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.

SBS Transit (SBUS SP): A Second Look at Valuations

SBS Transit (SBUS SP | BUY | TP:S$3.92): Bussing for Dividends

Equity Bottom-Up

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<li>Compounding returns by earning Singapore-Dollar fares on a Malaysian cost base, while policy gaps force Governments to rely on private operators</li>
<li>Strong growth pipeline, the RTS Link will spur route restructuring and redeployment of capacity to higher-yielding routes. We see the RTS Link as a net positive for Hi Mobility </li>
<li>BUY with TP of RM3.10 based on 1-year forward PE of 19.5x, a 10% premium to SBS Transit's mean PE to factor in higher earnings growth and superior ROEs  </li>
</ul>


Compounding returns by earning Singapore-Dollar fares on a Malaysian cost base, while policy gaps force Governments to rely on private operators
Strong growth pipeline, the RTS Link will spur route restructuring and redeployment of capacity to higher-yielding routes. We see the RTS Link as a net positive for Hi Mobility 
BUY with TP of RM3.10 based on 1-year forward PE of 19.5x, a 10% premium to SBS Transit's mean PE to factor in higher earnings growth and superior ROEs  


HI Mobility (HI MK): Singapore Fares, Malaysian Costs, and a Long Runway Ahead