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.

CXMT Corp (688825 CH): Nothing Left to Sell, Everything Left to Re-Rate

CXMT Corporation (688825 CH): The Debut Broke Our Model. It Didn't Break Our Numbers.

THE COMING OF CHINESE MEMORY:       Will China Conquer the Last Semiconductor Oligopoly?

Thematic (Sector/Industry)

Macau Semiconductors and semiconductor equipment / Thematic (Sector/Industry)

<ul>
<li>CXMT has overrun our fair value so far that its equity is no longer useful for expressing a view; we look at its equipment and materials suppliers instead.</li>
<li>Every name in the standard-DRAM chain trades near 52-week highs, and CXMT's own founder trimmed a related holding in May — informed capital is already taking profit.</li>
<li>Our call: don't chase this chain at current levels. NSIG is our most defensible pick on business-model grounds, but better risk-reward sits in the not-yet-priced HBM-packaging names.</li>
</ul>


CXMT has overrun our fair value so far that its equity is no longer useful for expressing a view; we look at its equipment and materials suppliers instead.
Every name in the standard-DRAM chain trades near 52-week highs, and CXMT's own founder trimmed a related holding in May — informed capital is already taking profit.
Our call: don't chase this chain at current levels. NSIG is our most defensible pick on business-model grounds, but better risk-reward sits in the not-yet-priced HBM-packaging names.


China Memory Supply Chain, Who Actually Supplies CXMT