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

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

TSMC (Taiwan Semiconductor Manufacturing) - ADR

<ul>
<li>Rapidus vs. TSMC: Can Japan's Newcomer Compete in the 2nm Race?</li>
<li>Memory Monitor: The Emerging Mass-Market Edge AI Need for Mobiles; Long Micron Vs. Short Nanya Tech </li>
<li>Hon Hai Pauses Nissan Pursuit Amid Honda Talks -- A Japanese Savior for Nissan is Likely But This Confirms Hon Hai's EV Ambitions Remain High</li>
</ul>


Rapidus vs. TSMC: Can Japan's Newcomer Compete in the 2nm Race?
Memory Monitor: The Emerging Mass-Market Edge AI Need for Mobiles; Long Micron Vs. Short Nanya Tech 
Hon Hai Pauses Nissan Pursuit Amid Honda Talks -- A Japanese Savior for Nissan is Likely But This Confirms Hon Hai's EV Ambitions Remain High


Taiwan Tech Weekly: Rapidus's Challenge Vs. TSMC for 2nm; Hon Hai Hunting for Automaker Acquisition

Korea/Asia, Events, IPOs, Douglas Research Advisory

Douglas Kim

Korea/Asia, Events, IPOs

Douglas Research Advisory

Event-Driven

<ul>
<li>A potential merger between Nissan Motor and Honda Motor would create the third largest auto group in the world.</li>
<li>If this merger is successful, it could have a short term positive impact on Hyundai Motor since it could result in a reduction of overlapping sales/marketing and production of Nissan.</li>
<li>However, a merger of Honda and Nissan could negatively impact Hyundai Motor over the long term because the merged entity could produce more high quality, price competitive vehicles.</li>
</ul>


A potential merger between Nissan Motor and Honda Motor would create the third largest auto group in the world.
If this merger is successful, it could have a short term positive impact on Hyundai Motor since it could result in a reduction of overlapping sales/marketing and production of Nissan.
However, a merger of Honda and Nissan could negatively impact Hyundai Motor over the long term because the merged entity could produce more high quality, price competitive vehicles.


A Potential Merger Between Honda and Nissan - Impact on Hyundai Motor and Kia Corp

Tracking developments across tech supply chains, Tech Supply Chain Tracker

Tech Supply Chain Tracker

Tracking developments across tech supply chains

<ul><li>XPeng and Nio abandon Nvidia Thor chip over delays, impacting production schedules and development timelines.</li><li>Wistron set to establish new plant in Vietnam in 2025, with potential expansion of current facilities, boosting local economy.</li><li>MSI launches made-in-India notebooks as part of market expansion strategy, tapping into growing demand for tech products in the region.</li></ul>

XPeng and Nio abandon Nvidia Thor chip over delays, impacting production schedules and development timelines.Wistron set to establish new plant in Vietnam in 2025, with potential expansion of current facilities, boosting local economy.MSI launches made-in-India notebooks as part of market expansion strategy, tapping into growing demand for tech products in the region.

Tech Supply Chain Tracker (19-Dec-2024): XPeng, Nio drop Nvidia Thor chip due to delays.

Japan Specialist

Mark Chadwick

Thematic (Sector/Industry)

<ul>
<li>The Dow Jones Industrial Average extended its historic losing streak to nine sessions on Tuesday, falling 267 points (-0.61%) to 43,449, marking its longest skid since 1978</li>
<li>
<a href="https://www.smartkarma.com/entities/nissan-motor-co-ltd" target="_blank" data-smartkarma-citation="entities:72:1" rel="noopener">Nissan Motor (7201 JP)</a> and <a href="https://www.smartkarma.com/entities/honda-motor-co-ltd" target="_blank" data-smartkarma-citation="entities:154:1" rel="noopener">Honda Motor (7267 JP)</a> are reportedly in talks for a merger. NIssan ADR up 11% overnight.</li>
<li>Oasis has emerged as a significant shareholder of <a href="https://www.smartkarma.com/entities/macromill-inc" target="_blank" data-smartkarma-citation="entities:24026:1" rel="noopener">Macromill, Inc (3978 JP)</a> . The company is currently subject to a TOB from CVC Capital Partners. </li>
</ul>


The Dow Jones Industrial Average extended its historic losing streak to nine sessions on Tuesday, falling 267 points (-0.61%) to 43,449, marking its longest skid since 1978

Nissan Motor (7201 JP) and Honda Motor (7267 JP) are reportedly in talks for a merger. NIssan ADR up 11% overnight.
Oasis has emerged as a significant shareholder of Macromill, Inc (3978 JP) . The company is currently subject to a TOB from CVC Capital Partners. 


Ohayo Japan | Nissan and Honda in Merger Talks

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.

Equity Capital Markets

<ul>
<li>Since the announcement of the US$840 million secondary offering, <a href="https://www.smartkarma.com/entities/sanrio-co-ltd" target="_blank" data-smartkarma-citation="entities:16476:1" rel="noopener">Sanrio (8136 JP)</a>’s shares have been down 3.9% from the undisturbed price of JPY5,160 per share (26 November).</li>
<li>It is instructive to look at recent large Japanese placements to understand the potential trading pattern. So far, Sanrio’s shares have followed the pattern of previous large placements.</li>
<li>The offering will likely be priced on 10 December. The average large Japanese placement tends to generate positive returns.</li>
</ul>


Since the announcement of the US$840 million secondary offering, Sanrio (8136 JP)’s shares have been down 3.9% from the undisturbed price of JPY5,160 per share (26 November).
It is instructive to look at recent large Japanese placements to understand the potential trading pattern. So far, Sanrio’s shares have followed the pattern of previous large placements.
The offering will likely be priced on 10 December. The average large Japanese placement tends to generate positive returns.


Japan

Honda Motor Co., Ltd. develops, manufactures, and distributes motorcycles, automobiles, and power products such as generators and farm machinery. The Company also operates a financial credit business.  Honda Motor has manufacturing facilities in the US, Canada, the UK, France, Italy, Spain, Brazil, Mexico, India, and Thailand.

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Honda Motor Co Ltd (Adr) (HMC US)

Taiwan Tech Weekly: Rapidus's Challenge Vs. TSMC for 2nm; Hon Hai Hunting for Automaker Acquisition

Japan's newcomer Rapidus challenges TSMC in the 2nm race; Hon Hai's pursuit of Nissan pauses due to Nissan-Honda talks, but signals Hon Hai's...

Vincent Fernando, CFA

A Potential Merger Between Honda and Nissan - Impact on Hyundai Motor and Kia Corp

In this insight, we discuss the impact of a potential merger between Nissan Motor and Honda Motor which would create one of the largest auto groups...

Douglas Kim

Tech Supply Chain Tracker (19-Dec-2024): XPeng, Nio drop Nvidia Thor chip due to delays.

XPeng and Nio switch from Nvidia Thor chip, Wistron to open new plant in Vietnam, MSI introduces Indian-made notebooks, Honda and Nissan mull...

Tech Supply Chain Tracker

Ohayo Japan | Nissan and Honda in Merger Talks

Dow Jones falls for ninth consecutive session, marking longest losing streak since 1978. Nissan and Honda reportedly in talks for merger. Oasis...

Mark Chadwick

Sanrio (8136 JP): The Current Playbook

The offering will likely be priced on 10 December. The average large Japanese placement tends to generate positive returns.

Arun George

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52-week Range

Market Cap (USDm)

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Taiwan Tech Weekly: Rapidus's Challenge Vs. TSMC for 2nm; Hon Hai Hunting for Automaker Acquisition

​Japan's newcomer Rapidus challenges TSMC in the 2nm race; Hon Hai's pursuit of Nissan pauses due to Nissan-Honda talks, but signals Hon Hai's...

Vincent Fernando, CFA

A Potential Merger Between Honda and Nissan - Impact on Hyundai Motor and Kia Corp

In this insight, we discuss the impact of a potential merger between Nissan Motor and Honda Motor which would create one of the largest auto groups...

Douglas Kim

Tech Supply Chain Tracker (19-Dec-2024): XPeng, Nio drop Nvidia Thor chip due to delays.

XPeng and Nio switch from Nvidia Thor chip, Wistron to open new plant in Vietnam, MSI introduces Indian-made notebooks, Honda and Nissan mull...

Tech Supply Chain Tracker

Ohayo Japan | Nissan and Honda in Merger Talks

​Dow Jones falls for ninth consecutive session, marking longest losing streak since 1978. Nissan and Honda reportedly in talks for merger. Oasis...

Mark Chadwick

Sanrio (8136 JP): The Current Playbook

The offering will likely be priced on 10 December. The average large Japanese placement tends to generate positive returns.

Arun George

Japan's newcomer Rapidus challenges TSMC in the 2nm race; Hon Hai's pursuit of Nissan pauses due to Nissan-Honda talks, but signals Hon Hai's...

Dow Jones falls for ninth consecutive session, marking longest losing streak since 1978. Nissan and Honda reportedly in talks for merger. Oasis...