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>Elan Micro reported September revenue on October 7th; 3Q24 revenue has come in at the high end of management's guidance.</li>
<li>Management reiterated that they expect AI PCs to drive a growth acceleration for the PC industry starting in 4Q24E/1Q25E.</li>
<li>Reiterate Structural Long rating for Elan Micro; the company remains well positioned to benefit from an AI PC-driven PC upgrade cycle.</li>
</ul>


Elan Micro reported September revenue on October 7th; 3Q24 revenue has come in at the high end of management's guidance.
Management reiterated that they expect AI PCs to drive a growth acceleration for the PC industry starting in 4Q24E/1Q25E.
Reiterate Structural Long rating for Elan Micro; the company remains well positioned to benefit from an AI PC-driven PC upgrade cycle.


PC Monitor: Elan Sales Hit Guidance High End; Expects Significant PC Industry Growth 4Q24E/1Q25E

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

TSMC (Taiwan Semiconductor Manufacturing) - ADR

<ul>
<li>Last Week -- TSMC's July Revenue Soared, Asustek Guided for PC Growth Acceleration, While KYEC, Mediatek, and UMC Rebounded</li>
<li>Key Events -- This Week Look to Hon Hai &amp; Zhen Ding Earnings and Guidance for Servers, AI PCs/Mobiles, iPhone 16</li>
<li>PC Monitor: Promising Uptake of Microsoft Copilot and AI Services; Remain Structurally Long </li>
</ul>


Last Week -- TSMC's July Revenue Soared, Asustek Guided for PC Growth Acceleration, While KYEC, Mediatek, and UMC Rebounded
Key Events -- This Week Look to Hon Hai &amp; Zhen Ding Earnings and Guidance for Servers, AI PCs/Mobiles, iPhone 16
PC Monitor: Promising Uptake of Microsoft Copilot and AI Services; Remain Structurally Long 


Taiwan Tech Weekly: Watch Hon Hai & Zhen Ding Guidance for Servers, AI PCs/Mobiles, and IPhone 16

<ul>
<li>Data Centers -- Traditional Data Center Recovery Starting; In Addition to HBM Demand, SSD Memory Seeing Strength for AI Applications</li>
<li>PCs -- Upcycle to Accelerate "Late CY2024E", Driven by Windows 12 and End of Windows 10</li>
<li>Mobile Devices -- Moderate Growth in CY2024E; Potential for Smartphone Upgrade Cycle Acceleration</li>
</ul>


Data Centers -- Traditional Data Center Recovery Starting; In Addition to HBM Demand, SSD Memory Seeing Strength for AI Applications
PCs -- Upcycle to Accelerate "Late CY2024E", Driven by Windows 12 and End of Windows 10
Mobile Devices -- Moderate Growth in CY2024E; Potential for Smartphone Upgrade Cycle Acceleration


Memory Monitor: Micron's Shares May Be Falling But Results' Industry Implications Are Positive

Tracking developments across tech supply chains, Tech Supply Chain Tracker

Tech Supply Chain Tracker

Tracking developments across tech supply chains

Novatek Microelectronics Corp / Equity Bottom-Up

<ul><li>Taiwan's wafer foundry industry set to expand in Q2 2024 with potential government and financial support.</li><li>London Tech Week 2024 showcases AI, semiconductors, deep tech, startups, and global tech partnerships.</li><li>Quanta sees profits double despite workforce reduction, while Intel invests in Luxshare in China to boost market presence.</li></ul>

Taiwan's wafer foundry industry set to expand in Q2 2024 with potential government and financial support.London Tech Week 2024 showcases AI, semiconductors, deep tech, startups, and global tech partnerships.Quanta sees profits double despite workforce reduction, while Intel invests in Luxshare in China to boost market presence.

Tech Supply Chain Tracker (19-Jun-2024): Taiwan wafer industry in 2Q24

CEO, A. Stotz Investment Research

Dr. Andrew Stotz, CFA

Quantamental Investing to beat Benchmarks

A. Stotz Investment Research

We pick stocks. We construct portfolios. All our effort is focused on how to better pick stocks and construct portfolios. We serve fund management companies, family offices, and high net worth individuals.

Thematic (Sector/Industry)

<ul>
<li>We highlight 14 stocks in Asia that look interesting to us based on our FVMR methodology</li>
<li>Portfolio changes: Four stock remains, 10 stocks added into portfolio</li>
<li>Since its inception, it has generated a before-fee total return of 187% versus the MSCI Asia ex Japan of 78%</li>
</ul>


We highlight 14 stocks in Asia that look interesting to us based on our FVMR methodology
Portfolio changes: Four stock remains, 10 stocks added into portfolio
Since its inception, it has generated a before-fee total return of 187% versus the MSCI Asia ex Japan of 78%


Taiwan

Elan Microelectronics Corp. designs, manufactures, and markets integrated circuits (ICs).  The Company's product lines include telecom line, consumer electronic line, microcontroller line, personal computer (PC) peripheral line, and memory line.

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Elan Microelectronics (2458 TT)

PC Monitor: Elan Sales Hit Guidance High End; Expects Significant PC Industry Growth 4Q24E/1Q25E

Elan Micro reports strong 3Q24 revenue, expects growth acceleration in PC industry driven by AI PCs. Structural Long rating maintained.

Vincent Fernando, CFA

Taiwan Tech Weekly: Watch Hon Hai & Zhen Ding Guidance for Servers, AI PCs/Mobiles, and IPhone 16

TSMC, Asustek, KYEC, Mediatek, and UMC see revenue growth, Hon Hai and Zhen Ding earnings in focus for servers, AI, and iPhone 16. Microsoft...

Vincent Fernando, CFA

Memory Monitor: Micron's Shares May Be Falling But Results' Industry Implications Are Positive

Discusses the recovery of traditional data centers, strength in SSD memory for AI applications, upcycle in PCs driven by Windows 12, and potential...

Vincent Fernando, CFA

Tech Supply Chain Tracker (19-Jun-2024): Taiwan wafer industry in 2Q24

Taiwan's wafer foundry industry grows, CIP calls for offshore wind support, London Tech Week highlights AI and startups, Global PMX improves with...

Tech Supply Chain Tracker

The Stocks to Own in Asia – Vol. 45

We highlight 14 stocks in Asia that look interesting to us based on our FVMR methodology. Portfolio changes: Four stock remains, 10 stocks added.

A. Stotz Investment Research

Price Gauge

52-week Range

Market Cap (USDm)

P/E

Dividend (Yield)

PC Monitor: Elan Sales Hit Guidance High End; Expects Significant PC Industry Growth 4Q24E/1Q25E

​Elan Micro reports strong 3Q24 revenue, expects growth acceleration in PC industry driven by AI PCs. Structural Long rating maintained.

Vincent Fernando, CFA

Taiwan Tech Weekly: Watch Hon Hai & Zhen Ding Guidance for Servers, AI PCs/Mobiles, and IPhone 16

​TSMC, Asustek, KYEC, Mediatek, and UMC see revenue growth, Hon Hai and Zhen Ding earnings in focus for servers, AI, and iPhone 16. Microsoft...

Vincent Fernando, CFA

Memory Monitor: Micron's Shares May Be Falling But Results' Industry Implications Are Positive

Discusses the recovery of traditional data centers, strength in SSD memory for AI applications, upcycle in PCs driven by Windows 12, and potential...

Vincent Fernando, CFA

Tech Supply Chain Tracker (19-Jun-2024): Taiwan wafer industry in 2Q24

Taiwan's wafer foundry industry grows, CIP calls for offshore wind support, London Tech Week highlights AI and startups, Global PMX improves with...

Tech Supply Chain Tracker

The Stocks to Own in Asia – Vol. 45

We highlight 14 stocks in Asia that look interesting to us based on our FVMR methodology. Portfolio changes: Four stock remains, 10 stocks added.

A. Stotz Investment Research

Elan Micro reports strong 3Q24 revenue, expects growth acceleration in PC industry driven by AI PCs. Structural Long rating maintained.

TSMC, Asustek, KYEC, Mediatek, and UMC see revenue growth, Hon Hai and Zhen Ding earnings in focus for servers, AI, and iPhone 16. Microsoft...