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

Hon Hai Precision Industry / Equity Bottom-Up

<ul>
<li>COMPUTEX 2026's first AI Robotics Zone showcased Taiwan's pitch:  supply enabling Physical AI solutions — motion, reducers, vision,  edge-AI compute — rather than build robot brands, echoing its semiconductor  playbook.</li>
<li>Commercially, the floor ran on robot arms and wheeled-base units for  manufacturing and logistics, plus edge-AI compute and machine vision; bipedal humanoids were mostly showpieces, with volume three-to-five years out.</li>
<li>High-Precision reducers remain a Japanese stronghold (Harmonic Drive  6324 JP, Nabtesco 6268 JP), but listed Taiwanese names are climbing: Turvo  (2233 TT) debuted a micro harmonic reducer at the show.</li>
</ul>


COMPUTEX 2026's first AI Robotics Zone showcased Taiwan's pitch:  supply enabling Physical AI solutions — motion, reducers, vision,  edge-AI compute — rather than build robot brands, echoing its semiconductor  playbook.
Commercially, the floor ran on robot arms and wheeled-base units for  manufacturing and logistics, plus edge-AI compute and machine vision; bipedal humanoids were mostly showpieces, with volume three-to-five years out.
High-Precision reducers remain a Japanese stronghold (Harmonic Drive  6324 JP, Nabtesco 6268 JP), but listed Taiwanese names are climbing: Turvo  (2233 TT) debuted a micro harmonic reducer at the show.


TechChain Insights: COMPUTEX 2026 -- On the Ground with Physical AI's New Supply Chain

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.

Event-Driven

<ul>
<li>With <a href="https://www.smartkarma.com/entities/toyota-motor-corp" target="_blank" data-smartkarma-citation="entities:73:1" rel="noopener">Toyota (7203 JP)</a> having sold some of its stake in <a href="https://www.smartkarma.com/entities/denso-corp" target="_blank" data-smartkarma-citation="entities:18703:1" rel="noopener">Denso</a>, <a href="https://www.smartkarma.com/entities/kddi-corp" target="_blank" data-smartkarma-citation="entities:639:1" rel="noopener">KDDI</a> and <a href="https://www.smartkarma.com/entities/harmonic-drive-systems-inc" target="_blank" data-smartkarma-citation="entities:10238:1" rel="noopener">Harmonic Drive</a> this year, it has firmly set the ball rolling for unwinding some of its cross-shareholding.</li>
<li>Toyota has a shareholding in around 60 listed companies, with its combined disposable stake worth over US$26bn.</li>
<li>In this note, we take a look at its stakes in various companies to see which ones could possibly be candidates for further selldowns.</li>
</ul>


With Toyota (7203 JP) having sold some of its stake in Denso, KDDI and Harmonic Drive this year, it has firmly set the ball rolling for unwinding some of its cross-shareholding.
Toyota has a shareholding in around 60 listed companies, with its combined disposable stake worth over US$26bn.
In this note, we take a look at its stakes in various companies to see which ones could possibly be candidates for further selldowns.


Toyota Cross-Shareholding - To Say a Whole Lot Is Left Would Be a US$26bn Understatement

Index Rebal/Special Situations, Quiddity Advisors

Janaghan Jeyakumar, CFA

Index Rebal/Special Situations

Quiddity Advisors

Pan-Asia Catalysts/Events

Index Rebalance

<ul>
<li>Quiddity's "Who is Ready" series of insights aims to objectively identify names listed on the Tokyo Stock Exchange that are potential additions to the TOPIX Index in future.</li>
<li>
<a href="https://www.smartkarma.com/entities/harmonic-drive-systems-inc" target="_blank" data-smartkarma-citation="entities:10238:1" rel="noopener">Harmonic Drive Systems (6324 JP)</a> will be included in the TOPIX index at the end of March 2026. We have discussed our flow expectations for this event.</li>
<li>
<a href="https://www.smartkarma.com/entities/core-concept-technologies-inc" target="_blank" data-smartkarma-citation="entities:34323:1" rel="noopener">Core Concept Technologies Inc (4371 JP)</a> has moved far away from the required price threshold for TOPIX inclusion but it continues to be a long-term pre-event candidate.</li>
</ul>


Quiddity's "Who is Ready" series of insights aims to objectively identify names listed on the Tokyo Stock Exchange that are potential additions to the TOPIX Index in future.

Harmonic Drive Systems (6324 JP) will be included in the TOPIX index at the end of March 2026. We have discussed our flow expectations for this event.

Core Concept Technologies Inc (4371 JP) has moved far away from the required price threshold for TOPIX inclusion but it continues to be a long-term pre-event candidate.


TOPIX Inclusions: Who Is Ready (Mar 2026)

Pan-Asia Index Rebalances/ Events/ Delta One, Periscope Analytics

Brian Freitas

Pan-Asia Index Rebalances/ Events/ Delta One

Periscope Analytics

Periscope Analytics focuses on event-driven trades across Asia Pacific and provides comprehensive, timely and systematic coverage of index changes to major Asia Pacific indices in a structured manner.

The analysis includes forecasted inclusions and exclusions to all major Asian indices that have significant amount of tracking assets, including estimates of passive buy/sell flow on the stocks. The service also provides commentary and impact of market consultations, ground rule changes, and other events (IPOs, spin-offs, M&A) that could lead to index changes and passive flow.

Periscope Analytics works with multi-strategy hedge funds, proprietary trading firms, stat arb trading groups and long-only investors that invest and trade in the Asia Pacific region with the data being used to trade index rebalances, avoid pre-positioning and passive flow, and to time entry into and exit from stocks.

Event-Driven Trades Across Asia Pacific

<ul>
<li>
<a href="https://www.smartkarma.com/entities/harmonic-drive-systems-inc" target="_blank" data-smartkarma-citation="entities:10238:1" rel="noopener">Harmonic Drive Systems (6324 JP)</a> moves from the Standard Market to the Prime Market at the close on 27 February. That means <a href="https://www.smartkarma.com/entities/tokyo-stock-exchange-tokyo-price-index-topix" target="_blank" data-smartkarma-citation="entities:22910:1" rel="noopener">TOPIX</a> inclusion at the end of March.</li>
<li>
<a href="https://www.smartkarma.com/entities/harmonic-drive-systems-inc" target="_blank" data-smartkarma-citation="entities:10238:1" rel="noopener">Harmonic Drive Systems (6324 JP)</a> was an expected inclusion to the <a href="https://www.smartkarma.com/entities/tokyo-stock-exchange-tokyo-price-index-topix" target="_blank" data-smartkarma-citation="entities:22910:1" rel="noopener">TOPIX Index</a> in October as a part of the Next-Gen TOPIX revamp. The section transfer accelerates the timeline.</li>
<li>
<a href="https://www.smartkarma.com/entities/harmonic-drive-systems-inc" target="_blank" data-smartkarma-citation="entities:10238:1" rel="noopener">Harmonic Drive</a> has underperformed nearly all its peers from the Industrial components industry and there could be a catch up ahead of the big float mop up from the TOPIX trackers.</li>
</ul>



Harmonic Drive Systems (6324 JP) moves from the Standard Market to the Prime Market at the close on 27 February. That means TOPIX inclusion at the end of March.

Harmonic Drive Systems (6324 JP) was an expected inclusion to the TOPIX Index in October as a part of the Next-Gen TOPIX revamp. The section transfer accelerates the timeline.

Harmonic Drive has underperformed nearly all its peers from the Industrial components industry and there could be a catch up ahead of the big float mop up from the TOPIX trackers.


Harmonic Drive (6324 JP): Section Transfer Accelerates TOPIX Inclusion Timeline

Pan-Asia Catalysts/Events, Quiddity Advisors

Travis Lundy

<ul>
<li>
<a href="https://www.smartkarma.com/entities/harmonic-drive-systems-inc" target="_blank" data-smartkarma-citation="entities:10238:1" rel="noopener">Harmonic Drive Systems (6324 JP)</a> shares popped 14.7% Friday on a Nikkan Kogyo story the company would increase reducer/actuator production in the US by 50% by June or July.</li>
<li>Harmonic Drive has long been eligible for TOPIX inclusion. It has just never asked to move to TSE1 or TSE Prime. Now it has. </li>
<li>As announced after the close Friday 20 February, Harmonic Drive will move to TSE Prime on 27 February which will mean a TOPIX Inclusion in end-March. That's big too.</li>
</ul>



Harmonic Drive Systems (6324 JP) shares popped 14.7% Friday on a Nikkan Kogyo story the company would increase reducer/actuator production in the US by 50% by June or July.
Harmonic Drive has long been eligible for TOPIX inclusion. It has just never asked to move to TSE1 or TSE Prime. Now it has. 
As announced after the close Friday 20 February, Harmonic Drive will move to TSE Prime on 27 February which will mean a TOPIX Inclusion in end-March. That's big too.


[Quiddity Index] Harmonic Drive Systems (6324 JP) Moving to TSE Prime

Japan

Harmonic Drive Systems Inc. manufactures speed reducers used in industrial robots, semiconductor manufacturing equipment, and other precision instruments. The Company offers cup type, hollow-shaft type, and rotary type speed reducers. Harmonic Drive Systems also produces gear heads and harmonic drive actuators.

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Harmonic Drive Systems (6324 JP)

TechChain Insights: COMPUTEX 2026 -- On the Ground with Physical AI's New Supply Chain

Taiwan's focus at COMPUTEX 2026's AI Robotics Zone is on supplying enabling Physical AI solutions rather than building robot brands, echoing its...

Vincent Fernando, CFA

Toyota Cross-Shareholding - To Say a Whole Lot Is Left Would Be a US$26bn Understatement

Toyota, Toyota Industries and Denso are tag teaming to unwind some of their stake in Aisin, in a deal worth over US$1bn. While the timing of the...

Sumeet Singh

TOPIX Inclusions: Who Is Ready (Mar 2026)

There are currently 162 names that satisfy all 5 key Segment Transfer requirements based on current data. Another 154 names can satisfy 4 out of 5...

Janaghan Jeyakumar, CFA

Harmonic Drive (6324 JP): Section Transfer Accelerates TOPIX Inclusion Timeline

Harmonic Drive was expected to be added to the TOPIX in October. The section transfer (Standard to Prime) brings that forward to March. Stock has...

Brian Freitas

[Quiddity Index] Harmonic Drive Systems (6324 JP) Moving to TSE Prime

Harmonic Drive Systems has long sat unbothered in TSE2 then Standard. Now it is moving to TSE Prime, which means a TOPIX inclusion at end-March....

Travis Lundy

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TechChain Insights: COMPUTEX 2026 -- On the Ground with Physical AI's New Supply Chain

​Taiwan's focus at COMPUTEX 2026's AI Robotics Zone is on supplying enabling Physical AI solutions rather than building robot brands, echoing its...

Vincent Fernando, CFA

Toyota Cross-Shareholding - To Say a Whole Lot Is Left Would Be a US$26bn Understatement

Toyota, Toyota Industries and Denso are tag teaming to unwind some of their stake in Aisin, in a deal worth over US$1bn. While the timing of the...

Sumeet Singh

TOPIX Inclusions: Who Is Ready (Mar 2026)

There are currently 162 names that satisfy all 5 key Segment Transfer requirements based on current data. Another 154 names can satisfy 4 out of 5...

Janaghan Jeyakumar, CFA

Harmonic Drive (6324 JP): Section Transfer Accelerates TOPIX Inclusion Timeline

Harmonic Drive was expected to be added to the TOPIX in October. The section transfer (Standard to Prime) brings that forward to March. Stock has...

Brian Freitas

[Quiddity Index] Harmonic Drive Systems (6324 JP) Moving to TSE Prime

Harmonic Drive Systems has long sat unbothered in TSE2 then Standard. Now it is moving to TSE Prime, which means a TOPIX inclusion at end-March....

Travis Lundy

Taiwan's focus at COMPUTEX 2026's AI Robotics Zone is on supplying enabling Physical AI solutions rather than building robot brands, echoing its...