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

NIU 1Q20: COVID-19 Could Accelerate a Shift To Individual Mobility Solutions

Niu: 2Q Volumes Soar as COVID Accelerates Shift to EV Micromobility, Raise FV to US$31.4 (+42%)

Micromobility Is the EV Megatrend That Consensus Hasn’t Realized and NIU Has the Advantage

NIU Technologies Surges 11% as Market Begins to Appreciate EV Micromobility; Long Runway Ahead

Niu 1-1 Conf Call: How To Sell Electric Motorcycles 100% Online, 1Q20 Orders 2.5x YoY

Battle Lines Drawn As BABA Builds Out First/Last-Mile Capacity; But Who Will Fund 75+ Bn CNY CapEx?

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>Niu is a leader in the global 2-wheel EV space with an early foothold in key markets international markets beyond China. This favorably positions the company to capture much of the industry's growth as the structural trends of EV  two-wheelers and micro-mobility play out.</li>
<li>We had a 1-on-1 call with Niu's management last week to discuss their results &amp; outlook. We have since revised our model forecasts and find that while 2020 will be a year of significant revenue decline, the company's long-term outlook remains intact and the company can manage current difficulties.</li>
<li>Niu is worth accumulating at current levels, one can look through even a protracted pandemic scenario. We value Niu at $14.7 per share, representing over 100% upside from current share price levels.</li>
</ul>


Niu is a leader in the global 2-wheel EV space with an early foothold in key markets international markets beyond China. This favorably positions the company to capture much of the industry's growth as the structural trends of EV  two-wheelers and micro-mobility play out.
We had a 1-on-1 call with Niu's management last week to discuss their results &amp; outlook. We have since revised our model forecasts and find that while 2020 will be a year of significant revenue decline, the company's long-term outlook remains intact and the company can manage current difficulties.
Niu is worth accumulating at current levels, one can look through even a protracted pandemic scenario. We value Niu at $14.7 per share, representing over 100% upside from current share price levels.


NIU: Stress-Testing Post-Management Call; Look Through COVID and Accumulate

Niu Technologies

NIU: Stress-Testing Post-Management Call; Look Through COVID and Accumulate