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.

Sands China (1928 HK): The Market Leader, Priced for Its Worst Year

Galaxy Entertainment Group (27 HK): The Balance Sheet the Market Forgot to Price

MGM China (2282 HK) — The Smallest Footprint, the Cheapest Multiple — Top Conviction

Thematic (Sector/Industry)

United states Entertainment / Thematic (Sector/Industry)

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<li>FY2025 GGR reached a record MOP247.4bn (+9.1% YoY), yet Macau casinos trade at just ~6.8x FY2027E EV/EBITDA, well below pre-COVID levels. The recovery is real; the re-rating has not happened.</li>
<li>The cheapest share price is not the cheapest company. SJM is the sector's most expensive stock at 9.1x FY2027E EV/EBITDA, while MGM is among the cheapest at 4.6x.</li>
<li>Bullish on MGM China (top pick), Melco, Sands China and Galaxy. Neutral on Wynn Macau and SJM, where balance-sheet constraints limit upside potential.</li>
</ul>


FY2025 GGR reached a record MOP247.4bn (+9.1% YoY), yet Macau casinos trade at just ~6.8x FY2027E EV/EBITDA, well below pre-COVID levels. The recovery is real; the re-rating has not happened.
The cheapest share price is not the cheapest company. SJM is the sector's most expensive stock at 9.1x FY2027E EV/EBITDA, while MGM is among the cheapest at 4.6x.
Bullish on MGM China (top pick), Melco, Sands China and Galaxy. Neutral on Wynn Macau and SJM, where balance-sheet constraints limit upside potential.


Macau Gaming Handbook 2026: One Market, Six Concessionaires, One Yardstick