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.

Semiconductor Foundry Handbook 2026 — One Monopoly, Two Disconnected Valuations

Hua Hong Grace (1347 HK): HSI Inclusion Changes the Path, Not the Destination

Hua Hong Grace (1347.HK) Q2 2026 Earnings Report Review & Full Transcript

Equity Bottom-Up

Hua Hong Semiconductor / Equity Bottom-Up

<ul>
<li>China's national semiconductor champion, government-backed by Big Fund III's CNY 344B war chest — it will not be allowed to fail commercially, even as equity returns lag the policy mandate.</li>
<li>Investors conflate "strategically important" with "attractively priced" — Fab 9A ramp and Huali Micro scale are real, but already trade at 4x SMIC's multiple for a less profitable business.</li>
<li>We initiate at SELL with TP of HK$88 on stretched valuation (&gt;50x EV/EBITDA) and a more fragile balance sheet and weak FCFs relative to global peers. </li>
</ul>


China's national semiconductor champion, government-backed by Big Fund III's CNY 344B war chest — it will not be allowed to fail commercially, even as equity returns lag the policy mandate.
Investors conflate "strategically important" with "attractively priced" — Fab 9A ramp and Huali Micro scale are real, but already trade at 4x SMIC's multiple for a less profitable business.
We initiate at SELL with TP of HK$88 on stretched valuation (&gt;50x EV/EBITDA) and a more fragile balance sheet and weak FCFs relative to global peers. 


Hua Hong Grace Semiconductor (1347 HK) - Initiate with a SELL