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>We visited CTW's new office in New York city. It's tasked with U.S. marketing, finance, and investor relations.</li>
<li>CTW has further developed its tech platform capabilities to be able to see market traction for new game launches in real-time and adjust game play or marketing spend accordingly.</li>
<li>The U.S. marketing team started in June; expect U.S. market traction picking up in second half of calendar 2026. Liquidity should increase in shares as CTW engages investors more intensively.</li>
</ul>


We visited CTW's new office in New York city. It's tasked with U.S. marketing, finance, and investor relations.
CTW has further developed its tech platform capabilities to be able to see market traction for new game launches in real-time and adjust game play or marketing spend accordingly.
The U.S. marketing team started in June; expect U.S. market traction picking up in second half of calendar 2026. Liquidity should increase in shares as CTW engages investors more intensively.


CTW - Site Visit to New York Office: Expect Rising U.S. Market Traction & Investor Engagement

<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>Demon Slayer: Infinity Castle set a new all-time box-office high for a single anime film. Clearest sign yet anime has gone mainstream worldwide.</li>
<li>Demand is generational and global: More than half of Gen Z worldwide, 54%, identify as anime fans.</li>
<li>CTW's G123 is a browser-first, free-to-play games platform built for the global, casual anime fan, and it trades at a deep EV/sales discount to peers. Structural Long, US$5.70 target.</li>
</ul>


Demon Slayer: Infinity Castle set a new all-time box-office high for a single anime film. Clearest sign yet anime has gone mainstream worldwide.
Demand is generational and global: More than half of Gen Z worldwide, 54%, identify as anime fans.
CTW's G123 is a browser-first, free-to-play games platform built for the global, casual anime fan, and it trades at a deep EV/sales discount to peers. Structural Long, US$5.70 target.


CTW Cayman (CTW US): Anime Goes Global, Demon Slayer's Record Year

<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

United States

CTW 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 (CTW US)

CTW - Site Visit to New York Office: Expect Rising U.S. Market Traction & Investor Engagement

CTW's new NYC office focuses on U.S. marketing, finance, and investor relations. Expect increased market traction and investor engagement in the...

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): Anime Goes Global, Demon Slayer's Record Year

"Demon Slayer film breaks box-office record, showcasing anime's global mainstream appeal. Gen Z driving demand. CTW's G123 targets casual anime...

Vincent Fernando, CFA

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

Price Gauge

52-week Range

Market Cap (USDm)

P/E

Dividend (Yield)

CTW - Site Visit to New York Office: Expect Rising U.S. Market Traction & Investor Engagement

​CTW's new NYC office focuses on U.S. marketing, finance, and investor relations. Expect increased market traction and investor engagement in the...

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): Anime Goes Global, Demon Slayer's Record Year

​"Demon Slayer film breaks box-office record, showcasing anime's global mainstream appeal. Gen Z driving demand. CTW's G123 targets casual anime...

Vincent Fernando, CFA

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

CTW's new NYC office focuses on U.S. marketing, finance, and investor relations. Expect increased market traction and investor engagement in the...

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

"Demon Slayer film breaks box-office record, showcasing anime's global mainstream appeal. Gen Z driving demand. CTW's G123 targets casual anime...

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...