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.

TechChain Insights Q&A: AI Chips Cannot Ship Until Chroma's Machines Pass Them

TechChain Insights Management Q&A: Topco Scientific Sells the Picks & Shovels Chip Fabs Use Up

TechChain Insights Q&A: What Makes an AI Rack Hard to Build: Rails, Integration and Switches

Advantest Corporation (6857 JP): The Invisible Toll Booth On The AI Superhighway

Equity Bottom-Up

<ul>
<li>Initiating with BUY and a 12-month price target of NT$2,700, implying 25% upside potential. Applied 50x FY2027E P/E — disciplined relative to peers but premium-justified by growth durability.</li>
<li>Three structural growth drivers converge in Chroma: AI server power validation, SiC/GaN power semiconductor testing, and EV/ESS battery test systems. Each market can sustain above-industry growth independently.</li>
<li>Micron's blowout quarter settles the AI demand debate. With Chroma trading 16% below its May high, the recent correction provides a more attractive entry point.</li>
</ul>


Initiating with BUY and a 12-month price target of NT$2,700, implying 25% upside potential. Applied 50x FY2027E P/E — disciplined relative to peers but premium-justified by growth durability.
Three structural growth drivers converge in Chroma: AI server power validation, SiC/GaN power semiconductor testing, and EV/ESS battery test systems. Each market can sustain above-industry growth independently.
Micron's blowout quarter settles the AI demand debate. With Chroma trading 16% below its May high, the recent correction provides a more attractive entry point.


Chroma ATE (2360 TT): Initiation — Silent Gatekeeper of the Electrification Supercycle

Chroma Ate Inc

Chroma ATE (2360 TT): Initiation — Silent Gatekeeper of the Electrification Supercycle