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>GB10 Brings Nvidia AI Performance From Data Center to the Desktop</li>
<li>GB10 PCs Will Be "True" AI PCs, Their Capabilities Will Be More Evident</li>
<li>From Niche to Market Driver; Maintain Structural Long for Mediatek, Asustek, Acer</li>
</ul>


GB10 Brings Nvidia AI Performance From Data Center to the Desktop
GB10 PCs Will Be "True" AI PCs, Their Capabilities Will Be More Evident
From Niche to Market Driver; Maintain Structural Long for Mediatek, Asustek, Acer


PC Monitor: Nvidia GB10 PCs Poised to Redefine the AI PC Category

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.

Equity Capital Markets

Tekscend Photomask / Equity Capital Markets

<ul>
<li>
<a href="https://www.smartkarma.com/entities/tekscend-photomask-corp" target="_blank" data-smartkarma-citation="entities:45819:1" rel="noopener">Tekscend Photomask (429A JP)</a>  (429A JP), a manufacturer and distributor of semiconductor photomasks, aims to raise around US$830m in its Japan IPO.</li>
<li>TP is a global provider of photomasks and related support services. It has been the leader in the merchant photomask market in terms of sales since 2016.</li>
<li>We have looked at the company's past performance in our previous note. In this note, we talk about valuations.</li>
</ul>



Tekscend Photomask (429A JP)  (429A JP), a manufacturer and distributor of semiconductor photomasks, aims to raise around US$830m in its Japan IPO.
TP is a global provider of photomasks and related support services. It has been the leader in the merchant photomask market in terms of sales since 2016.
We have looked at the company's past performance in our previous note. In this note, we talk about valuations.


Tekscend Photomask IPO - Thoughts on Valuation

AI | Semiconductors | Commodities, Mint Finance

Raghav Vashisht

AI | Semiconductors | Commodities

Deep Fundamental Analysis

Mint Finance

Mint Finance's investment research blends deep fundamental analysis with technical & quant insights. Investment strategies straddle across multiple asset classes with risk management embedded into every trade to deliver an outsized reward-to-risk ratio.

Mint Finance's research is centered around three key themes. First, energy transition and climate change. Second, artificial intelligence. Third, shifting world order with its impact across politics and monetary economics.

<ul>
<li>Apple, Intel, and Nvidia may be converging on a shared AI infrastructure vision that would have consequences for the global chip supply chain.</li>
<li>Intel’s systems foundry pivot is about controlling the stack, and Apple might see value in that despite moving away from the former's products.</li>
<li>TSMC remains dominant in process tech, but the competition in the future might be about more than building silicon.  </li>
</ul>


Apple, Intel, and Nvidia may be converging on a shared AI infrastructure vision that would have consequences for the global chip supply chain.
Intel’s systems foundry pivot is about controlling the stack, and Apple might see value in that despite moving away from the former's products.
TSMC remains dominant in process tech, but the competition in the future might be about more than building silicon.  


Apple, Intel, and the Systems Foundry Gambit

Taiwan Tech Focused Senior Analyst

Patrick Liao

<ul>
<li>
<a href="https://www.smartkarma.com/entities/nvidia-corp" target="_blank" data-smartkarma-citation="entities:5891:1" rel="noopener">NVIDIA Corp (NVDA US)</a>’s investment is focused on joint AI development.   </li>
<li>
<a href="https://www.smartkarma.com/entities/intel-corp" target="_blank" data-smartkarma-citation="entities:16764:1" rel="noopener">Intel Corp (INTC US)</a> may seek to invite <a href="https://www.smartkarma.com/entities/taiwan-semiconductor-sp-adr" target="_blank" data-smartkarma-citation="entities:8587:1" rel="noopener">Taiwan Semiconductor (TSMC) - ADR (TSM US)</a> to join its investment initiative.</li>
<li>Meanwhile, <a href="https://www.smartkarma.com/entities/intel-corp" target="_blank" data-smartkarma-citation="entities:16764:1" rel="noopener">Intel Corp (INTC US)</a>’s stock price has risen about 50.2% from its recent low. </li>
</ul>



NVIDIA Corp (NVDA US)’s investment is focused on joint AI development.   

Intel Corp (INTC US) may seek to invite Taiwan Semiconductor (TSMC) - ADR (TSM US) to join its investment initiative.
Meanwhile, Intel Corp (INTC US)’s stock price has risen about 50.2% from its recent low. 


Intel (INTC.US): Seeking Investment from TSMC?

<ul>
<li>
<a href="https://www.smartkarma.com/entities/tekscend-photomask-corp" target="_blank" data-smartkarma-citation="entities:45819:1" rel="noopener">Tekscend Photomask (429A JP)</a>, a manufacturer and distributor of semiconductor photomasks, aims to raise around US$830m in its Japan IPO.</li>
<li>TP is a global provider of photomasks and related support services. It has been the leader in the merchant photomask market in terms of sales since 2016.</li>
<li>We have looked at the company's past performance in our previous note. In this note, we will  undertake a peer comparison.</li>
</ul>



Tekscend Photomask (429A JP), a manufacturer and distributor of semiconductor photomasks, aims to raise around US$830m in its Japan IPO.
TP is a global provider of photomasks and related support services. It has been the leader in the merchant photomask market in terms of sales since 2016.
We have looked at the company's past performance in our previous note. In this note, we will  undertake a peer comparison.


United States

NVIDIA Corporation designs, develops, and markets three dimensional (3D) graphics processors and related software.  The Company's products provide interactive 3D graphics to the mainstream personal computer market.

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NVIDIA Corp (NVDA US)

PC Monitor: Nvidia GB10 PCs Poised to Redefine the AI PC Category

Nvidia's GB10 brings AI performance to desktop PCs, transforming them into "true" AI machines and driving market growth for Mediatek, Asustek, and...

Vincent Fernando, CFA

Tekscend Photomask IPO - Thoughts on Valuation

Tekscend Photomask (429A JP) (429A JP), a manufacturer and distributor of semiconductor photomasks, aims to raise around US$830m in its Japan IPO....

Sumeet Singh

Apple, Intel, and the Systems Foundry Gambit

Intel's shift towards total AI stack control could be appealing to Apple's U.S. manufacturing ambition, despite its move away from Intel products.

Mint Finance

Intel (INTC.US): Seeking Investment from TSMC?

NVIDIA focuses on joint AI development, Intel may invite TSMC to join investment initiative, Intel's stock price rises 50%. What's next?

Patrick Liao

Tekscend Photomask IPO - Peer Comparison

Tekscend Photomask (429A JP), a manufacturer and distributor of semiconductor photomasks, aims to raise around US$830m in its Japan IPO. In this...

Sumeet Singh

Price Gauge

52-week Range

Market Cap (USDm)

P/E

Dividend (Yield)

PC Monitor: Nvidia GB10 PCs Poised to Redefine the AI PC Category

​Nvidia's GB10 brings AI performance to desktop PCs, transforming them into "true" AI machines and driving market growth for Mediatek, Asustek, and...

Vincent Fernando, CFA

Tekscend Photomask IPO - Thoughts on Valuation

Tekscend Photomask (429A JP) (429A JP), a manufacturer and distributor of semiconductor photomasks, aims to raise around US$830m in its Japan IPO....

Sumeet Singh

Apple, Intel, and the Systems Foundry Gambit

Intel's shift towards total AI stack control could be appealing to Apple's U.S. manufacturing ambition, despite its move away from Intel products.

Mint Finance

Intel (INTC.US): Seeking Investment from TSMC?

​NVIDIA focuses on joint AI development, Intel may invite TSMC to join investment initiative, Intel's stock price rises 50%. What's next?

Patrick Liao

Tekscend Photomask IPO - Peer Comparison

Tekscend Photomask (429A JP), a manufacturer and distributor of semiconductor photomasks, aims to raise around US$830m in its Japan IPO. In this...

Sumeet Singh

Nvidia's GB10 brings AI performance to desktop PCs, transforming them into "true" AI machines and driving market growth for Mediatek, Asustek, and...

NVIDIA focuses on joint AI development, Intel may invite TSMC to join investment initiative, Intel's stock price rises 50%. What's next?