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 identify key Taiwan-based Apple suppliers that have underperformed recently, and highlight which suppliers' revenue growth will outpace Apple in 2025E.</li>
<li>Rise of India -- Latest Apple data shows massive iPhone production growth in the country.</li>
<li>Apple's next-generation M5 chip will continue using TSMC's 3nm node, launching 2H25E; Supports that TSMC's 3nm process is expected to maintain strong demand even with the arrival of 2nm.</li>
</ul>


We identify key Taiwan-based Apple suppliers that have underperformed recently, and highlight which suppliers' revenue growth will outpace Apple in 2025E.
Rise of India -- Latest Apple data shows massive iPhone production growth in the country.
Apple's next-generation M5 chip will continue using TSMC's 3nm node, launching 2H25E; Supports that TSMC's 3nm process is expected to maintain strong demand even with the arrival of 2nm.


Apple Supply Chain Monitor: Laggards to Outgrow Apple in 2025E; India's IPhone Surge; New IMacs W/AI

External reports (aggregated public sources), Value Investors Club

Value Investors Club (VIC)

External reports (aggregated public sources)

Value Investors Club

<ul><li>Dupont's three-way spin is expected to narrow the conglomerate discount and potentially increase share value by 35% to around $110 per share</li><li>The company, a global specialty chemicals company with $12.1 billion in revenue, aims to position itself as a diversified industrial conglomerate</li><li>Through strategic moves like merging its nutrition sciences business and selling non-core businesses, Dupont seeks to enhance shareholder value and increase competitiveness</li></ul><p><em>This content is sourced through publicly available sources and has been machine generated. Information displayed is for general informational purposes only. This article was originally published 3 months ago on Value Investors Club.</em></p>

Dupont's three-way spin is expected to narrow the conglomerate discount and potentially increase share value by 35% to around $110 per shareThe company, a global specialty chemicals company with $12.1 billion in revenue, aims to position itself as a diversified industrial conglomerateThrough strategic moves like merging its nutrition sciences business and selling non-core businesses, Dupont seeks to enhance shareholder value and increase competitivenessThis content is sourced through publicly available sources and has been machine generated. Information displayed is for general informational purposes only. This article was originally published 3 months ago on Value Investors Club.

Dupont De Nemours Inc (DD) - Monday, May 27, 2024

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>DuPont's second quarter 2024 earnings reflected a strong recovery trajectory, with CEO Lori Koch and CFO Antonella Franzen outlining improvements across key performance metrics.</li><li>The company reported revenue and earnings that surpassed previous guidance, buoyed by a broad-based electronics recovery and gains in the Water and Protection (W&P) business.</li><li>On the financial front, DuPont registered an increase in net sales by 2% compared to the previous year, totaling $3.2 billion.</li></ul>

DuPont's second quarter 2024 earnings reflected a strong recovery trajectory, with CEO Lori Koch and CFO Antonella Franzen outlining improvements across key performance metrics.The company reported revenue and earnings that surpassed previous guidance, buoyed by a broad-based electronics recovery and gains in the Water and Protection (W&P) business.On the financial front, DuPont registered an increase in net sales by 2% compared to the previous year, totaling $3.2 billion.

DuPont de Nemours Inc.: Enhanced E&I Growth from AI Integration and Advanced Nodes! - Major Drivers

IPOs and Catalysts/Events, Global Equity Research Ltd

Arun George

IPOs and Catalysts/Events

Uncompromised, Independent, Conflict-Free Research

Global Equity Research Ltd

Global Equity Research was started in 2017 by a group of experienced research professionals. It was founded on a passionate belief in the importance and the need for uncompromised, independent, conflict-free research. We aim to provide differentiated and actionable primary and bottom up fundamental research.

Event-Driven

<ul>
<li>Murakami's City Index Eleventh entity reported a 5.11% position in <a href="https://www.smartkarma.com/entities/jsr-corp" target="_blank" data-smartkarma-citation="entities:17620:1" rel="noopener">JSR Corp (4185 JP)</a>. The share purchases started on 19 March, the day of the tender start.</li>
<li>Murakami’s average buy-in price of JPY4,346.22 per share is broadly in line with the JPY4,350 tender offer. </li>
<li>Murakami's disclosure suggests two possibilities: starting an activist campaign for a bump or pursuing the appraisal process to determine a fair value. We think the latter is likely. </li>
</ul>


Murakami's City Index Eleventh entity reported a 5.11% position in JSR Corp (4185 JP). The share purchases started on 19 March, the day of the tender start.
Murakami’s average buy-in price of JPY4,346.22 per share is broadly in line with the JPY4,350 tender offer. 
Murakami's disclosure suggests two possibilities: starting an activist campaign for a bump or pursuing the appraisal process to determine a fair value. We think the latter is likely. 


JSR Corporation (4185 JP): Murakami Becomes a Substantial Shareholder

<ul>
<li>
<a href="https://www.smartkarma.com/entities/jsr-corp" target="_blank" data-smartkarma-citation="entities:17620:1" rel="noopener">JSR Corp (4185 JP)</a> notes that the pre-condition for JIC’s tender has been satisfied. The offer price remains unchanged at JPY4,350 per share. </li>
<li>The offer remains attractive despite the material re-rating of peers. The tender should succeed when combined with shareholder fatigue and a lack of vocal opposition. </li>
<li>The tender requires a 66.7% minority acceptance rate. The gross and annualised spread for a 23 April payment is 0.6% and 7.1%, respectively.</li>
</ul>



JSR Corp (4185 JP) notes that the pre-condition for JIC’s tender has been satisfied. The offer price remains unchanged at JPY4,350 per share. 
The offer remains attractive despite the material re-rating of peers. The tender should succeed when combined with shareholder fatigue and a lack of vocal opposition. 
The tender requires a 66.7% minority acceptance rate. The gross and annualised spread for a 23 April payment is 0.6% and 7.1%, respectively.


JSR Corporation (4185 JP): JIC Tender Starts and Should Succeed Despite Shin-Etsu’s Re-Rating

United States

DuPont de Nemours, Inc. operates as a chemical company. The Company offers elastomeric photopolymer printing plates, structural and elastic adhesives, fluids, reinforcing composites, foams, coatings, rubber and elastomers, topical ingredients, food ingredients, animal nutrition, biomaterials, water purification technologies, and fibers.

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DuPont (DD US)

Apple Supply Chain Monitor: Laggards to Outgrow Apple in 2025E; India's IPhone Surge; New IMacs W/AI

Underperforming suppliers expect revenue growth surpassing Apple in 2025E; India sees massive iPhone production growth; Apple's M5 chip...

Vincent Fernando, CFA

Dupont De Nemours Inc (DD) - Monday, May 27, 2024

Dupont's three-way spin is expected to narrow the conglomerate discount and potentially increase share value by 35% to around $110 per share

Value Investors Club (VIC)

DuPont de Nemours Inc.: Enhanced E&I Growth from AI Integration and Advanced Nodes! - Major Drivers

DuPont's second quarter 2024 earnings reflected a strong recovery trajectory, with CEO Lori Koch and CFO Antonella Franzen outlining improvements...

Baptista Research

JSR Corporation (4185 JP): Murakami Becomes a Substantial Shareholder

Murakami's disclosure suggests two possibilities: starting an activist campaign for a bump or pursuing the appraisal process to determine a fair...

Arun George

JSR Corporation (4185 JP): JIC Tender Starts and Should Succeed Despite Shin-Etsu’s Re-Rating

The offer remains attractive despite the material re-rating of peers. The gross and annualised spread for a 23 April payment is 0.6% and 7.1%,...

Arun George

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Apple Supply Chain Monitor: Laggards to Outgrow Apple in 2025E; India's IPhone Surge; New IMacs W/AI

​Underperforming suppliers expect revenue growth surpassing Apple in 2025E; India sees massive iPhone production growth; Apple's M5 chip...

Vincent Fernando, CFA

Dupont De Nemours Inc (DD) - Monday, May 27, 2024

Dupont's three-way spin is expected to narrow the conglomerate discount and potentially increase share value by 35% to around $110 per share

Value Investors Club (VIC)

DuPont de Nemours Inc.: Enhanced E&I Growth from AI Integration and Advanced Nodes! - Major Drivers

DuPont's second quarter 2024 earnings reflected a strong recovery trajectory, with CEO Lori Koch and CFO Antonella Franzen outlining improvements...

Baptista Research

JSR Corporation (4185 JP): Murakami Becomes a Substantial Shareholder

Murakami's disclosure suggests two possibilities: starting an activist campaign for a bump or pursuing the appraisal process to determine a fair...

Arun George

JSR Corporation (4185 JP): JIC Tender Starts and Should Succeed Despite Shin-Etsu’s Re-Rating

The offer remains attractive despite the material re-rating of peers. The gross and annualised spread for a 23 April payment is 0.6% and 7.1%,...

Arun George

Underperforming suppliers expect revenue growth surpassing Apple in 2025E; India sees massive iPhone production growth; Apple's M5 chip...