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

Hon Hai Precision Industry / Equity Bottom-Up

<ul>
<li>Mike Sayre previously co-founded KABAM Robotics, the Singapore-founded autonomous-robot business that operates as the advanced-engineering arm of Taiwan-listed PATEC Group (Patec Precision Industry (2236 TT)).</li>
<li>For Physical AI, the missing layer is a tactile-force data engine, not more compute. Billions are flowing into vision-only training, but high-fidelity interaction-force data that vision-language-tactile models need is scarce.</li>
<li>Taiwan already dominates the mechanical layers a robot needs to move and act. The sim-to-real gap is widest on contact physics -- sensors for material compliance, friction, and tactile feedback.</li>
</ul>


Mike Sayre previously co-founded KABAM Robotics, the Singapore-founded autonomous-robot business that operates as the advanced-engineering arm of Taiwan-listed PATEC Group (Patec Precision Industry (2236 TT)).
For Physical AI, the missing layer is a tactile-force data engine, not more compute. Billions are flowing into vision-only training, but high-fidelity interaction-force data that vision-language-tactile models need is scarce.
Taiwan already dominates the mechanical layers a robot needs to move and act. The sim-to-real gap is widest on contact physics -- sensors for material compliance, friction, and tactile feedback.


TechChain Insights Q&A: 'Force Blindness' Is Physical AI's Bottleneck - More Important Than Compute

Asian Insight Provider - Actionable ideas, CrossASEAN Research

Henry Soediarko

Asian Insight Provider - Actionable ideas

CrossASEAN Research

At CrossASEAN Research we strive to produce unbiased and differentiated on the ground insights on companies across South East Asia. Our Research is produced for the most part after face to face meetings and conversations with company management to dig deep into the long term vision and strategy of the companies we cover. We seek to deliver investable and actionable themes on sectors and markets across SE Asia, often in collaboration with other Insight Providers across the region, pooling the vast experience of the analysts within the Smartkarma Ecosystem. We also offer bespoke work and tailor made trips for our clients. 

Insights across South East Asia

<ul>
<li>
<a href="https://www.smartkarma.com/entities/minth-group-limited" target="_blank" data-smartkarma-citation="entities:9232:1" rel="noopener">Minth Group (425 HK)</a> managed to bag a new business deal with <a href="https://www.smartkarma.com/entities/mirle-automation-corp" target="_blank" data-smartkarma-citation="entities:6166:1" rel="noopener">Mirle Automation (2464 TT)</a> to manufacture robotic dogs and will increase its revenue by 60% in 4 years. </li>
<li>Minth's valuation should expand, nearer to that of AI and technology companies with an average of 37x PER, while Minth is valued at 10-12x PER. </li>
<li>Sell-Side brokers raised the target price to between HKD 46 and 57, implying around 24-54% upside for owning <a href="https://www.smartkarma.com/entities/minth-group-limited" target="_blank" data-smartkarma-citation="entities:9232:1" rel="noopener">Minth Group (425 HK)</a> . </li>
</ul>



Minth Group (425 HK) managed to bag a new business deal with Mirle Automation (2464 TT) to manufacture robotic dogs and will increase its revenue by 60% in 4 years. 
Minth's valuation should expand, nearer to that of AI and technology companies with an average of 37x PER, while Minth is valued at 10-12x PER. 
Sell-Side brokers raised the target price to between HKD 46 and 57, implying around 24-54% upside for owning Minth Group (425 HK) . 


Tracking developments across tech supply chains, Tech Supply Chain Tracker

Tech Supply Chain Tracker

Tracking developments across tech supply chains

International Business Machines / Equity Bottom-Up

<ul><li>Liquid cooling solutions for AI servers are evolving rapidly to provide more efficient and effective cooling for high-performance computing needs.</li><li>L&amp;T Semicon in India plans to mass produce its first chip within the next two years, showing growth and innovation in the semiconductor industry.</li><li>Taiwan is focusing on modular, intelligent, and collaborative robotics solutions for niche markets, with a shift away from humanoids in its approach to robotics.</li></ul>

Liquid cooling solutions for AI servers are evolving rapidly to provide more efficient and effective cooling for high-performance computing needs.L&amp;T Semicon in India plans to mass produce its first chip within the next two years, showing growth and innovation in the semiconductor industry.Taiwan is focusing on modular, intelligent, and collaborative robotics solutions for niche markets, with a shift away from humanoids in its approach to robotics.

Tech Supply Chain Tracker (02-Oct-2024): AI server liquid cooling status: efficient or not?

Taiwan

Mirle Automation Corp. manufactures and markets automation equipment.  The Company's products include computer and information systems, automated storage and retrieval systems, robotic systems, automatic guided vehicle systems, horizontal packaging machines, and automatic servo cup sealers.

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Mirle Automation (2464 TT)

TechChain Insights Q&A: 'Force Blindness' Is Physical AI's Bottleneck - More Important Than Compute

Mike Sayre co-founded KABAM Robotics, the advanced-engineering arm of Taiwan-listed PATEC Group. The missing layer in robotics now is tactile...

Vincent Fernando, CFA

Minth (425): A Breath of Fresh Air

Minth Group secures new deal with Mirle Automation to manufacture robotic dogs, revenue to increase by 60% in 4 years. Valuation expected to rise,...

Henry Soediarko

Tech Supply Chain Tracker (02-Oct-2024): AI server liquid cooling status: efficient or not?

Liquid cooling solutions for AI servers are evolving rapidly, L&T Semicon plans mass production of first chip, Win Win Precision excels in solar...

Tech Supply Chain Tracker

Price Gauge

52-week Range

Market Cap (USDm)

P/E

Dividend (Yield)

TechChain Insights Q&A: 'Force Blindness' Is Physical AI's Bottleneck - More Important Than Compute

​Mike Sayre co-founded KABAM Robotics, the advanced-engineering arm of Taiwan-listed PATEC Group. The missing layer in robotics now is tactile...

Vincent Fernando, CFA

Minth (425): A Breath of Fresh Air

​Minth Group secures new deal with Mirle Automation to manufacture robotic dogs, revenue to increase by 60% in 4 years. Valuation expected to rise,...

Henry Soediarko

Tech Supply Chain Tracker (02-Oct-2024): AI server liquid cooling status: efficient or not?

Liquid cooling solutions for AI servers are evolving rapidly, L&T Semicon plans mass production of first chip, Win Win Precision excels in solar...

Tech Supply Chain Tracker

Mike Sayre co-founded KABAM Robotics, the advanced-engineering arm of Taiwan-listed PATEC Group. The missing layer in robotics now is tactile...

Minth Group secures new deal with Mirle Automation to manufacture robotic dogs, revenue to increase by 60% in 4 years. Valuation expected to rise,...