Managing Director, Zero One, Zero One

Vincent Fernando, CFA

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

Managing Director, Zero One

TechChain Insights: Drone World Expo Warsaw 2026 — Vendor Q&A

Primer: GUS TECHNOLOGY (6940 TT) - Jan 2026

TechChain Insights: Protect Animal Health (7850 TT) — Management Q&A

TechChain Insights: Visit with Taiwan's Critical Battery Supplier

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>
Taiwan's first battery gigafactory at 10% utilization — built ahead of demand to win contracts. Breakeven requires 35-45%; management prioritizes capital-efficient, customer-backed expansion.</li>
<li>
Defense is the nearest catalyst — drone cells in qualification with 4-5 mass production discussions active. Meaningful military revenue from 2027, not 2026.</li>
<li>
Non-China supply chain positioning is the structural bet — 100% Taiwan manufacturing, multi-geography sourcing. Converting geopolitical tailwinds into contracts before cash runs thin is the key risk.</li>
</ul>



Taiwan's first battery gigafactory at 10% utilization — built ahead of demand to win contracts. Breakeven requires 35-45%; management prioritizes capital-efficient, customer-backed expansion.

Defense is the nearest catalyst — drone cells in qualification with 4-5 mass production discussions active. Meaningful military revenue from 2027, not 2026.

Non-China supply chain positioning is the structural bet — 100% Taiwan manufacturing, multi-geography sourcing. Converting geopolitical tailwinds into contracts before cash runs thin is the key risk.


TSMC (Taiwan Semiconductor Manufacturing) (2330 TT)

TSMC (Taiwan Semiconductor Manufacturing)

TechChain Insights: Gus Technology - 経営Q&amp;A

GUS TECHNOLOGY

TechChain Insights: Gus Technology - 経営Q&amp;A

TechChain Insights: Gus Technology - 経営Q&A