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

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

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

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

Equity Bottom-Up

<ul>
<li>Samsung has fallen 18% since initiation despite record DS profits and a ₩90–110T shareholder return programme — widening the gap between fundamentals and valuation.</li>
<li>HBM4E NVIDIA qualification remains delayed but intact for Q4 2026, while October's ₩30T dividend could provide the first near-term catalyst for re-rating.</li>
<li>We remain BULLISH with FV of ₩400,000, based on 7.7× FY2027E EPS of ₩52,000, implying 48.7% upside.</li>
</ul>


Samsung has fallen 18% since initiation despite record DS profits and a ₩90–110T shareholder return programme — widening the gap between fundamentals and valuation.
HBM4E NVIDIA qualification remains delayed but intact for Q4 2026, while October's ₩30T dividend could provide the first near-term catalyst for re-rating.
We remain BULLISH with FV of ₩400,000, based on 7.7× FY2027E EPS of ₩52,000, implying 48.7% upside.


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