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 Global Pre-IPO: Key Positives and Negatives

Equity Bottom-Up

<ul>
<li>SHEIN's cash conversion cycle is -46.5 days and widening — suppliers (108.6 payable days) and prepaying customers fund growth, while gross margin hit 67.9%, the highest among fashion peers.</li>
<li>Revenue growth fell to 1.1% as US tariffs bit, but adjusted net profit (stripping preferred-share accounting) still fell 42% YoY — real margin compression from marketing costs, not just optics.</li>
<li>We think fair value US$50bn (+11% vs target midpoint), as 1.19x sales still undervalues SHEIN versus Inditex's 4.6x despite superior margins and cash generation.</li>
</ul>


SHEIN's cash conversion cycle is -46.5 days and widening — suppliers (108.6 payable days) and prepaying customers fund growth, while gross margin hit 67.9%, the highest among fashion peers.
Revenue growth fell to 1.1% as US tariffs bit, but adjusted net profit (stripping preferred-share accounting) still fell 42% YoY — real margin compression from marketing costs, not just optics.
We think fair value US$50bn (+11% vs target midpoint), as 1.19x sales still undervalues SHEIN versus Inditex's 4.6x despite superior margins and cash generation.


SHEIN IPO: Twice Rejected, Still Underpriced

SHEIN Global Holdings

SHEIN IPO: Twice Rejected, Still Underpriced