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>Netflix’s internal disclosures and 1H25 engagement data formally position anime as a cornerstone of its global content strategy.</li>
<li>Netflix engagement trends reveal that anime growth is not solely a function of new, exclusive Netflix originals. Instead, a substantial volume of viewing hours is driven by the Back-Catalog Effect.</li>
<li>
<a href="https://www.smartkarma.com/entities/ctw-cayman" target="_blank" data-smartkarma-citation="entities:45700:1" rel="noopener">CTW Cayman (CTW US)</a> stands out as a key U.S.-listed small/midcap beneficiary positioned to grow its business as global anime fandom transitions from passive viewing into repeat engagement and spending.</li>
</ul>


Netflix’s internal disclosures and 1H25 engagement data formally position anime as a cornerstone of its global content strategy.
Netflix engagement trends reveal that anime growth is not solely a function of new, exclusive Netflix originals. Instead, a substantial volume of viewing hours is driven by the Back-Catalog Effect.

CTW Cayman (CTW US) stands out as a key U.S.-listed small/midcap beneficiary positioned to grow its business as global anime fandom transitions from passive viewing into repeat engagement and spending.


Netflix Engagement Data Highlights Anime as a Structural Growth Category: CTW Positioned to Benefit

Research from Water Tower Research, Water Tower Research

Water Tower Research

Research from Water Tower Research

Water Tower Research is a leading equity research firm that provides research on micro, small and mid cap companies.

Water Tower Research was founded by Wall Street veterans after witnessing a fundamental shift in the investment research industry with the result being a declining knowledge base among investors, a lack of awareness and a shrinking pool of fundamental research being conducted on companies across the small-cap and micro-cap spectrum. The same issues are now increasingly occurring in the mid-cap space. This sea change within the investment community is impacting not only the companies themselves but also current shareholders and potential investors. With significantly less active sell-side sponsorship by Wall Street, a substantial information gap has developed between companies and various constituents in the financial community. The net result is fewer channels for insight and information to flow between companies and investors.

Equity Research Firm

Thematic (Sector/Industry)

<ul><li>We expect e-commerce to have a strong 2H24, allowing the sector to meet or exceed 11% growth expectations 2024 as Amazon’s same-day/one-day initiatives appear to be reviving the secular shift from brick-and-mortar retailers.</li><li>We continue to watch other secular adoption trends, including mobile commerce (m- commerce) and buy now, pay later (BNPL), which should also help drive growth.</li><li>Despite some signs of a slowing economy/consumer, digital advertising should have a solid 2H24 and meet/slightly exceed 9% growth expectations for the year.</li></ul>

We expect e-commerce to have a strong 2H24, allowing the sector to meet or exceed 11% growth expectations 2024 as Amazon’s same-day/one-day initiatives appear to be reviving the secular shift from brick-and-mortar retailers.We continue to watch other secular adoption trends, including mobile commerce (m- commerce) and buy now, pay later (BNPL), which should also help drive growth.Despite some signs of a slowing economy/consumer, digital advertising should have a solid 2H24 and meet/slightly exceed 9% growth expectations for the year.

Five Trends in 2H24 - Tweaking Growth Expectations for Key Markets in 2024

<ul><li>After two years of working through the excessive growth witnessed in 2020, the $6 trillion e- commerce market is expected to accelerate modestly to ~11% in 2024.</li><li>Major secular trends such as mobile commerce (m-commerce) and buy now, pay later (BNPL) should help drive the market forward.</li><li>Digital advertising is expected to grow 9% to $719 billion, with a potential major boost from the fast- growing free ad-supported streaming television (FAST) as major players such as Netflix, Amazon, and Google introduced new content and services to draw increased consumer adoption.</li></ul>

After two years of working through the excessive growth witnessed in 2020, the $6 trillion e- commerce market is expected to accelerate modestly to ~11% in 2024.Major secular trends such as mobile commerce (m-commerce) and buy now, pay later (BNPL) should help drive the market forward.Digital advertising is expected to grow 9% to $719 billion, with a potential major boost from the fast- growing free ad-supported streaming television (FAST) as major players such as Netflix, Amazon, and Google introduced new content and services to draw increased consumer adoption.

Five Trends in Technology for 2024 - Outlook for Key Markets in Tech

Managing Partner, VRS (Valuation & Research Specialists)

VRS (Valuation & Research Specialists)

Managing Partner

Valuation & Research Specialists (VRS) is a boutique financial advisor with more than 17 years of experience in Corporate Valuation and Finance, and a diversified client base including some of the largest Companies in Greece.

Since 2002, VRS has completed more than 200 engagements in the areas of business valuation and financial analysis for more than 100 clients in a wide range of industries.

VRS has been honored to work with small and large private and publicly traded companies in Europe and overseas.

Boutique Financial Advisor

<ul><li>Netflix, Inc. provides entertainment services. It offers TV series, documentaries, feature films, and mobile games across various genres and languages.</li><li>The company provides members the ability to receive streaming content through a host of internet-connected devices, including TVs, digital video players, television set-top boxes, and mobile devices.</li><li>It also provides DVDs-by-mail membership services in the United States.</li></ul>

Netflix, Inc. provides entertainment services. It offers TV series, documentaries, feature films, and mobile games across various genres and languages.The company provides members the ability to receive streaming content through a host of internet-connected devices, including TVs, digital video players, television set-top boxes, and mobile devices.It also provides DVDs-by-mail membership services in the United States.

United States

Netflix Inc. is an Internet subscription service for watching tv shows and movies. Subscribers can instantly watch unlimited TV shows and movies streamed over the Internet to their TVs, computers and mobile devices and in the United States, subscribers can receive standard definition DVDs and Blu-ray Discs delivered to their homes.

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Netflix Inc (NFLX US)

Netflix Engagement Data Highlights Anime as a Structural Growth Category: CTW Positioned to Benefit

Netflix's anime strategy pays off with increased engagement driven by both new originals and back-catalog content, benefiting companies like CTW...

Vincent Fernando, CFA

Five Trends in 2H24 - Tweaking Growth Expectations for Key Markets in 2024

We continue to watch other secular adoption trends, including mobile commerce (m- commerce) and buy now, pay later (BNPL), which should also help...

Water Tower Research

Five Trends in Technology for 2024 - Outlook for Key Markets in Tech

After two years of working through the excessive growth witnessed in 2020, the $6 trillion e- commerce market is expected to accelerate modestly to...

Water Tower Research

Technical Analysis on NETFLIX INC.

Netflix, Inc. provides entertainment services. It offers TV series, documentaries, feature films, and mobile games across various genres and...

VRS (Valuation & Research Specialists)

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Market Cap (USDm)

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Netflix Engagement Data Highlights Anime as a Structural Growth Category: CTW Positioned to Benefit

​Netflix's anime strategy pays off with increased engagement driven by both new originals and back-catalog content, benefiting companies like CTW...

Vincent Fernando, CFA

Five Trends in 2H24 - Tweaking Growth Expectations for Key Markets in 2024

We continue to watch other secular adoption trends, including mobile commerce (m- commerce) and buy now, pay later (BNPL), which should also help...

Water Tower Research

Five Trends in Technology for 2024 - Outlook for Key Markets in Tech

After two years of working through the excessive growth witnessed in 2020, the $6 trillion e- commerce market is expected to accelerate modestly to...

Water Tower Research

Technical Analysis on NETFLIX INC.

Netflix, Inc. provides entertainment services. It offers TV series, documentaries, feature films, and mobile games across various genres and...

VRS (Valuation & Research Specialists)

Netflix's anime strategy pays off with increased engagement driven by both new originals and back-catalog content, benefiting companies like CTW...