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>Growing Signs That ARM-Based Chips Are Set to Disrupt the PC Market</li>
<li>Qualcomm’s Earnings Call Insights -- Snapdragon’s ARM-Based Push into PCs Successfully Taking Significant Market Share</li>
<li>Mediatek Earnings Call Highlights -- Reiterates ARM-Based Entry into PC Market with AI Supercomputer CPU in Collaboration with NVIDIA</li>
</ul>


Growing Signs That ARM-Based Chips Are Set to Disrupt the PC Market
Qualcomm’s Earnings Call Insights -- Snapdragon’s ARM-Based Push into PCs Successfully Taking Significant Market Share
Mediatek Earnings Call Highlights -- Reiterates ARM-Based Entry into PC Market with AI Supercomputer CPU in Collaboration with NVIDIA


PC Monitor: Latest Qualcomm & Mediatek Results Show ARM-Based Chips Disrupting the PC Market

<ul>
<li>Recent U.S. Market Weakness Appears to Have Been More Focused on Falling Sentiment for Server Businesses, Not PCs</li>
<li>CES 2025 Showed Qualcomm Chips Gaining Momentum in PCs, While AMD Continued Aggressive Competition -- Intel Under Pressure</li>
<li>PC Maker Universe to Experience Decent Revenue Growth in 2025E -- Structural Long Asustek &amp; Dell</li>
</ul>


Recent U.S. Market Weakness Appears to Have Been More Focused on Falling Sentiment for Server Businesses, Not PCs
CES 2025 Showed Qualcomm Chips Gaining Momentum in PCs, While AMD Continued Aggressive Competition -- Intel Under Pressure
PC Maker Universe to Experience Decent Revenue Growth in 2025E -- Structural Long Asustek &amp; Dell


PC Monitor: Snapdragon’s Surge, AMD’s Gains, Intel’s Test; Long Asus & Dell

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

<ul>
<li>In this note, we will take a look at the Asia Pacific IPO pipeline for 2025, with a look at ASEAN, ANZ and ADRs. </li>
<li>This list has been compiled on a best effort basis from tracking the company filings and through various other sources.</li>
<li>The deals you see in this note are only a part of our full IPO pipeline tracker. Feel free to drop us a message for additional information on these IPOs.</li>
</ul>


In this note, we will take a look at the Asia Pacific IPO pipeline for 2025, with a look at ASEAN, ANZ and ADRs. 
This list has been compiled on a best effort basis from tracking the company filings and through various other sources.
The deals you see in this note are only a part of our full IPO pipeline tracker. Feel free to drop us a message for additional information on these IPOs.


Aequitas 2025 Asia IPO Pipeline - ASEAN, ANZ, ADRs

Podcast by Dom Cooke to explore big businesses, Business Breakdowns

Business Breakdowns

Podcast by Dom Cooke to explore big businesses

Learn how companies work from the people who know them best. We do deep research and interview industry veterans, investment professionals, and corporate executives to explain the inner workings of public stocks and private businesses. For each company, we break down their history, business model, financial statements, secret sauce, and bull/bear case. We believe every business has lessons to teach us and Breakdowns is here to highlight them. Learn more and stay up to date at www.joincolossus.com.

<ul><li>ARM licenses its intellectual property to companies that design chips, fitting into the broader semiconductor ecosystem</li><li>ARM's business model involves upfront license payments and royalties for chips shipped by licensees</li><li>ARM's CPU is a general-purpose chip, while GPUs are designed for specific tasks like graphics, illustrating the importance and interplay between the two architectures</li></ul><p><em>This content is sourced through publicly available sources and has been machine generated. Information displayed is for general informational purposes only.</em></p>

ARM licenses its intellectual property to companies that design chips, fitting into the broader semiconductor ecosystemARM's business model involves upfront license payments and royalties for chips shipped by licenseesARM's CPU is a general-purpose chip, while GPUs are designed for specific tasks like graphics, illustrating the importance and interplay between the two architecturesThis content is sourced through publicly available sources and has been machine generated. Information displayed is for general informational purposes only.

Arm: The Silicon Blueprint - [Business Breakdowns, EP.200]

Kioxia Holdings  / Equity Capital Markets

<ul>
<li>
<a href="https://www.smartkarma.com/entities/kioxia-holdings-corp" target="_blank" data-smartkarma-citation="entities:29243:1" rel="noopener">Kioxia Holdings (285A JP)</a> is aiming to raise around US$840m (including over-allocation) in its Japan IPO.</li>
<li>It was the world’s largest pure-play NAND flash memory supplier, in terms of both revenue and unit shipments in 2023, according to TechInsights.</li>
<li>We have looked at the company’s past performance in our previous notes. In this note, we will talk about the IPO valuations.</li>
</ul>



Kioxia Holdings (285A JP) is aiming to raise around US$840m (including over-allocation) in its Japan IPO.
It was the world’s largest pure-play NAND flash memory supplier, in terms of both revenue and unit shipments in 2023, according to TechInsights.
We have looked at the company’s past performance in our previous notes. In this note, we will talk about the IPO valuations.


Kioxia IPO - Should Price at the Top, Though Peers Are Still Correcting

United Kingdom

ARM Holdings designs and licenses semiconductor intellectual property (IP), including central processing unit (CPU) cores, graphics processing units (GPUs), and system IP. Its energy-efficient chip designs are widely used in smartphones, IoT devices, automotive systems, and computing infrastructure. The company is headquartered in Cambridge, United Kingdom, and was founded in 1990.

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ARM Holdings (ARM US)

PC Monitor: Latest Qualcomm & Mediatek Results Show ARM-Based Chips Disrupting the PC Market

ARM-based chips, led by Qualcomm and Mediatek, are poised to disrupt the PC market with successful market share gains and collaborations with...

Vincent Fernando, CFA

PC Monitor: Snapdragon’s Surge, AMD’s Gains, Intel’s Test; Long Asus & Dell

Recent market weakness in the U.S. is centered on server businesses, not PCs. Qualcomm chips gaining traction in PCs at CES 2025, while AMD...

Vincent Fernando, CFA

Aequitas 2025 Asia IPO Pipeline - ASEAN, ANZ, ADRs

In this note, we will take a look at the Asia Pacific IPO pipeline for 2025, with a look at ASEAN, ANZ and ADRs, after having looked at HK, India,...

Sumeet Singh

Arm: The Silicon Blueprint - [Business Breakdowns, EP.200]

ARM is a leading licensing giant in the chip design market, enabling companies to differentiate themselves by utilizing their intellectual...

Business Breakdowns

Kioxia IPO - Should Price at the Top, Though Peers Are Still Correcting

Kioxia Holdings (285A JP) is aiming to raise around US$840m (including over-allocation) in its Japan IPO. In this note, we talk about the IPO pricing.

Sumeet Singh

Price Gauge

52-week Range

Market Cap (USDm)

P/E

Dividend (Yield)

PC Monitor: Latest Qualcomm & Mediatek Results Show ARM-Based Chips Disrupting the PC Market

​ARM-based chips, led by Qualcomm and Mediatek, are poised to disrupt the PC market with successful market share gains and collaborations with...

Vincent Fernando, CFA

PC Monitor: Snapdragon’s Surge, AMD’s Gains, Intel’s Test; Long Asus & Dell

​Recent market weakness in the U.S. is centered on server businesses, not PCs. Qualcomm chips gaining traction in PCs at CES 2025, while AMD...

Vincent Fernando, CFA

Aequitas 2025 Asia IPO Pipeline - ASEAN, ANZ, ADRs

In this note, we will take a look at the Asia Pacific IPO pipeline for 2025, with a look at ASEAN, ANZ and ADRs, after having looked at HK, India,...

Sumeet Singh

Arm: The Silicon Blueprint - [Business Breakdowns, EP.200]

ARM is a leading licensing giant in the chip design market, enabling companies to differentiate themselves by utilizing their intellectual...

Business Breakdowns

Kioxia IPO - Should Price at the Top, Though Peers Are Still Correcting

Kioxia Holdings (285A JP) is aiming to raise around US$840m (including over-allocation) in its Japan IPO. In this note, we talk about the IPO pricing.

Sumeet Singh

ARM-based chips, led by Qualcomm and Mediatek, are poised to disrupt the PC market with successful market share gains and collaborations with...

Recent market weakness in the U.S. is centered on server businesses, not PCs. Qualcomm chips gaining traction in PCs at CES 2025, while AMD...