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 Maker Shares Under Pressure -- PC makers' share prices fell by mid-to-high single digits during July. However, pure PC exposure outperformed as shown by HPQ's gain during the month.</li>
<li>Latest PC Industry Data is Promising -- Latest IDC data shows that global PC shipments increased 3% YoY in 2Q24, and are up 5% YoY ex-China.</li>
<li>Microsoft &amp; Taiwan PC Maker Earnings Ahead -- Microsoft reports July 30th U.S. time. We expect Taiwan PC makers to report earnings within the first two weeks of August.</li>
</ul>


PC Maker Shares Under Pressure -- PC makers' share prices fell by mid-to-high single digits during July. However, pure PC exposure outperformed as shown by HPQ's gain during the month.
Latest PC Industry Data is Promising -- Latest IDC data shows that global PC shipments increased 3% YoY in 2Q24, and are up 5% YoY ex-China.
Microsoft &amp; Taiwan PC Maker Earnings Ahead -- Microsoft reports July 30th U.S. time. We expect Taiwan PC makers to report earnings within the first two weeks of August.


PC Monitor: MSFT Results Imminent; Look for Copilot Progress; Taiwan PC Makers Show Healthy Growth

Tracking developments across tech supply chains, Tech Supply Chain Tracker

Tech Supply Chain Tracker

Tracking developments across tech supply chains

<ul><li>South Korean battery makers stand to benefit from Tesla's production issues with 46800 cells, boosting profitability in May 2024.</li><li>STMicro and Panasonic Cycle Tech team up to introduce AI technology in e-bikes, making safety enhancements more affordable and accessible.</li><li>Axelera AI secures US$68 million for global expansion in AI, recognizing computing as the new currency and focusing on growth in the tech industry.</li></ul>

South Korean battery makers stand to benefit from Tesla's production issues with 46800 cells, boosting profitability in May 2024.STMicro and Panasonic Cycle Tech team up to introduce AI technology in e-bikes, making safety enhancements more affordable and accessible.Axelera AI secures US$68 million for global expansion in AI, recognizing computing as the new currency and focusing on growth in the tech industry.

Tech Supply Chain Tracker (29-Jun-2024): Notebook shipment update May 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.

Hewlett Packard Enterprise  / Equity Bottom-Up

<ul><li>In its second quarter of fiscal 2024, Hewlett Packard Enterprise (HPE) reported notable performance, surpassing its initial revenue and non-GAAP diluted net earnings per share (EPS) expectations.</li><li>This growth was primarily driven by a robust increase in demand for AI systems, highlighted by a significant uptick in revenue contributing to a cumulative AI systems orders of $4.6 billion for the quarter.</li><li>HPE's optimistic outlook is further supported by a raise in full-year revenue and non-GAAP EPS guidance, though it maintains its forecast for free cash flow.</li></ul>

In its second quarter of fiscal 2024, Hewlett Packard Enterprise (HPE) reported notable performance, surpassing its initial revenue and non-GAAP diluted net earnings per share (EPS) expectations.This growth was primarily driven by a robust increase in demand for AI systems, highlighted by a significant uptick in revenue contributing to a cumulative AI systems orders of $4.6 billion for the quarter.HPE's optimistic outlook is further supported by a raise in full-year revenue and non-GAAP EPS guidance, though it maintains its forecast for free cash flow.

Hewlett Packard Enterprise Company: A Story Of Enhanced Focus On Artificial Intelligence (AI) Systems & GreenLake & Cloud Services Expansion! - Major Drivers

<ul><li>Hewlett Packard Enterprise (HPE) reported that its Q1 2024 revenues did not meet expectations, mainly due to softening in the network industry and the timing of several large GPU acceptances.</li><li>Reported revenue was lower than anticipated largely because of softening demand industry-wide for network, and the timing of several large GPU acceptances was shifted.</li><li>Additionally, HPE did not have the supply of GPU it desired, which constrained revenue growth.</li></ul>

Hewlett Packard Enterprise (HPE) reported that its Q1 2024 revenues did not meet expectations, mainly due to softening in the network industry and the timing of several large GPU acceptances.Reported revenue was lower than anticipated largely because of softening demand industry-wide for network, and the timing of several large GPU acceptances was shifted.Additionally, HPE did not have the supply of GPU it desired, which constrained revenue growth.

Hewlett Packard Enterprise (HPE): Hybrid Cloud Growth & Transition To An As-a-service model! - Key Drivers

External reports (aggregated public sources), Value Investors Club

Value Investors Club (VIC)

External reports (aggregated public sources)

Value Investors Club

Key points<ul><li>HPE is a $21.5 billion provider of networking, servers, and storage products, with a focus on higher quality businesses and services</li><li>The company generates cash from operations and divestitures, presenting an attractive investment opportunity with potential for upside to $29/share or a 35% IRR through 10/2025</li><li>HPE's recent Security Analysts Meeting emphasized its business segments, particularly highlighting opportunities in the Compute segment for AI inferencing needs and Proliant Gen 11 servers</li></ul>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.

Key pointsHPE is a $21.5 billion provider of networking, servers, and storage products, with a focus on higher quality businesses and servicesThe company generates cash from operations and divestitures, presenting an attractive investment opportunity with potential for upside to $29/share or a 35% IRR through 10/2025HPE's recent Security Analysts Meeting emphasized its business segments, particularly highlighting opportunities in the Compute segment for AI inferencing needs and Proliant Gen 11 serversThis 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.

Hewlett Packard Enterprise (HPE) - Wednesday, Dec 6, 2023

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: MSFT Results Imminent; Look for Copilot Progress; Taiwan PC Makers Show Healthy Growth

PC makers' shares fell in July, but pure PC exposure like HPQ outperformed. Global PC shipments increased 3% YoY in 2Q24, with Microsoft and...

Vincent Fernando, CFA

Tech Supply Chain Tracker (29-Jun-2024): Notebook shipment update May 2024

May 2024 notebook shipment update, Tesla's production issues benefit South Korean battery makers, AI technology in e-bikes, Axelera AI secures $68M...

Tech Supply Chain Tracker

Hewlett Packard Enterprise Company: A Story Of Enhanced Focus On Artificial Intelligence (AI) Systems & GreenLake & Cloud Services Expansion! - Major Drivers

In its second quarter of fiscal 2024, Hewlett Packard Enterprise (HPE) reported notable performance, surpassing its initial revenue and non-GAAP...

Baptista Research

Hewlett Packard Enterprise (HPE): Hybrid Cloud Growth & Transition To An As-a-service model! - Key Drivers

Hewlett Packard Enterprise (HPE) reported that its Q1 2024 revenues did not meet expectations, mainly due to softening in the network industry and...

Baptista Research

Hewlett Packard Enterprise (HPE) - Wednesday, Dec 6, 2023

The company generates cash from operations and divestitures, presenting an attractive investment opportunity with potential for upside to $29/share...

Value Investors Club (VIC)

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52-week Range

Market Cap (USDm)

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PC Monitor: MSFT Results Imminent; Look for Copilot Progress; Taiwan PC Makers Show Healthy Growth

​PC makers' shares fell in July, but pure PC exposure like HPQ outperformed. Global PC shipments increased 3% YoY in 2Q24, with Microsoft and...

Vincent Fernando, CFA

Tech Supply Chain Tracker (29-Jun-2024): Notebook shipment update May 2024

May 2024 notebook shipment update, Tesla's production issues benefit South Korean battery makers, AI technology in e-bikes, Axelera AI secures $68M...

Tech Supply Chain Tracker

Hewlett Packard Enterprise Company: A Story Of Enhanced Focus On Artificial Intelligence (AI) Systems & GreenLake & Cloud Services Expansion! - Major Drivers

In its second quarter of fiscal 2024, Hewlett Packard Enterprise (HPE) reported notable performance, surpassing its initial revenue and non-GAAP...

Baptista Research

Hewlett Packard Enterprise (HPE): Hybrid Cloud Growth & Transition To An As-a-service model! - Key Drivers

Hewlett Packard Enterprise (HPE) reported that its Q1 2024 revenues did not meet expectations, mainly due to softening in the network industry and...

Baptista Research

Hewlett Packard Enterprise (HPE) - Wednesday, Dec 6, 2023

The company generates cash from operations and divestitures, presenting an attractive investment opportunity with potential for upside to $29/share...

Value Investors Club (VIC)

PC makers' shares fell in July, but pure PC exposure like HPQ outperformed. Global PC shipments increased 3% YoY in 2Q24, with Microsoft and...