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.

Alibaba (9988 HK): 9% Placement Drop Creates Short-Put Setup

Alibaba (BABA US): Trading the Placement Dip with US Options

Curator's Cut: Crop Risks Build, Alibaba Funds AI & Deal Heat in Australia

Alibaba (BABA US / 9988 HK): Cloud Inflection, Discounted for Geopolitics

Equity Bottom-Up

<ul>
<li>EPS miss (non-GAAP US$1.26 vs US$1.50) is discrete: AI Labs RMB13.9bn EBITA loss, peaked QoQ per management; EC DSA fine; RMB4.5bn goodwill impairment.</li>
<li>AI Cloud +45% YoY; segment EBITA +133%; AI revenue reaches 35% of external cloud — twelfth consecutive quarter of triple-digit growth.</li>
<li>Maintain BULLISH, with unchanged FV US$170/ADS &amp; HK$166 — SOTP-derived: commerce 8x FY27F EBITA, cloud 4x FY27F EV/Sales, 10% geopolitical discount. </li>
</ul>


EPS miss (non-GAAP US$1.26 vs US$1.50) is discrete: AI Labs RMB13.9bn EBITA loss, peaked QoQ per management; EC DSA fine; RMB4.5bn goodwill impairment.
AI Cloud +45% YoY; segment EBITA +133%; AI revenue reaches 35% of external cloud — twelfth consecutive quarter of triple-digit growth.
Maintain BULLISH, with unchanged FV US$170/ADS &amp; HK$166 — SOTP-derived: commerce 8x FY27F EBITA, cloud 4x FY27F EV/Sales, 10% geopolitical discount. 


Alibaba Group (BABA US / 9988 HK) Q1 FY2027 Results Review — Cloud Holds; AI Investment Drag Peaks