Managing Director, Zero One, Zero One

Vincent Fernando, CFA

20 years of experience researching capital markets in Asia and the USA.

Managing Director, Zero One

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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>Delta Thailand shares crashed over 20% in one day after its Taiwan parent sold a stake in the company.</li>
<li>Given the small size of the stake sale, we believe the share sale by the parent represents an opportunistic sale to crystallize value from Delta Thailand's high share price.</li>
<li>We spoke with Delta Taiwan to update our model. Delta Taiwan continues to offer much better value than Delta Thailand, earning more than double Thailand's net profit with similar growth.</li>
</ul>


Delta Thailand shares crashed over 20% in one day after its Taiwan parent sold a stake in the company.
Given the small size of the stake sale, we believe the share sale by the parent represents an opportunistic sale to crystallize value from Delta Thailand's high share price.
We spoke with Delta Taiwan to update our model. Delta Taiwan continues to offer much better value than Delta Thailand, earning more than double Thailand's net profit with similar growth.


Delta Taiwan Vs. Thailand Monitor: Delta Thai Crashes After Parent Share Sale; Still Overvalued

Delta Electronics

Delta Taiwan Vs. Thailand Monitor: Delta Thai Crashes After Parent Share Sale; Still Overvalued