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

Macronix International / Equity Bottom-Up

<ul>
<li>
<a href="https://www.smartkarma.com/entities/macronix-international" target="_blank" data-smartkarma-citation="entities:3247:1" rel="noopener">Macronix International (2337 TT)</a>'s 11pt gross margin recovery shows the NOR Flash downcycle that began in 2022 has rebounded. Good news for <a href="https://www.smartkarma.com/entities/winbond-electronics-corp" target="_blank" data-smartkarma-citation="entities:9177:1" rel="noopener">Winbond Electronics (2344 TT)</a>, <a href="https://www.smartkarma.com/entities/gigadevice-semiconductor" target="_blank" data-smartkarma-citation="entities:46238:1" rel="noopener">GigaDevice Semiconductor (3986 HK)</a>.</li>
<li>AI infrastructure demand is reshaping specialty memory, with server and networking driving NOR growth while NAND supply tightens as fabs prioritize capacity</li>
<li>Product mix transformation and capex discipline have turned free cash flow positive, signaling improved health across the specialty memory sector. After a long downturn, profitability has rebounded significantly.</li>
</ul>



Macronix International (2337 TT)'s 11pt gross margin recovery shows the NOR Flash downcycle that began in 2022 has rebounded. Good news for Winbond Electronics (2344 TT), GigaDevice Semiconductor (3986 HK).
AI infrastructure demand is reshaping specialty memory, with server and networking driving NOR growth while NAND supply tightens as fabs prioritize capacity
Product mix transformation and capex discipline have turned free cash flow positive, signaling improved health across the specialty memory sector. After a long downturn, profitability has rebounded significantly.


Macronix Shows NOR Flash Cycle Turning as AI Infrastructure Reshapes Memory Demand

Head of Research, IPOs & Placements, Aequitas Research

Sumeet Singh

Head of Research, IPOs & Placements

IPOs and Placements coverage across Asia Pacific

Aequitas Research

We cover all listing across the Asia Pacific along with follow-up placements. As of Dec 2020, our team had covered 539 IPOs with a hit rate of 73.5% and 685 placements with a hit rate of 66.8%.

We combine fundamental bottom-up views with our proprietary quantitative framework to provide a holistic coverage across new listings and placements. Our coverage includes pre-IPO notes before the deal is launched, follow-up analysis once the deal is live and post-listing trading analysis as well.

Equity Capital Markets

Wus Printed Circuit (Kunshan) Co,Ltd. / Equity Capital Markets

Wus Printed Circuit (Kunshan) Co,Ltd. (002463 CH)

<ul>
<li>
<a href="https://www.smartkarma.com/entities/wus-printed-circuit-kunshan-co-ltd" target="_blank" data-smartkarma-citation="entities:4478:1" rel="noopener">Wus Printed Circuit (Kunshan) Co,Ltd. (002463 CH,</a> WUSPC), a global PCB solution provider, aims to raise around US$1.5bn in its H-share listing.</li>
<li>WUSPC is one of the world’s leading PCB solution providers to the data communications and the smart vehicles sectors.</li>
<li>In this note, we look at its past performance and other deal dynamics that might impact the listing.</li>
</ul>



Wus Printed Circuit (Kunshan) Co,Ltd. (002463 CH, WUSPC), a global PCB solution provider, aims to raise around US$1.5bn in its H-share listing.
WUSPC is one of the world’s leading PCB solution providers to the data communications and the smart vehicles sectors.
In this note, we look at its past performance and other deal dynamics that might impact the listing.


Aequitas: WUS Printed Circuit A/H Listing - AI Driving Revenue Growth and Stock to New Highs

HK/China Equity Long-Short

Osbert Tang, CFA

Eastroc Beverage / Equity Capital Markets

<ul>
<li>
<a href="https://www.smartkarma.com/entities/eastroc-beverage-group-co-ltd-f3283290-a611-4cb4-8857-93101786e283" target="_blank" data-smartkarma-citation="entities:45048:1" rel="noopener">Eastroc Beverage Group (9980 HK)</a> has a solid growth outlook with a 3-year EPS CAGR of 27.8%, given its leadership position in China's functional beverage market. </li>
<li>Its IPO price of HK$248 equals 20.4x FY26F PER. This is at 44% premium to the sector and 19% discount to <a href="https://www.smartkarma.com/entities/nongfu-spring-co-ltd" target="_blank" data-smartkarma-citation="entities:28955:1" rel="noopener">Nongfu Spring (9633 HK)</a>, which is justified. </li>
<li>The cap and the floor is 5% and 15% discount to the A-share, i.e. HK$239-265.1, implying a 7% upside and 4% downside. The IPO (11.2% discount) is fairly priced.</li>
</ul>



Eastroc Beverage Group (9980 HK) has a solid growth outlook with a 3-year EPS CAGR of 27.8%, given its leadership position in China's functional beverage market. 
Its IPO price of HK$248 equals 20.4x FY26F PER. This is at 44% premium to the sector and 19% discount to Nongfu Spring (9633 HK), which is justified. 
The cap and the floor is 5% and 15% discount to the A-share, i.e. HK$239-265.1, implying a 7% upside and 4% downside. The IPO (11.2% discount) is fairly priced.


Eastroc Beverage (9980 HK) IPO: Close to Fairly Priced

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.

<ul>
<li>
<a href="https://www.smartkarma.com/entities/eastroc-beverage-group-co-ltd-f3283290-a611-4cb4-8857-93101786e283" target="_blank" data-smartkarma-citation="entities:45048:1" rel="noopener">Eastroc Beverage Group (9980 HK)</a>, the largest functional beverage company in China, has launched an H Share listing to raise US$1.3 billion.</li>
<li>I discussed the H Share listing in <em><strong><a href="https://www.smartkarma.com/insights/eastroc-beverage-h-share-listing-the-investment-case" target="_blank" data-smartkarma-citation="insights:218181" rel="noopener">Eastroc Beverage H Share Listing: The Investment Case</a></strong></em>. </li>
<li>The proposed AH discount of 12.6% (based on the 23 January A Share price) is tight and will draw mixed views. Overall, I will tilt towards participating in the listing. </li>
</ul>



Eastroc Beverage Group (9980 HK), the largest functional beverage company in China, has launched an H Share listing to raise US$1.3 billion.
I discussed the H Share listing in Eastroc Beverage H Share Listing: The Investment Case. 
The proposed AH discount of 12.6% (based on the 23 January A Share price) is tight and will draw mixed views. Overall, I will tilt towards participating in the listing. 


Eastroc Beverage H Share Listing (9980 HK): Valuation Insights

Eastroc Beverage Group   / Equity Capital Markets

<ul>
<li>
<a href="https://www.smartkarma.com/entities/eastroc-beverage-group-co-ltd" target="_blank" data-smartkarma-citation="entities:34882:1" rel="noopener">Eastroc Beverage Group (605499 CH)</a> (EB), a China-based functional beverage company, aims to raise around US$1.3bn in its H-share listing.</li>
<li>According to Frost &amp; Sullivan (F&amp;S), EB has been the largest functional beverage company in China in terms of sales volume for four consecutive years since 2021.</li>
<li>We have looked at the past performance and likely A/H premium in our previous note. In this note, we talk about the IPO pricing.</li>
</ul>



Eastroc Beverage Group (605499 CH) (EB), a China-based functional beverage company, aims to raise around US$1.3bn in its H-share listing.
According to Frost &amp; Sullivan (F&amp;S), EB has been the largest functional beverage company in China in terms of sales volume for four consecutive years since 2021.
We have looked at the past performance and likely A/H premium in our previous note. In this note, we talk about the IPO pricing.


Eastroc Beverage A/H Listing - Good Quality but Tight Pricing

China

GigaDevice Semiconductor Inc. is a fabless semiconductor company specializing in advanced memory technologies, microcontrollers (MCUs), sensors, and analog products. Its offerings include SPI NOR Flash, SPI NAND Flash, Parallel NAND Flash, and MCUs based on ARM and RISC-V architectures. The company was founded in April 2005 and is headquartered in Beijing, China.

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GigaDevice Semiconductor (3986 HK)

Macronix Shows NOR Flash Cycle Turning as AI Infrastructure Reshapes Memory Demand

Macronix's gross margin recovery signals NOR Flash downcycle rebound, benefiting Winbond Electronics and GigaDevice Semiconductor. AI...

Vincent Fernando, CFA

Aequitas: WUS Printed Circuit A/H Listing - AI Driving Revenue Growth and Stock to New Highs

Wus Printed Circuit (Kunshan) Co,Ltd. (002463 CH, WUSPC), a global PCB solution provider, aims to raise around US$1.5bn in its H-share listing. In...

Sumeet Singh

Eastroc Beverage (9980 HK) IPO: Close to Fairly Priced

Eastroc has solid growth with a 3-year EPS CAGR of 27.8%, supported by leadership in China's functional beverage market. Its IPO is fairly priced...

Osbert Tang, CFA

Eastroc Beverage A/H Listing - Good Quality but Tight Pricing

Eastroc Beverage Group (605499 CH) (EB), a China-based functional beverage company, aims to raise around US$1.3bn in its H-share listing. In this...

Sumeet Singh

Price Gauge

52-week Range

Market Cap (USDm)

P/E

Dividend (Yield)

Macronix Shows NOR Flash Cycle Turning as AI Infrastructure Reshapes Memory Demand

​Macronix's gross margin recovery signals NOR Flash downcycle rebound, benefiting Winbond Electronics and GigaDevice Semiconductor. AI...

Vincent Fernando, CFA

Aequitas: WUS Printed Circuit A/H Listing - AI Driving Revenue Growth and Stock to New Highs

Wus Printed Circuit (Kunshan) Co,Ltd. (002463 CH, WUSPC), a global PCB solution provider, aims to raise around US$1.5bn in its H-share listing. In...

Sumeet Singh

Eastroc Beverage (9980 HK) IPO: Close to Fairly Priced

​Eastroc has solid growth with a 3-year EPS CAGR of 27.8%, supported by leadership in China's functional beverage market. Its IPO is fairly priced...

Osbert Tang, CFA

Eastroc Beverage H Share Listing (9980 HK): Valuation Insights

The proposed AH discount of 12.6% (based on the 23 January A Share price) is tight and will draw mixed views. Overall, I will tilt towards...

Arun George

Eastroc Beverage A/H Listing - Good Quality but Tight Pricing

Eastroc Beverage Group (605499 CH) (EB), a China-based functional beverage company, aims to raise around US$1.3bn in its H-share listing. In this...

Sumeet Singh

Macronix's gross margin recovery signals NOR Flash downcycle rebound, benefiting Winbond Electronics and GigaDevice Semiconductor. AI...

Eastroc has solid growth with a 3-year EPS CAGR of 27.8%, supported by leadership in China's functional beverage market. Its IPO is fairly priced...