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 Best Results in Japan Nobody Wants to Buy — Stay Bullish, Keep the Faith

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

Equity Bottom-Up

<ul>
<li>World's only pure-play NAND IDM at scale; entire 2026 output pre-sold under hyperscaler LTAs extending to 2028, with no industry capacity additions before 2028.</li>
<li>Balance sheet reversal from ¥782bn net debt to net cash within Q1 FY2027, plus first-ever BBB– investment-grade rating, unlocks progressive dividends and IG-only investor mandates.</li>
<li>BUY, ¥120,000 PT (8.0x FY2027E EV/EBITDA of ¥2,300bn); US ADS listing (spring 2027) is the capital markets re-rating catalyst — historically worth 3–5 P/E turns.</li>
</ul>


World's only pure-play NAND IDM at scale; entire 2026 output pre-sold under hyperscaler LTAs extending to 2028, with no industry capacity additions before 2028.
Balance sheet reversal from ¥782bn net debt to net cash within Q1 FY2027, plus first-ever BBB– investment-grade rating, unlocks progressive dividends and IG-only investor mandates.
BUY, ¥120,000 PT (8.0x FY2027E EV/EBITDA of ¥2,300bn); US ADS listing (spring 2027) is the capital markets re-rating catalyst — historically worth 3–5 P/E turns.


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

Kioxia Holdings

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