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.

TSMC (2330 TT) 1Q26 Results: AI Drives Record Margins, Management Raises Guidance

AI Mania Well Priced: The Semiconductor Trade Turns from Euphoria to Discipline

Equity Bottom-Up

<ul>
<li>Record 1Q26 results and margins that are broadly in line with consensus. Management paints a positive outlook, as the global supply shortage will persist up to 2030. </li>
<li>HBM-Driven AI demand is structurally lifting memory margins, shifting HYNIX from cyclical commodity exposure to strategic infrastructure supplier.</li>
<li>HYNIX is a key benefactor from the AI theme, but its valuations remain the cheapest in the AI ecosystem despite having one of the best ROE and FCF yields. </li>
</ul>


Record 1Q26 results and margins that are broadly in line with consensus. Management paints a positive outlook, as the global supply shortage will persist up to 2030. 
HBM-Driven AI demand is structurally lifting memory margins, shifting HYNIX from cyclical commodity exposure to strategic infrastructure supplier.
HYNIX is a key benefactor from the AI theme, but its valuations remain the cheapest in the AI ecosystem despite having one of the best ROE and FCF yields. 


TSMC (Taiwan Semiconductor Manufacturing) (2330 TT)

TSMC (Taiwan Semiconductor Manufacturing)

SK Hynix (000660 KS) 1Q26 Results: AI Driving Out of This World Profits