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.

Primer: Samyang Foods (003230 KS) - Aug 2026

Equity Bottom-Up

<ul>
<li>Samyang has absorbed every capacity addition within months since 2022, and the July-2026 export slowdown to +8% YoY reads as the same ceiling recurring, not fading Buldak demand.</li>
<li>A 15% US tariff was passed through as a 9% October-2025 price hike with no volume loss, proving pricing power; a Nov-2025 treasury-share sale still weighs on governance.</li>
<li>We initiate BULLISH with a 12-month Fair Value of ₩1,880,000, 17x our FY2028E EPS of ₩110,792, for +22.7% upside from Samyang's ₩1,532,000 spot.</li>
</ul>


Samyang has absorbed every capacity addition within months since 2022, and the July-2026 export slowdown to +8% YoY reads as the same ceiling recurring, not fading Buldak demand.
A 15% US tariff was passed through as a 9% October-2025 price hike with no volume loss, proving pricing power; a Nov-2025 treasury-share sale still weighs on governance.
We initiate BULLISH with a 12-month Fair Value of ₩1,880,000, 17x our FY2028E EPS of ₩110,792, for +22.7% upside from Samyang's ₩1,532,000 spot.


Samyang Foods (003230 KS): The Capacity-Constrained Compounder; Initiate BULLISH