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>Just a week after Nvidia's GTC conference, Quanta has reportedly secured large orders for new Nvidia Blackwell-based servers from Google, Amazon AWS, and Meta. </li>
<li>Other firms showcasing Nvidia servers at GTC include Wiwynn, Gigabyte, Pegatron, Asus, Hon Hai (Ingrasys), Wistron, Dell, and Super Micro. There could be a higher probability of new order wins.</li>
<li>Stock Focus: Asustek -- Improving outlook as a play on both AI PCs and AI servers.</li>
</ul>


Just a week after Nvidia's GTC conference, Quanta has reportedly secured large orders for new Nvidia Blackwell-based servers from Google, Amazon AWS, and Meta. 
Other firms showcasing Nvidia servers at GTC include Wiwynn, Gigabyte, Pegatron, Asus, Hon Hai (Ingrasys), Wistron, Dell, and Super Micro. There could be a higher probability of new order wins.
Stock Focus: Asustek -- Improving outlook as a play on both AI PCs and AI servers.


Post Nvidia GTC Industry Impact: Large Quanta Server Win Just the Beginning of an Order Wave?

<ul>
<li>Dell has outperformed Acer and other Taiwan PC names Asus and MSI by a wide margin. Close Long Dell vs. Short Acer. Dell's value gap has dissipated.</li>
<li>Latest indications from Dell and HP highlight that the AI PC's will drive upgrades from customers, but the PC recovery remains soft. AI PC impact only in 2025E.</li>
<li>Dell and HPQ's recent results provide positive color for upcoming Asus, Acer, and MSI results. Trade: Long Asus into its upcoming earnings results.</li>
</ul>


Dell has outperformed Acer and other Taiwan PC names Asus and MSI by a wide margin. Close Long Dell vs. Short Acer. Dell's value gap has dissipated.
Latest indications from Dell and HP highlight that the AI PC's will drive upgrades from customers, but the PC recovery remains soft. AI PC impact only in 2025E.
Dell and HPQ's recent results provide positive color for upcoming Asus, Acer, and MSI results. Trade: Long Asus into its upcoming earnings results.


PC Monitor: Long Dell Vs. Short Acer Update; Dell & HPQ Results Indicate Opportunity in Asus

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

<ul>
<li>SK Reports Massive Margin Rebound; Nanya Tech's Financial Performance Appears Relatively Weak in Perspective</li>
<li>AI Applications Now Translating Into Rising Solid-State Memory (SSD) Demand</li>
<li>SK Povided Positive Color for Taiwan PC Names; New TSMC Collaboration Highlights TSMC Strength vs. Samsung</li>
</ul>


SK Reports Massive Margin Rebound; Nanya Tech's Financial Performance Appears Relatively Weak in Perspective
AI Applications Now Translating Into Rising Solid-State Memory (SSD) Demand
SK Povided Positive Color for Taiwan PC Names; New TSMC Collaboration Highlights TSMC Strength vs. Samsung


Memory Monitor: What SK Hynix Sees For PC and Server Markets Ahead; TSMC's Strength Vs. Samsung

<ul>
<li>Asustek reported results on November 13th that beat analyst expectations thanks to a major margin rebound. The stock soared post results.</li>
<li>Asus plans to be the first company globally to release an AI PC, leveraging extensive AI R&amp;D across different devices as well as its leading market share in gaming PCs.</li>
<li>However, gaming PC competitor MSI is already moving fast; Shows how gaming PCs are likely to be the first AI PC battleground. Long Asustek, remains preferred over Acer.</li>
</ul>


Asustek reported results on November 13th that beat analyst expectations thanks to a major margin rebound. The stock soared post results.
Asus plans to be the first company globally to release an AI PC, leveraging extensive AI R&amp;D across different devices as well as its leading market share in gaming PCs.
However, gaming PC competitor MSI is already moving fast; Shows how gaming PCs are likely to be the first AI PC battleground. Long Asustek, remains preferred over Acer.


How Asustek Plans to Take the Lead Globally in AI PCs; Gaming PCs First Key Battleground

Equity Analyst, LightStream Research

Oshadhi Kumarasiri

Equity Analyst

Long-Short Analysis on Japan, Asia and the World

LightStream Research

LightStream conducts quantitatively rigorous and data-driven analysis with a focus on Japan and Asia.

We consistently cover the Tech, Consumer and Industrial sectors, and provide ECM and Events coverage more broadly.

We supplement traditional qualitative insights from company relationships with a robust quantitative foundation that examines as much historical data as is available.
We further refine the accuracy of our insights and calls through the use of alternative data to flesh out current trends, and through a valuation framework that emphasises non-superficial peer group selection and a proper attempt to understand the metrics and changes that have driven security valuations in the past.

<ul>
<li>
<a href="https://www.smartkarma.com/entities/asustek-computer-inc" target="_blank" data-smartkarma-citation="entities:13002:1" rel="noopener">Asustek Computer (2357 TT)</a> is one of the top three consumer notebook vendors and the number one manufacturer of award-winning motherboards in the world. After rallying around 140% during the March 2020-May 2021 period due to an acceleration in demand during the COVID-19 pandemic, the company’s share price has come down by around 20% during the past four months due to fears of a nearing cycle peak in the PC market, supply shortage, and rising input costs.</li>
<li>We think the PC cycle has around 1.5-2.0 years to run before going into a down turn, and Asus has handled the supply shortage rather well through MOUs and long- term agreements for the supply of components. Thus, we think the recent price reaction is unwarranted.</li>
</ul>



Asustek Computer (2357 TT) is one of the top three consumer notebook vendors and the number one manufacturer of award-winning motherboards in the world. After rallying around 140% during the March 2020-May 2021 period due to an acceleration in demand during the COVID-19 pandemic, the company’s share price has come down by around 20% during the past four months due to fears of a nearing cycle peak in the PC market, supply shortage, and rising input costs.
We think the PC cycle has around 1.5-2.0 years to run before going into a down turn, and Asus has handled the supply shortage rather well through MOUs and long- term agreements for the supply of components. Thus, we think the recent price reaction is unwarranted.


AsusTeK: Too Early to Worry About the PC Cycle Peak

Taiwan

Asustek Computer Inc. manufactures and markets computer motherboards, interface cards, notebook computers, and other related products.

Asustek Computer (2357 TT)

Post Nvidia GTC Industry Impact: Large Quanta Server Win Just the Beginning of an Order Wave?

Quanta secures large orders for Nvidia Blackwell-based servers from tech giants post-GTC conference; Asus's outlook is improving for its AI server...

Vincent Fernando, CFA

PC Monitor: Long Dell Vs. Short Acer Update; Dell & HPQ Results Indicate Opportunity in Asus

Dell has outperformed Acer and other Taiwan PC names. Positive results from Dell and HPQ remove risk of disappointment in upcoming results for...

Vincent Fernando, CFA

Memory Monitor: What SK Hynix Sees For PC and Server Markets Ahead; TSMC's Strength Vs. Samsung

Major take-aways from SK Hynix's latest industry visibility. The memory industry is likely to achieve a new all-time revenue level in 2025E.

Vincent Fernando, CFA

How Asustek Plans to Take the Lead Globally in AI PCs; Gaming PCs First Key Battleground

However, gaming PC competitor MSI is already moving fast; Shows how gaming PCs are likely to be the first AI PC battleground. Long Asustek, remains...

Vincent Fernando, CFA

AsusTeK: Too Early to Worry About the PC Cycle Peak

We think the PC cycle has around 1.5-2.0 years to run before going into a down turn, and Asus has handled the supply shortage rather well through...

Oshadhi Kumarasiri

Post Nvidia GTC Industry Impact: Large Quanta Server Win Just the Beginning of an Order Wave?

​Quanta secures large orders for Nvidia Blackwell-based servers from tech giants post-GTC conference; Asus's outlook is improving for its AI server...

Vincent Fernando, CFA

PC Monitor: Long Dell Vs. Short Acer Update; Dell & HPQ Results Indicate Opportunity in Asus

​Dell has outperformed Acer and other Taiwan PC names. Positive results from Dell and HPQ remove risk of disappointment in upcoming results for...

Vincent Fernando, CFA

Memory Monitor: What SK Hynix Sees For PC and Server Markets Ahead; TSMC's Strength Vs. Samsung

Major take-aways from SK Hynix's latest industry visibility. The memory industry is likely to achieve a new all-time revenue level in 2025E.

Vincent Fernando, CFA

How Asustek Plans to Take the Lead Globally in AI PCs; Gaming PCs First Key Battleground

However, gaming PC competitor MSI is already moving fast; Shows how gaming PCs are likely to be the first AI PC battleground. Long Asustek, remains...

Vincent Fernando, CFA

AsusTeK: Too Early to Worry About the PC Cycle Peak

We think the PC cycle has around 1.5-2.0 years to run before going into a down turn, and Asus has handled the supply shortage rather well through...

Oshadhi Kumarasiri

Quanta secures large orders for Nvidia Blackwell-based servers from tech giants post-GTC conference; Asus's outlook is improving for its AI server...

Dell has outperformed Acer and other Taiwan PC names. Positive results from Dell and HPQ remove risk of disappointment in upcoming results for...