Managing Director, Zero One, Zero One

Vincent Fernando, CFA

Managing Director, Zero One

Equity Bottom-Up

<ul>
<li>Asustek, Acer, and HP's recent quarterly results indicate decreases in inventory days, highlighting potential improvement happening at the leading edge of the PC industry chain.</li>
<li>Asustek (Asus) has substantially underperformed Acer YTD with one factor likely being Asus reporting worse margin performance. Asus is flat YTD after its post-results drop vs. +15% YTD for Acer.</li>
<li>Long/Short: One can explore Long Asustek vs. Short Acer based on expectations of normalization of relative operational performance.</li>
</ul>


Asustek, Acer, and HP's recent quarterly results indicate decreases in inventory days, highlighting potential improvement happening at the leading edge of the PC industry chain.
Asustek (Asus) has substantially underperformed Acer YTD with one factor likely being Asus reporting worse margin performance. Asus is flat YTD after its post-results drop vs. +15% YTD for Acer.
Long/Short: One can explore Long Asustek vs. Short Acer based on expectations of normalization of relative operational performance.


PC Industry Monitor: Signs of Inventory Improvement at PC Industry's Leading Edge; Shares Diverged

Research from Quam Securities, Quam Securities

Quam Securities Research

Research from Quam Securities

Quam Securities

Since its inception in 1986, Quam Securities Limited (Quam Securities) has grown to become one of the few mid-tier securities brokerages in Hong Kong with global execution capabilities for both private and institutional clients. It boasts a well-established network in Greater China including Taiwan and in major world markets through the Global Alliance Partners (GAP). Quam Securities is well-positioned not only to harness and drive business within the China Tonghai International Financial Limited but also between China and the world markets.

Thematic (Sector/Industry)

<ul><li>Global #3 server vendor Inspur has been placed on the entity list of the US, which could severely hit its sales due to potential difficulty in procurement of key parts and components.</li><li>The move could potentially benefit competitors, such as Lenovo, which has already enjoyed strong growth in server sales in the past few years.</li><li>Inspur (000977 CH, NR) is global #3 server vendor and, according to IDC data, it had 8.1% market share for 9M22, which was behind #1 Dell’s (DELL US, NR) 16.6% and #2 HP Enterprise’s (HPE US, NR) 13.8% but ahead of #4 Lenovo’s 6.2%.</li></ul>

Global #3 server vendor Inspur has been placed on the entity list of the US, which could severely hit its sales due to potential difficulty in procurement of key parts and components.The move could potentially benefit competitors, such as Lenovo, which has already enjoyed strong growth in server sales in the past few years.Inspur (000977 CH, NR) is global #3 server vendor and, according to IDC data, it had 8.1% market share for 9M22, which was behind #1 Dell’s (DELL US, NR) 16.6% and #2 HP Enterprise’s (HPE US, NR) 13.8% but ahead of #4 Lenovo’s 6.2%.

Lenovo (992 HK, NR) - The Fastest Growing Segment May Get a Further Boost

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

TSMC (Taiwan Semiconductor Manufacturing) - ADR

<ul>
<li>The U.S. is reportedly working to implement China semiconductor restrictions with South Korean firms, after doing the same with Japanese and Dutch firms.</li>
<li>Nanya management sees a bottom for Memory prices in 1Q23E; we look at Long Micron vs. Short Nanya.</li>
<li>Firms are significantly expanding semiconductor capacity in Singapore, with the latest being Applied Materials and French firm Soitec.</li>
</ul>


The U.S. is reportedly working to implement China semiconductor restrictions with South Korean firms, after doing the same with Japanese and Dutch firms.
Nanya management sees a bottom for Memory prices in 1Q23E; we look at Long Micron vs. Short Nanya.
Firms are significantly expanding semiconductor capacity in Singapore, with the latest being Applied Materials and French firm Soitec.


Taiwan Tech Weekly: U.S. Pushing South Korea China Restrictions, Nanya Says Memory Bottom in 1Q23E

Independent research on the U.S. markets, Baptista Research

Baptista Research

Independent research on the U.S. markets

Baptista Research is an independent financial research house focused on the U.S. markets. We provide equity research as well as credit research reports on the top-listed U.S. companies with most of our focus on technology, consumer goods and services, automobiles, industrials, oil and gas, pharma, and healthcare. Our research has served more than 3000 institutional investors including mutual funds, hedge funds, banks, family offices, and various buy-side firms. We operate a research subscription service where institutions, as well as retail investors, can have priority access to all our research. We also have a wide distribution of our research reports across some of the top global financial platforms. Apart from equity research and credit research, we also provide advisory services with respect to mergers & acquisitions (M&A), private equity/ venture capital fundraising, valuation reports, and investment management services for corporates.
Baptista Research is owned and managed by Ishan Majumdar, an ex-Venture Capitalist/ Investment Banker, a Chartered Accountant, and a Masters’ degree holder in Management from HEC Paris. Ishan has nearly a decade of experience in Mergers and Acquisitions, Leveraged Buyouts (LBOs), Venture Capital Investing, Corporate Strategy, and Valuation in front-office roles at the likes of BNP Paribas CIB, Credit Agricole CIB, Groupe Danone, and TIW Private Equity. He has worked on and closed multiple acquisition deals, leveraged buyouts, and start-up investment transactions.

<ul><li>After announcing a weak outlook in the last quarter and causing its stock price to plummet, Dell has shown a decent recovery.</li><li>Its stock price has continued to recover after the company delivered an all-around beat in a challenging demand environment.</li><li>Overall, we remain neutral on Dell and give it a ‘Hold’ rating with a revised target price.</li></ul>

After announcing a weak outlook in the last quarter and causing its stock price to plummet, Dell has shown a decent recovery.Its stock price has continued to recover after the company delivered an all-around beat in a challenging demand environment.Overall, we remain neutral on Dell and give it a ‘Hold’ rating with a revised target price.

Covering IPOs, Healthcare and Technology Stocks

Andrei Zakharov

Algosun Global

Private Capital Markets

Geekplus Technology / Private Capital Markets

<ul>
<li>Geek+ is the fastest-growing robotics startup and producer of warehouse robots powered by AI and deep learning algorithms. The company successfully integrates logistics with robots. </li>
<li>Beijing-Based Geek+ has raised a total of ~$532M in funding over 7 rounds. The last round was a $100M Series E in August 2022 that was led by Intel Capital. </li>
<li>Warehouse robots have a huge market potential driven by rising labor costs in China, lack of human labor in the warehouse segment, and huge fluctuations in production capacity. </li>
</ul>


Geek+ is the fastest-growing robotics startup and producer of warehouse robots powered by AI and deep learning algorithms. The company successfully integrates logistics with robots. 
Beijing-Based Geek+ has raised a total of ~$532M in funding over 7 rounds. The last round was a $100M Series E in August 2022 that was led by Intel Capital. 
Warehouse robots have a huge market potential driven by rising labor costs in China, lack of human labor in the warehouse segment, and huge fluctuations in production capacity. 


Geek+: Global Leader in Smart Logistics Robotic Technology

United States

Dell Technologies Inc. provides computer products. The Company offers laptops, desktops, tablets, workstations, servers, monitors, printers, gateways, software, storage, and networking products. Dell Technologies serves customers worldwide.

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Dell Technologies (DELL US)

PC Industry Monitor: Signs of Inventory Improvement at PC Industry's Leading Edge; Shares Diverged

Asus has substantially underperformed Acer YTD with one likely factor being Asus reporting worse margin performance. Asus is flat YTD vs. +15% YTD...

Vincent Fernando, CFA

Lenovo (992 HK, NR) - The Fastest Growing Segment May Get a Further Boost

Global #3 server vendor Inspur has been placed on the entity list of the US, which could severely hit its sales due to potential difficulty in...

Quam Securities

Taiwan Tech Weekly: U.S. Pushing South Korea China Restrictions, Nanya Says Memory Bottom in 1Q23E

Firms are also significantly expanding semiconductor capacity in Singapore, with the latest being Applied Materials and French firm Soitec.

Vincent Fernando, CFA

Dell Technologies: Major Drivers

After announcing a weak outlook in the last quarter and causing its stock price to plummet, Dell has shown a decent recovery. Its stock price has...

Baptista Research

Geek+: Global Leader in Smart Logistics Robotic Technology

We view VC-backed Geek+ as a great company and a category winner that is addressing the fastest-growing warehouse automation and robotics segment

Andrei Zakharov

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