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>POSCO's 2 July Investor Day formalised a 35–40% payout policy funded by subsidiary monetisation, targeting PBR 1.0×+α by 2028 — a management-driven re-rating case, not analyst speculation.</li>
<li>Lithium is now a genuine second earnings engine: Q1 FY26 EBIT beat consensus by 20.3%, with capacity guided to 173ktpa by 2033 and top-5 global supplier ambition.</li>
<li>BUY, TP W480,000 (+52%). Stock trades 35% below its April high at 0.40× book — entry into a name where capital allocation, not commodity price, now drives re-rating.</li>
</ul>


POSCO's 2 July Investor Day formalised a 35–40% payout policy funded by subsidiary monetisation, targeting PBR 1.0×+α by 2028 — a management-driven re-rating case, not analyst speculation.
Lithium is now a genuine second earnings engine: Q1 FY26 EBIT beat consensus by 20.3%, with capacity guided to 173ktpa by 2033 and top-5 global supplier ambition.
BUY, TP W480,000 (+52%). Stock trades 35% below its April high at 0.40× book — entry into a name where capital allocation, not commodity price, now drives re-rating.


POSCO Holdings (005490 KS) — Holdco Discount Unlock: PBR Re-Rating Meets A Second Earnings Engine