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): 1H FY2026 Interim Results

Enflame Tech (688801 CH): One Customer, One Stack, 4% Float — Sell the Squeeze, Buy the Unlock

Equity Bottom-Up

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<li>
Policy excluded NVIDIA. Biren is the only Hong Kong-listed beneficiary — fully funded through its next product cycle and priced 25% below what six institutions paid three weeks ago.</li>
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BR20X launches 4Q26 — fully domestic supply chain, H200-class benchmark — into a &gt;60%-growth market where NVIDIA is banned. Two percent unit share underwrites our RMB 5.0bn FY27E revenue.</li>
<li>
BULLISH, FV HK$46.00 (+32%). Basis: 20x FY27E EV/Sales plus ~HK$11bn net cash — a 40% discount to A-share GPU peers, where the wafer queue and CSP gap are priced.</li>
</ul>



Policy excluded NVIDIA. Biren is the only Hong Kong-listed beneficiary — fully funded through its next product cycle and priced 25% below what six institutions paid three weeks ago.

BR20X launches 4Q26 — fully domestic supply chain, H200-class benchmark — into a &gt;60%-growth market where NVIDIA is banned. Two percent unit share underwrites our RMB 5.0bn FY27E revenue.

BULLISH, FV HK$46.00 (+32%). Basis: 20x FY27E EV/Sales plus ~HK$11bn net cash — a 40% discount to A-share GPU peers, where the wafer queue and CSP gap are priced.


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