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 Prelim – ₩107T Clears a Lower Bar; the Selling Was Plumbing

Samsung Electronics (005930 KS): The Conglomerate Is Paying You to Wait for HBM4E

Same Memory Chip Stock, but Wrong Postcode: Korea's ADR Mania in SK Hynix & Samsung Electronics

Samsung & SK Hynix: The Richest Cheap Stocks in Global Tech, With More Cash Than the Mag 7 Combined

Equity Bottom-Up

<ul>
<li>We forecast 3Q26E OP ₩108.2T, above the consensus range ₩104–107T. Micron’s +30% NAND pricing skews risk upward to ₩117T; the won costs ₩6T. Ignore an FX revenue miss.</li>
<li>January’s ₩55–75T cash allocation is the real catalyst, not the 3Q26 prelim. Our FCF math points to ₩110T; share cancellation beats dividends for EPS. </li>
<li>Our forecasts is FY26E OP ₩373T, EPS ₩44,961; FY27E EPS ₩55,055. TP ₩400,000 held at 7.3x FY27E, the bottom of Samsung’s 10-year band. Maintain BULLISH.</li>
</ul>


We forecast 3Q26E OP ₩108.2T, above the consensus range ₩104–107T. Micron’s +30% NAND pricing skews risk upward to ₩117T; the won costs ₩6T. Ignore an FX revenue miss.
January’s ₩55–75T cash allocation is the real catalyst, not the 3Q26 prelim. Our FCF math points to ₩110T; share cancellation beats dividends for EPS. 
Our forecasts is FY26E OP ₩373T, EPS ₩44,961; FY27E EPS ₩55,055. TP ₩400,000 held at 7.3x FY27E, the bottom of Samsung’s 10-year band. Maintain BULLISH.


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