Asia L/S Equity PM/Macro/Thematic Idea Generation

Rikki Malik

Cross Asset Strategy

<ul>
<li>A review of recent events/data impacting our investment themes and outlook</li>
<li>Regime change comes to Asia, making sector selection key to performance</li>
<li>Some key recession watch indicators  continue to ring alarm bells</li>
</ul>


A review of recent events/data impacting our investment themes and outlook
Regime change comes to Asia, making sector selection key to performance
Some key recession watch indicators  continue to ring alarm bells


Overview #25 Implications of Stronger Asian Currencies

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>
TSMC’s Next Generation 2nm Node is Experiencing Unprecedented Customer Demand</li>
<li>
Showdown Heats Up Between Qualcomm &amp; Mediatek's Next Generation of Mobile Phone SoCs -- And All Roads Lead to TSMC's Process Technology</li>
<li>
Hyperscale Capex Is Maintained or Increased No Cuts or Postponement Capacity Constrain at AMZN GOOG</li>
</ul>



TSMC’s Next Generation 2nm Node is Experiencing Unprecedented Customer Demand

Showdown Heats Up Between Qualcomm &amp; Mediatek's Next Generation of Mobile Phone SoCs -- And All Roads Lead to TSMC's Process Technology

Hyperscale Capex Is Maintained or Increased No Cuts or Postponement Capacity Constrain at AMZN GOOG


Taiwan Tech Weekly: TSMC's Next Gen Node Unprecedented Demand; QCOM/Mediatek Chips' Peformance Leaks

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

Contemporary Amperex Technology (CATL) / Equity Capital Markets

<ul>
<li>
<a href="https://www.smartkarma.com/entities/contemporary-amperex-technolog" target="_blank" data-smartkarma-citation="entities:24404:1" rel="noopener">Contemporary Amperex Technology (CATL) (300750 CH)</a>, one of the world’s largest battery solutions providers, aims to raise at least US$5bn in its H-share listing.</li>
<li>CATL is the global leader in new energy vehicle battery solutions, in China and globally, as per SNE Research. Its A-shares have been listed since 2018.</li>
<li>We have looked at the company’s past performance in our earlier notes. In this note, we talk about its recent updates and provide our thoughts on valuations.</li>
</ul>



Contemporary Amperex Technology (CATL) (300750 CH), one of the world’s largest battery solutions providers, aims to raise at least US$5bn in its H-share listing.
CATL is the global leader in new energy vehicle battery solutions, in China and globally, as per SNE Research. Its A-shares have been listed since 2018.
We have looked at the company’s past performance in our earlier notes. In this note, we talk about its recent updates and provide our thoughts on valuations.


CATL A/H Listing - Thoughts on A/H Premium

Silicon Motion Technology / Equity Bottom-Up

<ul>
<li>
SIMO beat 1Q25 EPS estimates by 20%, with strong gross margins (47.1%) driven by PCIe Gen 5 SSD controller mix and tight cost control.</li>
<li>
SIMO's MonTitan confirmed as boot SSD supplier for NVIDIA’s BlueField-3 DPU, marking SIMO’s formal entry into NVIDIA-linked enterprise AI storage.</li>
<li>
Management maintains $1bn revenue run-rate target for 4Q25, supported by PCIe 5, UFS 4.1, and MonTitan ramps. We maintain our Structural Long rating.</li>
</ul>



SIMO beat 1Q25 EPS estimates by 20%, with strong gross margins (47.1%) driven by PCIe Gen 5 SSD controller mix and tight cost control.

SIMO's MonTitan confirmed as boot SSD supplier for NVIDIA’s BlueField-3 DPU, marking SIMO’s formal entry into NVIDIA-linked enterprise AI storage.

Management maintains $1bn revenue run-rate target for 4Q25, supported by PCIe 5, UFS 4.1, and MonTitan ramps. We maintain our Structural Long rating.


Silicon Motion (SIMO US) Taps NVIDIA AI Pipeline, Sees PC Market Turning

<ul>
<li>
MediaTek beat 1Q25 EPS expectations as Smart Edge and mobile segments delivered strong sequential growth; flagship SoC traction supports improved ASP mix.</li>
<li>
AI remains central to strategy: NVIDIA partnership progressing -- NT$1bn AI ASIC revenue targeted for 2026.</li>
<li>
Tariff-Driven macro caution clouds 2H outlook, but we maintain Structural Long view -- AI, auto, and premium mobile SoCs drive long-term opportunity.</li>
</ul>



MediaTek beat 1Q25 EPS expectations as Smart Edge and mobile segments delivered strong sequential growth; flagship SoC traction supports improved ASP mix.

AI remains central to strategy: NVIDIA partnership progressing -- NT$1bn AI ASIC revenue targeted for 2026.

Tariff-Driven macro caution clouds 2H outlook, but we maintain Structural Long view -- AI, auto, and premium mobile SoCs drive long-term opportunity.


MediaTek 1Q25 Earnings: AI Momentum Drives Strength, But 2H Visibility Remains Murky Due to Tariffs

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)

Overview #25 Implications of Stronger Asian Currencies

A review of recent events/data impacting our investment themes and outlook. Implications of Asian currency strength in sector selection

Rikki Malik

Taiwan Tech Weekly: TSMC's Next Gen Node Unprecedented Demand; QCOM/Mediatek Chips' Peformance Leaks

TSMC's 2nm node sees high demand, Qualcomm and Mediatek compete using TSMC's technology, Amazon and Google maintain or increase hyperscale capex.

Vincent Fernando, CFA

CATL A/H Listing - Thoughts on A/H Premium

The company has filed its PHIP and begun pre-marketing, with the deal expected to go live in the coming week, in what is likely to be HK's largest...

Sumeet Singh

Silicon Motion (SIMO US) Taps NVIDIA AI Pipeline, Sees PC Market Turning

SIMO exceeds 1Q25 EPS estimates by 20%, secures NVIDIA partnership for MonTitan SSD, and aims for $1bn revenue run-rate by 4Q25.

Vincent Fernando, CFA

MediaTek 1Q25 Earnings: AI Momentum Drives Strength, But 2H Visibility Remains Murky Due to Tariffs

MediaTek surpasses 1Q25 EPS expectations with strong growth in Smart Edge and mobile segments. Tariff concerns impact 2H outlook, but long-term...

Vincent Fernando, CFA

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Overview #25 Implications of Stronger Asian Currencies

A review of recent events/data impacting our investment themes and outlook. Implications of Asian currency strength in sector selection

Rikki Malik

Taiwan Tech Weekly: TSMC's Next Gen Node Unprecedented Demand; QCOM/Mediatek Chips' Peformance Leaks

​TSMC's 2nm node sees high demand, Qualcomm and Mediatek compete using TSMC's technology, Amazon and Google maintain or increase hyperscale capex.

Vincent Fernando, CFA

CATL A/H Listing - Thoughts on A/H Premium

The company has filed its PHIP and begun pre-marketing, with the deal expected to go live in the coming week, in what is likely to be HK's largest...

Sumeet Singh

Silicon Motion (SIMO US) Taps NVIDIA AI Pipeline, Sees PC Market Turning

​SIMO exceeds 1Q25 EPS estimates by 20%, secures NVIDIA partnership for MonTitan SSD, and aims for $1bn revenue run-rate by 4Q25.

Vincent Fernando, CFA

MediaTek 1Q25 Earnings: AI Momentum Drives Strength, But 2H Visibility Remains Murky Due to Tariffs

​MediaTek surpasses 1Q25 EPS expectations with strong growth in Smart Edge and mobile segments. Tariff concerns impact 2H outlook, but long-term...

Vincent Fernando, CFA

TSMC's 2nm node sees high demand, Qualcomm and Mediatek compete using TSMC's technology, Amazon and Google maintain or increase hyperscale capex.

SIMO exceeds 1Q25 EPS estimates by 20%, secures NVIDIA partnership for MonTitan SSD, and aims for $1bn revenue run-rate by 4Q25.

MediaTek surpasses 1Q25 EPS expectations with strong growth in Smart Edge and mobile segments. Tariff concerns impact 2H outlook, but long-term...