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>
Delta Taiwan delivered record 1Q25 results, driven by strong AI data center demand; EPS beat Bloomberg consensus by 8%.</li>
<li>
Management highlights microgrids as essential for resilient AI infrastructure amid power grid instability, and challenges keeping national power supply up with data center expansion.</li>
<li>
Valuation gap widens sharply: Delta Taiwan trades at 22x PER vs. 60x for Delta Thailand, despite having stronger 2025–2026E growth. Weak macroeconomic situation also makes Delta Thailand highly vulnerable.</li>
</ul>



Delta Taiwan delivered record 1Q25 results, driven by strong AI data center demand; EPS beat Bloomberg consensus by 8%.

Management highlights microgrids as essential for resilient AI infrastructure amid power grid instability, and challenges keeping national power supply up with data center expansion.

Valuation gap widens sharply: Delta Taiwan trades at 22x PER vs. 60x for Delta Thailand, despite having stronger 2025–2026E growth. Weak macroeconomic situation also makes Delta Thailand highly vulnerable.


Delta Taiwan Vs. Delta Thailand: Valuation Gap Widens After Strong 1Q25; Why AI Now Needs Microgrids

Asia Pac IPO & Placement Research, China biotech, Aequitas Research

Ke Yan, CFA, FRM

Asia Pac IPO & Placement Research, China biotech

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.

Quantitative Analysis

<ul>
<li>We analyzed the changes in short interest of Stock Exchange of Thailand as of Apr 25th. We estimate that they had an aggregated short interest worth USD1.9bn.</li>
<li>We tabulate league table for top short by value and short as multiple of ADT, as well as weekly increases &amp; decreases in short value, short as multiple of ADT.</li>
<li>We highlight short interest changes in Delta Electronics, Krung Thai Bank, Ptt E&amp;P, Kasikornbank, Scc, Gulf Energy Development.</li>
</ul>


We analyzed the changes in short interest of Stock Exchange of Thailand as of Apr 25th. We estimate that they had an aggregated short interest worth USD1.9bn.
We tabulate league table for top short by value and short as multiple of ADT, as well as weekly increases &amp; decreases in short value, short as multiple of ADT.
We highlight short interest changes in Delta Electronics, Krung Thai Bank, Ptt E&amp;P, Kasikornbank, Scc, Gulf Energy Development.


Thailand Short Interest Weekly (Apr 25th): Delta Electronics, Krung Thai Bank, Ptt E&P, Kasikornbank

<ul>
<li>We analyzed the changes in short interest of Stock Exchange of Thailand as of Apr 18th. We estimate that they had an aggregated short interest worth USD1.8bn.</li>
<li>We tabulate league table for top short by value and short as multiple of ADT, as well as weekly increases &amp; decreases in short value, short as multiple of ADT.</li>
<li>We highlight short interest changes in Advanced Info Service, PTT Oil and Retail.</li>
</ul>


We analyzed the changes in short interest of Stock Exchange of Thailand as of Apr 18th. We estimate that they had an aggregated short interest worth USD1.8bn.
We tabulate league table for top short by value and short as multiple of ADT, as well as weekly increases &amp; decreases in short value, short as multiple of ADT.
We highlight short interest changes in Advanced Info Service, PTT Oil and Retail.


Thailand Short Interest Weekly (Apr 18th): Advanced Info Service, PTT Oil and Retail

<ul>
<li>We analyzed the changes in short interest of Stock Exchange of Thailand as of Apr 11th. We estimate that they had an aggregated short interest worth USD1.7bn.</li>
<li>We tabulate league table for top short by value and short as multiple of ADT, as well as weekly increases &amp; decreases in short value, short as multiple of ADT.</li>
<li>We highlight short interest changes in WHA Corporation PCL , Siam Cement PLC.</li>
</ul>


We analyzed the changes in short interest of Stock Exchange of Thailand as of Apr 11th. We estimate that they had an aggregated short interest worth USD1.7bn.
We tabulate league table for top short by value and short as multiple of ADT, as well as weekly increases &amp; decreases in short value, short as multiple of ADT.
We highlight short interest changes in WHA Corporation PCL , Siam Cement PLC.


Thailand Short Interest Weekly (Apr 11th): WHA, SCC

Index Rebal Trades & Special Situations, Quiddity Advisors

Janaghan Jeyakumar, CFA

Index Rebal Trades & Special Situations

Quiddity Advisors

Pan-Asia Catalysts/Events

Index Rebalance

<ul>
<li>The SET50 index tracks the performance of the top 50 largest and most liquid names listed on the Stock Exchange of Thailand (SET).</li>
<li>In this insight, we take a look at the potential ADDs/DELs for SET 50 during the index rebal event in June 2025.</li>
<li>Currently, we expect four ADDs and four DELs. There are roughly two more months left in the reference period.</li>
</ul>


The SET50 index tracks the performance of the top 50 largest and most liquid names listed on the Stock Exchange of Thailand (SET).
In this insight, we take a look at the potential ADDs/DELs for SET 50 during the index rebal event in June 2025.
Currently, we expect four ADDs and four DELs. There are roughly two more months left in the reference period.


Quiddity Leaderboard SET50 Jun25: Four Changes Likely; Capping to Be Introduced

Thailand

Delta Electronics (Thailand) PCL designs and manufactures electronic equipment. The Company produces power systems for telecommunications, medical equipment, and industrial automation.  Delta also produces fans, electromagnetic interference filters, and solenoids.

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Delta Electronics Thailand (DELTA TB)

Delta Taiwan Vs. Delta Thailand: Valuation Gap Widens After Strong 1Q25; Why AI Now Needs Microgrids

Delta Taiwan reports record 1Q25 results driven by AI data center demand, emphasizes microgrids for resilient infrastructure, and faces valuation...

Vincent Fernando, CFA

Thailand Short Interest Weekly (Apr 25th): Delta Electronics, Krung Thai Bank, Ptt E&P, Kasikornbank

We analyzed SET short interest report for the past week and highlighted short interest changes in Delta Electronics, Krung Thai Bank, Ptt E&P,...

Ke Yan, CFA, FRM

Thailand Short Interest Weekly (Apr 18th): Advanced Info Service, PTT Oil and Retail

We analyzed SET short interest report for the past week and highlighted short interest changes in Advanced Info Service, PTT Oil and Retail.

Ke Yan, CFA, FRM

Thailand Short Interest Weekly (Apr 11th): WHA, SCC

We analyzed SET short interest report for the past week and highlighted short interest changes in WHA Corporation PLC, SCC.

Ke Yan, CFA, FRM

Quiddity Leaderboard SET50 Jun25: Four Changes Likely; Capping to Be Introduced

There could be 4x ADV to buy in Thanachart (TCAP TB) and we see this as a high-conviction ADD. Some of the other ADDs/DELs are closer to the border...

Janaghan Jeyakumar, CFA

Price Gauge

52-week Range

Market Cap (USDm)

P/E

Dividend (Yield)

Delta Taiwan Vs. Delta Thailand: Valuation Gap Widens After Strong 1Q25; Why AI Now Needs Microgrids

​Delta Taiwan reports record 1Q25 results driven by AI data center demand, emphasizes microgrids for resilient infrastructure, and faces valuation...

Vincent Fernando, CFA

Thailand Short Interest Weekly (Apr 25th): Delta Electronics, Krung Thai Bank, Ptt E&P, Kasikornbank

We analyzed SET short interest report for the past week and highlighted short interest changes in Delta Electronics, Krung Thai Bank, Ptt E&P,...

Ke Yan, CFA, FRM

Thailand Short Interest Weekly (Apr 18th): Advanced Info Service, PTT Oil and Retail

We analyzed SET short interest report for the past week and highlighted short interest changes in Advanced Info Service, PTT Oil and Retail.

Ke Yan, CFA, FRM

Thailand Short Interest Weekly (Apr 11th): WHA, SCC

We analyzed SET short interest report for the past week and highlighted short interest changes in WHA Corporation PLC, SCC.

Ke Yan, CFA, FRM

Quiddity Leaderboard SET50 Jun25: Four Changes Likely; Capping to Be Introduced

There could be 4x ADV to buy in Thanachart (TCAP TB) and we see this as a high-conviction ADD. Some of the other ADDs/DELs are closer to the border...

Janaghan Jeyakumar, CFA

Delta Taiwan reports record 1Q25 results driven by AI data center demand, emphasizes microgrids for resilient infrastructure, and faces valuation...