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

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

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

Equity Bottom-Up

<ul>
<li>Management held a 3.5-hour Investor Day on 13 August targeting ~80% GM and ~75% OM for FY2028–2030, 9 percentage points above our prior FY2027E assumption.</li>
<li>The first HBF memory die is taped out, Jim Keller joined the Advisory Board, the first HBF specification was published today at Flash Memory Summit.</li>
<li>We raise FY2027E EPS from $186 to $205 and TP from US$1,860 to US$2,050 (10x FY2027E, 10% discount to Micron); BULLISH, +24.9% upside potential</li>
</ul>


Management held a 3.5-hour Investor Day on 13 August targeting ~80% GM and ~75% OM for FY2028–2030, 9 percentage points above our prior FY2027E assumption.
The first HBF memory die is taped out, Jim Keller joined the Advisory Board, the first HBF specification was published today at Flash Memory Summit.
We raise FY2027E EPS from $186 to $205 and TP from US$1,860 to US$2,050 (10x FY2027E, 10% discount to Micron); BULLISH, +24.9% upside potential


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

Sandisk Corp

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