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

<ul>
<li>NetLink is a regulated monopoly. Singapore's sole nationwide passive fibre operator, pricing locked by IMDA through 2029. The income floor is government-guaranteed.</li>
<li>Nine consecutive years of DPU growth since IPO. Currently yielding 5.5% — a 243bps spread over the SGS 10-year. Every 50bps rate decline drives 5–7% unit price upside.</li>
<li>Our FV of S$1.13 (based on FY27E exit yield of 4.8%) implies 15% upside. High earnings visibility (IMDA-regulated pricing, monopoly infrastructure) coupled with 9 consecutive years of DPU growth.</li>
</ul>


NetLink is a regulated monopoly. Singapore's sole nationwide passive fibre operator, pricing locked by IMDA through 2029. The income floor is government-guaranteed.
Nine consecutive years of DPU growth since IPO. Currently yielding 5.5% — a 243bps spread over the SGS 10-year. Every 50bps rate decline drives 5–7% unit price upside.
Our FV of S$1.13 (based on FY27E exit yield of 4.8%) implies 15% upside. High earnings visibility (IMDA-regulated pricing, monopoly infrastructure) coupled with 9 consecutive years of DPU growth.


NetLink NBN Trust (NETLINK SP): Singapore's Unbreakable Digital Backbone