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>New game launches and international expansion drive growth; 41% YoY Growth in FY2H25</li>
<li>47% user base expansion; international markets now 30% of revenue</li>
<li>Maintain Structural Long rating, increasing forecasts based on latest results</li>
</ul>


New game launches and international expansion drive growth; 41% YoY Growth in FY2H25
47% user base expansion; international markets now 30% of revenue
Maintain Structural Long rating, increasing forecasts based on latest results


CTW Cayman: Sales Rise 41% as AI Marketing Engine Drives ROAS Above 125%

<ul>
<li>Global HTML5 anime gaming leader leveraging instant-play platform and AI marketing to lower acquisition costs and enhance monetization efficiency.</li>
<li>Capital-Light model retains ~80% gross revenue, supported by 33 major IP partnerships including Kadokawa, TMS, and Warner Bros Japan.</li>
<li>Growth accelerating with U.S. expansion, FY1H25 revenue +23% YoY, overseas share 29%, Target Price US$5.7, Structural Long rating.</li>
</ul>


Global HTML5 anime gaming leader leveraging instant-play platform and AI marketing to lower acquisition costs and enhance monetization efficiency.
Capital-Light model retains ~80% gross revenue, supported by 33 major IP partnerships including Kadokawa, TMS, and Warner Bros Japan.
Growth accelerating with U.S. expansion, FY1H25 revenue +23% YoY, overseas share 29%, Target Price US$5.7, Structural Long rating.


CTW (Initiation of Coverage): Invisible Hand of AI Behind Japan’s Anime Gaming Leader

New Zealand Professional Investment Services Firm, Forsyth Barr

Forsyth Barr

New Zealand Professional Investment Services Firm

We are proud to be a New Zealand owned firm, with 21 offices throughout the country and over 300 employees. We assist personal, institutional and corporate clients providing a full range of investment services.

Forsyth Barr is a foundation New Zealand Exchange firm (NZX) and accredited market participant. We have been confirmed by the Financial Markets Authority as a Qualifying Financial Entity (QFE).

Research is the cornerstone of our advice. We have one of New Zealand's leading teams of analysts. Our global affiliations ensure comprehensive research coverage of all major investment markets.

<ul><li>We are wholly supportive of Scales (SCL)’s NZ$104m acquisition of its Australian joint ventures (Fayman and Meateor Australia).</li><li>This deal accelerates SCL’s one-brand Global Proteins strategy, and equity earnings will now account for ~2% of FY27 EBITDA.</li><li>Implied transaction return on capital is in excess of SCL's hurdle rate and we have increased EPS forecasts by ~+10% across the forecast horizon.</li></ul>

We are wholly supportive of Scales (SCL)’s NZ$104m acquisition of its Australian joint ventures (Fayman and Meateor Australia).This deal accelerates SCL’s one-brand Global Proteins strategy, and equity earnings will now account for ~2% of FY27 EBITDA.Implied transaction return on capital is in excess of SCL's hurdle rate and we have increased EPS forecasts by ~+10% across the forecast horizon.

United States

CTW Cayman develops games. The Company provides anime IP-based games for mobile devices and personal computers. CTW Cayman serves customers across worldwide.

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CTW Cayman (CTW US)

CTW Cayman: Sales Rise 41% as AI Marketing Engine Drives ROAS Above 125%

Strong growth driven by new game launches and international expansion. Maintaining Structural Long rating and increasing forecasts based on latest...

Vincent Fernando, CFA

CTW (Initiation of Coverage): Invisible Hand of AI Behind Japan’s Anime Gaming Leader

Global HTML5 anime gaming leader uses instant-play platform and AI marketing to lower costs and boost monetization, with strong revenue growth and...

Vincent Fernando, CFA

Scales Grouse

We are wholly supportive of Scales (SCL)’s NZ$104m acquisition of its Australian joint ventures (Fayman and Meateor Australia).

Forsyth Barr

Price Gauge

52-week Range

Market Cap (USDm)

P/E

Dividend (Yield)

CTW Cayman: Sales Rise 41% as AI Marketing Engine Drives ROAS Above 125%

​Strong growth driven by new game launches and international expansion. Maintaining Structural Long rating and increasing forecasts based on latest...

Vincent Fernando, CFA

CTW (Initiation of Coverage): Invisible Hand of AI Behind Japan’s Anime Gaming Leader

​Global HTML5 anime gaming leader uses instant-play platform and AI marketing to lower costs and boost monetization, with strong revenue growth and...

Vincent Fernando, CFA

Scales Grouse

We are wholly supportive of Scales (SCL)’s NZ$104m acquisition of its Australian joint ventures (Fayman and Meateor Australia).

Forsyth Barr

Strong growth driven by new game launches and international expansion. Maintaining Structural Long rating and increasing forecasts based on latest...

Global HTML5 anime gaming leader uses instant-play platform and AI marketing to lower costs and boost monetization, with strong revenue growth and...