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.

Kioxia (285A JP: The Cycle Is Intact, 100% Pre-Sold NAND, Gen.10 on Track and a 3-For-1 Split

Kioxia's (285A JP) $10bn US ADR: The Leak Is Unconfirmed, but the Logic Is Sound

Kioxia Holdings (285A JP) — the 3-For-1 Split Fixes a Real Problem for Retailers

KIOXIA HOLDINGS (285A JP): Initiate with a BUY (TP ¥120,000)

Equity Bottom-Up

<ul>
<li>
Record everything. Q1FY26 revenue ¥1,767.1bn (+76.2% QoQ, +415.5% YoY), non-GAAP operating profit ¥1,326.2bn at a 75.0% margin — every line above guidance. Pricing (+~70% QoQ) did &gt;90% of the work.</li>
<li>
Balance sheet transformed. First-ever net cash (¥186.7bn), LBO-era senior loans fully repaid, record ¥827.2bn core FCF. Q2 guided to fresh records; ¥800bn buyback (5.5% shares) and 3-for-1 stock split announced.</li>
<li>
BULLISH maintained; TP cut to ¥72,000 (from ¥120,000) — 12x FY2026E EPS of ¥6,000, our standard memory-sector P/E basis, marking the multiple to a de-rated tape while raising estimates.</li>
</ul>



Record everything. Q1FY26 revenue ¥1,767.1bn (+76.2% QoQ, +415.5% YoY), non-GAAP operating profit ¥1,326.2bn at a 75.0% margin — every line above guidance. Pricing (+~70% QoQ) did &gt;90% of the work.

Balance sheet transformed. First-ever net cash (¥186.7bn), LBO-era senior loans fully repaid, record ¥827.2bn core FCF. Q2 guided to fresh records; ¥800bn buyback (5.5% shares) and 3-for-1 stock split announced.

BULLISH maintained; TP cut to ¥72,000 (from ¥120,000) — 12x FY2026E EPS of ¥6,000, our standard memory-sector P/E basis, marking the multiple to a de-rated tape while raising estimates.


Kioxia (285A JP): The Best Results in Japan Nobody Wants to Buy — Stay Bullish, Keep the Faith