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>PC &amp; Server solutions names have fallen moderately from highs in June, however enterprise server company HPE soared 20% on AI strength.</li>
<li>Despite the market pullback from highs, we note that 2025E forward growth expectations have generally increased for the universe over the last month.</li>
<li>Latest Taiwan PC company revenues indicate healthy growth and HPE's management guided for Enterprise AI orders to accelerate.</li>
</ul>


PC &amp; Server solutions names have fallen moderately from highs in June, however enterprise server company HPE soared 20% on AI strength.
Despite the market pullback from highs, we note that 2025E forward growth expectations have generally increased for the universe over the last month.
Latest Taiwan PC company revenues indicate healthy growth and HPE's management guided for Enterprise AI orders to accelerate.


PC Monitor: Growth Expectations Have Increased Recently; HPE Signals Enterprise AI Acceleration

Hon Hai Precision Industry / Equity Bottom-Up

<ul>
<li>Hon Hai's 4Q23 profit beat consensus and management has become more bullish on 2024E revenue thanks to demand for AI servers.</li>
<li>Guided 40% YoY growth expected for AI servers; Separately, Hon Hai reportedly could have won a major AI server order from HP Enterprise according to Digitimes.</li>
<li>Hon Hai shares are finally moving; We see room for continued upside based on re-rating of the company's valuation. Positive news flow potential through Nvidia's GTC conference next week.</li>
</ul>


Hon Hai's 4Q23 profit beat consensus and management has become more bullish on 2024E revenue thanks to demand for AI servers.
Guided 40% YoY growth expected for AI servers; Separately, Hon Hai reportedly could have won a major AI server order from HP Enterprise according to Digitimes.
Hon Hai shares are finally moving; We see room for continued upside based on re-rating of the company's valuation. Positive news flow potential through Nvidia's GTC conference next week.


Hon Hai: Beat & Raise; Further Valuation Upside; AI Server Product Announcements Next Week

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.

Hewlett Packard Enterprise  / Equity Bottom-Up

<ul><li>Hewlett Packard Enterprise reported its fiscal 2026 second quarter results marked by strong revenue growth, profitability expansion, and progress in its strategic initiatives, especially following the integration of Juniper Networks.</li><li>The company posted revenue of $10.7 billion, a 40% year-over-year increase, alongside non-GAAP earnings per share of $0.79, which more than doubled compared to the prior year.</li><li>Free cash flow reached $915 million, reflecting a sizeable improvement driven by strong operational performance and supply chain management.</li></ul>

Hewlett Packard Enterprise reported its fiscal 2026 second quarter results marked by strong revenue growth, profitability expansion, and progress in its strategic initiatives, especially following the integration of Juniper Networks.The company posted revenue of $10.7 billion, a 40% year-over-year increase, alongside non-GAAP earnings per share of $0.79, which more than doubled compared to the prior year.Free cash flow reached $915 million, reflecting a sizeable improvement driven by strong operational performance and supply chain management.

Hewlett Packard Enterprise (HPE)’s $7.7 Billion Cloud & AI Surge: Can Margins Keep Up?

Semiconductor & Technology Specialist, Ingenuity

William Keating

Semiconductor & Technology Specialist

Ingenuity

Our focus is exclusively on in-depth research & consulting in the broader semiconductor industry. We focus on the key players, namely Intel, Micron, Qualcomm, Apple, Samsung, NVIDIA, AMD, TSMC & Global Foundries - as well as some of the lesser known, but nonetheless critical, companies such as ASML (for EUV), Mellanox, Cavium, Xilinx etc. We specialise in their products, roadmaps, process technologies, competitive advantages & threats etc. We also help our clients understand the implications of new and emerging technologies, e.g. 3D X-Point, 3D NAND, Carbon Nanotubes, Autonomous Driving, Graphene, Silicon Photonics, Wafer-Level Optics, Artificial Intelligence, FPGA, GPU, ASIC etc. 

Semiconductor Analysis & Research

<ul>
<li>Hewlett Packard Enterprise (HPE) reported Q2FY26 record revenue of $10.68 billion, up 40% YoY, up 14.8% QoQ and coming in above the high end of the company’s own guided range.</li>
<li>For Q3FY26, HPE estimates revenue to be in the range of $11.5 billion to $12.1 billion &amp; GAAP diluted net EPS to be in the range of $0.84 to $0.89</li>
<li>HPE’s updated FY26 non-GAAP EPS and free-cash-flow guidance are now higher than the FY28 targets it set at its October 2025 Securities Analyst Meeting. Oh my!</li>
</ul>


Hewlett Packard Enterprise (HPE) reported Q2FY26 record revenue of $10.68 billion, up 40% YoY, up 14.8% QoQ and coming in above the high end of the company’s own guided range.
For Q3FY26, HPE estimates revenue to be in the range of $11.5 billion to $12.1 billion &amp; GAAP diluted net EPS to be in the range of $0.84 to $0.89
HPE’s updated FY26 non-GAAP EPS and free-cash-flow guidance are now higher than the FY28 targets it set at its October 2025 Securities Analyst Meeting. Oh my!


HPE Q2 FY26. Two Years Ahead Of Fiscal Plan!

<ul><li>Hewlett Packard Enterprise reported first-quarter fiscal 2026 results that showed strong top-line growth, solid profitability, and meaningful progress in strategic integration, while also highlighting ongoing supply and cost pressures.</li><li>Revenue rose 18% year over year to $9.3 billion, driven mainly by the inclusion of Juniper Networks.</li><li>Non-GAAP EPS reached a record $0.65, above guidance, supported by pricing actions, cost control, and disciplined execution.</li></ul>

Hewlett Packard Enterprise reported first-quarter fiscal 2026 results that showed strong top-line growth, solid profitability, and meaningful progress in strategic integration, while also highlighting ongoing supply and cost pressures.Revenue rose 18% year over year to $9.3 billion, driven mainly by the inclusion of Juniper Networks.Non-GAAP EPS reached a record $0.65, above guidance, supported by pricing actions, cost control, and disciplined execution.

Hewlett Packard Enterprise's $5 Billion AI Backlog Faces MAJOR Supply Constraints!

United States

Hewlett Packard Enterprise Company provides information technology solutions. The Company offers enterprise security, analytics and data management, applications development and testing, data center care, cloud consulting, and business process services. Hewlett Packard Enterprise serves customers worldwide.

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Hewlett Packard Enterprise (HPE US)

PC Monitor: Growth Expectations Have Increased Recently; HPE Signals Enterprise AI Acceleration

PC & Server Solution share prices have dipped from recent highs, however forward growth expectations have increased over the last month and...

Vincent Fernando, CFA

Hon Hai: Beat & Raise; Further Valuation Upside; AI Server Product Announcements Next Week

Hon Hai's delivers strong 4Q23 profit and bullish outlook on 2024 revenue driven by demand for AI servers. Potential major order from HP...

Vincent Fernando, CFA

Hewlett Packard Enterprise (HPE)’s $7.7 Billion Cloud & AI Surge: Can Margins Keep Up?

Hewlett Packard Enterprise reported its fiscal 2026 second quarter results marked by strong revenue growth, profitability expansion, and progress...

Baptista Research

HPE Q2 FY26. Two Years Ahead Of Fiscal Plan!

HPE’s updated FY26 non-GAAP EPS and free-cash-flow guidance are now higher than the FY28 targets it set at its October 2025 Securities Analyst...

William Keating

Hewlett Packard Enterprise's $5 Billion AI Backlog Faces MAJOR Supply Constraints!

Hewlett Packard Enterprise reported first-quarter fiscal 2026 results that showed strong top-line growth, solid profitability, and meaningful...

Baptista Research

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PC Monitor: Growth Expectations Have Increased Recently; HPE Signals Enterprise AI Acceleration

​PC & Server Solution share prices have dipped from recent highs, however forward growth expectations have increased over the last month and...

Vincent Fernando, CFA

Hon Hai: Beat & Raise; Further Valuation Upside; AI Server Product Announcements Next Week

​Hon Hai's delivers strong 4Q23 profit and bullish outlook on 2024 revenue driven by demand for AI servers. Potential major order from HP...

Vincent Fernando, CFA

Hewlett Packard Enterprise (HPE)’s $7.7 Billion Cloud & AI Surge: Can Margins Keep Up?

Hewlett Packard Enterprise reported its fiscal 2026 second quarter results marked by strong revenue growth, profitability expansion, and progress...

Baptista Research

HPE Q2 FY26. Two Years Ahead Of Fiscal Plan!

HPE’s updated FY26 non-GAAP EPS and free-cash-flow guidance are now higher than the FY28 targets it set at its October 2025 Securities Analyst...

William Keating

Hewlett Packard Enterprise's $5 Billion AI Backlog Faces MAJOR Supply Constraints!

Hewlett Packard Enterprise reported first-quarter fiscal 2026 results that showed strong top-line growth, solid profitability, and meaningful...

Baptista Research

PC & Server Solution share prices have dipped from recent highs, however forward growth expectations have increased over the last month and...

Hon Hai's delivers strong 4Q23 profit and bullish outlook on 2024 revenue driven by demand for AI servers. Potential major order from HP...