Equity Long-Short

Mo Aziz

Capital markets veteran with 25 years across sell-side and buy-side research, investor relations, and fund management. Currently publish independent equity research (Mofferies Investment Research, via Smartkarma) spanning semiconductor memory (DRAM/NAND/HBM), foundry, semiconductor equipment and advanced packaging, gold and cross-asset strategy, financials forensics, and APAC IPOs — with a standing watchlist of 190+ companies across 41 countries. Background includes deep aviation-sector expertise (airlines, airports, OEMs, lessors, air cargo, travel/OTAs). Approach centers on identifying cyclical inflection points and mispriced risk across sectors, translated into explicit, actionable calls.

Tencent (700 HK) - Resilient 1Q26 Earnings Growth Despite AI Investment; Solid AI Progress

Alibaba (BABA US/9988 HK) Q4 FY2026 Results: A Miss but AI Inflection Confirmed

TENCENT MUSIC (1698 HK) 1Q FY2026 Earnings Review: Results Above, Outlook More Stable. Deep Value.

Thematic (Sector/Industry)

Laos Telecom services / Thematic (Sector/Industry)

<ul>
<li>Chinese AI is profitable across the entire stack. Tencent (38% op. margin), Alibaba Cloud (EBITA-positive), Baidu (profitable), Sea Ltd ($1.6Bn net profit) — all generate real cash from AI today.</li>
<li>Western AI compute costs now exceed human payroll. Compute costs exceed employee costs according to research conducted by MIT: AI is more expensive than humans in 77% of roles.</li>
<li>The Chinese AI philosophy is structurally superior. Embed AI in existing profit engines. Frugal MoE architectures, ecosystem distribution, and patient capital mean Chinese AI monetises faster at dramatically lower cost. </li>
</ul>


Chinese AI is profitable across the entire stack. Tencent (38% op. margin), Alibaba Cloud (EBITA-positive), Baidu (profitable), Sea Ltd ($1.6Bn net profit) — all generate real cash from AI today.
Western AI compute costs now exceed human payroll. Compute costs exceed employee costs according to research conducted by MIT: AI is more expensive than humans in 77% of roles.
The Chinese AI philosophy is structurally superior. Embed AI in existing profit engines. Frugal MoE architectures, ecosystem distribution, and patient capital mean Chinese AI monetises faster at dramatically lower cost. 


AI Sustainability: East Profits. West Burns.