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.

Equity Bottom-Up

<ul>
<li>GTP (Djarum/TOWR) holds an irrevocable option to 51% control within five working days of listing — signed six months before the IPO, not by accident.</li>
<li>FY23–25 revenue CAGR of 31% and ROE of 29% sit against a cash ratio of just 0.02x and negative FY25 free cash flow as the rental fleet was built.</li>
<li>We initiate at HOLD, PT Rp580 (+5.5%): blended SOTP/target-P/E/DCF value leaves no margin for float risk, FX exposure or related-party concentration at Rp550.</li>
</ul>


GTP (Djarum/TOWR) holds an irrevocable option to 51% control within five working days of listing — signed six months before the IPO, not by accident.
FY23–25 revenue CAGR of 31% and ROE of 29% sit against a cash ratio of just 0.02x and negative FY25 free cash flow as the rental fleet was built.
We initiate at HOLD, PT Rp580 (+5.5%): blended SOTP/target-P/E/DCF value leaves no margin for float risk, FX exposure or related-party concentration at Rp550.


Bach Multi Global (BACH IJ) — Djarum's Captive Power Arm, Priced Right, Timed Wrong