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

VEON Ltd. provides telecommunications and digital services. The Company offers fixed-line telecommunication, broadband, voice, wireless Internet and connectivity, and other related services. VEON serves customers worldwide.

<ul>
<li>VEON's third quarter shows results tracking closely to our overall expectations and keeping the company on pace to reach our full-year 2025E outlook.</li>
<li>VEON’s Pakistan fintech business: 3Q25 accelerating momentum -- The unit has now become an independent operating unit, signaling potenital future value -unlocking activities.</li>
<li>We’ve increased our VEON valuation to US$82 based on better than expected Pakistan fintech performance and rising T12M figures -- We reiterate our Structural Long rating for VEON.</li>
</ul>


VEON's third quarter shows results tracking closely to our overall expectations and keeping the company on pace to reach our full-year 2025E outlook.
VEON’s Pakistan fintech business: 3Q25 accelerating momentum -- The unit has now become an independent operating unit, signaling potenital future value -unlocking activities.
We’ve increased our VEON valuation to US$82 based on better than expected Pakistan fintech performance and rising T12M figures -- We reiterate our Structural Long rating for VEON.


VEON: Pakistan Fintech Momentum Building; Increasing Target Price to $82

ChipMOS TECHNOLOGIES INC. offers semiconductor testing and packaging solutions to companies, integrated device manufacturers, and foundries. The Company provides a broad range of back-end testing services for high density memory, mixed-signal and liquid crystal display.

<ul>
<li>This assembly and testing leader provides fresh insight into the state of display, memory, consumer, enterprise, and industrial end markets.</li>
<li>ChipMOS: Memory Industry Strength Offsets Display Industry Weakness. Memory strength seen into 2026E. Company noted soft smartphone industry panel demand currently.</li>
<li>Management signals sustained memory upcycle; disciplined capex to serve multi-year AI and datacenter growth. We rate ChipMOS shares as a Structural Long.</li>
</ul>


This assembly and testing leader provides fresh insight into the state of display, memory, consumer, enterprise, and industrial end markets.
ChipMOS: Memory Industry Strength Offsets Display Industry Weakness. Memory strength seen into 2026E. Company noted soft smartphone industry panel demand currently.
Management signals sustained memory upcycle; disciplined capex to serve multi-year AI and datacenter growth. We rate ChipMOS shares as a Structural Long.


TechChain Insights: ChipMOS Indicates Memory Industry Surge into 2026E; Smartphones Currently Soft

TSMC (Taiwan Semiconductor Manufacturing) - ADR / Equity Bottom-Up

Taiwan Semiconductor Manufacturing Company Ltd. manufactures integrated circuits based on its proprietary designs.  The Company offers a comprehensive set of integrated circuit fabrication processes to manufacture CMOS logic, mixed-mode, volatile and non-volatile memory and BiCMOS chips.  Taiwan Semiconductor is an affiliate of Philips Electronics N.V.

TSMC (Taiwan Semiconductor Manufacturing) - ADR (TSM US)

TSMC (Taiwan Semiconductor Manufacturing) - ADR

<ul>
<li>Nvidia Pushes TSMC for More Capacity as AI Chip Demand Surges</li>
<li>Apple Expands Its Satellite Ambitions for iPhones Beyond Just Emergencies -- A Step Towards Disintermediating Telcos?</li>
<li>Nvidia’s International HQ in Taipei Deal Clears Final Hurdle -- Boost for Taiwan 2026E-2027E</li>
</ul>


Nvidia Pushes TSMC for More Capacity as AI Chip Demand Surges
Apple Expands Its Satellite Ambitions for iPhones Beyond Just Emergencies -- A Step Towards Disintermediating Telcos?
Nvidia’s International HQ in Taipei Deal Clears Final Hurdle -- Boost for Taiwan 2026E-2027E


Taiwan Tech Weekly: Nvidia Asking TSMC for More Capacity; Apple to Disintermediate Telcos?

<ul>
<li>TSMC: +21.8% Premium; Wait for Lower Premium Before Fresh Long</li>
<li>UMC: +2.2% Premium; Good Level to Short the ADR Premium</li>
<li>CHT: -2.0% Discount; Near Level to Go Long the ADR Spread</li>
</ul>


TSMC: +21.8% Premium; Wait for Lower Premium Before Fresh Long
UMC: +2.2% Premium; Good Level to Short the ADR Premium
CHT: -2.0% Discount; Near Level to Go Long the ADR Spread


Taiwan Dual-Listings Monitor: TSMC Premium Eases Down; UMC & CHT Opportunity Levels

CTW Cayman develops games. The Company provides anime IP-based games for mobile devices and personal computers. CTW Cayman serves customers across worldwide.

<ul>
<li>Global HTML5 anime gaming leader leveraging instant-play platform and AI marketing to lower acquisition costs and enhance monetization efficiency.</li>
<li>Capital-Light model retains ~80% gross revenue, supported by 33 major IP partnerships including Kadokawa, TMS, and Warner Bros Japan.</li>
<li>Growth accelerating with U.S. expansion, FY1H25 revenue +23% YoY, overseas share 29%, Target Price US$5.7, Structural Long rating.</li>
</ul>


Global HTML5 anime gaming leader leveraging instant-play platform and AI marketing to lower acquisition costs and enhance monetization efficiency.
Capital-Light model retains ~80% gross revenue, supported by 33 major IP partnerships including Kadokawa, TMS, and Warner Bros Japan.
Growth accelerating with U.S. expansion, FY1H25 revenue +23% YoY, overseas share 29%, Target Price US$5.7, Structural Long rating.


CTW (Initiation of Coverage): Invisible Hand of AI Behind Japan’s Anime Gaming Leader

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

Vincent Fernando, CFA
Managing Director, Zero One
• Zero One

VEON: Pakistan Fintech Momentum Building; Increasing Target Price to $82

VEON's Q3 results meet expectations, Pakistan fintech unit shows potential for future value unlocking, leading to increased valuation and a...

Vincent Fernando, CFA

TechChain Insights: ChipMOS Indicates Memory Industry Surge into 2026E; Smartphones Currently Soft

ChipMOS sees strength in memory industry offsetting weakness in display market, signaling sustained memory upcycle and disciplined capex for AI...

Vincent Fernando, CFA

Taiwan Tech Weekly: Nvidia Asking TSMC for More Capacity; Apple to Disintermediate Telcos?

Nvidia and Apple are both making strategic moves to secure more capacity and expand their reach in the tech industry, potentially disrupting...

Vincent Fernando, CFA

Taiwan Dual-Listings Monitor: TSMC Premium Eases Down; UMC & CHT Opportunity Levels

We analyze the premium and discount levels of dual-listed Taiwan companies, suggesting potential spread trading levels based on historical trends.

Vincent Fernando, CFA

CTW (Initiation of Coverage): Invisible Hand of AI Behind Japan’s Anime Gaming Leader

Global HTML5 anime gaming leader uses instant-play platform and AI marketing to lower costs and boost monetization, with strong revenue growth and...

Vincent Fernando, CFA

VEON: Pakistan Fintech Momentum Building; Increasing Target Price to $82

​VEON's Q3 results meet expectations, Pakistan fintech unit shows potential for future value unlocking, leading to increased valuation and a...

Vincent Fernando, CFA

TechChain Insights: ChipMOS Indicates Memory Industry Surge into 2026E; Smartphones Currently Soft

​ChipMOS sees strength in memory industry offsetting weakness in display market, signaling sustained memory upcycle and disciplined capex for AI...

Vincent Fernando, CFA

Taiwan Tech Weekly: Nvidia Asking TSMC for More Capacity; Apple to Disintermediate Telcos?

​Nvidia and Apple are both making strategic moves to secure more capacity and expand their reach in the tech industry, potentially disrupting...

Vincent Fernando, CFA

Taiwan Dual-Listings Monitor: TSMC Premium Eases Down; UMC & CHT Opportunity Levels

We analyze the premium and discount levels of dual-listed Taiwan companies, suggesting potential spread trading levels based on historical trends.

Vincent Fernando, CFA

CTW (Initiation of Coverage): Invisible Hand of AI Behind Japan’s Anime Gaming Leader

​Global HTML5 anime gaming leader uses instant-play platform and AI marketing to lower costs and boost monetization, with strong revenue growth and...

Vincent Fernando, CFA

VEON's Q3 results meet expectations, Pakistan fintech unit shows potential for future value unlocking, leading to increased valuation and a...

ChipMOS sees strength in memory industry offsetting weakness in display market, signaling sustained memory upcycle and disciplined capex for AI...

Nvidia and Apple are both making strategic moves to secure more capacity and expand their reach in the tech industry, potentially disrupting...

Global HTML5 anime gaming leader uses instant-play platform and AI marketing to lower costs and boost monetization, with strong revenue growth and...