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.

Equity Bottom-Up

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<li>HK$1.52 buys HK$25.85bn of net debt alongside HK$11.1bn of equity. At ~8.1x FY2025 EBITDA — the highest leverage in our coverage — something to be very aware of.</li>
<li>Q1 2026 EBITDA margin recovered to 15.5% from FY2025's 11.4% as Grand Lisboa Palace gained traction — the first genuine operating signal. One quarter. Not yet a trend. </li>
<li>Neutral, Fair Value HK$1.45. At 9.1x FY2027E EV/EBITDA, SJM is the most expensive stock in our Macau coverage on a leverage-adjusted basis.</li>
</ul>


HK$1.52 buys HK$25.85bn of net debt alongside HK$11.1bn of equity. At ~8.1x FY2025 EBITDA — the highest leverage in our coverage — something to be very aware of.
Q1 2026 EBITDA margin recovered to 15.5% from FY2025's 11.4% as Grand Lisboa Palace gained traction — the first genuine operating signal. One quarter. Not yet a trend. 
Neutral, Fair Value HK$1.45. At 9.1x FY2027E EV/EBITDA, SJM is the most expensive stock in our Macau coverage on a leverage-adjusted basis.


SJM Holdings (880 HK): The Cheapest Price Is Not the Most Valuable Company