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>Apple's 2nm Power Move with TSMC -- Beating Samsung Yet Again</li>
<li>Why TSMC's 2nm Will be Huge -- Extending Tech Lead vs. Samsung &amp; Major AI/Power Consumption Benefits for Customers</li>
<li>The Memory Decoupling Trade is Working -- Nanya Tech Underperforms SK Hynix</li>
</ul>


Apple's 2nm Power Move with TSMC -- Beating Samsung Yet Again
Why TSMC's 2nm Will be Huge -- Extending Tech Lead vs. Samsung &amp; Major AI/Power Consumption Benefits for Customers
The Memory Decoupling Trade is Working -- Nanya Tech Underperforms SK Hynix


Taiwan Tech Weekly: Apple’s TSMC 2nm Power Move Beats Samsung; Himax Ascends with TSMC/Nvidia Halos

Semiconductors, Memory and SSDs Specialist, Objective Analysis

Jim Handy

Semiconductors, Memory and SSDs Specialist

Objective Analysis

Objective Analysis offers third-party independent market research and data for the semiconductor industry and investors in the semiconductor industry.

Semiconductors, Memory and SSDs

<ul>
<li>Kioxia is planning to offer its IPO on 18 December 2024.  This Insight profiles Kioxia and its market.</li>
<li>NAND flash, Kioxia's product, is a commodity, and that results in dramatic price, revenue, and margin swings.</li>
<li>Kioxia is in a joint venture that provides excellent scale economies which are offset by a supply agreement that amplifies troubles caused by oversupplies</li>
</ul>


Kioxia is planning to offer its IPO on 18 December 2024.  This Insight profiles Kioxia and its market.
NAND flash, Kioxia's product, is a commodity, and that results in dramatic price, revenue, and margin swings.
Kioxia is in a joint venture that provides excellent scale economies which are offset by a supply agreement that amplifies troubles caused by oversupplies


Equity Analyst, LightStream Research

Shifara Samsudeen, FCMA, CGMA

Equity Analyst

Long-Short Analysis on Japan, Asia and the World

LightStream Research

LightStream conducts quantitatively rigorous and data-driven analysis with a focus on Japan and Asia.

We consistently cover the Tech, Consumer and Industrial sectors, and provide ECM and Events coverage more broadly.

We supplement traditional qualitative insights from company relationships with a robust quantitative foundation that examines as much historical data as is available.
We further refine the accuracy of our insights and calls through the use of alternative data to flesh out current trends, and through a valuation framework that emphasises non-superficial peer group selection and a proper attempt to understand the metrics and changes that have driven security valuations in the past.

Equity Capital Markets

Kioxia Holdings  / Equity Capital Markets

<ul>
<li>Kioxia has announced the terms for its IPO, and plans to raise $730m through issuing new shares as well as offer by existing shareholders, at a market capitalisation of $819bn.</li>
<li>
<a href="https://www.smartkarma.com/entities/kioxia-holdings-corp" target="_blank" data-smartkarma-citation="entities:29243:1" rel="noopener">Kioxia Holdings (285A JP)</a> 's earnings have been volatile and margins have trailed compared to peers Micron and SK Hynix. Earnings are approaching a new peak.</li>
<li>Kioxia’s implied valuation multiples are at a deep discount to peer multiples, suggesting there is significant upside to the indicative IPO price range.</li>
</ul>


Kioxia has announced the terms for its IPO, and plans to raise $730m through issuing new shares as well as offer by existing shareholders, at a market capitalisation of $819bn.

Kioxia Holdings (285A JP) 's earnings have been volatile and margins have trailed compared to peers Micron and SK Hynix. Earnings are approaching a new peak.
Kioxia’s implied valuation multiples are at a deep discount to peer multiples, suggesting there is significant upside to the indicative IPO price range.


Kioxia IPO: Peer Comparison and Valuation

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.

<ul>
<li>
<a href="https://www.smartkarma.com/entities/kioxia-holdings-corp" target="_blank" data-smartkarma-citation="entities:29243:1" rel="noopener">Kioxia Holdings (285A JP)</a> is aiming to raise around US$840m (including over-allocation) in its Japan IPO.</li>
<li>It was the world’s largest pure-play NAND flash memory supplier, in terms of both revenue and unit shipments in 2023, according to TechInsights.</li>
<li>We have looked at the company’s past performance in our previous notes. In this note, we will talk about the IPO valuations.</li>
</ul>



Kioxia Holdings (285A JP) is aiming to raise around US$840m (including over-allocation) in its Japan IPO.
It was the world’s largest pure-play NAND flash memory supplier, in terms of both revenue and unit shipments in 2023, according to TechInsights.
We have looked at the company’s past performance in our previous notes. In this note, we will talk about the IPO valuations.


Kioxia IPO - Should Price at the Top, Though Peers Are Still Correcting

<ul>
<li>
<a href="https://www.smartkarma.com/entities/kioxia-holdings-corp" target="_blank" data-smartkarma-citation="entities:29243:1" rel="noopener">Kioxia Holdings (285A JP)</a> is aiming to raise around US$700m (including over-allocation) from its Japan IPO.</li>
<li>It was the world’s largest pure-play NAND flash memory supplier, in terms of both revenue and unit shipments in 2023, according to TechInsights.</li>
<li>We have looked at the company's past performance in our earlier notes. In this note we talk about valuations.</li>
</ul>



Kioxia Holdings (285A JP) is aiming to raise around US$700m (including over-allocation) from its Japan IPO.
It was the world’s largest pure-play NAND flash memory supplier, in terms of both revenue and unit shipments in 2023, according to TechInsights.
We have looked at the company's past performance in our earlier notes. In this note we talk about valuations.


United States

Micron Technology, Inc., through its subsidiaries, manufactures and markets dynamic random access memory chips (DRAMs), very fast static random access memory chips (SRAMs), Flash Memory, other semiconductor components, and memory modules.

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Micron Technology (MU US)

Taiwan Tech Weekly: Apple’s TSMC 2nm Power Move Beats Samsung; Himax Ascends with TSMC/Nvidia Halos

Apple secures competitive edge with TSMC's 2nm tech. Why advanced packaging is the key competitive capability for tomorrow's chips; Himax is...

Vincent Fernando, CFA

Understanding Kioxia, A Worthwhile IPO?

With Kioxia's upcoming IPO prospective stockholders need to consider the challenges of the volatile NAND flash market, Kioxia's competition, and...

Jim Handy

Kioxia IPO: Peer Comparison and Valuation

Kioxia's implied valuation multiples are at a deep discounts to peer multiples. The company’s earnings have been volatile and margins have trailed...

Shifara Samsudeen, FCMA, CGMA

Kioxia IPO - Should Price at the Top, Though Peers Are Still Correcting

Kioxia Holdings (285A JP) is aiming to raise around US$840m (including over-allocation) in its Japan IPO. In this note, we talk about the IPO pricing.

Sumeet Singh

Kioxia Pre-IPO - Thoughts on Valuations

At the final price range kioxia still offers enough upside even from the top-end, even after we apply a discount to its valuation versus its listed...

Sumeet Singh

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Taiwan Tech Weekly: Apple’s TSMC 2nm Power Move Beats Samsung; Himax Ascends with TSMC/Nvidia Halos

​Apple secures competitive edge with TSMC's 2nm tech. Why advanced packaging is the key competitive capability for tomorrow's chips; Himax is...

Vincent Fernando, CFA

Understanding Kioxia, A Worthwhile IPO?

With ​Kioxia's upcoming IPO prospective stockholders need to consider the challenges of the volatile NAND flash market, Kioxia's competition, and...

Jim Handy

Kioxia IPO: Peer Comparison and Valuation

Kioxia's implied valuation multiples are at a deep discounts to peer multiples. The company’s earnings have been volatile and margins have trailed...

Shifara Samsudeen, FCMA, CGMA

Kioxia IPO - Should Price at the Top, Though Peers Are Still Correcting

Kioxia Holdings (285A JP) is aiming to raise around US$840m (including over-allocation) in its Japan IPO. In this note, we talk about the IPO pricing.

Sumeet Singh

Kioxia Pre-IPO - Thoughts on Valuations

At the final price range kioxia still offers enough upside even from the top-end, even after we apply a discount to its valuation versus its listed...

Sumeet Singh

Apple secures competitive edge with TSMC's 2nm tech. Why advanced packaging is the key competitive capability for tomorrow's chips; Himax is...

With Kioxia's upcoming IPO prospective stockholders need to consider the challenges of the volatile NAND flash market, Kioxia's competition, and...