Managing Director, Zero One, Zero One

Vincent Fernando, CFA

20 years of experience researching capital markets in Asia and the USA.

Managing Director, Zero One

Taiwan Tech Weekly: Hon Hai New All-Time Highs; Asustek Soars; Leading Chip Testing Firm Exits China

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Deep Dive Into Samsung's Memory & Foundry Results: TSMC, AI PC, Server, AI Phone Implications

Silicon Motion: Next Wave of the Memory Recovery; High-End NAND Prices More Than Doubled From Lows

Silicon Motion Memory Readthrough: NAND Flash to Remain In Shortage; Up-Cycle to Persist

Taiwan Tech Weekly: Major Week of Earnings; Apple's Edge AI Could Make Your Current IPhone Obsolete

Taiwan Dual-Listings Monitor: TSMC & ASE Spreads Surge to Extremes; CHT Shorts Massing Pre-Earnings

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

Silicon Motion Technology / Equity Bottom-Up

<ul>
<li>Silicon Motion's lQ24 results confirmed the company's end-demand strength as implied by previous Samsung and SK Hynix management commentary re: solid state memory.</li>
<li>Management has increased 2024E guidance, citing rising ASPs and strong demand due to its memory controller products' usage in edge AI applications such as AI PCs and AI smartphones.</li>
<li>The street upgraded target prices across the board after the results; however we note the stock remains below its past acquistion offer price by Maxlinear and we see further upside.</li>
</ul>


Silicon Motion's lQ24 results confirmed the company's end-demand strength as implied by previous Samsung and SK Hynix management commentary re: solid state memory.
Management has increased 2024E guidance, citing rising ASPs and strong demand due to its memory controller products' usage in edge AI applications such as AI PCs and AI smartphones.
The street upgraded target prices across the board after the results; however we note the stock remains below its past acquistion offer price by Maxlinear and we see further upside.


Silicon Motion: Leader in Powerful Niche for Edge AI Memory; Plus Key Wins for Data Center Solution