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>
 Launch Cadence Is Accelerating: Three new titles have landed in four weeks - Kakegurui ALL IN (23 March), Miss Kobayashi's Dragon Maid Fantasia, and Fantasia Connect (7 April, 100k+ pre-registrations).</li>
<li>
 The Platform Has Proven It Can Sustain Engagement: CTW's investor presentation disclosed Day-1 paying-user retention of 59.6%, Day-7 of 37.5%, and average daily time per DAU of 1.6 hours.</li>
<li>
 Pipeline Depth Remains Substantial: 36 games live on G123, 6 in pre-registration, and 19 in contracted backlog from 30+ rights holders across 45 IP licences.</li>
</ul>



 Launch Cadence Is Accelerating: Three new titles have landed in four weeks - Kakegurui ALL IN (23 March), Miss Kobayashi's Dragon Maid Fantasia, and Fantasia Connect (7 April, 100k+ pre-registrations).

 The Platform Has Proven It Can Sustain Engagement: CTW's investor presentation disclosed Day-1 paying-user retention of 59.6%, Day-7 of 37.5%, and average daily time per DAU of 1.6 hours.

 Pipeline Depth Remains Substantial: 36 games live on G123, 6 in pre-registration, and 19 in contracted backlog from 30+ rights holders across 45 IP licences.


CTW Cayman (CTW US): Three New Launches Test Platform Scalability

<ul>
<li>International revenue comprises the majority of revenue for the anime industry, accounting for 56.5% of total sales ($14.1 billion) and is expanding at a 26% YoY rate.</li>
<li>With international revenue now driving the industry, CTW’s web-based architecture allows the company to circumvent regional app store restrictions and directly reach international audiences across borders.</li>
<li>The late bloomer phenomenon: Titles that achieve modest viewership during their initial Japanese broadcast frequently experience a viral resurgence across Western social media much later.  CTW US - Structural Long.</li>
</ul>


International revenue comprises the majority of revenue for the anime industry, accounting for 56.5% of total sales ($14.1 billion) and is expanding at a 26% YoY rate.
With international revenue now driving the industry, CTW’s web-based architecture allows the company to circumvent regional app store restrictions and directly reach international audiences across borders.
The late bloomer phenomenon: Titles that achieve modest viewership during their initial Japanese broadcast frequently experience a viral resurgence across Western social media much later.  CTW US - Structural Long.


CTW Cayman: Global Anime Demand Surging; Legacy IP’s “Late Bloomer” Effect

<ul>
<li>Netflix’s internal disclosures and 1H25 engagement data formally position anime as a cornerstone of its global content strategy.</li>
<li>Netflix engagement trends reveal that anime growth is not solely a function of new, exclusive Netflix originals. Instead, a substantial volume of viewing hours is driven by the Back-Catalog Effect.</li>
<li>
<a href="https://www.smartkarma.com/entities/ctw-cayman" target="_blank" data-smartkarma-citation="entities:45700:1" rel="noopener">CTW Cayman (CTW US)</a> stands out as a key U.S.-listed small/midcap beneficiary positioned to grow its business as global anime fandom transitions from passive viewing into repeat engagement and spending.</li>
</ul>


Netflix’s internal disclosures and 1H25 engagement data formally position anime as a cornerstone of its global content strategy.
Netflix engagement trends reveal that anime growth is not solely a function of new, exclusive Netflix originals. Instead, a substantial volume of viewing hours is driven by the Back-Catalog Effect.

CTW Cayman (CTW US) stands out as a key U.S.-listed small/midcap beneficiary positioned to grow its business as global anime fandom transitions from passive viewing into repeat engagement and spending.


Netflix Engagement Data Highlights Anime as a Structural Growth Category: CTW Positioned to Benefit

<ul>
<li>
<a href="https://www.smartkarma.com/entities/ctw-cayman" target="_blank" data-smartkarma-citation="entities:45700:1" rel="noopener">CTW Cayman (CTW US)</a> is experiencing 300% YoY improvement in U.S. and Europe player conversion rates thanks to recent optimizations.</li>
<li>Strong visibility of anime IP on major streaming video platforms such as Netflix is a success factor in identifying popular content for games.</li>
<li>We hosted CTW management for a Q&amp;A in relation to our recent thematic report <a href="https://www.smartkarma.com/insights/netflix-engagement-data-highlights-anime-as-a-structural-growth-category-ctw-positioned-to-benefit" target="_blank" data-smartkarma-citation="insights:215947" rel="noopener">Netflix Engagement Data Highlights Anime as a Structural Growth Category.</a>
</li>
</ul>



CTW Cayman (CTW US) is experiencing 300% YoY improvement in U.S. and Europe player conversion rates thanks to recent optimizations.
Strong visibility of anime IP on major streaming video platforms such as Netflix is a success factor in identifying popular content for games.
We hosted CTW management for a Q&amp;A in relation to our recent thematic report Netflix Engagement Data Highlights Anime as a Structural Growth Category.



CTW Cayman (CTW US): Management Access - How Does CTW Choose Anime IP for Its HTML5 Games?

<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%

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 (CTW US): Three New Launches Test Platform Scalability

Three new titles launched in four weeks, showing sustained engagement with high retention rates and substantial pipeline depth on the platform.

Vincent Fernando, CFA

CTW Cayman: Global Anime Demand Surging; Legacy IP’s “Late Bloomer” Effect

Anime international revenue is booming, accounting for over half of total sales and growing rapidly. CTW's web-based approach helps reach global...

Vincent Fernando, CFA

Netflix Engagement Data Highlights Anime as a Structural Growth Category: CTW Positioned to Benefit

Netflix's anime strategy pays off with increased engagement driven by both new originals and back-catalog content, benefiting companies like CTW...

Vincent Fernando, CFA

CTW Cayman (CTW US): Management Access - How Does CTW Choose Anime IP for Its HTML5 Games?

CTW Cayman sees 300% YoY improvement in player conversion rates in U.S. and Europe. Anime IP visibility on major streaming platforms like Netflix...

Vincent Fernando, CFA

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

Price Gauge

52-week Range

Market Cap (USDm)

P/E

Dividend (Yield)

CTW Cayman (CTW US): Three New Launches Test Platform Scalability

​Three new titles launched in four weeks, showing sustained engagement with high retention rates and substantial pipeline depth on the platform.

Vincent Fernando, CFA

CTW Cayman: Global Anime Demand Surging; Legacy IP’s “Late Bloomer” Effect

​Anime international revenue is booming, accounting for over half of total sales and growing rapidly. CTW's web-based approach helps reach global...

Vincent Fernando, CFA

Netflix Engagement Data Highlights Anime as a Structural Growth Category: CTW Positioned to Benefit

​Netflix's anime strategy pays off with increased engagement driven by both new originals and back-catalog content, benefiting companies like CTW...

Vincent Fernando, CFA

CTW Cayman (CTW US): Management Access - How Does CTW Choose Anime IP for Its HTML5 Games?

​CTW Cayman sees 300% YoY improvement in player conversion rates in U.S. and Europe. Anime IP visibility on major streaming platforms like Netflix...

Vincent Fernando, CFA

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

Three new titles launched in four weeks, showing sustained engagement with high retention rates and substantial pipeline depth on the platform.

Anime international revenue is booming, accounting for over half of total sales and growing rapidly. CTW's web-based approach helps reach global...

Netflix's anime strategy pays off with increased engagement driven by both new originals and back-catalog content, benefiting companies like CTW...

CTW Cayman sees 300% YoY improvement in player conversion rates in U.S. and Europe. Anime IP visibility on major streaming platforms like Netflix...

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