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.

Singapore Air (SIA): Capturing China Rebound

Equity Bottom-Up

<ul>
<li>Record FY26 operating profit of S$2.4bn (+39% YoY) masks 57% net profit drop — on Air India equity losses and Vistara one-off, core net profit fell just 30% to S$1.2bn.</li>
<li>Total FY26 DPS of 37 cents (yield ~5.9%) beats expectations — includes S$0.10/share special dividend; Board committed to 10¢ special DPS in FY27F and FY28F.</li>
<li>FY27F is the real test: full-year Air India equity losses (~S$800m) + lagged fuel cost spike from Middle East conflict will hit hard. Best to stay on sidelines for now. </li>
</ul>


Record FY26 operating profit of S$2.4bn (+39% YoY) masks 57% net profit drop — on Air India equity losses and Vistara one-off, core net profit fell just 30% to S$1.2bn.
Total FY26 DPS of 37 cents (yield ~5.9%) beats expectations — includes S$0.10/share special dividend; Board committed to 10¢ special DPS in FY27F and FY28F.
FY27F is the real test: full-year Air India equity losses (~S$800m) + lagged fuel cost spike from Middle East conflict will hit hard. Best to stay on sidelines for now. 


Singapore Airlines: Did Very Well in FY26, but FY27 Will Be Much Tougher