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.

MiniMax Vs Zhipu: Same Upside, Different Entry. Buy MiniMax's Reload, Not Zhipu's Re-Rating

China's AI Playbook Has Nearly Closed the Gap with the US: Which Are the Chinese AI Names to Own Now

MiniMax (00100 HK): AI Play with Net Cash, Connect Flows and the September Test

MiniMax (100 HK): Stock Connect Buying Starts Today

MINIMAX-W: Pre-Connect Inclusion Update and Positioning

Equity Bottom-Up

<ul>
<li>Five-For-Five on initiation. We started BULLISH at HK$230.20 on 6 August, flagged HK$300 as trim, and identified September’s unlock as entry, not exit. The stock followed cleanly as expected.</li>
<li>A secondary selloff, separate from the unlock, saw huge declines: July’s placing price, 21% below fair value, and 13.4x FY2028E EV/revenue. Margins cleared discipline; MSCI inclusion approaches. Thesis unchanged.</li>
<li>
<strong>Re-Enter. Buy at HK$267.80.</strong> Add aggressively below HK$260. Maximum position below HK$240. Do not chase above HK$300. Position for the November MSCI event by end-October.</li>
</ul>


Five-For-Five on initiation. We started BULLISH at HK$230.20 on 6 August, flagged HK$300 as trim, and identified September’s unlock as entry, not exit. The stock followed cleanly as expected.
A secondary selloff, separate from the unlock, saw huge declines: July’s placing price, 21% below fair value, and 13.4x FY2028E EV/revenue. Margins cleared discipline; MSCI inclusion approaches. Thesis unchanged.

Re-Enter. Buy at HK$267.80. Add aggressively below HK$260. Maximum position below HK$240. Do not chase above HK$300. Position for the November MSCI event by end-October.


MiniMax Group Inc. (100 HK): Unlock Absorbed — Reload Window Now Open