Managing Director, Zero One, Zero One

Vincent Fernando, CFA

20 years experience researching capital markets across Asia and the USA.

Managing Director, Zero One

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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>Server has gone from about a quarter of Lotes's revenue in 2023 to 55% in Q2 2026, a shift management attributes mostly to AI demand.</li>
<li>AI servers add more sockets and connectors per box and push each interface faster; Lotes says a PCIe Gen6 connector sells at least 15% above Gen5.</li>
<li>Bloomberg consensus sees revenue near-doubling to NT$59bn by 2028E; at ~21x forward earnings falling to ~13x, the AI ramp is largely in the price.</li>
</ul>


Server has gone from about a quarter of Lotes's revenue in 2023 to 55% in Q2 2026, a shift management attributes mostly to AI demand.
AI servers add more sockets and connectors per box and push each interface faster; Lotes says a PCIe Gen6 connector sells at least 15% above Gen5.
Bloomberg consensus sees revenue near-doubling to NT$59bn by 2028E; at ~21x forward earnings falling to ~13x, the AI ramp is largely in the price.


TechChain Insights Q&A: How Lotes's Value Drivers Have Transformed Due to AI Demand

Lotes Co

TechChain Insights Q&A: How Lotes's Value Drivers Have Transformed Due to AI Demand