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.

York Considers Acquiring Other Retailers but Needs to Improve Competitiveness Too

[Japan Buyback, But Not] 7&I (3382) To Buy Back ¥400bn from Market, Sell ¥300bn to Crossholders

Seven & I Holdings (3382 JP): The Buyback That Wasn't — Downgrading to NEUTRAL Ahead of Q2 FY27

Equity Bottom-Up

<ul>
<li>Q1 FY27 net profit +24% YoY on a North American fuel-margin surge; management raised FY27F operating profit guidance to ¥425bn on 9 July — its second upgrade this year.</li>
<li>The ¥2tn buyback through FY2030 is funded independently of the SEI IPO, which has slipped to FY2028F+ on oil-price volatility — a delay, not a cancellation.</li>
<li>We initiate BUY, TP ¥2,350 (19.4x FY27F EPS), +16.3% UPSIDE potential, on buyback-driven re-rating and treasury cancellation removing the dilution overhang the Street hasn't yet priced in.</li>
</ul>


Q1 FY27 net profit +24% YoY on a North American fuel-margin surge; management raised FY27F operating profit guidance to ¥425bn on 9 July — its second upgrade this year.
The ¥2tn buyback through FY2030 is funded independently of the SEI IPO, which has slipped to FY2028F+ on oil-price volatility — a delay, not a cancellation.
We initiate BUY, TP ¥2,350 (19.4x FY27F EPS), +16.3% UPSIDE potential, on buyback-driven re-rating and treasury cancellation removing the dilution overhang the Street hasn't yet priced in.


Seven & I Holdings (3382 JP) — Buyback First, IPO Later — Initiate BUY, TP ¥2,350