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): 1H26 Results Review = Not Great!

Equity Bottom-Up

<ul>
<li>SHEIN's round-trip debut to flat is a float signal, not a price signal. With 95% of shares locked up, near-term price action reflects flow, not fundamentals.</li>
<li>Three post-listing developments reset the risk picture: a US$494m earnings reversal, France's live garment levy, and a US$3.5bn recapitalisation outflow.</li>
<li>ACCUMULATE, FV HK$70 (US$38bn) on ~0.9× LTM EV/Sales — a H&amp;M-level discount reflecting tariff drag, governance concentration, and a 5% free float.</li>
</ul>


SHEIN's round-trip debut to flat is a float signal, not a price signal. With 95% of shares locked up, near-term price action reflects flow, not fundamentals.
Three post-listing developments reset the risk picture: a US$494m earnings reversal, France's live garment levy, and a US$3.5bn recapitalisation outflow.
ACCUMULATE, FV HK$70 (US$38bn) on ~0.9× LTM EV/Sales — a H&amp;M-level discount reflecting tariff drag, governance concentration, and a 5% free float.


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

SHEIN Global Holdings

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