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.

SK Hynix ADR: The TSMC Analogy Is Intellectually Lazy — Here Is What Actually Matters

SK Hynix ADR: US$200bn Book, US$26.5bn Raised — Marking Our Calls to Market on Debut Day

SK Hynix (000660 KS | SKHY US): Nosebleed Monday, Not a Bloodbath — Fundamentals Say Stay Bullish

Equity Bottom-Up

<ul>
<li>HBM4E samples shipped 18 June — ahead of guidance. The Nvidia Rubin Ultra qualification race begins now — and Hynix is first to deliver with superior product.</li>
<li>Earnings are not peaking — they are accelerating. Q2 2026 is guided for KRW 81tn revenue. The customer backlog for HBM already exceeds three years of planned production capacity. </li>
<li>Hynix trades at ~7.4x FY2026E earnings — a fraction of AI names despite it being the critical enabler. Our 12M TP of KRW3,500,000 implies (12x FY2027E earnings) implies ~31% upside. </li>
</ul>


HBM4E samples shipped 18 June — ahead of guidance. The Nvidia Rubin Ultra qualification race begins now — and Hynix is first to deliver with superior product.
Earnings are not peaking — they are accelerating. Q2 2026 is guided for KRW 81tn revenue. The customer backlog for HBM already exceeds three years of planned production capacity. 
Hynix trades at ~7.4x FY2026E earnings — a fraction of AI names despite it being the critical enabler. Our 12M TP of KRW3,500,000 implies (12x FY2027E earnings) implies ~31% upside. 


SK Hynix (000660 KS): Buy the Supercycle's Crown Jewel