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.

Roundhill Memory ETF (DRAM US) — Weak Hands Sold the Supercycle. Buy It Back.

Semiconductor Memory Handbook: Investing Beyond the Cycle (OUTPERFORM)

Equity Bottom-Up

<ul>
<li>
 Sold on fear, not numbers. Micron beat FQ4 (revenue US$54.2bn vs US$51.0bn consensus) and guided higher; Samsung printed a record ₩107.4tn Q3 profit. Both stocks fell on the news.</li>
<li>
Memory chip pricing is intact. TrendForce still sees Q4 contract prices up 10–15% for conventional DRAM and 15–20% for NAND. Micron’s CEO sees demand above supply through 2028.</li>
<li>
 Cheap valuations. DRAM trades on ~7.0x forward earnings; Micron on 7.9x our FY27E EPS, SK Hynix 6.2x, Samsung 5.0x.</li>
</ul>



 Sold on fear, not numbers. Micron beat FQ4 (revenue US$54.2bn vs US$51.0bn consensus) and guided higher; Samsung printed a record ₩107.4tn Q3 profit. Both stocks fell on the news.

Memory chip pricing is intact. TrendForce still sees Q4 contract prices up 10–15% for conventional DRAM and 15–20% for NAND. Micron’s CEO sees demand above supply through 2028.

 Cheap valuations. DRAM trades on ~7.0x forward earnings; Micron on 7.9x our FY27E EPS, SK Hynix 6.2x, Samsung 5.0x.


Roundhill Memory ETF (DRAM US): Over-Punished, Not Broken – We Stay Long but Trim Our TP to US$70