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>ASUS experienced record 2Q25 revenue driven by 30–40% YoY growth in gaming and commercial PCs, supported by a new GPU sales strength and enterprise market expansion.</li>
<li>AI servers held mid-teens revenue share for ASUS; margin pressure from tariffs and FX expected to ease after 3Q.</li>
<li>Strong gaming and commercial PC momentum could signal PC upgrade activity in response to AI PCs, offering positive read-through for Dell and HPQ's upcoming results end-August.</li>
</ul>


ASUS experienced record 2Q25 revenue driven by 30–40% YoY growth in gaming and commercial PCs, supported by a new GPU sales strength and enterprise market expansion.
AI servers held mid-teens revenue share for ASUS; margin pressure from tariffs and FX expected to ease after 3Q.
Strong gaming and commercial PC momentum could signal PC upgrade activity in response to AI PCs, offering positive read-through for Dell and HPQ's upcoming results end-August.


PC Monitor: ASUS's Gaming & Commercial Strength Signal AI PC Cycle; Positive Read for Dell, HP

<ul>
<li>Branded PC makers' shares have been mostly lower in April, however Intel and Microsoft developments are providing strong signals for a future PC upgrade cycle into AI PCs.</li>
<li>Over 60% of Fortune 500 companies are now using Microsoft's CoPilot AI assistant; Intel expects the industry to exceed its prior forecast for AI PC shipments in 2024E.</li>
<li>CoPilot is the killer app that will trigger a global enterprise PC upgrade cycle; The next generation of CoPilot will be an edge AI app that will require powerful hardware.</li>
</ul>


Branded PC makers' shares have been mostly lower in April, however Intel and Microsoft developments are providing strong signals for a future PC upgrade cycle into AI PCs.
Over 60% of Fortune 500 companies are now using Microsoft's CoPilot AI assistant; Intel expects the industry to exceed its prior forecast for AI PC shipments in 2024E.
CoPilot is the killer app that will trigger a global enterprise PC upgrade cycle; The next generation of CoPilot will be an edge AI app that will require powerful hardware.


PC Monitor: The Next Version of MSFT CoPilot Will Be the Killer App for a Global AI PC Upgrade Cycle

APAC IPOs & Placements, Aequitas Research

Akshat Shah

APAC 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

WT Microelectronics / Equity Capital Markets

<ul>
<li>
<a href="https://www.smartkarma.com/entities/wt-microelectronics-co-ltd" target="_blank" data-smartkarma-citation="entities:19712:1" rel="noopener">WT Microelectronics (3036 TT)</a> (WT Micro) is looking to raise up to US$393m, selling 90m shares(18m GDRs)via a GDR offering. It is also selling a two-year zero-coupon CB to raiseUS$350m.</li>
<li>Similar to previous GDR listings, the firm has undergone a long drawn out process prior to launching the deal, having to jump through a number of board/shareholder/regulatory approval loops.</li>
<li>In this note, we run the deal through our ECM framework and comment on deal dynamics.</li>
</ul>



WT Microelectronics (3036 TT) (WT Micro) is looking to raise up to US$393m, selling 90m shares(18m GDRs)via a GDR offering. It is also selling a two-year zero-coupon CB to raiseUS$350m.
Similar to previous GDR listings, the firm has undergone a long drawn out process prior to launching the deal, having to jump through a number of board/shareholder/regulatory approval loops.
In this note, we run the deal through our ECM framework and comment on deal dynamics.


WT Micro GDR Offering - Slightly Larger Deal to Digest, Discount Mostly in Line With Recent Deals

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

Ke Yan, CFA, FRM

Asia Pac IPO & Placement Research, China biotech

Quantitative Analysis

<ul>
<li>We analyzed the changes in foreign holdings of TWSE Stocks as of Nov 14th. The aggregated holding was USD1,348.9bn.</li>
<li>We estimate that foreign flows to be outflows of USD1,286mln. We tabulate the league tables for top changes by value for 1W/4W/1Y and top stocks held by foreign institutions.</li>
<li>We highlight changes of foreign holdings in TSMC, Cleanaway, Hon Hai Precision, Delta Electronics, MediaTek, Cleanaway, TSMC, Hon Hai Precision, Delta Electronics, Mediatek.</li>
</ul>


We analyzed the changes in foreign holdings of TWSE Stocks as of Nov 14th. The aggregated holding was USD1,348.9bn.
We estimate that foreign flows to be outflows of USD1,286mln. We tabulate the league tables for top changes by value for 1W/4W/1Y and top stocks held by foreign institutions.
We highlight changes of foreign holdings in TSMC, Cleanaway, Hon Hai Precision, Delta Electronics, MediaTek, Cleanaway, TSMC, Hon Hai Precision, Delta Electronics, Mediatek.


TWSE Foreign Holding Weekly (Nov 14th): TSMC, Cleanaway, Hon Hai Precision, Delta Electronics

<ul>
<li>
ASUS beat 1Q25 expectations, but flagged tariff risks and a potential PC demand slowdown in 2H25 as consumers front-load purchases ahead of pricing uncertainty.</li>
<li>
PC segment growth outperformed the market, led by &gt;30% YoY gains in commercial PCs and strong momentum in AI-capable and gaming systems.</li>
<li>
On-Device AI execution is emerging as the next PC evolution; Asus is preparing for this shift with GX10 edge devices and deeper integration of AI across product lines.</li>
</ul>



ASUS beat 1Q25 expectations, but flagged tariff risks and a potential PC demand slowdown in 2H25 as consumers front-load purchases ahead of pricing uncertainty.

PC segment growth outperformed the market, led by &gt;30% YoY gains in commercial PCs and strong momentum in AI-capable and gaming systems.

On-Device AI execution is emerging as the next PC evolution; Asus is preparing for this shift with GX10 edge devices and deeper integration of AI across product lines.


PC Monitor: Asus Results Warn of Coming Slowdown; PCs' Next Edge AI Shift

Taiwan

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

Price Gauge
52-week Range	0.00 - 0.00
Market Cap (USDm)	0.00
P/E	0.00
Dividend (Yield)	0.00

Asustek Computer (2357 TT)

PC Monitor: ASUS's Gaming & Commercial Strength Signal AI PC Cycle; Positive Read for Dell, HP

ASUS sees record revenue in 2Q25 from gaming and commercial PCs, with PC upgrade activity providing positive color ahead of Dell and HPQ results...

Vincent Fernando, CFA

PC Monitor: The Next Version of MSFT CoPilot Will Be the Killer App for a Global AI PC Upgrade Cycle

CoPilot, as an edge AI app, will drive a global PC upgrade cycle with its next-gen version requiring advanced hardware.

Vincent Fernando, CFA

WT Micro GDR Offering - Slightly Larger Deal to Digest, Discount Mostly in Line With Recent Deals

WT Microelectronics (WT Micro) is looking to raise up to US$393m, selling 90m shares (18m GDRs) via a GDR offering. It is also selling a two-year...

Akshat Shah

TWSE Foreign Holding Weekly (Nov 14th): TSMC, Cleanaway, Hon Hai Precision, Delta Electronics

We analyzed TWSE foreign holding data for the past week and highlighted foreign holding changes in TSMC (2330 TT), Cleanaway (8422 TT), Hon Hai...

Ke Yan, CFA, FRM

PC Monitor: Asus Results Warn of Coming Slowdown; PCs' Next Edge AI Shift

ASUS surpasses 1Q25 expectations, warns of tariff risks and possible PC demand dip in 2H25 due to pricing uncertainty. PC segment growth strong,...

Vincent Fernando, CFA

Price Gauge

52-week Range

Market Cap (USDm)

P/E

Dividend (Yield)

PC Monitor: ASUS's Gaming & Commercial Strength Signal AI PC Cycle; Positive Read for Dell, HP

​ASUS sees record revenue in 2Q25 from gaming and commercial PCs, with PC upgrade activity providing positive color ahead of Dell and HPQ results...

Vincent Fernando, CFA

PC Monitor: The Next Version of MSFT CoPilot Will Be the Killer App for a Global AI PC Upgrade Cycle

​CoPilot, as an edge AI app, will drive a global PC upgrade cycle with its next-gen version requiring advanced hardware.

Vincent Fernando, CFA

WT Micro GDR Offering - Slightly Larger Deal to Digest, Discount Mostly in Line With Recent Deals

WT Microelectronics (WT Micro) is looking to raise up to US$393m, selling 90m shares (18m GDRs) via a GDR offering. It is also selling a two-year...

Akshat Shah

TWSE Foreign Holding Weekly (Nov 14th): TSMC, Cleanaway, Hon Hai Precision, Delta Electronics

We analyzed TWSE foreign holding data for the past week and highlighted foreign holding changes in TSMC (2330 TT), Cleanaway (8422 TT), Hon Hai...

Ke Yan, CFA, FRM

PC Monitor: Asus Results Warn of Coming Slowdown; PCs' Next Edge AI Shift

​ASUS surpasses 1Q25 expectations, warns of tariff risks and possible PC demand dip in 2H25 due to pricing uncertainty. PC segment growth strong,...

Vincent Fernando, CFA

ASUS sees record revenue in 2Q25 from gaming and commercial PCs, with PC upgrade activity providing positive color ahead of Dell and HPQ results...

CoPilot, as an edge AI app, will drive a global PC upgrade cycle with its next-gen version requiring advanced hardware.

ASUS surpasses 1Q25 expectations, warns of tariff risks and possible PC demand dip in 2H25 due to pricing uncertainty. PC segment growth strong,...