Global Mobility/Transport, Equity Long-Short

Mohshin Aziz

Capital market veteran with 22 years experience with stints as an analyst (sell-side & buyside), investor relations and fund manager. 

My key expertise in the aviation sector. My definition of "aviation" includes airlines, travel tours, airports, airport retail & services, OEMs, online travel agents, aircraft lessors, air cargo/logistics, etc.   

I have an active watchlist consisting 190 companies across 41 countries. The aviation sector is highly cyclical and I am constantly evaluating signals to uncover attractive trade opportunities.

There's Something About Air Cargo (Part II)

Crisis in the Red Sea, if This Persists, We May Need to Rethink About Victory over Inflation

Thanks to High Cargo Yields & Early Tourism Rebound, EVA & CAL Remain Highly Profitable in H223

Monthly Container Shipping Tracker | Maersk, Evergreen, ZIM Report Disparate Results (November 2023)

Maersk Q3: Estimates Met, Guidance Kept | But Downbeat Assessment of Market Sends Shares Down -17%

Equity Bottom-Up

<ul>
<li>
<a href="https://www.smartkarma.com/entities/eva-airways-corp" target="_blank" data-smartkarma-citation="entities:20645:1" rel="noopener">Eva Airways (2618 TT)</a> (EVA) is enjoying the perfect tailwind of strong demand from both inbound and outbound, capacity deficit, a resurgence in corporate travel, and rising cargo rates   </li>
<li>Consensus believes FY2023 will be peak earnings as 2024 capacity rollout will balance the demand-supply, but our observations suggest things will likely remain the same until the end of 1H24</li>
<li>Target price of TWD34.90 based on 13.4x FY2024 PE ratio - its long-term mean. Borderline attractive with a modest 11% UPSIDE, but 5.9% dividend yield is a sweetener  </li>
</ul>



Eva Airways (2618 TT) (EVA) is enjoying the perfect tailwind of strong demand from both inbound and outbound, capacity deficit, a resurgence in corporate travel, and rising cargo rates   
Consensus believes FY2023 will be peak earnings as 2024 capacity rollout will balance the demand-supply, but our observations suggest things will likely remain the same until the end of 1H24
Target price of TWD34.90 based on 13.4x FY2024 PE ratio - its long-term mean. Borderline attractive with a modest 11% UPSIDE, but 5.9% dividend yield is a sweetener  


Eva Airways (2618 TT, BUY, TP:TWD34.90) The Best, but Not the Cheapest