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 Technology (MU US): 3QFY26 Blow-Out Beat Every Metric; SCA Framework Provides LT Visibility

Micron 3Q26 (May 26) Beat by 21%, Guidance Beat by 20%, Consensus ~20% Too Low. Stock Trading at 7x

Equity Bottom-Up

<ul>
<li>Q3FY26 results will be out on 24/Jun, consensus expectation of EPS US$19.72 (+9.3x YoY) is above management guidance and will be a new record. </li>
<li>HBM sold out through 2026; Micron meeting only 50–60% of customer requests — locked-in NCNR contracts and pricing power driving gross margin from 75% toward 81%.</li>
<li>Our FV US$1,400/share — premised on 14.3x FY27E EPS of US$97.77, on par with its historical mean. This implied +23% UPSIDE potential from current market price. </li>
</ul>


Q3FY26 results will be out on 24/Jun, consensus expectation of EPS US$19.72 (+9.3x YoY) is above management guidance and will be a new record. 
HBM sold out through 2026; Micron meeting only 50–60% of customer requests — locked-in NCNR contracts and pricing power driving gross margin from 75% toward 81%.
Our FV US$1,400/share — premised on 14.3x FY27E EPS of US$97.77, on par with its historical mean. This implied +23% UPSIDE potential from current market price. 


Micron Technology (MU US): The Memory Supercycle's Moment of Truth — Q3FY26 Preview