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.

Macau Gaming Handbook 2026: One Market, Six Concessionaires, One Yardstick

Equity Bottom-Up

<ul>
<li>~26% GGR share, five resorts, 12,000+ rooms — the largest integrated gaming and hospitality footprint in Macau, and the sector's leading non-gaming and MICE business.</li>
<li>The LVS-consolidated leverage figure is misleading. SCL-specific net debt (~US$5.75bn) is materially lower than the parent figure, which includes Marina Bay Sands Singapore — a distinction consistently missed.</li>
<li>Bullish, Fair Value HK$16.40. At 7.5x FY2027E EV/EBITDA — a 14% discount to our 8.75x warranted — the GGR franchise leader is priced as though the margin compression never stabilises.</li>
</ul>


~26% GGR share, five resorts, 12,000+ rooms — the largest integrated gaming and hospitality footprint in Macau, and the sector's leading non-gaming and MICE business.
The LVS-consolidated leverage figure is misleading. SCL-specific net debt (~US$5.75bn) is materially lower than the parent figure, which includes Marina Bay Sands Singapore — a distinction consistently missed.
Bullish, Fair Value HK$16.40. At 7.5x FY2027E EV/EBITDA — a 14% discount to our 8.75x warranted — the GGR franchise leader is priced as though the margin compression never stabilises.


Sands China (1928 HK): The Market Leader, Priced for Its Worst Year