.CXMT progresses to 16nm DRAM production and shifts focus to 15nm development for technological advances in the future.DeepSeek emerges as a strong AI player in China, intensifying competition for Apple in the technology market, while the US exit from the Paris Agreement raises concerns globally.

Tech Supply Chain Tracker (14-Feb-2025): Honda, Nissan cancel $60B merger amid clash.

Japan

NISSAN MOTOR CO., LTD. manufactures and distributes automobiles and related parts. It also provides financing services. Nissan delivers a comprehensive range of products under various brands. The Company manufactures in Japan, the United States, Mexico, the United Kingdom and many other countries.

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Nissan Motor (7201 JP)

Foxconn's Huge EV Bet Pays Off: Key Mitsubishi Win Could Spark Additional Automaker Deals to Come

Mitsubishi Motors to outsource EV production to Foxconn, boosting credibility of Foxconn's EV strategy and potential for more OEM partnerships.

Vincent Fernando, CFA

BYD US$5.2bn Placement - Large Only in Absolute Size, past Deals Have Done Well

BYD (1211 HK) is looking to raise around US$5.2bn via selling 4% additional shares. In this note, we run the deal through our ECM framework.

Sumeet Singh

Tech Supply Chain Tracker (21-Feb-2025): Honda-Nissan merger drama as Renault strengthens ties.

The auto industry is in flux with the Honda-Nissan merger drama, Renault-Geely alliance, and Trump's criticism of Tesla, while AI, edge computing,...

Tech Supply Chain Tracker

Tech Supply Chain Tracker (15-Feb-2025): China smartphone market, 4Q '24

China's smartphone market is growing, GlobalWafers remains stable, quantum computing advances, Yageo bids for Shibaura Electronics, Foxconn...

Tech Supply Chain Tracker

Tech Supply Chain Tracker (14-Feb-2025): Honda, Nissan cancel $60B merger amid clash.

Honda and Nissan call off US$60 billion merger, CXMT advances in DRAM production, DeepSeek challenges Apple in AI market, US withdraws from Paris...

Tech Supply Chain Tracker

Price Gauge

52-week Range

Market Cap (USDm)

P/E

Dividend (Yield)

Foxconn's Huge EV Bet Pays Off: Key Mitsubishi Win Could Spark Additional Automaker Deals to Come

​Mitsubishi Motors to outsource EV production to Foxconn, boosting credibility of Foxconn's EV strategy and potential for more OEM partnerships.

Vincent Fernando, CFA

BYD US$5.2bn Placement - Large Only in Absolute Size, past Deals Have Done Well

BYD (1211 HK) is looking to raise around US$5.2bn via selling 4% additional shares. In this note, we run the deal through our ECM framework.

Sumeet Singh

Tech Supply Chain Tracker (21-Feb-2025): Honda-Nissan merger drama as Renault strengthens ties.

The auto industry is in flux with the Honda-Nissan merger drama, Renault-Geely alliance, and Trump's criticism of Tesla, while AI, edge computing,...

Tech Supply Chain Tracker

Tech Supply Chain Tracker (15-Feb-2025): China smartphone market, 4Q '24

China's smartphone market is growing, GlobalWafers remains stable, quantum computing advances, Yageo bids for Shibaura Electronics, Foxconn...

Tech Supply Chain Tracker

Tech Supply Chain Tracker (14-Feb-2025): Honda, Nissan cancel $60B merger amid clash.

Honda and Nissan call off US$60 billion merger, CXMT advances in DRAM production, DeepSeek challenges Apple in AI market, US withdraws from Paris...

Tech Supply Chain Tracker

Mitsubishi Motors to outsource EV production to Foxconn, boosting credibility of Foxconn's EV strategy and potential for more OEM partnerships.