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.

CATL (3750 HK / 300750 CH): Stop Pricing It as a Battery Cyclical — Start Pricing the Grid

CATL (300750 CH / 3750 HK): H1-26 Above Consensus; Record Buyback Reverses the Dilution Trade

CATL (3560 HK): Strong 1Q26 Results Mask a Strategic Pivot — Capital Raise Risk Is the Trade

Event-Driven

Contemporary Amperex Technology (CATL) / Event-Driven

Contemporary Amperex Technology (CATL) (300750 CH)

<ul>
<li>CATL has committed ~Rmb15.5bn across Zhongheng, VNET and DeepSeek in five months — roughly 0.9% of its market cap. None of the three consolidates. Near-term earnings impact is nil.</li>
<li>The market has declined to pay: shares are down 1.3% over the three sessions since the 14 August definitive signing, and sit 17% below the 52-week high.</li>
<li>We remain BULLISH with unchanged FV of Rmb500/share. The AI programme cost Rmb3.37/share; one turn of multiple is Rmb21/share. Own CATL for the batteries, consider this option attached for free.</li>
</ul>


CATL has committed ~Rmb15.5bn across Zhongheng, VNET and DeepSeek in five months — roughly 0.9% of its market cap. None of the three consolidates. Near-term earnings impact is nil.
The market has declined to pay: shares are down 1.3% over the three sessions since the 14 August definitive signing, and sit 17% below the 52-week high.
We remain BULLISH with unchanged FV of Rmb500/share. The AI programme cost Rmb3.37/share; one turn of multiple is Rmb21/share. Own CATL for the batteries, consider this option attached for free.


CATL (300750 CH / 3750 HK): The Market Priced the AI Programme at Zero. We Agree.