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 (000660 KS / SKHY US):  Solidigm's Value Just Quadrupled, According to Reuters

SK HYNIX (000660 KS / SKHY US): Much Ado About Nothing - The SK Hynix-Intel Non-Denial

SK HYNIX (000660 KS / SKHY US): TP Revised to ₩2,700,000 | BULLISH Maintained | Thesis Intact

Equity Bottom-Up

<ul>
<li>Solidigm IPO rumours have hurt: ₩129tn of MCAP erased since 26 Sep. Investors clearly dislike it; and management adding no value by stating "nothing decided yet."</li>
<li>
<strong>Our math:</strong> a US$100bn IPO moves value −1.7% to +1.1%; even a fire-sale costs 6.2%. Abandonment recovers ~₩176,000 per share.</li>
<li>
<strong>Maintain BULLISH, FV ₩2,700,000 (+60%)</strong>. At 6.2x FY27E P/E, average down. Cyclicals are bought when the bad news is out.</li>
</ul>


Solidigm IPO rumours have hurt: ₩129tn of MCAP erased since 26 Sep. Investors clearly dislike it; and management adding no value by stating "nothing decided yet."

Our math: a US$100bn IPO moves value −1.7% to +1.1%; even a fire-sale costs 6.2%. Abandonment recovers ~₩176,000 per share.

Maintain BULLISH, FV ₩2,700,000 (+60%). At 6.2x FY27E P/E, average down. Cyclicals are bought when the bad news is out.


SK HYNIX (000660 KS / SKHY US): The Solidigm Confusion Is a Gift. Average Down.