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

Taiwan Tech Weekly: Intel 'AI PC' Chips On Track to Drive 2024E PC Supply Chain

Taiwan Dual Listings Monitor: TSMC & UMC Trading Ranges Working; Short ASE Spread at Latest Level

Taiwan Tech Weekly: Taiwan AI Names Rebound; Memory Crashes; Look for Nvidia Hedges

Himax: Sees Rebound in China Automotive Display Demand, Expects Dominant Market Share to Continue

Novatek: Volume Production of VR Driving Strongest Segment; AR/VR Finally Going Mass Market in 2023?

Himax Technologies: Contrarian Play on a Automotive Display Semiconductor Leader

Battle Lines Drawn As BABA Builds Out First/Last-Mile Capacity; But Who Will Fund 75+ Bn CNY CapEx?

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

Himax Technologies Inc Adr / Equity Bottom-Up

<ul>
<li>Himax shares have been in downtrend recently, falling 20% since the end of June vs. Novatek up 12%. We met with the Himax for an update.</li>
<li>Himax at historically very cheap level relative to Novatek, both are exposed to similar display end-markets. Himax trades at just 1x sales on an absolute basis.</li>
<li>We have a Structural Long view for both stocks, however from an arb perspective see a Long Himax vs. Short Novatek trade opportunity given the large share price divergence.</li>
</ul>


Himax shares have been in downtrend recently, falling 20% since the end of June vs. Novatek up 12%. We met with the Himax for an update.
Himax at historically very cheap level relative to Novatek, both are exposed to similar display end-markets. Himax trades at just 1x sales on an absolute basis.
We have a Structural Long view for both stocks, however from an arb perspective see a Long Himax vs. Short Novatek trade opportunity given the large share price divergence.


Himax Vs. Novatek Long/Short: Management Meeting; Himax Historically Cheap