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 (000660KS, SKHY US): 29 July - Mark It, Circle It, Put in on Your Fridge

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TSMC (2330 TW, TSM US) — June Revenue Update: Base Case Confirmed, Margin Reality Check on 16 Jul

Equity Bottom-Up

<ul>
<li>29 July packs three events into one session: Q2 results, KOSPI listing of the 17.79mn new shares (~US$2.6bn passive demand), and the opening of two-way ADR conversion.</li>
<li>Consensus Q2 operating profit of ~KRW 64tn implies 77% OPM. The feared KIS “miss” is margins flat at 73%. Our model sits at KRW 58tn. Fair Value needs no beat.</li>
<li>The ADR premium 51% but halved within two sessions, with no conversion channel yet open. We believe Korean shares are more attractive building up to the results on 29 July. </li>
</ul>


29 July packs three events into one session: Q2 results, KOSPI listing of the 17.79mn new shares (~US$2.6bn passive demand), and the opening of two-way ADR conversion.
Consensus Q2 operating profit of ~KRW 64tn implies 77% OPM. The feared KIS “miss” is margins flat at 73%. Our model sits at KRW 58tn. Fair Value needs no beat.
The ADR premium 51% but halved within two sessions, with no conversion channel yet open. We believe Korean shares are more attractive building up to the results on 29 July. 


SK Hynix (000660KS, SKHY US) — 29 July Judgment Day: Q2 Preview and the Premium's Date with Gravity