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>Report -- Google Drops QCOM, Shifts to MediaTek for Pixel 10's 5G Modems</li>
<li>Strong "Double" Indication for Mediatek's Competitiveness -- Combined with Recent Reports that Mediatek Won Apple to Provide Modems for the Apple Watch</li>
<li>Mediatek's Opportunity to Deliver a Big Win for Google; Maintain Our Structural Long Rating for Mediatek.</li>
</ul>


Report -- Google Drops QCOM, Shifts to MediaTek for Pixel 10's 5G Modems
Strong "Double" Indication for Mediatek's Competitiveness -- Combined with Recent Reports that Mediatek Won Apple to Provide Modems for the Apple Watch
Mediatek's Opportunity to Deliver a Big Win for Google; Maintain Our Structural Long Rating for Mediatek.


Mediatek: Google Reportedly Dropping QCOM & Adopting Mediatek for Pixel 10 Modem; Structural Long

Chief Executive Officer, Emmer Capital Partners Limited

Manishi Raychaudhuri

Chief Executive Officer

Emmer Capital Partners Limited

Emmer Capital Partners is an Asia Pacific focused financial advisory firm engaging in strategic financial asset allocation advice, bespoke thematic research and advising early-stage companies and connecting them to investors. Emmer Capital provides macro-economic and multi-asset investment strategy inputs to institutions, family offices, private wealth managers, private equity, and corporate boards directly and through independent research platforms. Emmer Capital also advises a wide range of startup companies on fund raising and business strategy. Emmer Capital's active engagement with the print and electronic media reaches a broad spectrum of investors across the globe.

Cross Asset Strategy

<ul>
<li>As the earnings season draws to a close, we look at Asian markets'/sectors' EPS estimate progression during the reporting season and earlier. Specifically, we search for upward or downward inflections.</li>
<li>Korea and Taiwan had the strongest EPS upgrades during this reporting season, despite the trade uncertainties. Philippines, Indonesia, Malaysia also had decent upgrades. HK/China and India continue to be downgraded.</li>
<li>Korean and Taiwanese technology, Korean industrials, HK Technology Services had strong upgrades. So did Singapore and Philippines financials, and Thailand Communications - the latter two with a long upgrade history.</li>
</ul>


As the earnings season draws to a close, we look at Asian markets'/sectors' EPS estimate progression during the reporting season and earlier. Specifically, we search for upward or downward inflections.
Korea and Taiwan had the strongest EPS upgrades during this reporting season, despite the trade uncertainties. Philippines, Indonesia, Malaysia also had decent upgrades. HK/China and India continue to be downgraded.
Korean and Taiwanese technology, Korean industrials, HK Technology Services had strong upgrades. So did Singapore and Philippines financials, and Thailand Communications - the latter two with a long upgrade history.


Asian Equities: Taking Stock After the Result Season: Where Are EPS Estimates Rising and Falling?

Taiwan Tech Focused Senior Analyst

Patrick Liao

<ul>
<li>Although the outlook for 1Q25 might be somewhat negative, we believe that it is a reasonably typical result.</li>
<li>We understand that MediaTek did not succeed in qualifying its Apple iPad and iWatch CPUs originally, but we believe it is now preparing for a re-qualification process.</li>
<li>Looking ahead to 2025, we anticipate a more favorable outlook for MediaTek.</li>
</ul>


Although the outlook for 1Q25 might be somewhat negative, we believe that it is a reasonably typical result.
We understand that MediaTek did not succeed in qualifying its Apple iPad and iWatch CPUs originally, but we believe it is now preparing for a re-qualification process.
Looking ahead to 2025, we anticipate a more favorable outlook for MediaTek.


MediaTek (2454.TT): D9400 Success Will Extend into 2025. Prepare to Re-Qualify IPad and IWatch.

<ul>
<li>Mediatek's Apple Watch Win Highlights Smartwatch Market Opportunity; Breakthrough Into Apple's Supply Chain</li>
<li>MediaTek's Role in Apple Watch Connectivity; Mediatek's TSMC Relationship to Provide a Lasting Advantage</li>
<li>Mediatek Rallied But Remains Below Highs; Significant Upside Remains -- Maintain Structural Long</li>
</ul>


Mediatek's Apple Watch Win Highlights Smartwatch Market Opportunity; Breakthrough Into Apple's Supply Chain
MediaTek's Role in Apple Watch Connectivity; Mediatek's TSMC Relationship to Provide a Lasting Advantage
Mediatek Rallied But Remains Below Highs; Significant Upside Remains -- Maintain Structural Long


Mediatek: Apple Watch Win Highlights Smartwatch Market Opportunity; Apple Supply Chain Breakthrough

<ul>
<li>We hosted a conference call with Elan Microelectronics management; We view the company as a Structural Long position for the AI PC upgrade cycle.</li>
<li>From the company's perspective, significant impact from AI PC demand will come but not until 4Q24E or 1H25E. However, supply chain excess inventory improved and prepping for upcycle.</li>
<li>An estimated 90% of AI PC models launched at CES 2024 use Elan's products in their design; Elan well positioned for the upcycle and entrenching its position. Maintain Structural Long.</li>
</ul>


We hosted a conference call with Elan Microelectronics management; We view the company as a Structural Long position for the AI PC upgrade cycle.
From the company's perspective, significant impact from AI PC demand will come but not until 4Q24E or 1H25E. However, supply chain excess inventory improved and prepping for upcycle.
An estimated 90% of AI PC models launched at CES 2024 use Elan's products in their design; Elan well positioned for the upcycle and entrenching its position. Maintain Structural Long.


TechChain Insights: Call with Elan Micro; AI PC Significant Uptake 4Q24/1H25; Supply Chain Preparing

Taiwan

MediaTek Inc. is a fabless semiconductor company for wireless communications and digital multimedia solutions. The company provides SOC system solutions for wireless communications, high-definition TV, optical storage, DVD and Blu-ray products.

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Mediatek Inc (2454 TT)

Mediatek: Google Reportedly Dropping QCOM & Adopting Mediatek for Pixel 10 Modem; Structural Long

Google is reportedly switching from Qualcomm to MediaTek for Pixel 10's 5G modems, showing Mediatek's competitiveness and potential for to deliver...

Vincent Fernando, CFA

Asian Equities: Taking Stock After the Result Season: Where Are EPS Estimates Rising and Falling?

Asian markets' EPS est show strong upgrades in Korea and Taiwan, while HK/CN & India continue to be downgraded. KR & TW Tech, HK Tech Services, SG...

Manishi Raychaudhuri

MediaTek (2454.TT): D9400 Success Will Extend into 2025. Prepare to Re-Qualify IPad and IWatch.

Despite setbacks with Apple products, MediaTek is expected to see a more positive outlook in 2025 after a typical 1Q25 dip.

Patrick Liao

Mediatek: Apple Watch Win Highlights Smartwatch Market Opportunity; Apple Supply Chain Breakthrough

Mediatek's breakthrough into Apple's supply chain for the Apple Watch highlights a significant opportunity in the smartwatch market, with...

Vincent Fernando, CFA

TechChain Insights: Call with Elan Micro; AI PC Significant Uptake 4Q24/1H25; Supply Chain Preparing

Elan Microelectronics is poised for growth in the AI PC upgrade cycle, with a strong position in the market and potential impact expected in late...

Vincent Fernando, CFA

Price Gauge

52-week Range

Market Cap (USDm)

P/E

Dividend (Yield)

Mediatek: Google Reportedly Dropping QCOM & Adopting Mediatek for Pixel 10 Modem; Structural Long

​Google is reportedly switching from Qualcomm to MediaTek for Pixel 10's 5G modems, showing Mediatek's competitiveness and potential for to deliver...

Vincent Fernando, CFA

Asian Equities: Taking Stock After the Result Season: Where Are EPS Estimates Rising and Falling?

​Asian markets' EPS est show strong upgrades in Korea and Taiwan, while HK/CN & India continue to be downgraded. KR & TW Tech, HK Tech Services, SG...

Manishi Raychaudhuri

MediaTek (2454.TT): D9400 Success Will Extend into 2025. Prepare to Re-Qualify IPad and IWatch.

​Despite setbacks with Apple products, MediaTek is expected to see a more positive outlook in 2025 after a typical 1Q25 dip.

Patrick Liao

Mediatek: Apple Watch Win Highlights Smartwatch Market Opportunity; Apple Supply Chain Breakthrough

​Mediatek's breakthrough into Apple's supply chain for the Apple Watch highlights a significant opportunity in the smartwatch market, with...

Vincent Fernando, CFA

TechChain Insights: Call with Elan Micro; AI PC Significant Uptake 4Q24/1H25; Supply Chain Preparing

​Elan Microelectronics is poised for growth in the AI PC upgrade cycle, with a strong position in the market and potential impact expected in late...

Vincent Fernando, CFA

Google is reportedly switching from Qualcomm to MediaTek for Pixel 10's 5G modems, showing Mediatek's competitiveness and potential for to deliver...

Asian markets' EPS est show strong upgrades in Korea and Taiwan, while HK/CN & India continue to be downgraded. KR & TW Tech, HK Tech Services, SG...

Despite setbacks with Apple products, MediaTek is expected to see a more positive outlook in 2025 after a typical 1Q25 dip.

Mediatek's breakthrough into Apple's supply chain for the Apple Watch highlights a significant opportunity in the smartwatch market, with...

Elan Microelectronics is poised for growth in the AI PC upgrade cycle, with a strong position in the market and potential impact expected in late...