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.

NIDEC Corp. (6594 JP): JP¥1tn Shock Has Not Finished the Job: Price Discovery Is Still Ahead

Japan Activism Briefs | Nidec, Obara Group, F-Code

Equity Bottom-Up

<ul>
<li>PwC has declined to sign Nidec's accounts for a second consecutive year — a disclaimer of opinion that leaves ¥1.1tn of disclosed losses technically unaudited and unverified.</li>
<li>The 28 October TSE Special Alert review is a hard binary: resolution or formal delisting proceedings. Institutional mandates requiring audited financials cannot engage until PwC signs.</li>
<li>AVOID / REDUCE maintained; FV ¥2,000 on 8x normalised FY2027E EBITDA, discounted 30% for audit and delisting risk. The loss quantum is known — the audit gap is not.</li>
</ul>


PwC has declined to sign Nidec's accounts for a second consecutive year — a disclaimer of opinion that leaves ¥1.1tn of disclosed losses technically unaudited and unverified.
The 28 October TSE Special Alert review is a hard binary: resolution or formal delisting proceedings. Institutional mandates requiring audited financials cannot engage until PwC signs.
AVOID / REDUCE maintained; FV ¥2,000 on 8x normalised FY2027E EBITDA, discounted 30% for audit and delisting risk. The loss quantum is known — the audit gap is not.


NIDEC Corp (6594 JP): ¥1.1tn Written Off. PwC Still Won't Sign. AVOID This Headache

Nidec Corp

NIDEC Corp (6594 JP): ¥1.1tn Written Off. PwC Still Won't Sign. AVOID This Headache