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.

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SK Hynix: CEO Sees Shortage Through 2030. Big Profits Continues, Yet Still Trades at ~6x PE

SAMSUNG ELECTRONICS (005930 KS): Initiate with a BUY (KRW 400,000)

Equity Bottom-Up

<ul>
<li>Samsung Q2: KRW 89.5T operating profit beats street; DS margin hits 70% on record DRAM and NAND bit shipments and rising memory prices.</li>
<li>MX's first-ever quarterly loss and the KRW 400T hub headline sold the stock to 4.4x forward — while net cash jumped KRW 48T to KRW 167.6T.</li>
<li>Maintain BULLISH with unchanged TP of KRW400,000 (+92%): anchored on 9.3x FY2026E EPS of KRW 43,000 — below Samsung's 10-year mean, below peers, below consensus.</li>
</ul>


Samsung Q2: KRW 89.5T operating profit beats street; DS margin hits 70% on record DRAM and NAND bit shipments and rising memory prices.
MX's first-ever quarterly loss and the KRW 400T hub headline sold the stock to 4.4x forward — while net cash jumped KRW 48T to KRW 167.6T.
Maintain BULLISH with unchanged TP of KRW400,000 (+92%): anchored on 9.3x FY2026E EPS of KRW 43,000 — below Samsung's 10-year mean, below peers, below consensus.


Samsung Electronics (005930 KS) | Q2 2026 Results = Above, Outlook Positive, Record Cash at Hand