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

Semiconductor Memory Handbook: Investing Beyond the Cycle (OUTPERFORM)

Equity Bottom-Up

<ul>
<li>Samsung up 19x YoY, stock still fell. Micron sold out through 2027. SK Hynix guides HBM4 share above 50%. Positioning cracked; fundamentals did not.</li>
<li>DRAM US is the only US-listed ticker giving dollar mandates access to the Korean and Taiwanese memory names, all in one fund. The access moat is real.</li>
<li>Look-Through fwd P/E of ~9x on contractually locked earnings. Three-scenario probability-weighted TP of US$74 (+29%). Current price sits below all three cases. BUY.</li>
</ul>


Samsung up 19x YoY, stock still fell. Micron sold out through 2027. SK Hynix guides HBM4 share above 50%. Positioning cracked; fundamentals did not.
DRAM US is the only US-listed ticker giving dollar mandates access to the Korean and Taiwanese memory names, all in one fund. The access moat is real.
Look-Through fwd P/E of ~9x on contractually locked earnings. Three-scenario probability-weighted TP of US$74 (+29%). Current price sits below all three cases. BUY.


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