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.

Equity Bottom-Up

Kawasaki Heavy Industries / Equity Bottom-Up

<ul>
<li>KHI raises ¥200 billion via new shares and convertible bonds; stock drops 7.3% — dilution impact on FY2027F EPS is approximately 4–5%, not the 7% the market just priced.</li>
<li>Capital deployed into aircraft engines, gas turbines, semiconductor robots, and hydrogen — all direct beneficiaries of Japan's ¥9tn annual defense budget and PM Takaichi's ¥370tn strategic spending plan through FY2040.</li>
<li>Placement targets overseas institutional investors; block pricing and secondary market dislocation offer a rare same-day entry into a consensus BUY at a 40%-plus discount to the average analyst TP ¥3,810.</li>
</ul>


KHI raises ¥200 billion via new shares and convertible bonds; stock drops 7.3% — dilution impact on FY2027F EPS is approximately 4–5%, not the 7% the market just priced.
Capital deployed into aircraft engines, gas turbines, semiconductor robots, and hydrogen — all direct beneficiaries of Japan's ¥9tn annual defense budget and PM Takaichi's ¥370tn strategic spending plan through FY2040.
Placement targets overseas institutional investors; block pricing and secondary market dislocation offer a rare same-day entry into a consensus BUY at a 40%-plus discount to the average analyst TP ¥3,810.


Kawasaki Heavy Industries (7012 JP) — ¥200B Capital Raise: Dilution Overpriced, Entry Undervalued