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.

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

Equity Bottom-Up

<ul>
<li>GGR share rose from 9.5% (2019) to 16.1% (2025) — gains registered even during COVID, when the market itself was collapsing. This is structural execution, not cyclical recovery.</li>
<li>EBITDA margin held at 28.8% through three consecutive years of double-digit revenue growth — growth without the margin trade-off visible at Sands and Wynn.</li>
<li>Bullish — Top Conviction, FV HK$15.00. At 4.6x FY2027E EV/EBITDA. The capacity-ceiling concern is priced in; the 198-table 2022 renewal precedent is the counter-argument.</li>
</ul>


GGR share rose from 9.5% (2019) to 16.1% (2025) — gains registered even during COVID, when the market itself was collapsing. This is structural execution, not cyclical recovery.
EBITDA margin held at 28.8% through three consecutive years of double-digit revenue growth — growth without the margin trade-off visible at Sands and Wynn.
Bullish — Top Conviction, FV HK$15.00. At 4.6x FY2027E EV/EBITDA. The capacity-ceiling concern is priced in; the 198-table 2022 renewal precedent is the counter-argument.


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