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.

Samsung Electronics (005930 KS): 3Q26 Preview – The First ₩100T Quarter, Priced at 5x PER

Samsung Elec (005930 KS): Volatility Falls as 2x ETF Trading Activity Slumps

SK Hynix (000660 KS): Volatility Falls to 55% as Leveraged ETF Activity Fades

Equity Bottom-Up

<ul>
<li>3Q26 prelim OP ₩107.4T (+20.0% QoQ): 0.7% below our ₩108.2T, 1–2% above a street bar that fell 7% since August. Revenue ₩195T is 2.6% light on the won.</li>
<li>The 2.4% fall was plumbing: ETF rebalancing, options expiry and the end of the ₩15T buyback, which absorbed ~76% of September's selling. Samsung fell less than the KOSPI.</li>
<li>BULLISH, TP ₩400,000 held (+53%). At 3.9x consensus FY27E, the market doubts 2028, not 2027. January's ₩55–75T could be five times the buyback that just ended.</li>
</ul>


3Q26 prelim OP ₩107.4T (+20.0% QoQ): 0.7% below our ₩108.2T, 1–2% above a street bar that fell 7% since August. Revenue ₩195T is 2.6% light on the won.
The 2.4% fall was plumbing: ETF rebalancing, options expiry and the end of the ₩15T buyback, which absorbed ~76% of September's selling. Samsung fell less than the KOSPI.
BULLISH, TP ₩400,000 held (+53%). At 3.9x consensus FY27E, the market doubts 2028, not 2027. January's ₩55–75T could be five times the buyback that just ended.


Samsung Electronics (005930 KS): 3Q26 Prelim – ₩107T Clears a Lower Bar; the Selling Was Plumbing