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.

SHEIN (625 HK): Round-Trip to Flat on IPO Debut; 95% Locked Up; Accumulate at HK$43–49, FV HK$70

Equity Bottom-Up

<ul>
<li>1H26 results show a reported-vs-adjusted profit gap: headline net income +112% YoY vs. adjusted net income -55.6%, as fulfilment costs rise 6.3pp of revenue.</li>
<li>Our 2 Sept ACCUMULATE call got the risk framework right — recap math, cost escalation, governance concentration — but wrong on price: float thesis, not fundamentals, was the miss.</li>
<li>We maintain BULLISH but with a lower Fair Value of US$25bn/HK$45.4/share, based on FY26E Adj. EBIT US$950m x 11x EV/EBIT plus ~US$14.2bn net cash.</li>
</ul>


1H26 results show a reported-vs-adjusted profit gap: headline net income +112% YoY vs. adjusted net income -55.6%, as fulfilment costs rise 6.3pp of revenue.
Our 2 Sept ACCUMULATE call got the risk framework right — recap math, cost escalation, governance concentration — but wrong on price: float thesis, not fundamentals, was the miss.
We maintain BULLISH but with a lower Fair Value of US$25bn/HK$45.4/share, based on FY26E Adj. EBIT US$950m x 11x EV/EBIT plus ~US$14.2bn net cash.


Shein (625 HK): 1H26 Results Review = Not Great!

SHEIN Global Holdings

Shein (625 HK): 1H26 Results Review = Not Great!