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.

Micron (MU US) 2QFY: Record Earnings, Crowded Expectations — The Trap Is in the Whisper

Micron Technology (MU US) FQ4-26 Results: Beat on Every Line, FQ1 Guide ~8% Above the Street

Semiconductor Memory Earnings (3Q26): Street Expects +30% QoQ Growth — It Will Get It Easily

Micron Technology (MU US) - A Forensic Read on Its Accounts, Audited for Proof

MICRON TECHNOLOGY (MU US) — Initiate with BUY (TP US$1,400)

Equity Bottom-Up

<ul>
<li>All is well with the business. We think it will likely beat consensus and its own guidance for 4QFY26, on strong demand and production efficiency gains. </li>
<li>Q4 guidance: US$50bn revenue, 86% gross margin, ~US$31 EPS — the highest quarterly revenue in Micron's history; US$100bn SCA contracted floor forecloses the historical earnings left-tail scenario.</li>
<li>BULLISH maintained with unchanged TP of US$1,400 (11× FY2027E EPS US$125). Upcoming 4QFY26 results will be out on September, making it the bellwether for the sector.</li>
</ul>


All is well with the business. We think it will likely beat consensus and its own guidance for 4QFY26, on strong demand and production efficiency gains. 
Q4 guidance: US$50bn revenue, 86% gross margin, ~US$31 EPS — the highest quarterly revenue in Micron's history; US$100bn SCA contracted floor forecloses the historical earnings left-tail scenario.
BULLISH maintained with unchanged TP of US$1,400 (11× FY2027E EPS US$125). Upcoming 4QFY26 results will be out on September, making it the bellwether for the sector.


Micron Technology (MU US): Looking Good Ahead of Its Q4FY26 Results on 30 Sept