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>We spoke to <a href="https://www.smartkarma.com/entities/gogoro-inc" target="_blank" data-smartkarma-citation="entities:35728:1" rel="noopener">Gogoro (GGR US)</a>, a beaten-down and under-covered Taiwan EV play listed in the US -- As part of a hunt for contrarian plays.</li>
<li>The company has faced headwinds recently, with hardware sales relatively weak vs. its local market. The battery swapping business is compelling and steadily growing however.</li>
<li>We find the company fairly valued unless it can show more growth -- We value it as two parts, a EV 2-wheeler hardware business and an infrastructure-like battery swapping business. </li>
</ul>


We spoke to Gogoro (GGR US), a beaten-down and under-covered Taiwan EV play listed in the US -- As part of a hunt for contrarian plays.
The company has faced headwinds recently, with hardware sales relatively weak vs. its local market. The battery swapping business is compelling and steadily growing however.
We find the company fairly valued unless it can show more growth -- We value it as two parts, a EV 2-wheeler hardware business and an infrastructure-like battery swapping business. 


Gogoro: Hunting for a Contrarian EV Buy; Valuing It as a Utility/Infra Business

Taiwan

Shin Hai Gas Corporation distributes natural gas to household, industrial, and commercial customers in Taipei area.  The Company also installs and supplies gas distribution equipment and provides broad band internet services.

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Shin Hai Gas (9926 TT)

Gogoro: Hunting for a Contrarian EV Buy; Valuing It as a Utility/Infra Business

The company has faced headwinds recently, with hardware sales relatively weak vs. its local market. The battery swapping business is compelling and...

Vincent Fernando, CFA

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