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): Much Ado About Nothing - The SK Hynix-Intel Non-Denial

SK Hynix (000660): Dispute Resolved, Cash Intact.

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

Equity Bottom-Up

<ul>
<li>SK Hynix fell 31% from our initiation despite a record 76% Q2 operating margin. Six structural, Korea-specific forces drove the selloff; none touch the investment thesis.</li>
<li>Every pillar confirmed: Q2 OPM 76% (fifth consecutive record), ~10 LTAs signed, Nvidia US$500bn LOI secured, and CEO Kwak commits US$64bn to new capacity — calling shortage "through 2030."</li>
<li>BULLISH maintained; TP revised to ₩2,700,000 on 10× FY2027E EPS ₩270,000. The multiple cut — from 13× — reflects AI sustainability fears and Korea's volatility premium, not earnings deterioration.</li>
</ul>


SK Hynix fell 31% from our initiation despite a record 76% Q2 operating margin. Six structural, Korea-specific forces drove the selloff; none touch the investment thesis.
Every pillar confirmed: Q2 OPM 76% (fifth consecutive record), ~10 LTAs signed, Nvidia US$500bn LOI secured, and CEO Kwak commits US$64bn to new capacity — calling shortage "through 2030."
BULLISH maintained; TP revised to ₩2,700,000 on 10× FY2027E EPS ₩270,000. The multiple cut — from 13× — reflects AI sustainability fears and Korea's volatility premium, not earnings deterioration.


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