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.

SEMICONDUCTOR MEMORY CYCLE MONITOR — Issue #7 | 15-21 Aug 2026

SEMICONDUCTOR MEMORY CYCLE MONITOR — Issue #8 | 23-29 Aug 2026

SEMICONDUCTOR MEMORY CYCLE MONITOR — Issue #9 | Special Thematic Edition | 3 Sep 2026

SEMICONDUCTOR MEMORY CYCLE MONITOR — Issue #4 | 26 Jul – 1 Aug 2026

SEMICONDUCTOR MEMORY CYCLE MONITOR — Issue #3 | 18–25 July 2026

SEMICONDUCTOR MEMORY CYCLE MONITOR — Issue #2 | 28 June – 17 July 2026

Thematic (Sector/Industry)

Macau Semiconductors and semiconductor equipment / Thematic (Sector/Industry)

<ul>
<li>SanDisk converts the NAND cycle from a debate into a contract: two-thirds of FY2028 bits locked under enforceable deals, ~80% gross margin targeted through FY2030, no HBF required.</li>
<li>Korea's seven-week leverage unwind reverses in a single week — KOSPI +11.5%, Samsung +18.8%, SK Hynix +15.7% — confirming the selloff was ETF plumbing, not a fundamental reckoning.</li>
<li>We maintain BULLISH Samsung Electronics, TP ₩400,000 (+46% upside) — the cheapest name in the memory universe at 3.82x P/B versus a 7.66x sector median, buyback and HBM4 still ahead.</li>
</ul>


SanDisk converts the NAND cycle from a debate into a contract: two-thirds of FY2028 bits locked under enforceable deals, ~80% gross margin targeted through FY2030, no HBF required.
Korea's seven-week leverage unwind reverses in a single week — KOSPI +11.5%, Samsung +18.8%, SK Hynix +15.7% — confirming the selloff was ETF plumbing, not a fundamental reckoning.
We maintain BULLISH Samsung Electronics, TP ₩400,000 (+46% upside) — the cheapest name in the memory universe at 3.82x P/B versus a 7.66x sector median, buyback and HBM4 still ahead.


SEMICONDUCTOR MEMORY CYCLE MONITOR — Issue #6 | 9-15 Aug 2026