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

BE Semiconductor Industries NV / Equity Bottom-Up

<ul>
<li>Besi's order book has grown above 100% YoY for three straight quarters (Q4-25, Q1-26, Q2-26) — a genuine, accelerating hybrid-bonding franchise, not a one-off print.</li>
<li>Today's in-line Q2-26 beat still triggered a ~3.75% share-price decline: Q3-26 guidance signals decelerating revenue growth and compressing margins, confirming the market's own ceiling.</li>
<li>We initiate with a <strong>BEARISH stance, TP €205</strong> (-10.8% downside): 50x forward P/E — two standard deviations above BESI's 10-year average multiple.</li>
</ul>


Besi's order book has grown above 100% YoY for three straight quarters (Q4-25, Q1-26, Q2-26) — a genuine, accelerating hybrid-bonding franchise, not a one-off print.
Today's in-line Q2-26 beat still triggered a ~3.75% share-price decline: Q3-26 guidance signals decelerating revenue growth and compressing margins, confirming the market's own ceiling.
We initiate with a BEARISH stance, TP €205 (-10.8% downside): 50x forward P/E — two standard deviations above BESI's 10-year average multiple.


BE Semiconductor Industries (BESI NA): Great Business, but Wrong Multiple