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.

Shanghai Biren Technology (6082 HK): China's Only Listed GPU Designer - The NVDIA Alternative!

Equity Bottom-Up

<ul>
<li>1H26 revenue hit RMB 1,235m — exceeding all of FY25 in six months. The half-year trap we named at initiation has unwound. Revised FY26E: RMB 2,800m.</li>
<li>Gross margin at 42.7% missed our 50% threshold. The offset: Biren has completed CSP onboarding with major internet customers. 2H26 gross margin is the verdict.</li>
<li>Maintain BULLISH, FV HK$46.00 — unchanged. Basis: 20x FY27E EV/Sales of RMB 5.5bn plus ~HK$11bn net cash. But modest UPSIDE potential of ~10%.</li>
</ul>


1H26 revenue hit RMB 1,235m — exceeding all of FY25 in six months. The half-year trap we named at initiation has unwound. Revised FY26E: RMB 2,800m.
Gross margin at 42.7% missed our 50% threshold. The offset: Biren has completed CSP onboarding with major internet customers. 2H26 gross margin is the verdict.
Maintain BULLISH, FV HK$46.00 — unchanged. Basis: 20x FY27E EV/Sales of RMB 5.5bn plus ~HK$11bn net cash. But modest UPSIDE potential of ~10%.


Shanghai Biren Technology (6082 HK): 1H FY2026 Interim Results