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

Melco Resorts & Entertainment / Equity Bottom-Up

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<li>Macau EBITDA grew 25% in FY2025 — fastest in our six-name coverage — while Manila, Cyprus and Sri Lanka add noise, complexity and a suspended dividend; masking Macau's good performance. </li>
<li>Management refinanced HK$21.7bn of credit facilities to 2031 and tendered near-term maturities ahead of schedule — proactive stewardship that contrasts sharply with the distressed-balance-sheet narrative the stock price implies.</li>
<li>Bullish, Fair Value US$7.60. At 4.5x FY2027E EV/EBITDA, the stock prices all the complexity and none of the Macau strength. Dividend resumption targeted year-end 2026 is the identifiable single-name catalyst.</li>
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Macau EBITDA grew 25% in FY2025 — fastest in our six-name coverage — while Manila, Cyprus and Sri Lanka add noise, complexity and a suspended dividend; masking Macau's good performance. 
Management refinanced HK$21.7bn of credit facilities to 2031 and tendered near-term maturities ahead of schedule — proactive stewardship that contrasts sharply with the distressed-balance-sheet narrative the stock price implies.
Bullish, Fair Value US$7.60. At 4.5x FY2027E EV/EBITDA, the stock prices all the complexity and none of the Macau strength. Dividend resumption targeted year-end 2026 is the identifiable single-name catalyst.


Melco Resorts & Entertainment (MLCO US): An Excellent Macau Business Hiding Behind a Complicated Map