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.

HI Mobility (HI MK): Singapore Fares, Malaysian Costs, and a Long Runway Ahead

SBS Transit (SBUS SP): FY25 / 4Q25 Results Review

Equity Bottom-Up

<ul>
<li>SBS Transit has de-rated during COVID, and has not recovered to pre-COVID's historical mean. </li>
<li>Management has revised its shareholder return policy to distribute all earnings as dividends, but the market has yet to re-rate accordingly. </li>
<li>Our TP of SGD3.90 is based on 6% FY26 dividend yield, SBS Transit offers a reliable income stream and stability, supported by its role in Singapore's transport system.</li>
</ul>


SBS Transit has de-rated during COVID, and has not recovered to pre-COVID's historical mean. 
Management has revised its shareholder return policy to distribute all earnings as dividends, but the market has yet to re-rate accordingly. 
Our TP of SGD3.90 is based on 6% FY26 dividend yield, SBS Transit offers a reliable income stream and stability, supported by its role in Singapore's transport system.


SBS Transit (SBUS SP): A Second Look at Valuations