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.

ASML NA/US - Initiate with BUY: The AI Bottleneck No Competitor Can Replicate

Equity Bottom-Up

<ul>
<li>Q2 2026 beat both guidance and consensus on revenue and margin; FY26 guidance was raised - second time this year, to €43-45bn / 54-56%, from €36-40bn / 51-53% at Q1.</li>
<li>The new guide sits above our own FY26E (€40.0bn / 53.8%) and above the Street — the estimate gap we flagged at initiation has closed, because management has overtaken both.</li>
<li>Memory revenue growth of +75% guided for FY26 is the clearest read-through to the wider Equipment coverage. TSMC's print tomorrow remains the swing factor for our FY27 logic assumption.</li>
</ul>


Q2 2026 beat both guidance and consensus on revenue and margin; FY26 guidance was raised - second time this year, to €43-45bn / 54-56%, from €36-40bn / 51-53% at Q1.
The new guide sits above our own FY26E (€40.0bn / 53.8%) and above the Street — the estimate gap we flagged at initiation has closed, because management has overtaken both.
Memory revenue growth of +75% guided for FY26 is the clearest read-through to the wider Equipment coverage. TSMC's print tomorrow remains the swing factor for our FY27 logic assumption.


Asml NA/US — Q2 2026 Results: Beat, Raise, Repeat

ASML Holding NV

Asml NA/US — Q2 2026 Results: Beat, Raise, Repeat