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

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

Equity Bottom-Up

<ul>
<li>Kioxia is down 37.8% since initiation despite 100% of 2026 NAND capacity being pre-sold and BiCS Gen.10's 20% cost-per-bit reduction remaining on track.</li>
<li>The 1 October 3-for-1 split, Gen.10 margin data and Flash Ventures capacity confirmation provide three catalysts to close Kioxia's valuation gap.</li>
<li>We remain BULLISH with FV of ¥72,000 pre-split (¥24,000 post-split), based on 12× FY2027E EPS of ¥6,000, implying 25.6% upside.</li>
</ul>


Kioxia is down 37.8% since initiation despite 100% of 2026 NAND capacity being pre-sold and BiCS Gen.10's 20% cost-per-bit reduction remaining on track.
The 1 October 3-for-1 split, Gen.10 margin data and Flash Ventures capacity confirmation provide three catalysts to close Kioxia's valuation gap.
We remain BULLISH with FV of ¥72,000 pre-split (¥24,000 post-split), based on 12× FY2027E EPS of ¥6,000, implying 25.6% upside.


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