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.

SanDisk (SNDK US) Investor Day 2026: The Earnings Floor Has Moved — TP Raised to US$2,050

SanDisk (SNDK US): 4QFY26 Results Beat, Guidance Missed on the Margin — Upgrade to BULLISH

SANDISK CORPORATION (SNDK US): Initiate with a NEUTRAL (TP US$1,950)

Equity Bottom-Up

<ul>
<li>Most impressive US play on semiconductor memory segment. Management have substantially de-risked business from cyclical vagaries, BS turning strong, and so is focus to reward shareholders.  </li>
<li>Only NAND producer in history that committed to 80% gross margin through FY2030; five NBM agreements carry US$42bn contractual revenue floor, backed by US$11bn guarantees.</li>
<li>BULLISH maintained; TP US$2,050 (11× FY2027E EPS US$186); currently trading at 9.5× spot, sector multiple compression creates entry into the highest-margin NAND franchise in history.</li>
</ul>


Most impressive US play on semiconductor memory segment. Management have substantially de-risked business from cyclical vagaries, BS turning strong, and so is focus to reward shareholders.  
Only NAND producer in history that committed to 80% gross margin through FY2030; five NBM agreements carry US$42bn contractual revenue floor, backed by US$11bn guarantees.
BULLISH maintained; TP US$2,050 (11× FY2027E EPS US$186); currently trading at 9.5× spot, sector multiple compression creates entry into the highest-margin NAND franchise in history.


SanDisk (SNDK US): From Spinoff to AI-Memory Powerhouse — 80% Margins, $42bn RPO and HBF Optionality

Sandisk Corp

SanDisk (SNDK US): From Spinoff to AI-Memory Powerhouse — 80% Margins, $42bn RPO and HBF Optionality