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

TSMC (Taiwan Semiconductor Manufacturing) - ADR / Equity Bottom-Up

TSMC (Taiwan Semiconductor Manufacturing) - ADR

<ul>
<li>TSMC &amp; Broadcom Exploring Intel Acquisitions; Potential Major Consolidation in the Foundry Space</li>
<li>Taiwan AI Server Leader Expanding to Texas with New Production Hub</li>
<li>Semi WFE Revenues Increase ~7% YoY In 2024. 2025 Looks Much The Same. So, Where's The AI Effect? </li>
</ul>


TSMC &amp; Broadcom Exploring Intel Acquisitions; Potential Major Consolidation in the Foundry Space
Taiwan AI Server Leader Expanding to Texas with New Production Hub
Semi WFE Revenues Increase ~7% YoY In 2024. 2025 Looks Much The Same. So, Where's The AI Effect? 


Taiwan Tech Weekly: TSMC & Broadcom Exploring Intel Acquisition -- Implications

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

JX Advanced Metals / Equity Capital Markets

<ul>
<li>JX Advance Metal’s (JXAM) parent, <a href="https://www.smartkarma.com/entities/eneos-holdings-inc" target="_blank" data-smartkarma-citation="entities:638:1" rel="noopener">ENEOS Holdings (5020 JP)</a>, is looking to raise around US$2.6bn via selling more than half of its stake in JXAM in its Japan IPO.</li>
<li>JXAM engages in business activities primarily focused on the development, manufacture and sale of materials made from copper and rare metals, which are used  in the semiconductor and ICT fields.</li>
<li>In this note, we talk about the positive aspects of the deal.</li>
</ul>


JX Advance Metal’s (JXAM) parent, ENEOS Holdings (5020 JP), is looking to raise around US$2.6bn via selling more than half of its stake in JXAM in its Japan IPO.
JXAM engages in business activities primarily focused on the development, manufacture and sale of materials made from copper and rare metals, which are used  in the semiconductor and ICT fields.
In this note, we talk about the positive aspects of the deal.


JX Advance Metals Pre-IPO - The Positives - Transforming

Pan-Asia Catalysts/Events, Quiddity Advisors

Travis Lundy

Pan-Asia Catalysts/Events

Quiddity Advisors

Event-Driven

<ul>
<li>A Reuters <a href="https://www.reuters.com/markets/deals/cybersecurity-firm-trend-micro-explores-sale-sources-say-2024-08-08/" target="_blank" rel="noopener">article</a> overnight says Trend Micro might be up for sale. This caused the ADRs to jump 10% overnight. The remaining co-founders are 65 and 70 this year. </li>
<li>The stock has effectively gone sideways the last few years as Value Act has been activisting. Now one has to exercise one's imagination to think about a possible sale price. </li>
<li>On a DCF basis, a PE fund couldn't reasonably do this. Multiples are too high. That means a strategic buyer would be more likely. But Who? Why? And How much?</li>
</ul>


A Reuters article overnight says Trend Micro might be up for sale. This caused the ADRs to jump 10% overnight. The remaining co-founders are 65 and 70 this year. 
The stock has effectively gone sideways the last few years as Value Act has been activisting. Now one has to exercise one's imagination to think about a possible sale price. 
On a DCF basis, a PE fund couldn't reasonably do this. Multiples are too high. That means a strategic buyer would be more likely. But Who? Why? And How much?


Trend Micro (4704) Up For Sale? Would Be a HUGE Buyout But How Huge? And Who?

Contemporary Amperex Technology (CATL) / Equity Capital Markets

<ul>
<li>
<a href="https://www.smartkarma.com/entities/contemporary-amperex-technolog" target="_blank" data-smartkarma-citation="entities:24404:1" rel="noopener">Contemporary Amperex Technology (CATL)</a>, one of the world’s largest battery solutions providers, aims to raise at least US$5bn in its H-share listing.</li>
<li>CATL is the global leader in new energy vehicle battery solutions, in China and globally, as per SNE Research. Its A-shares have been listed since 2018.</li>
<li>We have looked at the company’s past performance in our earlier notes. In this note, we talk about updates from its most recent filings.</li>
</ul>



Contemporary Amperex Technology (CATL), one of the world’s largest battery solutions providers, aims to raise at least US$5bn in its H-share listing.
CATL is the global leader in new energy vehicle battery solutions, in China and globally, as per SNE Research. Its A-shares have been listed since 2018.
We have looked at the company’s past performance in our earlier notes. In this note, we talk about updates from its most recent filings.


Asian Hedge Fund Manager, Long Short Equity, Macro

David Mudd

Macroeconomics

<ul>
<li>Trump imposed smaller than anticipated tariffs on China and Xi reacted with a smaller than anticipated retaliation.  China is in a better negotiating position than Canada and Mexico.</li>
<li>DeepSeek's announcement of its powerful and less expensive A.I. model which performed at a similar level to ChatGPT changes the dynamic of US tech domination in the A.I. field.</li>
<li>Xi has taken aim at the Magnificent 7 companies as a strategy to weaken Trump's hand in negotiations and pressuring the US stock market. </li>
</ul>


Trump imposed smaller than anticipated tariffs on China and Xi reacted with a smaller than anticipated retaliation.  China is in a better negotiating position than Canada and Mexico.
DeepSeek's announcement of its powerful and less expensive A.I. model which performed at a similar level to ChatGPT changes the dynamic of US tech domination in the A.I. field.
Xi has taken aim at the Magnificent 7 companies as a strategy to weaken Trump's hand in negotiations and pressuring the US stock market. 


The Art of the Trade War: US/CHINA Opening Moves

United States

Alphabet, Inc. operates as a holding company. The Company, through its subsidiaries, provides web-based search, advertisements, maps, software applications, mobile operating systems, consumer content, enterprise solutions, commerce, and hardware products.

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Taiwan Tech Weekly: TSMC & Broadcom Exploring Intel Acquisition -- Implications

TSMC and Broadcom consider Intel acquisitions; while Taiwan AI server leader is expanding to Texas and Semi WFE revenues show steady growth with...

Vincent Fernando, CFA

JX Advance Metals Pre-IPO - The Positives - Transforming

JX Advance Metal’s parent, ENEOS Holdings (5020 JP), is looking to raise around US$2.6bn via selling some of its stake in JXAM's Japan IPO. In this...

Sumeet Singh

Trend Micro (4704) Up For Sale? Would Be a HUGE Buyout But How Huge? And Who?

Reuters has an article out saying that Buyout firms are "vying for" Trend Micro. Bain, Advent, EQT, KKR all in the mix. The stock went limit up...

Travis Lundy

CATL A/H Listing - IPO Filing Updates

Contemporary Amperex Technology (CATL), one of the world’s largest battery solutions providers, aims to raise at least US$5bn in its H-share...

Sumeet Singh

The Art of the Trade War: US/CHINA Opening Moves

Trump's tariff actions against China have resulted in a muted response from Xi in retaliatory tariffs. Instead Xi has targeted the US tech sector...

David Mudd

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