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.

(DBS SP) 2Q26: Record Profit Confirms Quality, But the Premium Already Prices Perfection

Equity Bottom-Up

<ul>
<li>Normalising 1Q26 specific allowances to DBS' own guidance floor costs S$28m — under 1% of reported net profit. Earnings quality verdict = very good.</li>
<li>61.8% of GP reserves is management overlay at S$0.85 per share. The stock is disclosed each quarter; its direction is not.</li>
<li>DBS trades 43% above GGM-justified book value at S$72.00. The premium reflects genuine execution — our forensics find no material earnings distortion.</li>
</ul>


Normalising 1Q26 specific allowances to DBS' own guidance floor costs S$28m — under 1% of reported net profit. Earnings quality verdict = very good.
61.8% of GP reserves is management overlay at S$0.85 per share. The stock is disclosed each quarter; its direction is not.
DBS trades 43% above GGM-justified book value at S$72.00. The premium reflects genuine execution — our forensics find no material earnings distortion.


DBS Group Holdings (DBS SP): Accounting Forensics Affirms Quality, Not the Overlay Direction