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>Memory Market Diverges: AI Demand Continues to Surges While Legacy Segments Struggle in November</li>
<li>Diverging Demand Trends Highlight Market Decoupling -- AI Driving HBM, Server DRAM, QLC NAND Demand</li>
<li>Outlook for the Memory Market -- Decoupling Trade: Long SK Hynix vs. Short Nanya Tech Trade</li>
</ul>


Memory Market Diverges: AI Demand Continues to Surges While Legacy Segments Struggle in November
Diverging Demand Trends Highlight Market Decoupling -- AI Driving HBM, Server DRAM, QLC NAND Demand
Outlook for the Memory Market -- Decoupling Trade: Long SK Hynix vs. Short Nanya Tech Trade


Memory Monitor: Decoupling Trade Long SK Hynix Vs. Short Nanya Tech

Tracking developments across tech supply chains, Tech Supply Chain Tracker

Tech Supply Chain Tracker

Tracking developments across tech supply chains

<ul><li>Speculation of a Qualcomm-Intel deal diminishes, while Japan boosts semiconductor subsidies to benefit Rapidus, with further support anticipated.</li><li>China's semiconductor industry growth poses a threat to South Korean companies, prompting Samsung to weigh integration of ChatGPT, sparking concerns over its Google partnership.</li><li>Hiwin bolsters its robotics presence by partnering with Boston Dynamics, expanding its influence in the industry, as India eyes doubling 5G subscriptions by 2030.</li></ul>

Speculation of a Qualcomm-Intel deal diminishes, while Japan boosts semiconductor subsidies to benefit Rapidus, with further support anticipated.China's semiconductor industry growth poses a threat to South Korean companies, prompting Samsung to weigh integration of ChatGPT, sparking concerns over its Google partnership.Hiwin bolsters its robotics presence by partnering with Boston Dynamics, expanding its influence in the industry, as India eyes doubling 5G subscriptions by 2030.

Tech Supply Chain Tracker (30-Nov-2024): Qualcomm-Intel deal talk ends.

Founder/CEO of ROK Advisory, ROK Advisory LLC

Ken S. Kim

Founder/CEO of ROK Advisory

ROK Advisory LLC

ROK is an independent research advisory firm. We guide you to minimize the information gap between foreign and local investors in Northeast Asia with a focus in Korea, Taiwan and Japan.

Independent Research Advisory Firm

Thematic (Sector/Industry)

<ul>
<li>Forget government pressure, will peer pressure help fast forward Korea Corp Value Up program? </li>
<li>Japanese shame game versus Korean pride of the chaebols ? </li>
<li>Heading into 2025 we are seeing major Korean companies come out with longer term shareholder return plans</li>
</ul>


Forget government pressure, will peer pressure help fast forward Korea Corp Value Up program? 
Japanese shame game versus Korean pride of the chaebols ? 
Heading into 2025 we are seeing major Korean companies come out with longer term shareholder return plans


Corporate Value Up Korea; Will It Start Working Now and into 2025?

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>
<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 long waited IPO is now live and plans to raise US$700m at a much lower valuation of US$4.8bn vs price paid by Bain 6-years ago.</li>
<li>The company’s IPO is very timely as earnings have almost approached the cycle peak, but margins have continued to trail peers who have a more balanced product portfolio.</li>
<li>Kioxia’s valuation has declined while market sentiment for memory names has also been that great. We will discuss our valuation in a follow-up insight. </li>
</ul>



Kioxia Holdings (285A JP) ’s long waited IPO is now live and plans to raise US$700m at a much lower valuation of US$4.8bn vs price paid by Bain 6-years ago.
The company’s IPO is very timely as earnings have almost approached the cycle peak, but margins have continued to trail peers who have a more balanced product portfolio.
Kioxia’s valuation has declined while market sentiment for memory names has also been that great. We will discuss our valuation in a follow-up insight. 


Kioxia IPO: Initial Thoughts on Financials and Valuation

IPOs and Catalysts/Events, Global Equity Research Ltd

Arun George

IPOs and Catalysts/Events

Uncompromised, Independent, Conflict-Free Research

Global Equity Research Ltd

Global Equity Research was started in 2017 by a group of experienced research professionals. It was founded on a passionate belief in the importance and the need for uncompromised, independent, conflict-free research. We aim to provide differentiated and actionable primary and bottom up fundamental research.

<ul>
<li>
<a href="https://www.smartkarma.com/entities/kioxia-holdings-corp" target="_blank" rel="noopener">Kioxia Holdings (6600 JP)</a> is a leading player in the NAND flash memory market. It will list on 18 December and seek to raise up to US$740 million.   </li>
<li>Bain Capital, <a href="https://www.smartkarma.com/entities/toshiba-corp" target="_blank" data-smartkarma-citation="entities:637:1" rel="noopener">Toshiba Corp (6502 JP)</a> and <a href="https://www.smartkarma.com/entities/hoya-corp" target="_blank" data-smartkarma-citation="entities:8990:1" rel="noopener">Hoya Corp (7741 JP)</a> currently own 56.23%, 40.64% and 3.13% of the voting rights, respectively. </li>
<li>The bull case rests on an attractive market opportunity, a return to revenue growth, margins close to all-time highs, a favourable cash conversion cycle, and modest leverage. </li>
</ul>



Kioxia Holdings (6600 JP) is a leading player in the NAND flash memory market. It will list on 18 December and seek to raise up to US$740 million.   
Bain Capital, Toshiba Corp (6502 JP) and Hoya Corp (7741 JP) currently own 56.23%, 40.64% and 3.13% of the voting rights, respectively. 
The bull case rests on an attractive market opportunity, a return to revenue growth, margins close to all-time highs, a favourable cash conversion cycle, and modest leverage. 


South Korea

SK Hynix Inc. provides products and services for the electronic components industry. The Company manufactures semiconductors, such as dynamic random access memory (DRAM), NAND flash memory, and static random access memory (SRAM) chips.

Price Gauge
52-week Range	0.00 - 0.00
Market Cap (USDm)	0.00
P/E	0.00
Dividend (Yield)	0.00

SK Hynix (000660 KS)

Memory Monitor: Decoupling Trade Long SK Hynix Vs. Short Nanya Tech

AI demand is driving growth in memory market, while legacy segments struggle, creating opportunities for investors to capitalize on decoupling...

Vincent Fernando, CFA

Tech Supply Chain Tracker (30-Nov-2024): Qualcomm-Intel deal talk ends.

Qualcomm-Intel deal speculation fades, Japan increases semiconductor subsidies, China's industry threatens South Korea, ChatGPT integration...

Tech Supply Chain Tracker

Corporate Value Up Korea; Will It Start Working Now and into 2025?

Will Korea Corp Value Up program start to really work in 2025? What will drive this program to work is not government pressure but peer pressure

Ken S. Kim

Kioxia IPO: Initial Thoughts on Financials and Valuation

Kioxia's IPO is timely as earnings have almost approached the cycle peak, but the proposed valuation is at a huge discount to what Bain paid six...

Shifara Samsudeen, FCMA, CGMA

Kioxia (285A JP) IPO: The Bull Case

The bull case rests on an attractive market opportunity, a return to revenue growth, margins close to all-time highs, a favourable cash conversion...

Arun George

Price Gauge

52-week Range

Market Cap (USDm)

P/E

Dividend (Yield)

Memory Monitor: Decoupling Trade Long SK Hynix Vs. Short Nanya Tech

​AI demand is driving growth in memory market, while legacy segments struggle, creating opportunities for investors to capitalize on decoupling...

Vincent Fernando, CFA

Tech Supply Chain Tracker (30-Nov-2024): Qualcomm-Intel deal talk ends.

Qualcomm-Intel deal speculation fades, Japan increases semiconductor subsidies, China's industry threatens South Korea, ChatGPT integration...

Tech Supply Chain Tracker

Corporate Value Up Korea; Will It Start Working Now and into 2025?

Will Korea Corp Value Up program start to really work in 2025? What will drive this program to work is not government pressure but peer pressure

Ken S. Kim

Kioxia IPO: Initial Thoughts on Financials and Valuation

​Kioxia's IPO is timely as earnings have almost approached the cycle peak, but the proposed valuation is at a huge discount to what Bain paid six...

Shifara Samsudeen, FCMA, CGMA

Kioxia (285A JP) IPO: The Bull Case

The bull case rests on an attractive market opportunity, a return to revenue growth, margins close to all-time highs, a favourable cash conversion...

Arun George

AI demand is driving growth in memory market, while legacy segments struggle, creating opportunities for investors to capitalize on decoupling...

Kioxia's IPO is timely as earnings have almost approached the cycle peak, but the proposed valuation is at a huge discount to what Bain paid six...